New CEO at PennyMac

A new chief executive officer has been named by PennyMac Financial Services Inc. In addition, the young mortgage banking firm announced several other executive appointments.

Following the collapse of the subprime mortgage industry in 2007 just as the country was heading into a massive financial hurricane, Stanford L. Kurland was launching PennyMac.

Kurland had been chief financial officer and chief operating officer of Countrywide Financial Corp. until he left in 2006 amid a power struggle with then-chairman and CEO Angelo R. Mozilo.

Source: Mortgage Daily

Refi Share Widens Despite 2-Year High for Rates

Even as interest rates on residential loans surged to the highest level in more than two years, refinance share of mortgage applications widened.

A seasonally adjusted 4 percent decline from one week previous was recorded for the Market Composite Index for the week ended Dec. 9.

Foregoing seasonal adjustments, the index — a measure of mortgage loan application volume — was down 5 percent on a week-over-week basis.

Source: Mortgage Daily

Rule Requires GSEs to Support Underserved Markets

A final rule has been issued that requires the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. to support home financing in underserved markets.

The Housing and Economic Recovery Act of 2008 amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 and required lending in underserved markets.

The statute requires Fannie Mae and Freddie Mac to improve the distribution and availability of home financing for manufactured housing, affordable housing preservation, and rural housing.

Source: Mortgage Daily

Defaulted Mortgage Liquidation Timelines Improve

The amount of time it takes to liquidate a securitized defaulted mortgage appears to have peaked, and the timeline is starting to decline.

Earlier this year, the liquidation timeline for home loans included in residential mortgage-backed securities topped out at four years.

Since the peak, timelines have begun to decline as the inventory of severely delinquent loans now stands at its lowest level since 2007.

Source: Mortgage Daily

Continued Drop in Mortgage Lates, Foreclosures

Further improvement has been made in the performance of home loans, while the foreclosure rate and pace of repossessions moved lower.

Residential loans that were at least 90 days past due accounted for 2.5 percent of all U.S. mortgages that were outstanding as of Oct. 31.

The rate of serious mortgage delinquency turned out to be the lowest that it has been since August 2007 based on historical performance data.

Source: Mortgage Daily

GSEs Announce Annual Foreclosure Moratorium

In what has become an annual tradition, the government-sponsored enterprises are suspending foreclosure evictions during the holiday season.

The Federal National Mortgage Association issued a statement Monday indicating it will suspend evictions from Dec. 19 through Jan. 2, 2017.

According to Fannie Mae, the moratorium applies to foreclosures on loans that are secured by single-family and two-to-four-unit properties.

Source: Mortgage Daily

Mobile Mortgage Experience Enhanced

Mortgage bankers and their service providers continue to make headway improving the mobile experience for prospective borrowers and lenders alike. Bankers have some tips about mobile security.

Consumers can take steps to protect their mobile devices from hackers, according to the American Bankers Association. Among 12 precautions outlined was utilizing the pass code lock on a phone.

Other tips from ABA include logging out of banking applications, installing security software and downloading updates. Avoid storing sensitive data like passwords or social security numbers on phones.

Source: Mortgage Daily

Marketplace Lender Securitizes Jumbo Loans

A marketplace home lender that is operating out of Northern California has pulled off its first securitization of jumbo residential mortgages.

The transaction involved residential mortgage-backed securities issued on 270 jumbo loans with an aggregate principal balance of $169 million.

All of the loans are fixed rate. More than 78 percent of the mortgages have 30-year terms, and the remaining 22 percent have 15-year terms.

Source: Mortgage Daily

Monthly Ginnie Mae MBS Issuance Dips

Monthly securitizations on behalf of the Government National Mortgage Association eased, though the firm’s book of business grew.

Monthly operational data indicate that there were $1.7506 trillion in outstanding Ginnie Mae mortgage-backed securities as of Nov. 30.

The Washington-based organization’s book of business grew from the end of the previous month, when the total was $1.7393 trillion.

Source: Mortgage Daily

Ally Bank Reveals New Mortgage Program

Just one year after telling investors that it planned to wade back into the mortgage waters, Ally Financial Inc. has taken a big step into submerging itself into real estate finance.
br>After allowing former subsidiar Residential Capital LLC to fall into bankruptcy in 2012, the New York-based firm in 2013 walked away from the mortgage business entirely.

But at the Goldman Sachs U.S. Financial Services Conference in New York in December 2015, Ally revealed plans to introduce limited direct mortgage originations this year.

Source: Mortgage Daily