Mortgage Daily, Feb. 9, 2018New mortgage activity moved higher this week, and refinances saw the biggest gain. Cashouts accounted for a bigger share of business than during any week on record.
Category: Top National News
Easing Mortgage Standards Are Resulting in More Late Payments
Bloomberg, Feb. 8, 2018–Prashant GopalThe share of borrowers who are late on their Federal Housing Administration loans, which primarily go to first-time homebuyers, rose to 10.4 percent in the fourth quarter from 9 percent a year earlier, according to data from the Mortgage Bankers Association.
The Key To Preventing Foreclosure After a Natural Disaster
National Mortgage News, Feb. 8, 2018–Brad Finkelstein (free story)To put it mildly, 2017 – with three major hurricanes, wildfires and other extraordinary events – was a living stress test of servicers’ and government agencies’ preparedness plans for helping borrowers in damage zones. Their coordinated responses appear to have improved from past natural disasters, industry and government representatives said Wednesday during panel discussions at the Mortgage Bankers Association Servicing Conference in Dallas.
Originations Fall, Servicing Grows at PennyMac
Mortgage Daily, Feb. 8, 2017Home-lending activity slowed at PennyMac Financial Services Inc. But the company reported growth in both its servicing and staffing.
U.S. Threatens to Dump Lenders From Veterans Loan Program
Bloomberg, Feb. 8, 2018–Joe LightNine lenders have been warned by Ginnie Mae that they will be kicked out of a top mortgage program within months unless they find ways to stop costly rapid refinances of veterans’ loans.
House Clears Bill to Ease Limits on QM Points and Fees
National Mortgage News, Feb. 8, 2018–Brian Collins (subscription)The House passed a bill Thursday that would loosen regulatory restrictions on the mortgage points and fees charged by lender-affiliated title insurers and other companies.
MBA Chair Motley Urges ‘Caution’ on Overhauling Servicer Compensation
National Mortgage News, Feb. 7 2018–Austin Kilgore (free story)Mortgage servicers should approach efforts to overhaul their compensated structure with caution, as changes to the status quo “could have ripple effects across the entire real estate finance industry,” warned Mortgage Bankers Association Chairman David Motley, CMB.
How FHFA Could Reform Housing Finance if Congress Doesn’t
National Mortgage News, Feb. 7, 2018–Ian McKendry (subscription)If Congress can’t get a housing finance reform bill passed by the midterm elections, the Trump administration and Federal Housing Finance Agency may chart a future for Fannie Mae and Freddie Mac without lawmakers’ input.
Biggest Reverse Mortgage Lender Opens Forward Biz
Mortgage Daily, Feb. 7, 2018American Advisors Group, the country’s largest originator of federally insured reverse mortgages has begun offering traditional mortgages for its mostly older customers.
New Business, Delinquency Worse at Genworth M.I.
Mortgage Daily, Feb. 7, 2018Genworth Financial Inc.’s mortgage insurance unit saw increased income despite higher delinquency and losses at its parent. New business fell, but the book of business expanded.