Wednesday, August 25, 2010
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Progression from Trial to Permanent Modifications Nearly 37,000 New Permanent Modifications in July
The Obama Administration set an early goal for 3m to 4m borrowers to receive aid under HAMP before the program expires at the end of 2012. After 16 months, servicers have reached over 14% of that mark, up from just over 13% in June. Servicers have offered 1.5m three-month trial modifications through July and have started 1.3m of them. There are currently 255,934 active trial modifications. Servicers reported 25,362 new trials in June, an increase from 38,728 new trials in June. The Making Home Affordable Program (HAMP) initiated 1.3m trials as of July 2010, but is having difficulty retaining program participants through the process of making their modifications permanent. According to the July Servicer Performance Report released by the US Department of Housing and Urban Development (HUD), 616,839 modifications have been canceled while 434,716 modifications have been made permanent throughout the program's lifetime. The eight largest HAMP servicers alone hold 409,981 canceled modifications. 45.5% of those borrowers are in the process of receiving an alternative modification, 9.8% are starting foreclosure, 2.3% are pursuing loan payoff, 2.7% are going through bankruptcy, 5.9% are current on their payments, 1.8% completed foreclosure and 30.1% have action pending. Mortgage servicers completed 36,700 permanent HAMP modifications in July, down from 51,200 in the previous month, according to the Treasury Department. The new report shows the number of distressed borrowers entering the HAMP also slowed to 24,600 in July from 38,700 in June. |
New Lender Regulations: Summary Interpretation Lenders have found themselves in quite a few difficult positions over the past 2 years. While production ground to a halt for many, or picked up again due to an uptick in refinance applications, now major efforts must go into meeting additional industry regulations. We went through this recently with RESPA changes, and now again with Federal Reserve rulings and the new Dodd-Frank bill. All of these endeavors are intended to provide borrowers a more ethical and transparent lending process. Lenders have had to figure out how to survive and thrive amidst an environment that is even more complex to navigate than before. Rather than drown in the minutia, trusting credible interpretations has been the cornerstone in lenders working together with partner systems to keep lending production up and complexity down. ISGN research has gathered several articles, along with internal interpretations*. Key Highlights:
*Disclaimer: The above article was written as a summary interpretation. Lender organizations remain responsible for meeting all federal regulations and guidelines. |
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Fed
issues final, interim and proposed rules addressing range of mortgage
lending issues including loan originator compensation restrictions.
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U.S.
Treasury, Morgage-Lenders Seek to Keep Government Role in Housing Fix The Obama administration, looking to overhaul the U.S. mortgage-finance system, gathered support from lenders and the real estate industry for reducing, without ending, the government’s role in insuring loans. A limited government backstop “has a lot of traction,” said Michael Berman, chairman-elect of the Mortgage Bankers Association, in a Bloomberg Television interview after a Treasury Department conference in Washington to discuss proposals. “At either of the extremes -- either a full nationalization or a full privatization -- we’re not in the mainstream.” Read Full Story |
| Refinance
Application Share Tops 80% The refinance share of total application activity in the latest available Mortgage Bankers Association's weekly index report rose above 80% as it hit a high not seen since January 2009. The refinance share jumped to 81.4% during the week ending Aug. 13 from 78.1% the previous week as refis helped boost the total Market Composite Index 13% on a seasonally adjusted basis from one week earlier. On an unadjusted basis the market index was up 12.4% from the previous week. The four-week moving average for the seasonally adjusted market index was up 2.6%. The four-week moving average for the refinance portion of the market was up 3.2% while that average for the purchase index was up just slightly at 0.1%. The seasonally adjusted purchase index was down 3.4% week-to-week. On an unadjusted basis, it dropped 4.6% from the previous week and was down 38.6% from the same week a year earlier. During the week ending Aug. 13, the average contract rate for 30-year fixed rate mortgages during the week jumped week-to-week to 4.60% from 4.57%. Points on 30-year FRMs, including the origination fee on a mortgage with an 80% loan-to-value ratio, rose to 0.92 from 0.89. The 15-year FRM rate also rose a bit during the week ending Aug. 13 to 3.99% from 3.95%, as points on this loan product dropped slightly to 1.05 from 1.08. The average rate for one-year adjustable-rate mortgages during the week ending Aug. 13 dropped to 6.90% from 7.00%, with points inching down to 0.21 from 0.22. ARM activity dropped during the week ending Aug. 13 to 5.7% of apps from 5.9% of apps the previous week. ~ National Mortgage News |
| As
Servicers Shift Focus from HAMP, Completed Mods Near 1M Mark The industry has completed about 975,000 permanent loan modifications so far in 2010, according to estimates released this week by the HOPE NOW Alliance. Of those, just over 331,000 have been processed under the umbrella of the federal government’s Home Affordable Modification Program (HAMP), while nearly 644,000 have been restructured using servicers’ own proprietary mod programs. Read Full Story |
| TransUnion:
Mortgage Delinquencies Drop for Second Straight Quarter The national mortgage loan delinquency rate – measuring the ratio of borrowers 60 or more days behind on their home loan payments – fell again in the second quarter of 2010, suggesting the credit conditions in the housing sector have begun to stabilize, according to TransUnion. Data released Tuesday by the Chicago-based credit reporting agency show that the national delinquency rate dropped to 6.67 percent in Q2. That’s down from 6.77 percent during the previous three-month period, which marked the first time in 12 quarters that TransUnion recorded a decline in mortgage delinquencies. Read Full Story |
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U.S.
Treasury, Mortgage-Lenders Seek to Keep Government Role in Housing Fix The Obama administration, looking to overhaul the U.S. mortgage-finance system, gathered support from lenders and the real estate industry for reducing, without ending, the government’s role in insuring loans. A limited government backstop “has a lot of traction,” said Michael Berman, chairman-elect of the Mortgage Bankers Association, in a Bloomberg Television interview after a Treasury Department conference in Washington to discuss proposals. “At either of the extremes -- either a full nationalization or a full privatization -- we’re not in the mainstream.” Read Full Story |
| Fed
Issues New Mortgage Disclosure and Compensation Rules The U.S. Federal Reserve on Monday published a long list of new rules intended to protect consumers from what the central bank describes as “unfair, abusive, or deceptive lending practices.” The documents outline new requirements that will govern compensation to mortgage professionals and disclosures to borrowers regarding their home loans. The Fed announced final rules prohibiting mortgage brokers and lenders’ mortgage loan officers from receiving compensation based on the interest rate or other loan terms – the practice commonly referred to as yield spread premiums, in which brokers and loan officers receive a bigger kick-back for steering borrowers to accept a higher interest rate than that required by the lender. Read Full Story |
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FHA's
Insurance Premium Changes to Take Effect in October The Federal Housing Administration (FHA) has decided to delay instituting the planned adjustments to its insurance premium structure by one month, after the industry expressed concerns about being ready for the upcoming changes in time. According to a statement from HUD Deputy Assistant Secretary Vicki Bott, FHA will make the premium fee changes on all new case numbers effective October 4, 2010. Read Full Story |
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RealtyTrac
Foreclosure Data Now Available through Moody's Analytics RealtyTrac’s foreclosure, property, loan, and home sales data is now available via Moody’s Analytics, an independent provider of economic forecasting and credit risk services. By aggregating RealtyTrac’s proprietary foreclosure information and combining it with local economic and house price measures, Moody’s says banks, asset managers, and federal and local governments are given insight into all stages of the foreclosure process. “Foreclosures are an important leading indicator, and the spate of home mortgage defaults during the downturn has highlighted the need for quality and timely data,” said Celia Chen, senior director of Moody’s Analytics, in a statement from the company. Read Full Story |
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US
home refinancing demand at highest in 15 months U.S. mortgage applications leaped last week as rock-bottom interest rates lifted demand for home refinancing to its highest level in 15 months, a development that could portend stronger economic growth. Home loan refinancing puts extra cash into consumers' hands that can be used to pay off existing debt or funnel money into the economy through extra spending. By lowering a monthly mortgage payment it may also help some homeowners avoid default and foreclosure if their credit is good enough. Read Full Story |
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Trulia
Study Illustrates Fading of 'American Dream' Government and industry experts agree, consumer interest in buying homes is an essential element of a healthy real estate market, and absorption of today’s bloated housing supply is critical to recovery. These market fundamentals, though, are moving farther and farther out of reach as the American Dream of homeownership fades into the background for many. A new study from real estate data provider Trulia found that one out of four renters do not plan on buying a home — ever. Of those renters who do see a home purchase in their future, 68 percent said it would be more than two years before they make that investment. Read Full Story |
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Fitch
Reviewing GSE Loan Repurchases, Bank Ratings Fitch has made plans to review mortgage loan repurchases by Fannie Mae and Freddie Mac to see if they could affect the ratings of U.S. banks. The rating agency said that major banks have "effectively acknowledged" this development and are addressing it by increasing their representation and warranty reserves but still believes banks' ratings could be "vulnerable." Fitch said its review aims to assess whether Fannie and Freddie have become more aggressive when it comes to their repurchase requests and whether this could expose banks with large origination operations to future losses that have not previously been considered in the exposures Fitch looks at in its ratings. Currently the rating agency sees the four largest banks as facing the greatest likelihood of material GSE repurchase risk, which could result in a combined loss of roughly $17 billion-$42 billion. But those figures do not include the ability to cure deficiencies in loans, which could lower the amount, Fitch said. ~ National Mortgage News |
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Falling
Housing Prices Drag Down Consumer Spending Index for 3rd Straight Month:
Deloitte The Deloitte Consumer Spending Index, which tracks consumer cash flow to predict future spending, declined for the third straight month in July due to weaknesses in the post-tax credit housing market. The index is comprised of four components: tax burdens, initial unemployment claims, wages and home prices. The index fell 4.45% from last year. Carl Steidtmann, chief economist with Deloitte Research said the downward trend of house prices since the end of the homebuyer tax credit has made it the "biggest drag on the Index." Read Full Story |
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The
Future of Housing Finance: the GSEs as Landlords The conference yesterday at the Treasury in Washington was structured to herald in a new era of transparency in the mortgage finance markets. In this sense, it served as a decent starting point, though constant references to ancient Rome were of some concern (one panelist went so far as to compare himself to Marc Antony against, presumably, Tim Geithner's Caesar.) The solution we are all waiting for, however, never really surfaced. But hints of what is coming were dropped fairly heavily. Read Full Story |
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Banks
May Face $134 Billion Loss on Loan Refunds, Compass Says Bank of America Corp. and JPMorgan Chase & Co. are among 11 lenders that could suffer $133.8 billion in combined losses as mortgage-bond investors and insurers demand refunds for soured loans, according to an analysis by Compass Point Research and Trading LLC. That’s the base estimate by analyst Chris Gamaitoni, who told clients costs may range from $55.3 billion in a best-case scenario to $179.2 billion at worst. The losses would be in addition to $28 billion of buyback demands by Fannie Mae and Freddie Mac that Compass previously predicted. Deutsche Bank AG and Goldman Sachs Group Inc. are among lenders confronting the biggest potential impact, according to Gamaitoni’s report. Read Full Story |
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Seeking
Transparency: US Government Asks Private Investors How to Fix
Securitization In a rare move, members at many levels of the US government are meeting with securitization investors and industry trade groups to hammer out a strategy going forward to reactivate the private investor base of the securitization market. Early on in a Tuesday meeting, called Funding Mortgages and the Role of Securitization at President Obama's housing finance summit, it became apparent that the hammer will need to strike from many angles. . Read Full Story |
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Rapidly
Rising Inventory, Home Price Pressures in Store: Altos Research Real estate data provider Altos Research says its newest housing market report confirms what the company has been saying for some time: the mini “boom” of this spring was created by seasonal demand, with some extra help from the federal homebuyer tax credits. “Now that those are gone, buyer activity has all but come to a standstill,” Altos said in its Real-Time Housing Market Update released to the press Monday. The analysts at the California-based firm warn that the industry should brace for rapidly rising inventory and continued home price pressures in August and into the fall of 2010. Read Full Story |
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U.S.
needs to reset mortgage mess Washington faces a mortgage market conundrum. A conference today hosted by the U.S. Treasury is supposed, finally, to start addressing what to do with Fannie Mae and Freddie Mac. But the bunch of fixes proposed by regulators and lawmakers in attempts to make private home loans safer is causing other problems. Assuming the eventual goal is to sharply reduce the role of government agencies in mortgage finance, then there's a matching need to increase private-sector funding for mortgages. The most obvious difficulty is crowding out by the subsidized agencies. But there are other structural barriers to private lending, too. Read Full Story |
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Ranieri:
Dodd-Frank Reforms Helpful The Dodd-Frank Wall Street Reform bill goes a long way toward addressing the issues that led to the meltdown of the private-label securities market, MBS pioneer Lewis Ranieri told the Treasury Department's conference on the future of the housing finance system. Ranieri said the bill addresses risk retention and requiring securitizers to have "skin in game" if they bundle risky mortgages. "There are new rules for the credit rating agencies," he said, along with capital requirements and real enforcement of regulations. But the chairman and president of Ranieri & Co. pointed out the bill doesn't address the issue of second mortgages. "The bill is totally silent on second mortgages," Ranieri said. "If we don't resolve the second mortgage issue, we haven't resolved the excess leverage issue." In a separate conference session on securitization, industry executives discussed ways of preventing consumers from taking out second mortgages without getting the first mortgage holder's approval. One official noted such an approval requirement could be written into the mortgage as a covenant. ~ National Mortgage News |
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Geithner:
Federal Mortgage Guarantee Still Needed The current financial crisis illustrates the need for the government to provide some form of support or guarantee for the mortgage market, Treasury secretary Timothy Geithner said at the start of a conference on the future of the housing finance system. This crisis saw a "full retreat" of private market institutions from the mortgage market, he said. "The challenge is to make sure that any government guarantee is priced to cover the risk of losses, and structured to minimize taxpayer exposure," the secretary said. The Treasury noted there is no consensus yet on how to design a new system. However, the Obama administration will not support returning Fannie Mae and Freddie Mac to their former hybrid status of private/public entities. "This administration will side with those who want fundamental change," Geithner said. Meanwhile, Treasury wants to begin "weaning" the markets away from government mortgage programs to get the private sector back into the business of providing mortgages. "As we get though this transition, it is important that consumers maintain access to credit at attractive rates," Geithner said. The secretary stressed that government will continue to stand behind the GSEs' commitments during this transition and the "planned wind down" of the GSEs' portfolio. ~ National Mortgage News |
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Single-Family
Starts Drop to 14-Month Low Single-family housing starts fell 4.2% in July to a 14-month low, following a slight downward revision of June figures. The U.S. Census Bureau found that single-family housing starts dropped to a seasonally adjusted annual rate of 432,000 in July from 451,000 in June. May's single-family housing start total was upwardly revised slightly to 459,000. The June rate for multifamily starts in buildings with five units or more was 95,000. Mike Larson, real estate and interest rate analyst at Weiss Research, said in a report that the start figures reflect a market in which builders are not willing or able to ramp up activity due to continuing competition from distressed inventory and foreclosures. ~ National Mortgage News |
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Homebuyer
Demand All But a 'Standstill': Altos Research After the tax credit induced "mini-boom" in the spring, home prices should remained pressured through the end of the year, according to the real estate data provider Altos Research. The average national house price was $474,946 in July, according to the Altos 10-city composite price index. The index fell "significantly" from its high in the summer of last year, when buyers were taking advantage of the homebuyer tax credit. It has declined for the past 11 months. The tax credit expired in April. Read Full Story |
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Fannie
Stresses 'Ability to Repay,' Clarifies Undisclosed Liabilities Policy Fannie Mae has issued a new bulletin to lenders underscoring the GSE’s requirement that every mortgage loan delivered to Fannie Mae be underwritten to ensure the borrower has the willingness and ability to repay the debt. The company stated that lenders should have loan underwriting standards in place that recognize a variety of factors when evaluating a borrower’s ability to repay a loan, including an assessment of the borrower’s debts and all liabilities that may affect fulfillment of the mortgage payment obligation. Read Full Story |
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Fed
Issues Loan Officer Compensation Rule In a surprise move, the Federal Reserve Board has issued a final rule that imposes restrictions on loan officer and mortgage broker compensation that is very similar to compensation language in the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act. The effective date of this final Truth in Lending Act rule is April 11, 2011. The final rule is "consistent" with the Dodd-Frank bill, the Fed said because it prohibits payments to a mortgage originator that vary on the terms of the loan, other than the amount of the credit extended. This means lenders can pay a 2% commission, for example, to originators based on the amount of the loan. The TILA rule also is consistent with the reform bill because it prohibits the payment of yield spread premiums to brokers, if the broker receives "any compensation directly from the consumer." The Fed makes it clear in the rule and staff commentary that the compensation restrictions do not apply to home equity lines of credit or to loan modifications performed by servicers. The anti-steering provision in the rule includes a safe harbor. It will be presumed no violation has occurred if the consumer is presented with "at least three loan options for each type of transaction (fixed-rate or adjustable-rate loan) in which the consumer expressed an interest," the Fed said. The Fed proposed these TILA changes in August 2009 and the lawmakers essentially codified many of the provisions in the Dodd-Frank bill. ~ National Mortgage News |
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Big
Banks Ease "Somewhat" on Prime Mortgages A small fraction of banks eased their credit standards on prime mortgages over the past three months, according to a July survey of senior loan officers by the Federal Reserve Board. Of the 57 banks surveyed, LOs from five large banks said they "eased somewhat" and two smaller banks said they tightened somewhat. The survey also found a slight pickup in demand for residential mortgages since April, particularly for non-traditional mortgages. The senior loan respondents noted no change in underwriting standards for commercial real estate mortgages and little change in demand. "Overall, the net fraction of banks that reported that demand for CRE loans had deceased continued to be small," the Fed said. ~ National Mortgage News |
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Fed
Issues Final Mortgage Transfer Notification Rule The Federal Reserve Board has issued a final rule regarding consumer notification when a homeowner's mortgage is sold or transferred. The rule, which goes into effect January 1, requires any person who acquires closed-end mortgages or home equity lines of credit to provide written notification to the homeowners within 30 days. This notification requirement applies to the owner/investor, not the "party servicing the loan," the Fed says. The final rule, mandated by Congress, is designed to make it easier to seek investor permission for loan modifications. The Fed also issued a proposed rule on Monday that raises an interest rate trigger on jumbo mortgages so fewer are required to have escrow accounts. e proposed Home Ownership and Equity Protection Act rule raises the interest rate trigger for jumbo loans to 2.5% from 1.5%. "For loans that exceed the Freddie Mac maximum principal balance," the final rule provides that the escrow requirement only applies if the annual percentage rate "exceeds the applicable average prime offer rate by 2.5 or more percentage points," the Fed says. The Fed is seeking public comment on this proposal for 30 days. ~ National Mortgage News |
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NAMB
Wants Direct Line to GSE By an almost five-to-one margin, mortgage brokers favor a direct line to whatever government-sponsored mortgage agency rises from the ashes of the mortgage meltdown. "By and large, our members are questioning that in this day and age, why do we need another layer between them and the government-sponsored enterprises?" said Roy DeLoach, chief executive officer of the National Association of Mortgage Brokers. NAMB surveyed its members about their thinking on the GSEs in preparation for tomorrow's Treasury Department forum on the future of the federal housing finance system. "The village has burnt down," said DeLoach. "Now is the time to have fresh thinking on how it should be rebuilt." Fifty-six percent of the respondents said yes to the question, "If all underwriting, processing, mortgage insurance and appraisal ordering were controlled by a GSE, do you think mortgage brokers should be allowed to directly transact a mortgage with them?" Only 11 percent said no, while the remainder said they needed more information before they could answer. NAMB's members aren't so one-sided on other questions, however. They are split almost down the middle on whether Congress should keep Freddie Mac and Fannie Mae as they were and whether they should let the GSEs create their own appraisal ordering system so that the originator could order - but not choose - the appraiser. However, 93% don't want a permanent government takeover of Fannie and Freddie, which are now in conservatorship, and 83% don't want all of the government's housing programs and agencies made into a single entity. At the same time, almost two-thirds don't want to shut them down and allow the private market to take over their secondary market function. On other questions, the majority of brokers find the prospect of giving the GSEs the power to insure mortgage-backed securities issued by others an intriguing possibility and think the government should no longer mandate low and moderate-income targets for the GSEs. ~ National Mortgage News |
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Failed-Bank
Tally Hits 110 with Illinois Bank's Closing For the second weekend in a row, regulators shut down only one financial institution. It was Palos Bank and Trust Company in Palos Heights, Illinois that found regulators at its doors last Friday evening. It marked the 110th bank failure this year, and the 14th in Illinois, making the state home to the second most collapsed banks in 2010, second only behind Florida. Palos Bank operated five branch locations, with $467.8 million in deposits and $493.4 million in total assets. First Midwest Bank of Itasca, Illinois agreed to acquire the failed institution in an FDIC-assisted transaction. First Midwest said in a statement that it was selected through a competitive bidding process. Read Full Story |
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Homeownership
hits lowest point since '99 According to the Department of Commerce’s Census Bureau, the national rate of homeownership dropped to 66.9 percent, 0.5 percentage points (+/-0.4 percent) lower than the second quarter 2009 rate (67.4 percent) and 0.2 percentage points (+/-0.4 percent) lower than the rate last quarter (67.1 percent). That is the lowest level since 1999. Industry economists say the rate could plummet to around 62 percent by 2012 and perhaps by the end of the decade. Homeownership rates last hit that level in 1960. Read Full Story |
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Fannie
Clarifies Policy on Borrowers' Ability to Pay Fannie Mae is assuring lenders they don't have to pull a new credit report before closing, but they do have a responsibility to ensure the borrower can repay the mortgage. In a newly released selling guide, Fannie says there has been a "misinterpretation" of SEL-2010-01 and it was not intended to force lenders to pull credit reports or re-qualify borrowers just before closing. However, Fannie expects lenders to have a process to facilitate borrower disclosures of changes in their financial condition throughout the origination process, according to SEL-2010-11 released on Friday. And lenders should have "pre-funding quality control processes to increase the likelihood of discovery of materially undisclosed debts," the secondary market agency says. In cases where additional debt or reduction in income is disclosed or discovered, re-underwriting is required if the debt-to-income ratio exceeds 45% or the DTI increases by 3 percentage points or more. It also means the loan case files must be resubmitted to Desktop Underwriter with updated information. For manually underwritten loans, a comprehensive risk and eligibility assessment must be performed. ~ National Mortgage News |
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Treasury's
Twohig: CFPB Moving Forward Fast The Obama Administration isn't waiting until the Senate confirms a director to head the new Consumer Finance Protection Bureau to begin implementing "the most significant financial reform legislation since the Great Depression." "Time is short," Peggy Twohig, director of the Treasury Department's Office of Consumer Protection Office, told state mortgage industry supervisors at their annual meeting in St. Louis. "We have a lot of work to do. We only have 12 months to get the CFPB off the ground. We don't have too much time to catch our breath."Twohig, who spent 17 years at the Federal Trade Commission, where she was associate director in the Division of Financial Practices, before moving to Treasury last year, promised the American Association of Residential Mortgage Regulators that the White House would work closely with the states in carrying out the Wall Street Reform and Consumer Protection Act. "We will be reaching out to the states," the Treasury Department official said. "You have a huge knowledge base, and we're well aware of that." State regulators have jealously guarded their role as consumer protectors and have been loathe to abdicate that function to the federal government. "Consumers are our reason for being; it's the whole point to why we're here," said David Bleicken, deputy secretary of banking for non-depository institutions and consumer services in Pennsylvania. "The difference between the states and the federal government is that if you complain to your state, you will get something in response," said Bleicken, a past AARMR president. "Hopefully the CFPB will change that." Twohig suggested that AARMR create a liaison committee to pass on ideas and suggestions from it members. "Because we have so much to do," she said, "one of the challenges will be what to do first, second, third and so on. We can only do so much; we're still only a handful of people." It's anticipated that the White House will name Harvard law professor, and current TARP watchdog Elizabeth Warren to head the agency. Assistant Treasury secretary Michael Barr also has been mentioned as a candidate for the job. ~ National Mortgage News |
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Regulators
Ramp Up Enforcement Actions Nearly 1,200 depositories have been hit with an enforcement action made public by federal regulators since the start of 2008, and that number is expected to climb at an accelerated rate. "By the end of this year, there will be in excess of 2,000 banks under an order," said Michael Ross, the president and chief executive of Dearborn Bancorp Inc. in Michigan, which has a written agreement with the Federal Reserve Bank of Chicago. Enforcement actions are on pace to increase 64% this year, making lenders increasingly wary of further obstacles to their recovery. "Everybody's very cautious, and the very scary part is, they're reluctant to lend" because of the heightened enforcement actions, "which impedes economic recovery," said Don Mann, a former Michigan state bank regulator and now an independent bank consultant. The stigma of an enforcement order can make it harder to raise capital, but some bankers said the actions have become so common that investors are getting desensitized. Bank orders don't carry that "scarlet letter 'A' anymore. They're losing their sticker shock," Ross said. Now, "it's honk if you've got an order." Federal regulators took enforcement actions against 462 banks in the first six months of 2010, according to data compiled by Foresight Analytics. Orders publicly announced by regulators have more than doubled since a year earlier and are 100 shy from reaching the total for all of 2009. ~ National Mortgage News |
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Amherst
Analyst: Home Price Stabilization May be Short Lived The Home Affordable Modification Program has succeeded in limiting the supply of distressed properties to hit the market and, as a result, has helped stabilize prices. That success may be short-lived. Laurie Goodman, a senior managing director at Amherst Holdings LLC's Amherst Securities Group LP, warned in a research note this week that the massive shadow inventory of homes waiting to go into foreclosure will inevitably lead to a double dip in home prices. Three recent enhancements to the modification program — the Federal Housing Administration's short refinancing option, a principal-reduction alternative and second-lien modifications — will not result in significant numbers of homeowners getting permanent modifications, Goodman predicted. "If the modification programs do not succeed, the huge amount of shadow inventory will produce an inevitable double dip in home prices," she wrote. "Our concern is that the programs announced so far will be less successful than hoped and home prices will begin to fall." At some point, Goodman said, the Obama administration will be forced to make principal reductions "more mandatory." She estimated that fewer than 35% of defaulted borrowers who apply under HAMP will get permanent loan mods that do not redefault. Worse, Goodman said, HAMP will be less successful "than old-style modifications with a similar payment reduction." ~ National Mortgage News |
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Fed
Compensation Rule Worries Some CA Brokers The
new Federal Reserve rule on compensation means new rules for some mortgage
originators, explained Ken Jones, vice president of the California
Association of Mortgage Professionals. Speaking
at a meeting of the group in Long Beach, Calif., he said the rule means
that on every deal a mortgage broker does, he or she has to make a
decision on whether they are compensated by the wholesale investor or the
borrower. "To some in this room, this is not a big deal," as
they are already doing business in compliance with the rule. If the lender
is compensating an originator, they need to have a
"pre-agreement" in place that sets the terms of that
compensation. But the originator can have agreements in place for
different levels of compensation from different wholesalers. There is an
anti-steering provision in the rule, but the rule adds if the originator
does not select the loan with the lowest compensation amount, the
originator must show that the loan is in the borrower's best interest. |
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Mortgage
refinance applications jump 17% Mortgage
refinance applications rose 17 percent from the previous week and lifted
the percentage of refinancing as a part of the total mortgage market to
its highest level since January, 2009, according to the Mortgage Bankers
Association. Total mortgage volume rose about 13 percent from the week
before, the group said Wednesday. |
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Bankrate's
2010 Survey Reveals an Increase in Closing Costs Mortgage rates are hitting record lows, but some fees associated with buying a home are getting higher. According to Bankrate.com’s annual survey of closing costs, origination and third-party fees on a $200,000 mortgage are now averaging $3,741. This marks a 36.6 percent increase over 2009’s average. New York has the highest closing costs at $5,623, Bankrate reports, with Texas occupying the second spot at $4,708. Arkansas is the least expensive state at $3,007, as shown in the survey results. Read Full Story |
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Interthinx:
Mortgage Fraud Risk Index Decreases from Q110, Still Above Q209 Mortgage fraud risk decreased slightly in the second quarter of 2010, but is still substantially higher than it was a year ago, according to a quarterly Mortgage Fraud Risk Report released Tuesday by Interthinx. The risk research and analytics firm reported the National Mortgage Fraud Risk Index for Q210 at 145, down 3% from last quarter, but up 12% from the same period last year. The index is calculated based on the frequency that indicators of fraudulent activity, such as property mis-valuation, employment misrepresentation or concurrent closing schemes, are detected in mortgage applications processed by Interthinx. Read Full Story |
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Zillow:
30-Year Mortgage Rate Drops Back to Record Low The national, 30-year fixed-mortgage rate (FRM) slightly decreased from a week earlier, reverting back to the record low average of 4.28% set two weeks ago, according to the Zillow Mortgage Marketplace weekly update. This is down 0.02% from last week. Regionally, 30-year rates vary, but the majority of states witnessed a deflation. Most large states saw a decline in rates: California's current rate of 4.33% is down from 4.34% last week; New Jersey's at 4.26% is down from 4.28%; Pennsylvania's at 4.32% is down from 4.33%; Illinois' at 4.3% is down from 4.34%, and Florida's at 4.21% is down from 4.24%. Read Full Story |
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MBA
Prefers FHA Seller Concessions Lowered to 4% Proposed federal changes on seller concessions, credit score requirements and loan-to-value ratios represent "significant programmatic changes" and would impact future homeowners, according to the Mortgage Bankers Association (MBA). In a letter to the US Department of Housing and Urban Development (HUD), the MBA said its members urge the federal agency "to ensure policies do not reach too far and needlessly discourage home buying at a time when the housing market is still fragile.” Read Full Story |
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Study:
Closing Costs on the Rise The closing costs associated with buying a home are on the rise, according to a study by Bankrate Inc., going up by a third in just one year. Bankrate's 2010 Closing Costs Survey found that the average origination and title fees on a $200,000 mortgage this year totaled $3,741, up from $2,732 in 2009. Among reasons for the increase are new Good Faith Estimate requirements, according to Bankrate, which noted that current GFE requirements call for lenders to provide a closing and title fee estimate within 10% of what the final cost will be, whereas in the past estimates could be lower without penalty for the lender. Greg McBride, CFA, senior financial analyst for Bankrate.com, said consumers should keep the rising closing costs in perspective, noting that the new GFE requirements mean more accurate closing cost estimates and fewer unexpected expenses at closing time. On a state-by-state basis, Bankrate found that New York is the most expensive state to close in with an average fee of $5,623. Arkansas is the least expensive, with an average fee of $3,007. ~ National Mortgage News |
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PIMCO's
Gross: Merge All US Programs into Ginnie Mae PIMCO co-founder and co-CIO Bill Gross has called for merging all government mortgage programs into Ginnie Mae and providing a 100% guarantee on government loans. These government loans would be "protected by adequate downpayments and sufficient mortgage insurance premiums," Gross told a Treasury Department conference on the future of the housing finance system Tuesday morning. The bond market maven said it is "unrealistic" to expect a robust return of private label securities anytime soon that will provide affordable financing. The Fannie Mae and Freddie Mac model also is expensive and leads to higher mortgage rates, he feels. The financial crisis has shown that private mortgage insurance is "untrustworthy" and it will be a "very expensive cost going forward," he said. Gross also called for a massive refinancing of Fannie and Freddie mortgages to stimulate the economy and prevent a double dip recession. ~ National Mortgage News |
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Report:
Mortgage Fraud Proves Difficult to Eradicate Communities that are currently struggling from the effects of fraudulent mortgage transactions may still be suffering years from now, according to new research released by Interthinx. In its quarterly Mortgage Fraud Risk Report, Interthinx notes that six of the ten riskiest MSAs in the nation were in the top ten a year ago, and all ten of the MSAs that were at the top of the list for fraud last year are still in the top 20 today. Interthinx, with headquarters in Agoura Hills, Calif., reported that Nevada replaced Arizona as the state with the highest fraud risk, though both states have indices about 40 points greater than that of third-place California. The high indices in Nevada and Arizona are due mostly to the disproportionately high refinance risk in those states. ZIP-code-level analysis showed that the majority of the ten riskiest ZIP codes are, not surprisingly, located within MSAs that are in the "very risky" category. However, two of the three riskiest ZIP codes are located in Chicago, which at the MSA-level has an index less than the national value. The identity fraud risk index had a quarter-on-quarter increase of 10% for the second consecutive quarter, the only type-specific fraud index to display a strong increasing trend over the last three quarters. The occupancy fraud risk index decreased by 9% from the previous quarter. It fell 11% between the fourth quarter of 2009 and the first quarter of 2010. ~ National Mortgage News |
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Mortgage
Lenders Must Tell Borrower 'Worse Case' Payment The Federal Reserve Board ruled today that for mortgage applications received from Jan. 30, 2011, mortgage lenders must disclose all potential costs a borrower will face over the lifetime of the loan. However, the Fed suggests it may be better to start implementing the rule now. It comes as part of a wave of mortgage disclosure requirements the Fed published today. Under the new rule for adjustable-rate loans, as well as any where terms may change greatly, lenders must disclose the maximum interest rate and payment that can occur during the first five years and a "worst case" example showing the maximum rate and payment possible over the life of the loan. Read Full Story |
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Home
Builder Confidence Tanks Amid Economic Concerns Builder confidence in the market for newly built, single-family homes edged down for a third consecutive month in August, reaching levels not seen since March of 2009, according to a report released Monday. The latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) fell by one point to 13, reflecting ongoing concerns about a tepid economic recovery. Reading below 50 generally indicate pessimism about general market conditions; the index hasn't been above 50 since early 2006. Read Full Story |
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RHS
May Not Approve Loans Until October The Rural Housing Service said it is working on implementation of a new premium structure that Congress approved in July and hopes to start approving loans once the system updates are ready. "We are moving forward now," said RHS administrator Tammye Trevino said. In a statement, the RHS administrator stressed that changes are being made to internal underwriting systems and the agency hopes to provide additional guidance on these changes in the near future. RHS did not provide a timeline, but some sources expect the updates will not be ready until sometime in the fourth quarter, possibly by the end of October. Once the system is updated RHS might have the potential to guarantee up to $24 billion of rural housing loans a year, double its current capacity. "In the meantime, lenders will be provided with commitment letters to honor loan guarantee requests upon completion of the internal system updates," Trevino said. President Obama signed an emergency supplemental appropriations bill (H.R. 4899) on July 29, authorizing the U.S. Department of Agriculture to increase the RHS upfront premium to 3.5% for homebuyers and 2.25% for refinancings to make the program self-funding. The current upfront premium is 2% for homebuyers and 0.5% for refinancings. National Mortgage News previously reported concerns that RHS would drag its feet in implementing the premium structure because the authority to charge higher premiums in the appropriations bill technically expires September 30. However, the RHS administrator dispelled that concern. "Congress has re-affirmed its commitment to homeownership for America's rural families through permanent authority to assess increased origination fees, allowing USDA's single-family housing guaranteed loan program to be self-funding in the future," Trevino said. ~ National Mortgage News |
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BB&T
Releases Warehouse Results BB&T, which traditionally has kept a tight lock on its warehouse lending program, disclosed that it had $1.5 billion in commitments at June 30 with about half of that in the form of outstanding loans. About a year ago BB&T bought most of the troubled Colonial Bank of Montgomery, Ala., including its warehouse lending division, which is based in Orlando, Fla. Colonial, at one point last year, had commitments of well over $3 billion, but that was before it failed. (The bank became ensnarled with Taylor Bean & Whitaker, which tried to buy the depository in 2009 only to have the deal collapse and a criminal investigation ensue. In the late spring of this year TBW's CEO was indicted on fraud charges.) Prior to buying Colonial, BB&T had a small warehouse lending group. The bank disclosed its warehouse figures in a survey form filed with National Mortgage News. Based on preliminary figures, BB&T/Colonial ranks about fourth nationwide in terms of warehouse commitments. (BB&T is based in Winston-Salem. TBW was headquartered in Ocala, Fla.) Meanwhile, in other warehouse news, Michele Perrin of Perrin & Associates, Irvine, Calif., said she is working on getting a line of credit for a nonbank lender that is an affiliate of a national home building company. She declined to name the lender or home builder, but said at least five warehouse firms want to lend money to the company. "We're a few weeks into this deal," said Perrin. "There's five applications in the process." ~ National Mortgage News |
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Central
Banks Take Measures to Prepare for Liquidity Shortages Central banks are addressing their role as Lender of Last Resort (LOLR) by expanding liquid assets and lending much more generously since the economic crisis hit in August 2007, and according to the Federal Reserve Bank of New York, that's exactly what they should be doing. Two economists at Bank for International Settlements , Stephen Cecchetti and Piti Disyatat, outlined in their research paper "Central Banking Tools and Liquidity Shortages" the traditional tools that central banks use to mitigate financial instability nationally or regionally.Weekly Jobless Claims Swell to 484,000 Read Full Story |
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Short
Sales Booming but Also Incur Risk New
industry research confirms what servicers and loss mitigation specialists
have been saying in recent months: demand for short sales is going through
the roof. "The Cost of Short Sales" 2010, a research study
conducted by CoreLogic of Santa Ana, Calif., shows the number of short
sales has more than tripled since 2008 with the estimated annual volume at
400,000. (The study is based on a representative data sample of
single-family residence short sale transactions from the past two years.
The study found that an important side effect of the renewed industry
focus on short sales as a loss mitigation venue has been its financial
impact on lenders and servicers. |
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B
of A Completes 4,100 Perm HAMP Mods in Month Bank of America said it completed nearly 4,100 permanent HAMP modifications in July, bringing the total number of B of A customers that have received modifications under the government program to 76,300. The report notes the nation's largest servicer also has completed 100,000 proprietary loan modifications this year, in addition to its effort under the Home Affordable Modification Program. "When a customer is found to be ineligible for HAMP or falls out of a trial modification, we consider an alternative home retention program," said Rebecca Mairone, Bank of America's national default servicing executive. The Treasury Department is expected to release its monthly HAMP performance report for July soon. But B of A's results points to a slowdown in the HAMP initiative. The bank completed a record 23,500 HAMP modifications in April. Since then, the results have been less impressive. Bank of America completed about 6,500 permanent HAMP mods in May and 9,260 in June. ~ National Mortgage News |
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S&P
Sees Fannie and Freddie Mortgage Delinquencies Remaining High Agency delinquencies may have cooled somewhat in the first quarter, but numerous factors continue to hamper home prices and default rates on agency loans may rise again in the second quarter, according to Standard & Poor’s. The agency loans backed by bond resolutions rated by S&P and at least 60 days delinquent or in foreclosure rose to 6.05% in the first quarter from 4.48% a year ago, but fell from 6.57% for the fourth quarter of 2009, according to analysts. Read Full Story |
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Total
of Modifications Approaches Million Nonprofit Hope Now is estimating so far in 2010 the industry has completed about 975,000 permanent loan modifications, both government and private, getting close to the one million mark. In June, two thirds of more than 174,000 loan modifications finalized were proprietary loan modifications offered to homeowners who did not qualify for the federal HAMP (Home Affordable Mortgage Program). Mortgage servicers completed 51,205 HAMP modifications and 123,150 proprietary loan modifications in June, up 10% from the 112,088 completed in May. Also in June other retention plans completed increased 12% from 74,004 in May to 83,222. Furthermore from January 2010 through June 2010, about 78% of mortgage servicers' proprietary loan modifications included principal and interest reductions, "indicating servicers are providing lower monthly payments to homeowners for longer term sustainability." The trend picked up steam in June when principal and interest reduction modifications completed increased 13% from 86,908 in May to 98,336. Hope Now is a private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. ~ National Mortgage News |
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DBRS:
Considerable Differences In Liquidated Price vs. BPO There are considerable differences between liquidation prices and the broker price opinion (BPO) valuations provided when a mortgage-backed security (MBS) rating is issued, according to credit rating agency DBRS. The Toronto-based firm said many lenders and servicers have begun using liquidating trust structures — which are usually backed with the liquidation proceeds of nonperforming assets — as a financing option due to the "performance deterioration in the residential mortgage sector." Read Full Story |
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RH
Program Extends $90m to Borrowers for Staying Current on Mortgage A program launched by the Loan Value Group (LVG) that pays borrowers incentives to remain current on their mortgage payments has offered $90m in rewards. The Responsible Homeowner Reward (RH Reward) program, which was launched early in the year, has been put to use by some servicers and mortgage companies looking to trim the risk of strategic default. Through the program, LVG works with the owners of risk-laden mortgage to enroll borrowers showing signs of strategic default. LVG evaluates negative equity, income, geography and other factors to determine the risk of an individual borrower and the size of the reward. Read Full Story |
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Study
Shows Foreclosure Lowers a Property's Value by 27% Foreclosed homes permeate the American landscape. According to data from the Massachusetts Institute of Technology (MIT), they make up about one in 12 houses with under $1 million left on the mortgage. These foreclosures drive down home prices, and MIT gives two reasons for their depreciating effect – because foreclosed homes add to the housing supply and because the financial firms that acquire the houses want to unload them promptly. However, since foreclosures often occur in economically struggling areas, it is hard to determine how much of the drop in a home’s value is due to its foreclosure, and how much can be blamed on the economy in general. Read Full Story |
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Fannie
Mae Provides Free Foreclosure Prevention Services in Atlanta Struggling Atlanta homeowners with home loans owned by Fannie Mae can now take advantage of the company’s new mortgage help center. The third facility in a series ofplanned, nationwide mortgage help centers, the Atlanta center provides counseling and other services for borrowers to help them avoid foreclosure. “A common misconception is that foreclosure is the only option, and in reality, foreclosure doesn’t have to be an option,” said Jeff Hayward, SVP of Fannie Mae’s National Servicing Organization. Read Full Story |
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Modifications,
Short Sales Drive May Workout Efforts at GSEs: FHFA Foreclosure prevention and loss mitigation efforts at government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac were led by short sales and modifications in May, according to the latest report from the Federal Housing Finance Agency (FHFA). Completed short sales were at their highest reported level in May, with Freddie completing 3,000 — level with the previous month — and Fannie completing 7,000 — up from 6,000 in April. These high levels of short sales, along with a jump in modifications, drove many of the completed foreclosure prevention actions in May. Read Full Story |
| BofAML
Global Research Names Meyer Sr US Economist Bank of America Merrill Lynch Global Research announced Wednesday the appointment of Michelle Meyer as senior US economist of the Developed Markets Economics Research team. In this position, Meyer will drive the group’s housing-industry forecasts as well as support the rates and currencies trading desk. She will report to Ethan Harris, head of Developed Markets and Economics Research. Meyer's "expertise in researching the housing market, along with her ability to analyze macroeconomic indicators and fiscal policy issues, will be a valuable asset to our clients," according to Harris. Read Full Story |
| Equator
Names Robert McKinley Director of Business Development Default servicing software developer Equator has promoted Robert McKinley to director of business development. A veteran of systems implementation and account management, McKinley also lends his expertise to product development and pricing, sales efforts, and contract negotiations. McKinley joined Equator three years ago to facilitate daily account management activities. During his tenure, he has assisted with implementations of Equator’s REO platform at a number of companies, including Saxon Mortgage; EMC Mortgage Corporation, a subsidiary of JPMorgan Chase; and GMAC. Read Full Story |
| Citizens
Names Home Lending Unit President Citizens Financial Group has named a former marketing and business development executive from SunTrust Mortgage Inc. as president of its Home Lending Solutions business. Cheryl Nolda previously led marketing and business development at SunTrust Mortgage's mortgage and consumer lending businesses. The company said it is one-fourth of its way to its goal to hire 400 loan officers by 2013 and has been seeing refinance-driven gains in volume. ~ National Mortgage News |
| Mortgage
Architects Attracts Glen Ward to Senior Management Team Mortgage Architects plans to expand their Atlantic Canada presence and build on their strength in the Ottawa and surrounding areas with the appointment of industry veteran Glen Ward to Regional Vice-President, Atlantic Canada & Eastern Ontario. Ward brings to the table over fifteen years of financial industry experience—the past nine of which were spent successfully building and developing the brokerage market in the Atlantic region. Previous to working in the mortgage industry, Ward worked for two major Canadian banks where he earned his PFP designation. His knowledge and expertise are ideally suited for Mortgage Architects as they continue to develop their leadership position in the Canadian mortgage market. Read Full Story |
| Fiserv
appoints president of investment services division Fiserv, a provider of financial services technology, has appointed Sean Gallagher as president of its investment services division. He will report to Mike Gianoni, group president of the financial institutions group at Fiserv, and will oversee product management, strategy, sales and product development for investment services. In this role, Mr Gallagher will work with the investment services leadership team to continue to develop and deliver technology solutions and services. Mr Gallagher joins Fiserv following a 21-year career at JP Morgan Chase. At JP Morgan Chase, he last served as managing director, global segment executive and interim sales executive of treasury services. Read Full Story |
| Walsh
Sworn In as Acting Comptroller John Walsh, the former chief of staff to the Comptroller of the Currency, is now the acting Comptroller of the agency that supervises national banks. Walsh became the acting comptroller on Sunday as John Dugan stepped down after completing a five-year term. The acting comptroller said OCC faces many challenges as the banking system emerges from a severe recession and the agency has to implement the new financial regulatory reform bill, which transfers the Office of Thrift Supervision's functions to OCC. "This is an important and challenging period in the 147-year history of the Office of the Comptroller of the Currency," he said. Walsh previously served as a Senate Banking Committee staffer and an economist at the Treasury Department. Before joining OCC in 2005, he was executive director of a consulting firm that focused on international economics and monetary affairs. ~ National Mortgage News |
| Capmark
Finance Inc. Appoints Chad Thomas Hagwood Manager of Atlanta Mortgage
Banking Office Capmark Finance Inc. (Capmark Finance) has appointed Senior Vice President Chad Thomas Hagwood as manager of its Atlanta mortgage banking office. He succeeds John Beam, who retired from the company in December 2008. Hagwood, who joined Capmark Finance in 2003, also manages Capmark's Birmingham, Ala., mortgage banking office. Hagwood reports to Executive Vice President William Ross, who heads Capmark's nationwide mortgage banking network. Chad Hagwood - "Chad is a top loan originator and a strong manager," said Ross. "The Birmingham office has flourished under Chad's leadership, and we are very pleased to expand his management responsibilities to include the Atlanta office." Read Full Story |
| Veri-tax
Acquired by Blue Horizon Capital Tustin, Calif.-based Veri-tax LLC, which provides tax verification and fraud management solutions, has been acquired by private investment firm Blue Horizon Capital for an undisclosed sum. The acquisition will provide additional capital and resources to support Veri-tax's growth initiatives. As part of the transaction, Blue Horizon Capital will invest in the growth of the company and the expansion of its fraud detection, management and mitigation services. Veri-tax will maintain its name, management team, employees and headquarters. Michael Chon, managing partner of Blue Horizon Capital, will join Veri-tax's Peter Pozzuoli as co-president of Veri-tax. "The mortgage industry is undergoing a dramatic shift toward responsible lending," said Chon. "Through our investment in Veri-tax, we will help empower financial services institutions with the most advanced, reliable and powerful verification and fraud prevention solutions on the market." Veri-tax provides electronic tax and income verification solutions that enable mortgage lenders, banks, and other issuers of consumer credit "to make informed decisions about the ability for potential borrowers to repay loans." Veri-tax clients include two of the nation's top four banks, in addition to hundreds of lenders, originators and other financial institutions serving the mortgage and consumer credit sector. "With more regulation on the way as a result of recently passed financial reform legislation, demand for better income and credit verification tools is set to explode," said Pozzuoli. ~ National Mortgage News |
| Cedar
Acquires $134m of Property from Pennsylvania REIT Cedar Shopping Centers, Inc. announced Monday that the company, on behalf of a joint venture with RioCan Real Estate Investment Trust of Toronto, is purchasing five anchored shopping centers from Pennsylvania Real Estate Investment Trust (PREIT). The transaction will cost approximately $134m. PREIT reported it will use a portion of the proceeds to repay a $40m mortgage debt secured by three of the properties and to release two of the properties securing PREIT's credit facility for an estimated $57m. Read Full Story |
| Inlanta
Buys AFMB Assets Inlanta Mortgage, Waukesha, Wis., has purchased the assets and hired the employees of American Foundations MortgageBanc through a strategic agreement. Terms of the deal were not disclosed. AFMB has one retail branch in Wisconsin and two in Illinois that will be rebranded as a result of the deal, Inlanta chief operating officer Jean Badciong told NMN. There are plans to consolidate two Illinois branches in one location. The deal provides the former AFMB employees with Federal Housing Administration delegated underwriting/direct endorsement and warehouse capacity they had lacked, Badciong said. She said the transition has been relatively smooth given similarities in the two companies’ technologies and conservative Midwest lending cultures. Nicholas DelTorto, president of AFMB, has been named executive vice president at Inlanta and AFMB COO John L. Watry has been named chief financial officer at Inlanta. AFMB had close to 40 employees in total, all of which Inlanta hired. ~ National Mortgage News |
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