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MortgageChronicle.com Archives
January, 2012
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Fannie Outperforming Freddie by a Long Shot
For five consecutive months now, Fannie Mae has managed to increase its secondary activity, contrasting last month's activity at rival Freddie Mac. Annual business, however, was lower at both firms. Fannie's residential delinquency didn't increase a single time last year, while late payments at Freddie have deteriorated each of the last several months.
Fannie reported that its new business acquisitions during December climbed 16 percent from November's level.
The improvement contrasts secondary volume at Freddie, where activity fell 19 percent between November and December.
Default Service Providers Step Up Offerings
While many providers of services for distressed mortgages focus on unloading and managing real-estate-owned properties, an emerging group is helping servicers comply with quickly escalating regulations. Technology is becoming a growing tool in the sector.
Gateway Mortgage Group said it developed an in-house sub-servicing unit to provide specialty and default servicing for mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Kevin Osuna was recruited to direct the new operation.
A collection documentation task force has been assembled by Ballard Spahr LLP, according to a statement. The unit, chaired by Ballard Spahr Partner Christopher J. Willis, will assist clients with rapidly increasing documentation-related scrutiny of, among other things, the foreclosure process.
Mortgage Insurer Runoff Continues
Loans outstanding that are insured by private mortgage firms have been on the decline every month for three years now as new policies issued were down in 2011. Looking at just last month, outstandings were off from November, and defaults on insured loans jumped.
Mortgage insurers wrote 16 percent fewer policies last year than during the previous year.
During December, new policies written were 6 percent lower than in November.
Class Action Targets NV Foreclosure Processors
Six companies that process foreclosures in Nevada have been named as defendants in a lawsuit that seeks class-action certification.
The firms are accused of engaging in debt collection activity even though they were not licensed as debt collectors in the state.
The lawsuits are in addition to foreclosure lawsuits recently filed against Bank of America Corp. and Lenders Processing Services Inc.
States Face Servicer Settlement Deadline
State attorneys general have been given a deadline of this week to decide whether or not they are on board with a proposed settlement with the nation's biggest mortgage servicers.
A settlement would put an end to the joint effort started by the states in October 2010.
The amount of the settlement could be as much as $25 billion.
Outlook Improves for Nontraditional Loans
Lending officers at financial institutions reported little change in how well they expect prime mortgages and home-equity lines to perform this year.
But the story was better for nontraditional home loans.
"About 55 percent of banks, on net, anticipate that delinquency and charge-off rates on such nontraditional loans will decline this year compared with about 20 percent of the respondents to last year's survey," the report said.
FHFA Addresses Freddie's Bets Against Refinances
A story co-published Monday by ProPublica and National Public Radio claims the Freddie Mac "placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates."
But Freddie's conservator fired back in its own statement today clarifying the trades.
It said that no additional risk is taken on by Freddie through the trades.
Servicers Navigate Courts
A federal class action filed against U.S. Bank, N.A., and U.S. Bank Home Mortgage alleges that company billed borrowers' escrow accounts for forced-placed flood insurance that exceeded loan balances despite that the policies didn't provide coverage in excess of loan balances.
Central Mortgage won an appeal in the dismissal of a lawsuit against Morgan Stanley that sought to hold the investment banker liable for repurchase demands on loans that Morgan Stanley sold the servicing rights to Central Mortgage.
A decision in favor of Nationstar Mortgage LLC against Capital One over an allegedly improperly cashed insurance check was overturned by an appeals court.
FHA Lending Insight
A conference call being held early next month will focus on Federal Housing Administration enforcement, quality assurance and inspector general reviews, and the Mortgagee Review Board.
The Department of Housing and Urban Development has initiated a two-year pilot program that is offering qualified homeowners living in certain parts of the country low-cost loans up to $25,000 to make energy-efficient improvements.
HUD has eliminated the one percent origination fee cap for its 203(k) Rehabilitation Mortgage Insurance and home-equity conversion mortgage programs.
Generating and Managing Mortgage Leads
Leads360 announced that it has added automated text messaging functionality to help lenders connect with loan prospects through wireless phones.
An exclusive mortgage leads program was recently launched by Lender411.com.
Commercial real estate loan leads have been made available through the recent launch of Actovia Commercial Mortgage Intelligence.
Week's Bank Failure Costs Exceed $600 Million
Four federally insured banks were shut down by state banking regulators on Friday.
The closings included two banks that were seized by the Tennessee Department of Financial Institutions, one bank that was shuttered by the Florida Office of Financial Regulation and the closing of a bank by the Minnesota Department of Commerce.
The Deposit Insurance Fund is projected to be depleted by $608 million as a result of the four banks' failures.
HAMP Revitalized
A new round of enhancements to the government-funded loan modification program has been unveiled. In addition to extending the program by one year, the improvements include modifications on nonowner-occupied properties, more flexible debt-to-income ratios and a tripling of payments for mortgage investors.
An expansion of the Home Affordable Modification Program was announced on Friday.
But government officials, who previously overshot estimates of how many loans would be modified through HAMP, declined to speculate on how many modification might result from the latest round of enhancements.
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.
Condo Communities Grapple With FHA Certification
During the past three months, more than a third of condominium communities that were submitted for certification to the Federal Housing Administration have been rejected.
This issue has become more significant because FHA stopped providing unit-by-unit approval in early 2010.
While some condominium communities have decided that it's not worth seeking FHA certification, others know that many home buyers won't even consider a unit if FHA financing isn't available.
Critics Question Timing of RMBS Fraud Unit
Critics of President Barack Obama's plan to create a special unit of federal prosecutors and state attorneys general say that such a move should have been done early on in his presidency and not now, long after the events were fresh in the minds of potential witnesses.
The working group will be co-chaired by the Securities and Exchange Commission's enforcement chief and two assistant attorneys general who head the Justice Department's criminal and civil divisions.
The appointment of New York's attorney general to lead a working group for state attorneys general could help clear the way for a proposed mortgage servicer settlement..
Ratings Agency Sued Over Bad MBS Ratings
A lawsuit has been filed against one of the largest U.S. credit rating agencies by the state of Illinois.
Illinois Attorney General Lisa Madigan said Wednesday that her office filed the lawsuit against Standard & Poor's Financial Services LLC.
S&P is accused of handing out strong ratings on mortgage-backed securities in order to increase revenues and boost its market share in the structured finance ratings market.
HUD Releases Revised Regulation
Back in October 2010, the Department of Housing and Urban Development proposed a rule that would have lenders on government-insured mortgages facing tougher underwriting requirements and changes to the termination process.
HUD has since received comments and revised its rule based on the feedback.
The final rule goes into effect on Feb. 24.
Fed Chairman Addresses Questions on Mortgages
The chairman of the Federal Reserve Board told reporters Wednesday that Fed policies have been less potent because of a weak housing market.
He said that a variety of views exist at the Fed about principal forgiveness and the bank has no official position.
The Fed chairman also commented on the settlement negotiations between mortgage servicers and state attorneys general.
Flagstar Reports Strong Originations
Flagstar Bancorp reported that fourth-quarter home-loan production increased 47 percent from the third quarter.
Compared to the fourth-quarter 2010, business was up 11 percent.
The year-over-year improvement at Flagstar contrasts that of most of its residential lending rivals who saw originations tumble from a year earlier.
4 Months of Higher Delinquency at Freddie
Freddie Mac reported that residential delinquency of at least 90 days increased 1 basis point between November and December.
The default rate has been worse each of the past four months.
During that period, the rate of late payments has risen 9 BPS.
Federal Unit to Tackle Lending, Securitization Abuses
In his state of the union address Tuesday before a joint session of Congress, President Obama took aim at mortgage lending abuses and announced plans to investigate origination and securitization practices.
The U.S. attorney general has been asked by Obama to create a special unit that includes federal prosecutors and a prominent state attorney general to expand investigations into alleged abusive lending and packaging of risky mortgages.
New York's attorney general will lead the new unit.
House Republicans Grill CFPB Chief
Republicans grilled the new director of the Consumer Financial Protection Bureau this week, though the hearing was less intense than similar prior events featuring the former acting director of the regulator.
CFPB Director Richard Cordray faced a House oversight subcommittee on Tuesday.
Cordray oversees an agency that is expected to grow to as many as 1,500 employees.
MGIC Obtain Waivers
Losses mounted at MGIC Investment Corp., though at a slower pace. The mortgage insurance company said that regulators have approved waivers to its risk-to-capital ratio.
The fourth-quarter loss was down 28 percent from the third-quarter loss at the Milwaukee-based entity.
MGIC said it has obtained approval from regulators that will allow it to keep writing new business nationwide even if its risk-to-capital ratios fall below required levels.
Radian Unloads Policies in Capital Move
A deal that will reduce Radian Asset Assurance Inc.'s policies is expected to help the mortgage insurer with its capital position.
An announcement from the parent company indicated that the financial guaranty insurance subsidiary has entered a three-part transaction with subsidiaries of Assured Guaranty Ltd.
"By reducing our financial guaranty net par outstanding by 21 percent, we are strengthening Radian Asset's statutory capital position," Radian's chief executive officer said in today's statement.
Multifamily Issuance Leaps at Fannie
The annual issuance of mortgage-backed securities backed by apartment loans and guaranteed by the Federal National Mortgage Association shot up 45 percent last year compared to 2010.
Fourth-quarter issuance of Fannie Mae multifamily mortgage-backed securities was 6 percent higher than the third quarter.
It was the biggest quarter since Fannie brought the multifamily program back to life in 2009.
Regions Residential Originations Better, Delinquency Worse
Fourth-quarter home-loan fundings improved 20 percent from the prior quarter at Regions Financial Corp.
But residential delinquency of at least 30 days deteriorated, rising 17 basis points from the third quarter.
The delinquency rate on home-equity loans was 26 BPS higher between the third and final quarters of last year.
Over 1000 Chase Hirings in Calif Include LOs
JPMorgan Chase & Co. announced plans to recruit more than a thousand people in California during this year.
"We plan to invest significantly in the people, facilities and technology needed to serve California consumers and businesses well," a Chase executive said in the announcement.
In a separate statement to Mortgage Daily, a spokesman for the New York-based company said that mortgage loan officers will account for around 14 percent of the additional staffing.
AGs Receive Draft of Servicer Settlement
A draft of a potential settlement with mortgage servicers has been distributed to state attorneys general, according to two sources.
The draft proposes a $25 billion settlement amount and an overhaul of foreclosure and servicing practices.
Key to whether the draft officially becomes a settlement is which states sign on to the deal. California has been a key holdout, but improved terms could lure the Golden State back to the table.
BofA, Chase & Ally Work Through MBS Litigation
A settlement was proposed last month in the residential mortgage-backed securities class action Public Employees' Retirement System of Mississippi, et al, v. Merrill Lynch & Co. Inc., et al.
MBS lawsuits filed against Ally Financial Inc. by Financial Guaranty Insurance Co. were moved to federal court.
John Hancock Life Insurance filed an MBS lawsuit against JPMorgan Chase & Co. and two subsidiaries.
Help Executing Secondary Marketing Strategies
Investors gain real-time access to data about residential mortgage-backed securities through BlackBox Logic's Crystal Logic.
Quicksale.com has begun a new loan disposition program that will handle loan pool marketing and sales for several banks, lenders and other investment groups throughout the United States that are motivated to liquidate their performing and/or non-performing assets in record time.
Professional fixed income traders are given access to live and executable order flow across asset classes, through BondsPro.
Ginnie Business Slows
Ginnie Mae issuance slipped 3 percent between November and December, according to a monthly operating report.
Compared to a year earlier, mortgage-backed securitizations were down 18 percent.
Full-year 2011 issuance came in 18 percent lower than the previous year.
Wholesaler Growing Originations, Adding Staff
Residential loan originations during 2011 at United Wholesale Mortgage were up marginally from 2010.
But this year the Michigan-based company expects production to shoot up by 67 percent over last year's volume.
United Wholesale is adding more than a hundred employees a year to help it keep up with the lofty growth plans.
Best Performing Servicers
Overall performance for all servicers of home loans deteriorated in the third quarter, according to a new ratings agency report.
Mortgage servicing performance metrics at JPMorgan Chase & Co. and Bank of America Home Loans reportedly lag their peers.
But Ocwen was spotlighted in the report because the servicer is re-modifying loans at a busier pace than its peers.
California Congressman Caught in Countrywide VIP Web
A California congressman was caught off guard when he learned he was among a group of legislators who received a home-equity loan at special terms from Countrywide Financial Corp. VIP program.
Rep. Elton Gallegly (R-Calif.) closed on a $77,000 HEL eight years ago at a rate of 5.75 percent. The first mortgage in the transaction was with Chase at 4.25 percent.
Gallegly claims he sold the property less than a year after financing the loans.
Originations Up, Delinquency Down at Fifth Third
Fourth-quarter home-loan originations jumped 58 percent from the third quarter at Fifth Third Bancorp, according to earnings data.
Residential delinquency of at least 90 days, including non-performing assets, fell 16 basis points from the third quarter.
Even home-equity loans saw lower delinquency, with the HEL rate, excluding non-performing loans, falling 5 BPS on directly originated HELS.
Best Mortgage Employers
At the top of FORTUNE's 2012 100 Best Companies to Work For was Google.
The Mountain View, Calif.-based company's "Employees rave about their mission, the culture, and the famous perks of the Plex: bocce courts, a bowling alley, eyebrow shaping (for a fee) in the New York office," FORTUNE said. "Then there's the food: some 25 cafés companywide, all gratis."
No. 10 on the ranking -- and the highest-ranking mortgage-related company -- was Quicken Loans Inc.
CMBS Delinquency Up Despite Hotel, Multifamily Improvement
The delinquency rate on hotel loans included in commercial mortgage-backed securities was down 58 basis points between November and December.
The rate on apartment building CMBS loans tumbled 43 BPS.
But deterioration in other types of securitized commercial mortgages helped push the overall CMBS delinquency rate up 5 BPS.
1st Bank Failure in More than Month
The nation's first bank failure of the New Year was Central Florida State Bank. The financial institution was established around a decade ago, and it employed around 22 people at the time of its demise.
The Belleview, Fla.-based firm was seized by the Florida Office of Financial Regulation on Friday.
Prior to Central Florida's demise, the last bank failure was Western National Bank in Phoenix, which was seized by the Office of the Comptroller of the Currency on Dec. 16.
Low Rates Fail to Stimulate; Might Rise
Prospective borrowers made 4 percent fewer mortgage inquiries than the prior week in the U.S. Mortgage Market Index for the week ended Jan. 20 from Mortech Inc. and MortgageDaily.com. The decline in activity corresponded with the Martin Luther King Jr. holiday.
The index, which clocked in at 237 this week, was 13 percent higher than the same week in 2011.
Based on an analysis of Treasury Department data, home-loan rates could be 9 basis points worse in next week's report.
WMC Probe Focuses on Fraud
Federal authorities have launched an investigation into defunct subprime lender WMC Mortgage Corp. to determine whether senior managers condoned mortgage fraud, sources said.
The government wants to find out if WMC used fake documents, overstated income and other fraudulent practices in search of loan approvals.
Former WMC employees accuse the company of condoning the bad behavior.
Fundings, Defaults Improve at SunTrust as Earnings Injured
Residential delinquency of between 30 and 89 days as of the end of December fell 7 basis points from the end of the third quarter at SunTrust Banks Inc., according to an analysis of current and prior product.
Home-loan originations increased 17 percent between the third and fourth quarters of last year, SunTrust said.
Mortgage operations swung more than $150 million to a fourth-quarter combined loss at its production and servicing divisions from a third-quarter profit.
FHA Mortgagees Face Stiffer Requirements
Federal Housing Administration mortgagees will be subject to more rigorous peformance standards under new regulations that will also revise the process of reimbursing the cost of insurance claims when FHA rules weren't followed.
The process used by FHA to demand that mortgagees indemnify the Department of Housing and Urban Development on insurance claims is being strengthened.
In addition, becoming approved as an FHA mortgagee with the authority to insure loans on HUD's behalf, and maintaining that approval status, will require stricter performance standards.
30 Year Falls But Might Increase
It was down only a single basis point from last week.
But that was enough to land the average 30-year fixed-rate mortgage at the lowest rate on record.
The 30-year mortgage is looking like it might be higher in next week's report, based on an analysis of data released by the Department of the Treasury, which suggests that the 30 year could be 10 basis points lower.
PRMI Projects Huge Growth This Year
Fourth-quarter production at Primary Residential Mortgage Inc. was up 23 percent from the third quarter, according to data provided to Mortgage Daily.
Compared to the fourth-quarter 2010, however, volume was lower.
PRMI projects that residential originations during all of this year will increase by more than 43 percent over 2011.
BB&T Performance Strengthens
Branch, Banking and Trust Co. originated 53 more in home loans during the fourth quarter than it did in the third quarter.
Activity was also higher than in the fourth-quarter 2010.
Mortgage banking net income was $36 million during the final three months of 2011, better than the third quarter's $17 million.
BofA Suspends Cashouts
From the end of 2011 until last week, inquiries for refinance loans climbed 107 percent, according to the U.S. Mortgage Market Index.
Bank of American Home Loans has seen a similar surge in refinance business.
So the Calabasas, Calif.-based company has made a decision to put the brakes on cashout transactions until the elevated refinance activity recedes.
Mortgage Bankers Raise Origination Outlook
Residential lenders are projected to originate $559 billion during the first half of 2012.
The forecast was raised from $535 billion in first-half production predicted during December.
The increase was the result of a stronger refinance outlook, with the majority of the improvement coming from refinance business.
Early Delinquency Retreats
A report earlier this month indicated that 90-day residential delinquency in December had deteriorated 2 basis points from November.
It was the fourth consecutive month that the 90-day rate increased from the previous month.
But a new report indicates that the rate of 30-day delinquency on home loans was down 5 BPS between November and December.
BofA Slows Originations
Fourth-quarter residential originations at Bank of America Corp. were more than a third lower than in the previous three-month period, according to earnings data.
Home-loan production plummeted 74 percent from the fourth-quarter 2010.
During all of 2011, BofA's residential production was 49 percent lower than in all of the prior year.
BofA Moves Backwards With HAMPs
Completed and active modifications from all mortgage servicers under the Home Affordable Modification Program increased by more than 15,000 during November.
That was better than the gain previously calculated for October.
A noteworthy item about the November report is that Bank of America, N.A.'s, completed modifications fell by 12,245 HAMPs from October.
PNC Turns In Mixed Mortgage Performance
Annual residential originations increased 9 percent from 2010 at The PNC Financial Services Group Inc.
Delinquency on conventional mortgages decreased 4 basis points between the third and fourth quarters, but government-insured delinquency deteriorated 98 BPS.
Meanwhile, mortgage earnings swung from a third-quarter profit to a fourth-quarter loss.
Mortgage Complaints Top All Others in Massachusetts
Massachusetts consumers complain more about mortgage-related issues than about any other subject.
Complaints by consumers about mortgages and foreclosures climbed to nearly a thousand during 2011 in the Commonwealth of Massachusetts, according to the state's attorney general.
Mortgage complaints outpaced automobile complaints to become the state's biggest complaint category.
First-Half 2012 Outlook Lifted as Purchases Seen Rising
The latest mortgage production forecast for the first-half was raised $46 billion from last month's outlook.
Home-purchase financing is expected to jump from $75 billion in first three months of this year to $98 billion by the second quarter.
During the final three months of 2012, purchase-money originations are expected to move past $100 billion.
Strong Quarter at US Bancorp
Fourth-quarter income before taxes at U.S. Bancorp climbed 6 percent from the third quarter and were up by nearly half when compared to a year earlier.
Residential loan volume leapt by more than half from the third quarter.
The 30-day delinquency rate, including non-performing loans, fell 15 basis points from September.
LOs Recruited at Brisk Pace
A survey of loan originators found that two thirds of the group had been approached by a recruiter at least once during the past six months.
The remaining third or so had been approached by at least five recruiters in that same period.
Nearly half view the recruiter as a comparison shopping tool.
Citi Delinquency & Earnings Worse, Production Up
Home loans funded by Citigroup Inc. grew by 24 percent between the third and fourth quarters of 2011.
But the rate of past-due payments, however, was up 41 basis points during the same period.
In addition, earnings at Citigroup plummeted by 72 percent from the third quarter.
Fundings Up at Wells, But Delinquency Deteriorates
Wells Fargo & Co. reproted that its four-quarter home-loan production jumped by more than a third.
For all of 2011, however, Wells Fargo's business was down by nearly $30 billion.
Resdiential delinquency, including foreclosures, climbed 33 basis points between the third and fourth quarters.
Serious Mortgage Delinquency Up 4th Consecutive Month
Residential delinquency of at least three months on first mortgages was up 2 basis point between November and December.
It was the fourth consecutive month that the first-mortgage rate was higher.
On second mortgages, the 90-day rate climbed 7 BPS.
Record Production at Quicken
More home loans were closed during 2011 at Quicken Loans Inc. than in any other year since the company has been in business.
Last year's residential originations climbed 3 percent from 2010 to the highest annual level on record, the Detroit-based company reported to Mortgage Daily.
In addition, Quicken reported that fourth-quarter volume was higher than any other in the company's history.
Bank Expands Correspondent
BOK Financial Corp. has plans to expand its correspondent lending business.
The bank-holding company's vice president of correspondent and private-label lending said in a statement that the company is widening its correspondent channel.
"Access, convenience and ease of use are key requirements for our lending partners to do business with us," the BOK executive said in the news release.
Feds, States Stomp Out Foreclosure Rescue Services
Federal regulators, including the Consumer Financial Protection Bureau, are going all out to put a halt to firms that collect hefty fees while their clients still lose their homes.
States -- including California, Florida and Illinois -- have also been busy eradicating companies that collect up-front fees in return for promises that foreclosures will be halted.
Many foreclosure-rescue schemes purport to provide an investor who will buy a distressed homeowner's property. But straw buyers are instead brought in and mortgage fraud is used to strip the equity.
United Guaranty Expands Guidelines
United Guaranty Corp. issued a bulletin indicating that enhancements to requirements for its Performance Premium program combines general underwriting requirements with automated risk tools.
Loans that are not currently eligible for mortgage insurance coverage might now qualify.
United Guaranty said that expanded areas of eligibility include loan amounts, loan-to-value ratios and credit scores.
Colorado Lender Adds 150 Mortgage Jobs
During the past three years, Peoples Mortgage Corp. has hired 150 people.
Behind the growth is an acceleration in originations.
The Colorado Springs, Colo.-based lender closed 3,249 loans for $710 million last year, more than doubling its 2009 production.
Appraiser Used IDs of Other Appraisers
An Ohio appraiser will spend four years in prison over admittedly using the identities of other appraisers on inflated reports.
The state's Division of Real Estate and Professional Licensing revoked Daniel J. Nichter's appraisal license in 2008 because he violated legal and professional standards with an inflated appraisal.
But that didn't stop Nichter from completing another nearly two dozen appraisals using the identities of other appraisers -- including one who died during his indictment process.
New Mortgage Business Leaps
With the holidays out of the way, mortgage shoppers were out in droves this week inquiring about new mortgages. Rates are likely to be lower in next week's report, possibly leading the way for activity to escalate further.
Mortgage inquiries climbed 35 percent from last week, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Jan. 13 at 247.
The index was up 11 percent from the week ended Jan. 12, 2011.
Purchase Financing Soars Past Forecast
The volume of estimated home-purchase loan production in the fourth quarter came in 21 percent higher than was expected just last month.
The improvement is a good sign that the ailing housing market is strengthening.
Overall mortgage production this year, including puchases and refinances, is projected to tumble by more than a quarter from 2011.
Opportunity Lurks in MetLife Shutdown
The decision to close down MetLife Home Loans is obviously a big blow to the thousands of employees who work at the company.
But competing Kansas lenders see some opportunity in recruiting loan originators who are impacted by the move.
Those who might not be planning to hire MetLife employees, however, also see opportunity because business that would have gone to the life insurer's subsidiary might now wind up in their production.
Chase Fundings, Delinquency Better
Home-loan originations at JPMorgan Chase & Co. climbed 5 percent between the third quarter and the fourth quarter.
The 30-day delinquency rate, excluding credit-impaired mortgages acquired from Washington Mutual Bank, was down 11 basis points during the same period.
Delinquency on the WaMu loans move 114 BPS lower.
Rates Fall to Record Lows (Again)
For the first time since mortgage rates have been tracked, the 30-year fixed-rate mortgage fell below 3.90 percent to an all-time low.
A record low was also recorded by Freddie for the 15-year fixed-rate mortgage.
In fact, all rates fell to the lowest levels on record.
Jumbo RMBS Pose Greatest Risk
Strategic defaults pose a "major risk" to the private-label market in residential mortgage-backed securities as housing markets continue to see price declines.
The biggest risk is with jumbo RMBS.
More than half of jumbo borrowers who have been regularly making their payments have a loan-to-value ratio in excess of 100 percent.
Republican Among Potential Choices for FHFA Chief
A boost to the housing market has bi-partisan support, according to a Wall Street investment banking economist.
He said that expansion the home affordable programs have the most likely chance of advancing.
He also noted that it has been suggested a Republican could be President Obama's choice to head the Federal Housing Finance Agency.
CFPB Outlines Procedures for Non-bank Mortgage Examinations
A new examination manual for mortgage origination firms was unveiled this week by the Consumer Financial Protection Bureau.
The procedures apply to both bank and non-bank lenders and outline the CFPB's supervisory approach to ensure mortgage originators comply with federal laws.
The procedures cover the origination process from advertising to closing.
Servicers Move Hawaii Foreclosures to Courts as Filing Leap
Hawaii's state legislature last year passed a law that requires mortgage servicers to give delinquent borrowers on owner-occupied properties the option of having a dispute resolution professional assist with foreclosure mitigation in front of a lender representative before a non-judicial foreclosure sale can proceed.
So servicers started processing foreclosures through the state's court system.
Shortly after the legislation was passed, foreclosures in Hawaii plummeted by half compared to a year earlier. But filings have since been growing and are expected to continue increasing.
MetLife Texas Layoffs Exceed 800
More than 800 Texas employees will lose their jobs as a result of MetLife Inc.'s decision to close down its home-loan business.
Still, several hundred people in mortgage servicing and reverse mortgage lending will stay on as the company maintains those operations.
The New York-based life insurer said this week that it has decided to close down MetLife Home Loans.
LendingTree Negotiates New Warehouse Lines
LendingTree Loans has secured a warehouse line of credit in the amount of $100 million.
LendingTree Loans, which is expected to be sold, does business as Home Loan Center Inc.
It's the second $100 million line added during the past 90 days.
Employees Impacted by MetLife Move
The closing of MetLife Home Loans will result in 4,300 layoffs, and some of those layoffs are in Washington state.
The mortgage employees are being given 60 days' notice.
Employees are being provided with severance pay, and some will have the opportunity to apply for other jobs at MetLife.
Foreclosures Fall to Four-Year Low
Foreclosure filings fell 9 percent last month to the lowest level in more than four years.
During all of last year activity declined by more than a third from 2010.
While it took nearly a year for the average U.S. foreclosure to complete, New York had an average timeline of nearly three years.
Fannie Follows Freddie in Foreclosure Forbearance
Fannie Mae has unveiled a forbearance program for unemployed borrowers.
The plan allows payments to be suspended or reduced for as long as one year.
The announcement was made less than a week after Fannie's secondary cousin, Freddie Mac, announced a similar program.
DC Firm Postures to Help FHA Mortgagees
The Collingwood Group is posturing itself to help Federal Housing Administration mortgagees avoid and deal with enforcement actions.
The company recently acquired a consulting firm that specializes in assisting FHA mortgagees with risk management on government loans.
A planned conference call next month for mortgagees will address FHA enforcement actions.
Forecast for Top Originators
Top mortgage producers will be on the move this year seeking mortgage companies that have the most to offer for their own originations, according to a new report.
Among the most important factors in deciding to join an organization will be the quality of the management team and the company's capital position.
The originators won't tolerate, however, deficiencies in loan execution because of the negative impact it will have on the lifetime value of borrowers.
State Mortgage Licensing Requirements Evolve as Licensee Count Drops
Florida has eliminated its in-house mortgage processor licensing requirement.
Mortgage Loan servicers now are required to be licensed in Texas and Montana.
In California last October, the most recent figures available, there were 144,242 licensed mortgage brokers, down from 148,066 a year ago.
MGIC Updates Underwriting Requirements
Mortgage Guaranty Insurance Corp. announced changes to its qualifying rates on hybrid adjustable-rate mortgages.
The mortgage insurance company also issued new guidelines for condominium projects with less than four units.
In addition, MGIC's requirements for co-borrowers who use non-traditional credit have been updated.
MetLife to Shut Down
MetLife Home Loans is going out of business.
The company issued a bulletin to its correspondent clients indicating that no buyer has been found for the business, which was put up for sale in October.
"Therefore, we have made the decision to wind-down all MetLife Home Loans' forward origination business," the notice stated.
Fannie CEO Done
Fannie Mae has disclosed that Michael J. Williams has decided to step down as chief executive officer of the secondary lender.
The executive will stay on until a replacement is found.
In a news release, Federal Housing Finance Agency Acting Director Edward J. DeMarco praised Williams for his leadership while Fannie was in conservatorship.
PHH Pondering Correspondent Cutbacks as Liquidity Dries Up
PHH Corp. disclosed that it is taking steps to shore up liquidity.
Among alternatives on the table is a reduction in correspondent originations and capital expenditures.
PHH warned that if it is unsuccessful with its efforts to increase liquidity, its ability to continue as a going concern would be in doubt.
Wholesalers Step Up Reverse Business
The Federal Housing Administration endorsed 23 percent more home-equity conversion mortgages for wholesale lenders during November than it did in October.
It was a turnaround from four consecutive monthly declines.
The jump in wholesale HECM business was enough to offset a decline in retail originations.
Banks Recruiting Mortgage Employees Despite Layoffs
While many banks have been cutting their staffs, hirings are still happening -- and many are in mortgage lending.
Bank of America Corp. has announced that it plans to layoff 30,000 people, while Wells Fargo & Co. has launched a cost-cutting initiative that will likely result in layoffs.
But staffing needed to handle elevated refinance demand, loan modifications and compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is keeping up demand for mortgage employees.
Time to Plan for 2012 Conferences
Nearly a hundred mortgage-related events are scheduled so far for 2012 on MortgageDaily.com's mortgage conference calendar.
However, given that there were more than 300 events on the 2011 calendar, many more conferences are likely to make the list as the year progresses.
The busiest month so far this year is March, with 21 events listed. Last year's busiest month was October, with 58 events.
Group Warns Ally of "Significant Litigation" if ResCap Files Bankruptcy
As problems at Countrywide Financial Corp. began to surface in 2007, regulators had a sense of what was ahead both for the company and for the mortgage industry.
Bank of America Corp. stepped in to invest $2 billion in Countrywide as the company was struggling to raise capital in August 2007.
E-mails released by the Department of the Treasury show that officials understood the severity of Countrywide's problems, while communications employees at the agency were trying to manage the appearance that regulators were behind the merger.
Treasury's View as Countrywide Sank
As problems at Countrywide Financial Corp. began to surface in 2007, regulators had a sense of what was ahead both for the company and for the mortgage industry.
Bank of America Corp. stepped in to invest $2 billion in Countrywide as the company was struggling to raise capital in August 2007.
E-mails released by the Department of the Treasury show that officials understood the severity of Countrywide's problems, while communications employees at the agency were trying to manage the appearance that regulators were behind the merger.
Servicers Battle Modification Litigation
Ohio's attorney general announced a settlement with American Home Mortgage Servicing Inc. last month that is expected to provide Buckeye state borrowers seeking loan modifications faster service.
An Ohio couple filed a class action lawsuit in December claiming that, in spite of successfully obtaining a loan modification and making the modified payments on time, Bank of America Corp. foreclosed on their home.
In Stovall v. SunTrust Mortgage Inc., the federal district court in Maryland trimmed down a Maryland homeowner's quest to find SunTrust liable on a number of legal claims in a case stemming from the denial of a mortgage loan modification and a foreclosure that was ultimately rescinded.
CFPB Director: Shadow Banking System Didn't Work
Much of the blame for the financial crisis can be ascribed to financial service providers who were not regulated, according to the new director of the Consumer Financial Protection Bureau.
Richard Cordray told CNBC that bankers support the supervision of non-bank lenders.
The new director dismissed concerns about the controversial nature of his back-door appointment, noting that consumers needed a director in place.
MBS Actions Drive Mortgage Litigation Index to Record High
Mortgage lawsuits ascended to the highest level since the Mortgage Litigation Index was first launched in 2007.
Litigation involving mortgage-backed securities had the biggest impact on the third-quarter index.
Also helping to boost activity was foreclosure and investor litigation.
State Supreme Court to Hear Foreclosure Case
New Mexico's supreme court will hear the foreclosure case of a couple who claim that they were bamboozled by their lender into taking a refinance loan they couldn't afford and didn't understand as the lender allegedly churned their mortgage.
The couple took out a $227,240 loan from Equity One Inc. in 2006 which paid off a delinquent mortgage and provided capital for their businesses. The application said that the husband earned $5,600 a month, though they now claim that the number was intended to be an annual figure.
The district court and an appeals court both found that the couple benefited from the refinance transaction because of $39,000 they received cashout proceeds, including $9,000 used to pay off credit cards.
Holiday Hangover Hampers New Business
Business picked up from the Christmas week but was still anemic.
At 183, the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Friday was 40 percent higher than in the previous report.
The index, however, slipped 1 percent from the same week in 2011.
Foreclosure Forbearance at Freddie ordered by FHFA
Mortgage servicers for the Federal Home Loan Mortgage Corp. are being given authority to provide six months' forbearance to unemployed borrowers without the secondary lender's prior approval.
Freddie Mac said that payments will be suspended or reduced during this period.
The McLean, Va.-based company said that it was making the move at the direction of its regulator, the Federal Housing Finance Agency.
Mortgage Complaint System Launched by CFPB
A mortgage complaint system has been launched by the Consumer Financial Protection Bureau.
Word of the new system comes just two days after President Obama made a controversial move to appoint Richard Cordray as director of the regulator while the Senate was on recess.
It's not the first complaint system launched by the CFPB, and plans are for more such systems to be put in place later this year.
American Home Ordered to Pay Fine to Bankrupt Borrowers
When escrow charges increased on a mortgage to an Iowa couple in Chapter 13 bankruptcy, American Home Mortgage Servicing Inc. increased their monthly payment but neglected to notify the borrowers about the increase. The bankruptcy judge in the case said that American Home was out of line and ordered the company to pay $50,000 in damages to the couple.
As the servicer diverted monthly payments to make up the escrow payment deficiency, the loan became further past due.
So American Home asked the bankruptcy court to lift the stay on the loan so that it could foreclose.
CFPB Chief Warns Lenders
The financial industry played a big role in the financial crisis, and the new director of the Consumer Financial Protection Bureau is already busy warning lenders and investigating alleged violations of the law.
Richard Cordray, who was appointed Wednesday by President Obama as the first CFPB director, warned lenders in a speech Thursday that they face "real consequences" for violating the law.
He said CFPB examiners are already on the ground with broad authority to investigate financial institutions. The agency took over several investigations last summer and is jointly working with other agencies in some of the investigations.
Middle-Income Borrowers Hardest Hit by Decline in Home Equity
A Federal Reserve report this week indicated that U.S. home equity has declined by $7 trillion since 2006, and middle-income consumers were among the hardest-hit.
The decline in home equity was felt most by middle-income households since lower-income families are less likely to own a home and upper-income consumers have other assets that make up their net worth.
The report also highlighted how mortgage servicers were unprepared for the barrage of loans that became delinquent and recommended that distressed properties be used as rentals.
Subprime MBS Trader Kills Self
A trader of subprime mortgage-backed securities who was on trial for allegedly deceiving small investors about the risks associated with the securities has been found dead of an apparent suicide.
Cliff Popper and his team of brokers convinced small investors to put up $300 million during the real estate craze, according to the government. Some of those investors financed up to 90 percent of their investments.
But as the housing market began to collapse in 2007, a thousand of Popper's small investors allegedly lost more than $100 million.
Mortgage Employment Expands Again
In November, the number of people employed in real estate finance expanded by 800 jobs, according to government data released Friday.
The improvement followed an increase of 1,500 mortgage jobs during the month of October.
Among companies that helped boost November's mortgage job count were JPMorgan Chase & Co., Wingspan Portfolio Advisors and Wells Fargo & Co.
Wells Agrees to Option ARM Settlement
Wells Fargo & Co. has reached a settlement with the state of Maryland over borrowers in payment-option adjustable-rate mortgages originated by two companies it previously acquired.
At issue were borrowers in negative-amortization option ARMs who allegedly were not told that their minimum payments weren't enough to cover the interest on their loans.
In addition to nearly $1 million in restitution, Wells has agreed to provide loan modifications to impacted borrowers using the federal loan modification program and its own proprietary modification program.
Rates Hit Bottom, Could Bounce Up
The average 30-year fixed-rate mortgage fell 4 basis points during the past week.
The downward movement landed the 30 year at its lowest level on record.
But an analysis of Treasury market activity has the 30-year mortgage rising around 3 BPS by next week's report.
Non-Agency MBS Killed Corporate Credit Unions
A new government report found that the failure of five corporate credit unions was due to poor investment and business strategies.
The five wholesale institutions accounted for 75 percent of assets at all corporate credit unions.
"Specifically, the failed corporates over concentrated their investments in private-label, mortgage-backed securities and invested substantially more in private-label MBS than corporates that did not fail," the report stated.
HEL Delinquency Down, HELOC Lates Up
Delinquency of at least 30 days on closed-end home-equity loans improved 26 basis points between the second and third quarter of last year.
The rate was 7 BPS better than a year earlier.
But delinquency on home-equity lines of credit was 2 BPS higher than the second quarter.
Non-Bank Mortgage Firms Now Fall Under CFPB Oversight
The Consumer Financial Protection Agency said that a non-bank supervision program is being launched.
The agency said that the federal non-bank supervision program is "the nation's first federal non-bank supervision program."
Among non-bank companies now covered by the regulator are mortgage brokers and mortgage servicers.
Ginnie Business Grows
November saw nearly $2 billion more in securitizations by issuers of the Government National Mortgage Association than October.
The strength was in the issuance of single-family mortgage-backed securities.
During the first 11 months of 2011, Ginnie Mae's issuances exceeded $300 billion.
LendingTree Settles with SC Over Broker Disclosures
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.
Recent Secondary Policy Updates
Freddie Mac updated its Single-Family Seller/Servicer Guide to note that repurchase late fees are charged monthly.
A recent bulletin indicated that the Ginnie Mae test region is available for alphanumeric testing until Jan. 31.
On loans re-submitted to Desktop Underwriter after closing, Fannie Mae requires that the same casefile ID may not be used to underwrite more than one mortgage loan with Desktop Underwriter.
Move by Obama Gives CFPB Authority Over Brokers
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.
MTA Reaches New Low
December ended with the monthly treasury average 2 basis points lower than November.
The MTA was 14 BPS below its level in December 2010.
Based on an analysis of Federal Reserve data back to 1953, the index has never been this low.
CMBS Delinquency Rises and Headed Higher
Commercial real estate loans included in commercial mortgage-backed securities had a December delinquency rate that was 7 basis points higher than in November.
It was the third time in four months that CMBS delinquency increased.
The rate is forecasted to rise another 75 BPS over the next six to 12 months.
Consumer Bankruptcies Fall in 2011
From Jan. 1, 2011, to Dec. 31, 2011, consumer bankruptcy filings were down 11 percent from the full-year 2010.
The decline reportedly reflected the retrenchment in consumer spending associated with the down economy.
Even chapter 13 filings were off 8 percent.
Foreclosure Victims Wanted
A feature story has been distributed by the Office of the Comptroller of the Currency to 7,000 small newspapers.
Another 6,500 radio stations are being provided with a 30-second spot.
The publicity campaign is an effort to increase awareness about the independent foreclosure review imposed on mortgage servicers as a result of consent orders.
Biggest Retail HECM Lender in 2011
During all of 2011, reverse mortgage lenders originated 6 percent fewer home-equity conversion mortgages than in 2010.
Last year's biggest HECM retail lender was Wells Fargo Bank, N.A.
But Wells is winding down its reverse mortgage business.
HUD Revises Guidelines on Large Multifamily Loans
The Department of Housing and Urban Development has outlined new program changes for federally insured loans secured by multifamily properties.
Loans in excess of $25 million are subject to the new requirements.
The revisions impact the maximum allowable debt-service coverage ratio, the loan-to-value ratio and property owner experience requirements.
Mortgage Scam Makes Top-10 List
Among the worst scams to hit U.S. consumers in 2011 was one that targets distressed mortgage borrowers.
Homeowners who are behind on their mortgages are being courted by operators of mortgage schemes that promise to help avoid foreclosure.
Websites that appear to be tied to government agencies or the Better Business Bureau fool the delinquent borrowers into paying up-front fees for services they can perform on their own for free.
Little Demand Seen for Home Purchase Financing
Negative equity, weak credit and unemployment are standing in the way of many prospective homebuyers who would like to take advantage of today's historic mortgage rates. While most economists don't have a bright outlook for 2012, at least one believes the market is poised to rebound.
Thirty-year mortgages fell below 4 percent for the first time on record during 2011, and the 30 year isn't expected to exceed 4.5 percent this year.
While the attractive rates are driving homeowners to refinance in droves, the purchase market slump could linger another five years.
Mortgage and Bank Failures Fall in 2011
The U.S. mortgage industry saw a 35 percent decline in business closings last year.
Non-bank casualties fell to the lowest level since 2005.
Federally insured bank failures fell for the first time since 2005.
Fannie Outperforms Rival Agencies
During December, the issuance of fixed-rate mortgage-backed securities at Fannie Mae was 19 higher than in November.
But Freddie Mac saw its monthly volume fall 23 percent, and Ginnie Mae issuers securitized around 1 percent less in December.
On an annual basis, Fannie's issuances were down around 8 percent between 2010 and 2011, while Freddie fell nearly a quarter and Ginnie's full-year activity was 23 percent worse.
New Record for COFI
The Cost of Funds Index fell around 2 basis point between October and November. The index is used to determine interest rates for some adjustable-rate borrowers.
Compared to November 2010, the index was down 37 BPS.
Based on data back to July 1981, the November index was the lowest ever recorded.
BoA Short Sales Get Mixed Reviews from FL Realtors
A short-sale program offered exclusively in Florida to 20,000 delinquent borrowers by Bank of America Corp. provided as much as $20,000 in relocation expenses to avoid the foreclosure process.
But only 3,000 homeowners took BofA up on its offer.
Some real estate agents said that it wasn't clear who would benefit from BofA's short-sale special, while approvals under the program were not abundant. One agent who had some success with the program noted that BofA did too little to promote it. |
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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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