Wells Earnings Climb as Mortgage Originations Drop

Quarterly earnings moved solidly higher at Wells Fargo & Co., though mortgage earnings and originations were down from a year ago. The servicing portfolio continued to be reduced.

In its third-quarter earnings report, the San Francisco-based bank-holding company disclosed $7.6 billion in income before income tax expense.

Earnings strengthened from $6.8 billion in the same three-month period during 2017. Results also improved from the preceding quarter, when income came in at $7.1 billion.


Source: Mortgage Daily

MSRs on Nearly $1 Billion in Ginnie Loans for Sale

Mortgage servicing rights are being offered on nearly 1 billion in Government National Mortgage Association loans. Most of the properties are located in the Golden State.

The offering is for mortgage-servicing rights on 4,332 Ginnie Mae loans that had a collective unpaid principal balance of $0.903 billion as of Aug. 31.

On a weighted-average basis, the interest rate is 3.880 percent, and the service fee is 0.3233 percent, while the original term is 360.4 months, and the remaining term is 317.9 months.


Source: Mortgage Daily

Another GSE MSR Offering Hits Market

Mortgage servicing rights are being offered on nearly 1 billion in Government National Mortgage Association loans. Most of the properties are located in the Golden State.

The offering is for mortgage-servicing rights on 4,332 Ginnie Mae loans that had a collective unpaid principal balance of $0.903 billion as of Aug. 31.

On a weighted-average basis, the interest rate is 3.880 percent, and the service fee is 0.3233 percent, while the original term is 360.4 months, and the remaining term is 317.9 months.


Source: Mortgage Daily

Record Non-QM Originations at Angel Oak

Growth in non-QM home lending has driven quarterly mortgage production at Angel Oak Companies to an all-time high.

The origination of loans that didn’t meet Qualified Mortgage requirements came to $0.664 billion during the three months that concluded on Sept. 30, Angel Oak reported Thursday.

Third-quarter non-QM loan production turned out to be the biggest quarter on record for the Atlanta-based mortgage banking organization.


Source: Mortgage Daily

Large Non-Performing GSE Portfolio Sells

A significant portfolio of non-performing government-sponsored enterprise single-family loans that hit the market last month has found a buyer.

In September, the Federal National Mortgage Association offered a portfolio of 10,780 non-performing mortgages with an aggregate unpaid principal balance of $1.98 billion for sale to the highest bidder.

The winning bidder is required to pursue sustainable loss mitigation options for borrowers and market foreclosed properties first to to owner-occupants and non-profits exclusively before offering them to investors.


Source: Mortgage Daily

Executive Leads Recovery from Wells Fargo Scandals

The executive who is guiding Wells Fargo & Co.’s community banking unit through a reputational recovery is confident in the firm’s ability to right itself.

When Wells Fargo revealed two years ago its fake account scandal, Mary Mack had just been put in charge of the part of the bank enmeshed in the scandal.

Under her leadership, the community banking division been overhauled. That includes the elimination of product sales goals for bankers who sell traditional products.


Source: Mortgage Daily

California Pummeled by Mortgage Layoffs

A Mortgage Daily analysis of individual states’ employment data has uncovered thousands of previously unreported mortgage-related layoffs this year. California employees suffered the most, while banks took a beating.

Stearns Lending LLC advised the California Employment Development Department in a filing required by the Worker Adjustment and Retraining Notification Act that it cut 136 jobs.

The layoffs took place in Santa Ana, where Stearns, a subsidiary of The Blackstone Group LP, maintains its main office. The date of separation was Sept. 23, according to the filing.


Source: Mortgage Daily

Man Murdered While Appraising Property

A Michigan man opened fire on two men when they came to value and secure his property that had been foreclosed. One of the victims has died.

Mark Siecinski, 56, and another man went to a foreclosed property in Detroit to appraise and secure it.

But when they arrived, they were met by gunfire. The alleged shooter was, David Erwin Unger, 55, the former owner of the property.


Source: Mortgage Daily

Flagstar Hires Former PrimeLending President

The former president of PrimeLending has been hired by Flagstar Bank to work in its retail production division. His career spans several major home lenders.

PrimeLending announced in October 2017 that it had replaced its president of five years, Scott Bristol. He had been with the company since May 2009.

No reason was given at the time by PrimeLending for Bristol’s departure from the Dallas-based firm, and he didn’t respond to a subsequent inquiry about why he left.


Source: Mortgage Daily

Mortgage Rates Soar, Could Sink in Next Report

An expected surge in mortgage rates came to fruition this week. The latest forecast has fixed rates tumbling in next week’s report. A new index for adjustable-rate mortgages moved lower.

A stunning 19-basis-point surge from the preceding week left average 30-year fixed rates at 4.90 percent in Freddie Mac’s Primary Mortgage Market Survey for the seven-day period that concluded on Oct. 11.

Historical data from the secondary mortgage lender indicate that long-term fixed rates have not been that high since the week ended April 14, 2011, when the average was also 4.91 percent.


Source: Mortgage Daily