Mortgage Originators

Browse articles from all of our Newsletters related to Mortgage Originators.

January 18, 2019 - Inside FHA/VA Lending

Plan Afoot to Reintroduce VA ‘Orphan Loan’ Measure

Congress reportedly plans to reintroduce legislation that would restore Ginnie Mae eligibility for hundred-million dollars’ worth of so-called orphan VA streamline refinance loans. H.R. 6737, Protect Affordable Mortgages for Veterans Act of 2018, was passed by the House by voice vote on Sept. 26 last year and was sent to the Senate, where it was stalled on a technicality. The bill aimed to clarify new seasoning requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (S. 2155) that specifically applied to VA’s Interest Rate Reduction Refinance Loans and which became effective upon enactment. The requirements were designed to curb churning of VA loans that were triggering unusually fast prepayments in Ginnie Mae mortgage-backed securities. Some lenders and brokers were soliciting homeowners to refinance their VA mortgages more than once to ...


January 18, 2019 - Inside FHA/VA Lending

VA Stakeholders Struggle With Interim Cash-Out Rule

More clarity is needed with regards to the Department of Veterans Affairs’ proposed changes to its rules on cash-out refinances, VA lenders said. Most lenders are confused by the regulatory language on the interim final rule published a month ago in the Federal Register. Some warn that the rule may hurt VA borrowers. The rule is out for comment until Feb. 15, the same day it becomes effective. The rule is intended to curb abusive lending practices of cash-out refinances even as consumer preference for such loans grows. It separates cash-out refis into two types. Type 1 is a loan being refinanced that is already guaranteed by VA and where the new loan amount is equal to or less than the payoff amount of the original loan. Type 2 cash-out loans are those in which the amount of the principal for the new loan is larger than the payoff of the refinanced loan. Under the interim final rule, both types of cash-outs would be ...


January 18, 2019 - Inside Nonconforming Markets

News Briefs

The Structured Finance Industry Group named Michael Bright as president and CEO, effective Jan. 21. Bright was acting president of Ginnie Mae and before that, EVP and chief operating officer. “The securitization industry plays a fundamental role in our economy and it is vital that policymakers and the industry work constructively together as the market continues to evolve,” Bright said in a statement. PennyMac Financial Services ... [Includes four briefs]


January 18, 2019 - Inside Nonconforming Markets

NewRez MBS Flush with Loans to Self-Employed

The expansion-minded New Residential In-vestment Corp., New York, seems to have a thing for self-employed borrowers: Most of its recent non-agency MBS deals are stuffed with the product. Mortgages to self-employed borrowers will account for 75.9 percent of the pending $294.49 million MBS from New Residential. This is the company’s second MBS backed by non-qualified mortgages, following a $310.74 million issuance in October where the self-employed share was ...


January 18, 2019 - Inside Nonconforming Markets

ATR Rule Curtails Non-Agency Lending

Originations of non-agency mortgages have taken a hit since the ability-to-repay rule came into effect, according to an analysis published by the Consumer Financial Protection Bureau last week. The CFPB report was based on assessment of application-level data from nine “larger” lenders, submissions and acquisitions data from Fannie Mae and Freddie Mac, and surveys of more than 190 lenders, among other sources. The ATR rule, which came into play in early 2014, established ...


January 18, 2019 - IMFnews

What We’re Hearing: GAO Worries About Fannie & Freddie / The Return of Jeb Hensarling / Top-Ranked Nonbank Enters the HELOC Market / Quicken Courts the Refi Market / Eddy Perez to Head MORPAC / Take Our Salary Survey

The title of the new GAO report says it all: The Prolonged Conservatorships of Fannie Mae and Freddie Mac...


January 18, 2019 - IMFnews

‘Mega’ Jumbos Surge. But Who’s Originating Them?

You’ve heard of “super” jumbos. What about “mega” jumbos?


January 18, 2019 - IMFnews

Angel Oak Preps Largest Post-Crisis Nonprime MBS

Some 51.1 percent of the loans were underwritten using borrower bank statements.


January 18, 2019 - IMFnews

Megabanks’ Originations Weak, MSR Values an Issue

Publicly traded nonbank giants, including PennyMac and Mr. Cooper, have yet to report results, but there’s nothing to suggest these shops will fare much better…


January 17, 2019 - IMFnews

Mortgage Employment Falls to 10-Month Low

Conventional lenders will have a tougher time of it this year...


January 17, 2019 - IMFnews

Short Takes: A Landmark Non-QM MBS from Angel Oak / Better Mortgage Sees Furloughed Government Workers and Comes Up with a Product to Serve Them / Retail Declines at BB&T / Seterus Hands Out Pink Slips to 300 / MGIC’s Results / MBA Promotes Knowlton

The Seterus platform will cut 300 full-time workers in the Durham area. The unit is being sold to Mr. Cooper...


January 17, 2019 - Inside Mortgage Finance

First-Time Homebuyers Face Many Hurdles, Survey Shows

Most non-homeowners would like to purchase a house, but many cannot qualify for a mortgage, a survey by the National Association of Realtors showed.


January 17, 2019 - Inside Mortgage Finance

Megabanks’ Originations Weak, MSR Values an Issue

The nation’s megabanks took it on the chin in the fourth quarter, reporting weak origination figures and non-cash writedowns on their servicing assets, according to a handful of earnings reports released this week.


January 17, 2019 - IMFnews

Ditech Gets a Breather from Its Note Holders (For Now); COO Terminated

Ditech also terminated the employment of Chief Operating Officer Ritesh Chaturbedi.


January 17, 2019 - Inside Mortgage Finance

Mortgage Market at a Glance, January 18, 2019

Weekly mortgage rates and application survey data.


January 17, 2019 - IMFnews

‘Digital’ Lender Better Mortgage Triples Originations

Better said the company’s LOs originate an average of 40 loans per month versus the industry average of 4.2 loans...


January 16, 2019 - IMFnews

Short Takes: Mr. Cooper Cuts Jobs in California / Blackstone’s Finance of America Unit Will Close Roseville Office / loanDepot Courting Wells Fargo LOs? / Freshman Socialist Will Sit on the HFSC / A New Hire for Nations Lending

Socialist Rep. Alexandria Ocasio-Cortez, D-NY, will sit on the House Financial Services Committee, which oversees banking, mortgages, as well as Fannie Mae and Freddie Mac.


January 16, 2019 - IMFnews

Private MIs Boost Share of Agency Purchase Loans

The FHA share of insured purchase loans has been falling…


January 16, 2019 - IMFnews

Ginnie Mae Postpones Annual Summit, Citing Government Shutdown

Scheduled speakers included Housing and Urban Development Secretary Ben Carson, Kasper and Edward DeMarco, former acting Director of the Federal Housing Finance Agency.


January 16, 2019 - IMFnews

Residential Lending Declines for Both BofA and U.S. Bank

A top ten lender, U.S. Bank produced $9.1 billion of mortgages in 4Q18, a 19.1 sequential decline...


January 16, 2019 - IMFnews

GSE Market Shifted Toward Megabanks in 4Q18

Chase’s secondary market patterns are typically herky-jerky…


January 16, 2019 - IMFnews

JPM Packs GSE-Eligible Collateral into a $978 Million Non-Agency MBS

Roughly 42 originators are providing collateral for the JPM MBS…


January 15, 2019 - IMFnews

Short Takes: Worrying About What Mark Calabria Might Do / Ever Seated? / A Price War Brewing in Non-QM? / Tim Anderson’s Blockchain Job / Freddie Gets a New General Counsel

We understand a bit of a price war may be brewing in the non-QM market...


January 15, 2019 - IMFnews

Consumer Complaints Up 3.8 Percent in 2018. Mortgage Gripes Tank

Companies with the most gripes filed against them were the three major credit reporting bureaus: Equifax, Experian and TransUnion...


January 15, 2019 - IMFnews

First Republic Bucks the Trend and Increases Mortgage Originations

Jumbo mortgages account for the vast majority of First Republic’s single-family production.


January 15, 2019 - IMFnews

Residential Production Down by Almost 24 Percent at No. 2-Ranked JPMorgan Chase

JPM valued its MSR portfolio at 117 basis points at the end of the fourth quarter, reducing the mark from 122 bps in 3Q18...


January 15, 2019 - IMFnews

Residential Production Falls 17 Percent at Wells Fargo, Mortgage Profits Plunge

Management blamed the lower figures on “seasonality.”


January 14, 2019 - IMFnews

Short Takes: Shutdown Having Minimal Impact on Mortgages? / Housing Market Slowing / AMC Acquires Meridian Asset Services / Broker Startup Launches

The IRS resumed providing income verification services a week ago and the agency expected to catch up on volume...


January 14, 2019 - IMFnews

Citigroup Sees Retail Residential Production Drop by Almost 15 Percent

Compared to the same period a year earlier, retail loan production fell by 23.3 percent at Citigroup...


January 14, 2019 - IMFnews

Redwood Set to End Lull in Prime Non-Agency MBS

The Redwood transaction is set to close Jan. 17…


January 14, 2019 - IMFnews

Retail Channel Continues to Lose Market Share as Correspondent Surges

Wholesale-broker activity saw roughly the same rate of decline as the retail channel did...


January 11, 2019 - Inside Mortgage Trends

Private MIs Boost Share of Agency Purchase Loans

Private mortgage insurers continued to expand their presence in the flow of purchase-money mortgages into mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae. In 2018, lenders sold $243.54 billion of purchase loans with private MI coverage to Fannie and Freddie, a sturdy 13.8 percent rise from 2017, according to an Inside Mortgage Trends analysis. Private mortgage insurance accounted for 46.8 percent of agency ... [Includes two data charts]


January 11, 2019 - Inside Mortgage Trends

TPO Production Channels Grew in Agency Market

Retail mortgage lending continued to lose market share in the second half of 2018, mostly due to a surge in correspondent production. A new Inside Mortgage Trends analysis of mortgage-backed securities data shows that the retail share of loans sold to Fannie Mae, Freddie Mac and Ginnie Mae fell to 48.6 percent last year. During the fourth quarter, sales of retail-originated loans declined by 14.9 percent, the sharpest downturn among ... [Includes two data charts]


January 11, 2019 - IMFnews

What We're Hearing: The Otting Era Commences / Waiting on the Senate (It Didn’t Work for Michael Bright) / 11 Days In and All Shook Up / HFSC Chair Worries about Furloughed Workers and Delinquencies / Keep an Eye on Jan. 15 / The Milken Institute Weighs in on ‘Administrative’ Reform of the GSEs

We’re just 11 days into the new year and already things are getting interesting in the mortgage industry...


January 11, 2019 - IMFnews

What Michael Bright’s Resignation Might Mean for GSE Reform

The odds of GSE “recap and release” becoming a reality just went down…


January 11, 2019 - IMFnews

Lenders Not Liable for a Servicer’s RESPA Violation

Under RESPA, servicers are generally required to consider borrowers for loss mitigation if the servicer receives a loss mitigation application at least 37 days before a scheduled foreclosure sale.


January 11, 2019 - IMFnews

Non-Agency MBS Issuance Faded in Fourth Quarter

The ECM sector was one of the few that recorded MBS production gains during the fourth quarter…


January 11, 2019 - IMFnews

CFPB Report Raises Questions about Non-QMs, DTIs, Servicing and More

The CFPB determined the ATR rule has reduced lending to some extent to borrowers with high debt-to-income ratios…


January 10, 2019 - IMFnews

Short Takes: Who Is Maren Kasper? / Not Shy / Headed to the White House? / GSE ‘Recap and Release’ Just Got Knee-Capped / IMA Offers Bulk MSR Package

With Michael Bright's departure, GSE "recap and release" just got hurt...


January 10, 2019 - Inside Mortgage Finance

Optimism on Rate Decline Snuffed Out by Shutdown

The steady decline in interest rates over the past four weeks had begun to spark a tinge of optimism among mortgage bankers that 2019 might turn out to be halfway decent after all. Then the government shutdown happened.


January 10, 2019 - Inside Mortgage Finance

Private MI Volume Slumped in 4Q18 Fannie/Freddie MBS

The flow of conventional mortgages with private mortgage insurance coverage into Fannie Mae and Freddie Mac mortgage-backed securities fell sharply in the fourth quarter – tracking a broader slump in purchase-mortgage business. [Includes three data charts.]


January 10, 2019 - Inside Mortgage Finance

Mortgage Market at a Glance, January 11, 2019

Weekly mortgage rates and application survey data.


January 10, 2019 - IMFnews

As Business Slows, Lenders Cut Branches, Channels; Movement Gets Eagle Franchise

Movement said the acquisition “significantly” expands its presence in the Pacific Northwest and Mountain West…


January 10, 2019 - IMFnews

Acting Ginnie Mae President Michael Bright Bolts Agency for SFIG

Bright will earn significantly more working for SFIG than at Ginnie, easily doubling his salary and then some...


January 10, 2019 - IMFnews

New Residential Looks to be a Frequent Issuer of Non-QM MBS, Preps Latest Issuance

New Residential also will buy non-QMs from lenders other than New Penn...


January 10, 2019 - IMFnews

Private MI Volume Slumped in 4Q18 Fannie/Freddie MBS

Fannie and Freddie securitized $66.89 billion of single-family loans with private MI coverage during the fourth quarter…


January 9, 2019 - IMFnews

Market Shocker: Ginnie Mae Interim President Michael Bright Quits

Bright was first nominated to the post by President Trump in May of last year. He had been serving as an EVP at Ginnie.


January 9, 2019 - IMFnews

Short Takes: UWM Removes LLPAs on Certain Loans / New Mortgage Applications Come Roaring Back / Tempering Optimism with a Government Shutdown / Seterus’ Leslie Peeler? / Complaints Registered

Four years ago, Leslie Peeler, the Fannie Mae senior vice president in charge of the GSE’s servicing decisions, left the mortgage giant for Seterus.


January 9, 2019 - IMFnews

Angel Oak Expects Sustained Non-QM Growth in 2019

The non-QM market is booming, said Angel Oak executive Tom Hutchens…


January 9, 2019 - IMFnews

FHA Tells Servicers to be Lenient Toward Furloughed Federal Workers and Contractors

The FHA handbook states that servicers can receive a “financial incentive” for offering forbearance...


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