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Mortgage Broker Stories from
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Mortgage Industry News Headlines
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Last Updated Friday, January 27, 2012
06:26 PM CST
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FHA, Jumbo & Purchase Activity Drive Business Higher
Led by an increase in inquiries for purchase financing, government-insured loans and jumbo mortgages -- overall mortgage activity was higher this week. Both jumbo and 15-year loans were priced more competitively in the latest report, and overall mortgage rates are poised to come in lower in the next report.
New mortgage activity grew 9 percent from last week, pushing the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily to 259 for the week ended Jan. 27.
The index was 22 percent higher than the same week during 2011.
No Improvement in FHA Delinquency for 8 Months
In December, the Federal Housing Administration's residential delinquency of at least 90 days jumped 30 basis points from November.
The rate of late payments was up 80 BPS when compared to December 2010.
The rate of serious delinquency has not improved a single time since April 2011, when the 90-day rate fell to 8.2 percent from 8.3 percent in March.
Quicken Recruiting in Detroit
Quicken Loans Inc. is bringing on 800 people at its Downtown Detroit headquarters operation.
A posting on the company's website indicates that 500 interns and 300 "technology all stars" are being hired.
College students and recent graduates are the target of the hiring campaign.
RMBS Fraud Task Force Rapidly Takes Shape
It has only been three days since the Residential Mortgage-Backed Securities Working Group was made public, and the group has already started staffing and taking action.
The task force was unveiled this week in the president's state of the union address.
So far, the Justice Department has dedicated 15 attorneys, investigators and analysts to the cause, and another 30 are expected to be assigned in the coming weeks. The Federal Bureau of Investigation has assigned 10 agents to the group.
U.S. Originations Off 13% in 2011
Residential lenders originated 10 percent fewer first liens during Novebmer than were funded in October, according to new data released Friday
On an annual basis, more than 6 million first mortgages were closed from Jan. 1, 2011, through Dec. 31, 2011.
But last year's home-loan production was down by 13 percent compared to residential volume during 2010.
Rates Increase But Might Retreat
The average 30-year fixed-rate mortgage this week climbed 10 basis points from the previous week.
A 7-basis-point elevation was recorded for the average 15-year mortgage.
But rates could see-saw and wind up around 10 BPS lower in next week's report based on an analysis of data from the Department of the Treasury.
BofA, Chase Each Could Lose Over $60 mil in HAMP Incentives
More than $100 million in payments due to JPMorgan Chase & Co. and Bank of America Corp. for modifications completed under the Home Affordable Modification Program could be withheld -- possibly permanently.
The government claims that it held up HAMP incentive payments to the two mortgage servicers because they haven't complied with HAMP guidelines.
Both BofA and Chase each stand to lose more than $60 million in HAMP incentives if the withholding becomes permanent.
FHA Refi Plan Has Little Chance Congressional Approval
The $10 billion tab for the administration's proposed plan to provide Federal Housing Administration refinances for up to 4 million borrowers whose existing loans are not owned or guaranteed by Fannie Mae or Freddie Mac would be charged to mortgage lenders.
But such a proposal is unlikely to make it through Congress.
Also, it is unclear whether the plan would target negative-equity borrowers as is the case with the enhanced version of the Home Affordable Refinance Program.
Proposed Servicer Settlement Not Good Enough for California
The latest rendition of a proposed settlement between servicers and state attorneys general just doesn't cut it, according to California's attorney general.
Terms of the possible $25 billion deal would include average principal modifications of $20,000 and payments of $1,800 to other harmed borrowers.
But California's office of attorney general, which previously backed out of the multi-state settlement because the proposal gave too much immunity to lenders and didn't provide enough relief for borrowers, says the new "deal does not suffice for California."
Litigating Secondary Trades
The president of Keyworth Mortgage Funding Group is awaiting sentencing for defrauding First Community Bank and using his warehouse line of credit for purposes other than to fund originations.
A lawsuit filed by the Dallas County district attorney was recently expanded to a class action representing all other Texas counties impacted by the loss of recording fees.
Bank of America has been granted more time to respond to a lawsuit by U.S. Bank, N.A., demanding the repurchase of mortgages.
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LendingTree Settles with SC Over Broker Disclosures
Jan. 5, 2012
A settlement has been reached between LendingTree and South Carolina officials over allegations that the Charlotte, N.C.-based company brokered loans without the proper disclosures.
Separate lawsuits were filed by 16 South Carolina prosecutors in 2008 against the mortgage lead generation firm and several of its affiliates.
The prosecutors claim that LendingTree was acting as a mortgage broker but wasn't disclosing payments it received directly from lenders.
<MortgageDaily.com subscribers read full story>
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Move by Obama Gives CFPB Authority Over Brokers
Jan. 4, 2012
President Obama is making a controversial move by appointing the director of the Consumer Financial Protection Agency during a Senate recess to avoid partisan opposition. The move will empower the agency to use its new authority to oversee mortgage brokers.
The president's decision was announced Wednesday on a visit to Ohio.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB hasn't been able to exercise its authority over financial firms outside the banking system like mortgage brokers.
<MortgageDaily.com subscribers read full story>
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Net Branch Matchmaker
Dec. 13, 2011
A company operating from Georgia wants to become the eHarmony of net branching.
Mortgage brokers who are searching for a national mortgage banking firm to join have a plethora of options.
The Mortgage Branch Directory at Mortgage Daily lists more than 50 companies looking to recruit mortgage branches.
<MortgageDaily.com subscribers read full story>
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Mortgage Jobs Expand as U.S. Unemployment Improves
Dec. 2, 2011
Growth in staffing at mortgage brokers overcame a small decline at mortgage bankers and pushed overall employment in the real estate finance sector higher. The bigger news, however, was the U.S. unemployment rate -- which sank to its lowest level in more than two-and-a-half years.
The mortgage industry employed 236,500 people during the month of October, though the government employment data is likely to be revised multiple times over the next 12 months.
Industry-wide headcount grew from a revised 235,000 during September, according to the Bureau of Labor Statistics.
<MortgageDaily.com subscribers read full story>
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Mortgage Branches Open, Change Brands
Nov. 28, 2011
Mortgage banking firms are scooping up local branches at a healthy pace, and at least three of the branch recruiting operations are based in Houston. More than a thousand branch locations have been added to the national registry during the most-recent quarter.
As of the end of the third quarter, 18,466 branches were registered through the Nationwide Mortgage Licensing System & Registry. NMLS registrations grew from 17,387 as of June 30.
The most recent total worked out to an average of 1.1 registered branches per company. Including multiple jurisdictions that the branches were licensed in, total branch registrations stood at 28,322 at the end of the third quarter.
<MortgageDaily.com subscribers read full story>
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M.I. Program Enhanced for Brokers
Oct. 18, 2011
Mortgage brokers are being cut a break on underwriting requirements by one mortgage insurance company.
United Guaranty Corp. is expanding its underwriting requirements to allow greater flexibility on broker-originated loans.
The Greensboro, N.C.-based company issued a bulletin Monday outlining the revised third-party originator requirements for mortgage brokers.
<MortgageDaily.com subscribers read full story>
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