4 Consecutive Months of Easing Mortgage Credit

Credit conditions in residential real estate finance have loosened for four consecutive months. Jumbo lending eased most last month.

The Mortgage Credit Availability Index a standardized quantitative index focused on mortgage credit, was 175.2 in December.

A month earlier, the index was 174.3. The increase from November is an indication that credit conditions in home lending are loosening.

Source: Mortgage Daily

Companies Issue Mortgage Production Reports

A variety of mortgage origination statistics have been reported for home lenders, including rural lending and lending in the Big Apple.

Residential loan production exceeded $150 billion last year at the Mortgage Collaborative, a Dec. 20 announcement indicated.

The San Diego-based organization, which was founded in 2013, reported that 50 new lenders joined the association during 2016.

Source: Mortgage Daily

Fannie Announces M.I. Updates

Corporate changes at mortgage insurance companies have prompted the Federal National Mortgage Association to issue mortgage insurance updates.

On Tuesday, Arch Capital Group Inc. announced that it completed the acquisition of United Guaranty Corp. from American International Group Inc.

Fannie Mae approved the acquisition of UGC and affiliates United Guaranty Residential Insurance Co. and United Guaranty Mortgage Indemnity Co.

Source: Mortgage Daily

Walter Investment Unloading Insurance Subsidiary

The insurance subsidiary of Walter Investment Management Corp. is being sold. Word of the deal drove up its sagging share price.

On Wednesday, the financial services company disclosed that it has reached an agreement to sell GTI Holdings Corp. for $125 million.

GTI is the parent of Green Tree Insurance Agency Inc., Tampa, Florida-based Walter Investment’s licensed insurance agency.

Source: Mortgage Daily

Holidays Hamper Mortgage Applications

New applications for residential loans took a turn for the worse during the holidays, though purchase-money activity mostly held up compared to a year previous.

The seasonally adjusted Market Composite Index for the week ended Dec. 30, 2016, moved down 12 percent from two weeks earlier, the last time it was reported.

Foregoing any adjustments for seasonal factors, the index — which is a measure of mortgage loan application volume — plummeted 48 percent from the last report.

Source: Mortgage Daily

Bankruptcy Filings Slip But Up from Year Earlier

Fewer of the nation’s consumers resorted to bankruptcy last month, though activity was heightened compared to the first month of 2016.

Collective commercial and noncommercial new cases filed in U.S. Bankruptcy Courts during the first month of the year totaled 55,212.

Volume slipped from an upwardly revised 56,414 filings in December 2016 but increased from an upwardly revised 52,560 in January 2016.

Source: Mortgage Daily

Another Credit Bureau Settlement Reached

Just days after a settlement was disclosed by one provider of credit services, another settlement has been revealed with another credit services provider.

On Thursday, a filing with the Securities and Exchange Commission revealed that TransUnion had agreed to a consent order that will cost it $19.4 million.

The settlement related to "common industry practices" tied to the advertising, marketing and sale of consumer reports, credit scores and credit monitoring products.

Source: Mortgage Daily

Range of Mortgage-Related Conferences During Q1

A range of mortgage-related events taking place during the first quarter of this year include a pair of commercial real estate conferences, a bankruptcy convention and an independent lender event.

The CRE Finance Council’s January Conference 2017 runs from Jan. 9 through Jan. 11 at Loews Miami Beach Hotel in Miami. Registration costs $1,595 for members and $2,295 for non-members.

From Jan. 23 through Jan. 26, the Mortgage Bankers Association is hosting its Independent Mortgage Bankers Conference in Palm Springs, California, at the La Quinta Palm Springs.

Source: Mortgage Daily

Options for GOP Lawmakers to Dismantle Dodd-Frank

While Republicans lack enough votes in the Senate to pass legislation to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, there are other options.

Even though there are enough Republicans in the House to pass legislation, most bills in the Senate need 60 votes to become law. But the GOP holds just 52 of the 100 Senate seats.

So Republican lawmakers say they are considering a backup plan for dismantling parts of Dodd-Frank that would not require support from any Senate Democrats.

Source: Mortgage Daily

Offering Could Yield MSRs on Up to $1 Bil in Loans

A new offering could provide the successful bidder with mortgage servicing rights on as much as $1 billion in government-sponsored enterprise loans.

The concurrent flow servicing offering is for MSRs on $60 million per month in Fannie Mae first-lien mortgages. All of the loans are retail originations.

Nearly 90 percent of the loans have 30-year terms, while more than 10 percent are 15-year mortgages. The owner-occupancy ratio is almost 92 percent.

Source: Mortgage Daily