$1.3 Billion in Ginnie MSRs Up for Auction

A successful bidder will pick up mortgage servicing rights on over $1.3 billion in Ginnie Mae loans with a 10 percent concentration in Florida.

Up for auction are MSRs on 6,328 Ginnie Mae mortgages. As of Jan. 31, 2017, the loans had an aggregate principal balance of $1.352 billion.

The weighted-average original term as of the end of last month was 352 months, while the remaining term worked out to 347 months.

Source: Mortgage Daily

New Mortgage Business Up 2nd Consecutive Week

For the second week in a row, new residential lending activity accelerated, with government business out front during the most-recent seven-day period.

The U.S. Mortgage Market Index from OpenClose and Mortgage Daily was 150 in the week ended Feb. 10. No seasonal adjustments are made to the MMI.

Compared to the previous week, the index — an indication of upcoming loan originations based on OpenClose rate-lock volume — moved 12 percent higher.

Source: Mortgage Daily

New CEO at Quicken Loans

An insider has been named to head up Quicken Loans Inc.’s management team. A domino effect impacted three high-profile executives.

Bill Emerson started his career at the Detroit-based residential lender in 1993. His first job at the online lender was mortgage banker.

Emerson, who is a Quicken investor, ran several business units before ascending to the role of chief executive officer in February 2002.

Source: Mortgage Daily

BofA Operates Automated Branch Network

Automated bank branches have become a reality at Bank of America Corp., enabling customers to video chat with employees at other locations.

In Minneapolis, a completely automated office is operated by the Charlotte, North Carolina-based organization. Another operates in Denver.

In all, BofA is currently testing three automated branches, which are a quarter of the size of a typical branch. It’s a new market for the financial institution.

Source: Mortgage Daily

2nd Week No Change in Mortgage Rates, 3rd Possible

For the second week in a row, interest rates on residential loans didn’t change much. It’s possible that the trend could extend to three weeks.

Thirty-year fixed rates were reported at 4.17 percent in Freddie Mac’s Primary Mortgage Market Survey for the week that ended on Feb. 9.

Long-term interest rates on home loans improved by 2 basis points compared to the prior survey — when mortgage rates also moved little.

Source: Mortgage Daily

Ginnie MBS Outstanding at All-Time High

Despite a decline in monthly securitizations guaranteed by the Government National Mortgage Association, its book of business reached a record.

As of Jan. 31, there were $1.7865 trillion in Ginnie Mae mortgage-backed securities outstanding, according to data from the Washington-based firm.

That marked the biggest book of business ever for the government-owned corporation based on its own historical numbers going back to 1990.

Source: Mortgage Daily

Mortgage Complaints Improve More than Overall

Trends in mortgage complaints are far more favorable than trends for those filed for all types of financial products on a monthly and annual basis.

During the final month of last year, there were 22,852 complaints that were filed by U.S. consumers with the Consumer Financial Protection Bureau.

Activity was marginally slower than in November 2016, when the regulator’s monthly volume for all financial services providers came to 23,134.

Source: Mortgage Daily

Mortgage App Targets Millennials

A proprietary application developed by an Illinois mortgage lender is intended to appeal to millennials who want to research loan programs anonymously.

A recent study by SmartAsset found that homeownership rates in Peoria, Illinois, are rising faster among millennials than anywhere else in the nation.

So Peoria has been designated as a test market for a new application that gives potential home buyers instant digital access and personal privacy protection.

Source: Mortgage Daily

Annual Mortgage Lending Up at Prosperity

Even though quarterly originations moved lower at Prosperity Home Mortgage LLC, an up tick was recorded for annual activity.

As of Dec. 31, 2016, the Chantilly, Virginia-based firm carried 443 employees on its payroll, 10 more than three months earlier.

Those details and more were provided as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.

Source: Mortgage Daily

Mortgage LOS Improvements, Integrations

One of the industry’s most popular loan origination systems has been upgraded. Other LOS enhancements involve technology integrations.

Ellie Mae Inc.’s all-in-one mortgage management platform, Encompass, has been upgraded to version 17.1, a news release Monday said.

This iteration of the LOS includes expanded support for construction loans and more streamlined workflow integrations with Fannie Mae and Freddie Mac.

Source: Mortgage Daily