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Inside Mortgage Trends

June 13, 2014

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Bank Mortgage Repurchase Activity Fell to Six-Year Low in Early 2014

Commercial banks and savings institutions reported another decline in mortgage repurchase and indemnification activity in the first quarter of 2014, according to a new Inside Mortgage Trends analysis of call reports. The industry reported just $1.14 billion in aggregate repurchases and indemnifications related to single-family mortgage banking operations during the first three months of the year. That was down 21.4 percent from the previous period and ... [Includes one data chart] Read More

Stonegate Sees Benefits of Multi-Channel Strategy

The wholesale channel isn’t something to shun, according to officials at Stonegate Mortgage. The nonbank is tapping all three origination channels in an effort to increase its holdings of mortgage servicing rights while controlling origination costs. Stonegate had $2.42 billion in originations in the first quarter of 2014, up 27.4 percent from a year ago, making the publicly traded mortgage banker one of the relatively few lenders to increase its production in that span ... Read More

Mixed Views on Mortgage Outlook for Banks

The environment is ripe for bank mortgage lenders to see improvements in the coming months, according to industry analysts. However, even as interest rates remain at low levels, there has yet to be a significant increase in originations of purchase mortgages. “The mortgage market has slowed, but things aren’t all bad for banks,” Standard & Poor’s said last week in an analysis of banks’ mortgage revenue. The rating service noted that mortgage banking results ... Read More

First Quarter 2014 Losses Distributed Unevenly

The bloodbath in mortgage-production losses during the first quarter of 2014 did not occur uniformly across the industry and appears to be related to the failure of many companies to downsize quickly enough, new Mortgage Bankers Association data suggest. Average pretax income as a percentage of equity was -3.15 percent during the first quarter, the MBA said in its Quarterly Mortgage Bankers Performance report. That was the first negative profit margin since ... Read More

Banks and Thrifts Dump More Servicing Rights

Commercial banks and savings institutions continued to pare down their portfolios of mortgages serviced for other investors during the first quarter, according to a call-report analysis by Inside Mortgage Trends. Banks and thrifts serviced a total of $4.56 trillion of home loans for other investors, most of which was associated with mortgage-backed securities. That was down 3.2 percent from the fourth quarter and marked the eighth consecutive ... [Includes one data chart] Read More

Are Millennials Avoiding Home Purchase?

For the past year or so, the Millennial generation has been everyone’s favorite punching bag for why the housing market isn’t stronger. Depending on which study you read, this demographic group of 80 million strong just can’t manage to save enough money for a downpayment on a mortgage. Instead, they’ve been living in their parents’ basements or – gasp – renting in “group” homes. This in turn has stifled the housing recovery, or so the experts claim ... Read More

Supervision Evolves to ‘Fair Servicing’ Concept

Have you heard about “fair servicing” and “disparate maintenance?” Well, you’re going to. With servicing-related issues making up the lion’s share of consumer complaints about their mortgages, a new supervisory trend that has emerged in recent months is a move toward what could be called a “fair servicing” expectation, according to a pair of experts at the American Bankers Association’s 2014 regulatory compliance conference in New Orleans this week ... Read More

Top Servicers Manage REO More Efficiently

Inventories and disposition times for commercial mortgage assets in special servicing as of year-end 2013 rose modestly compared to year-end 2012 as highly rated servicers moved real estate-owned inventories efficiently, according to a new Fitch Ratings analysis of the commercial mortgage-backed securities market. Analysts with Fitch’s CMBS Group found that REO assets as a percentage of specially serviced portfolios have grown for three of the largest ... Read More

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