The CFPB’s information security program has improved in the past year with more effective incident responses to detected cybersecurity events, according to a recent report from the bureau’s Office of Inspector General. On a scale of one to five, the CFPB’s overall information security program is operating at a level three or “consistently implemented.” Several activities are being performed at a higher level, according to the OIG. The major improvement ...
PrimeLending is churning through loan originators, recruiting strong candidates and letting go of “non-performers” as lenders battle for purchase mortgages. In recent months, the retail lender owned by PlainsCapital Bank hired about 250 LOs and released about 200 others, according to Alan White, chairman of PlainsCapital Bank and co-CEO and vice chairman of Hilltop Holdings, which owns the bank. “We’ve been able to upgrade our staff,” he said during Hilltop’s earnings call ...
First Horizon National Corp. is seeing strong profits from its warehouse lending efforts. Loans to mortgage companies are the bank holding company’s most profitable lending business, according to officials at First Horizon. Warehouse lending is completed through the company’s banking subsidiary, First Tennessee. As of the end of the second quarter, First Tennessee had $3.0 billion in warehouse lending commitments, according to Inside Mortgage Finance. BJ Losch, an executive ...
The profit picture varied widely among the shrinking number of publicly-traded nonbank mortgage lenders during the third quarter. A new Inside Mortgage Trends analysis reveals that seven companies generated a total of $235.45 million from their mortgage banking businesses during the third quarter. That was up 14.8 percent from the previous period largely because New Residential Mortgage increased its profits and Impac cut its losses. An eighth nonbank ... [Includes one data chart]
The Federal Home Loan Bank System’s combined net income dropped 3.0 percent in the third quarter of 2018 but year-to-date profits were still a comfortable 10.4 percent above the same period last year. Advances were down 1.9 percent year-over-year, having dropped 3.9 percent for the quarter. The FHLBank Office of Finance reported that third-quarter net income was $942 million, down slightly from $971 million in the second quarter. But cumulative ... [Includes one data chart]
Fannie Mae and Freddie Mac reported $6.72 billion in net income during the third quarter, down 3.5 percent from the previous quarter. The government-sponsored enterprises have also been actively whittling down their retained portfolios.
The credit window for Fannie Mae and Freddie Mac single-family mortgages opened a little wider during the third quarter of 2018 as competition intensified in the primary market. A new Inside Mortgage Trends analysis of mortgage-backed securities issued by the government-sponsored enterprises during the third quarter revealed modest increases in the shares of purchase mortgages with low credit scores, although trends in loan-to-value ratios were mixed ... [Includes two data charts]
With Democrats recapturing control of the House of Representatives this week, and Rep. Maxine Waters, D-CA, expected to chair the House Financial Services Committee, the odds of housing-finance reform becoming a reality in 2019 didn’t improve all that much. In short, legislative reform remains a long shot. At least that’s the consensus of industry lobbyists and analysts interviewed this week by Inside Mortgage Trends. “Could Waters get something done?” asked ...
Cash-out refinancing is on the rise again, driven by rising interest rates and strong home-price appreciation, but there is no cause for alarm, according to the Urban Institute. Using Freddie Mac’s quarterly numbers on the refi market, UI found that the share of refi loans where borrowers tapped into their home equity has reached 77 percent of total refis in the second quarter of 2018. That was the market’s highest point since 2008, just as housing valuations began to tank ...
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