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National Mortgage News
In-depth analysis, data and strategic developments spanning the entire mortgage industry
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National Mortgage News provides award-winning news, analysis and perspective serving the entire residential mortgage industry, including depositories, nonbank lenders and servicers, brokerage firms, vendors and regulators. In addition, NMN convenes industry participants to provide insight on topics including regulation, compliance, technology and loss mitigation.

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279 Posts
Delinquencies hit new lows, foreclosure inventory inches up
While the number of loans with payments that have been late for three months or more has fallen, it’s still higher than in early 2020, according to Black Knight.
Delinquencies hit new lows, foreclosure inventory inches up
Pennymac laying off 190 more workers, including 69 LOs
This second group of terminations will take place in June and July, according to nine separate notifications filed in California.
Pennymac laying off 190 more workers, including 69 LOs
Ocwen, Freddie Mac, Deephaven make leadership appointments
Also, Academy Mortgage promotes COO to president, Movement focuses on diverse lending and Guaranteed Rate opens new branches on the coasts.
Ocwen, Freddie Mac, Deephaven make leadership appointments
Default management’s growth spurs launch of new technology
Companies are working to offer what they say are faster, more integrated digital products that can quickly stand up compliant workflows as forbearance is phased out and loss mitigation activity resumes.
Default management’s growth spurs launch of new technology
Better reportedly cuts more workers ahead of SPAC merger
CEO Vishal Garg is on the hook for any losses stemming from a $750 million convertible bridge note investment, a fact he allegedly recently acknowledged to employees.
Better reportedly cuts more workers ahead of SPAC merger
Airbnbs outnumber New York City apartments in hot market
The total number of short-term rentals of entire homes in the city’s five boroughs — those listed on Airbnb Inc. and Expedia Group Inc.’s Vrbo — is more than 13,000, according to third-party data tracker AirDNA. Meanwhile, rental inventory in Manhattan, Brooklyn and a portion of Queens hovers just…
Airbnbs outnumber New York City apartments in hot market
Recession could arrive sooner than expected: Fannie Mae
Without sustained price relief, a downturn is possible for later this year, rather than in the second half of 2023.
Recession could arrive sooner than expected: Fannie Mae
7 data breach reporting rules banks need to understand
Several federal agencies have recently stepped up requirements on banks to notify regulators and the public when they fall victim to cybersecurity incidents.
7 data breach reporting rules banks need to understand
Fear and loathing in Mortgage Land
At the Mortgage Bankers Association Secondary Conference this week, issuers noted their concern about rising delinquency levels, accusations of racial bias in lending, and whether regulators in Albany and Washington are preparing a new campaign against “abuses” in mortgage servicing, the chairman…
Fear and loathing in Mortgage Land
Mortgage rates fall amid market uncertainty
Current volatility has contributed to slowdowns across the industry, with further reduced originations now predicted for the year.
Mortgage rates fall amid market uncertainty
U.S. previously owned home sales fall to lowest since June 2020
Contract closings decreased 2.4% in April from the prior month to an annualized 5.61 million, figures from the National Association of Realtors showed Thursday.
U.S. previously owned home sales fall to lowest since June 2020
Treasuries whiplashed like 2009 as Fed hawks unleash uncertainty
The yield on 10-year US notes has traded in a range of at least 10 basis points in 50 of 95 trading days so far in 2022. That puts it on track for an annual rate of more than 130 episodes, which would be the highest since 2009.
Treasuries whiplashed like 2009 as Fed hawks unleash uncertainty
New York Fed’s Williams to seek equilibrium through MBS runoff, even purchases
Purchasing mortgage-backed securities—and that strategy is not out of the question as the central bank works to promote equilibrium in the housing markets over time.
New York Fed’s Williams to seek equilibrium through MBS runoff, even purchases
Mortgage leaders break down the benefits of blockchain
The ability to produce a cohesive, visible audit trail is “like nirvana” for lenders, ICE Mortgage Technology Vice President Christopher McEntee said.
Mortgage leaders break down the benefits of blockchain
Disaster repair fraud adds billions of dollars to claims costs
While particularly high rates of lending have cushioned mortgage companies and banks from the impact in the past, higher rates and thin margins have made efficiency more pressing.
Disaster repair fraud adds billions of dollars to claims costs
Vernon Hill sues Republic First after ouster as chairman
The lawsuit filed by the Philadelphia company's CEO claims an opposing board faction lacks a quorum. Hill seeks to bar the group from reinstalling founder Harry Madonna.
Vernon Hill sues Republic First after ouster as chairman
Home prices are rising faster in the suburbs: Zillow
While it might be relatively easier to buy a home in the city today, both types of communities are still experiencing high rates of appreciation, the company said.
Home prices are rising faster in the suburbs: Zillow
Beware the Fed’s heavy hand in proposed CRA reforms
The central bank has a long history of diluting the effectiveness of the Community Reinvestment Act.
Beware the Fed’s heavy hand in proposed CRA reforms
U.S. housing starts, building permits stall as mortgage rates bite
Residential starts decreased 0.2% last month to a 1.72 million annualized rate after a downwardly revised 1.73 million pace in the prior month, according to government data released Wednesday.
U.S. housing starts, building permits stall as mortgage rates bite
Mortgage volumes drop by over 10% from the week before
A sustained downturn in 2022 activity has also led the Mortgage Bankers Association to revise its originations forecast for the year.
Mortgage volumes drop by over 10% from the week before
Prime borrowers purchasing investment properties secure Wells Fargo’s latest MBS
Home price values of the underlying pool are more than 10% above a long-term sustainable level. The sustainable level from a national point of view is 9.2%.
Prime borrowers purchasing investment properties secure Wells Fargo’s latest MBS
Experts call ‘tech debt’ a significant cyber vulnerability
Increased cybersecurity spending puts an extraordinary squeeze on smaller firms that struggle to maintain revenues amid the origination slowdown.
Experts call ‘tech debt’ a significant cyber vulnerability
Bipartisan crypto plan would create oversight body for fintech
Sen. Cynthia Lummis, R-Wyo., says she and Sen. Gillibrand, D-N.Y., plan to release draft legislation next week that would establish a supervisory entity for emerging financial technologies and new rules for stablecoin issuers.
Bipartisan crypto plan would create oversight body for fintech
Mortgage fraud costs banks more than nonbanks
Depository originators lose 68 cents per $1 more than their nondepository competitors.
Mortgage fraud costs banks more than nonbanks
Housing agencies exercise caution in expanding underwriting
Lending that can fulfill Biden administration aims around equity and supply, like an FHA premium cut or financing for accessory dwelling units, remain possible, but late-cycle housing risk is a concern.
Housing agencies exercise caution in expanding underwriting
Ginnie Mae head speaks on housing supply plan, Thompson on PSPA
The White House outlined a specific role for the agency in its housing supply agenda, which has not happened before, Ginnie President Alanna McCargo said at the MBA Secondary Conference. Meanwhile, the acting head of the FHFA said preferred stock talks haven’t happened — yet.
Ginnie Mae head speaks on housing supply plan, Thompson on PSPA
Fed's balance sheet runoff raises uncertainty for capital rules
The Federal Reserve will begin shedding as much as $47.5 billion of assets monthly starting June 1 to tamp down on inflation. But doing so could undermine the banking industry’s preferred source of liquidity.
Fed's balance sheet runoff raises uncertainty for capital rules
Outlook for 2023 and beyond lowered by Mortgage Bankers Association
And preliminary data from the trade group indicates that mortgage lenders saw an 87% drop in basis points earned per loan in Q1 as costs reached an all-time high.
Outlook for 2023 and beyond lowered by Mortgage Bankers Association
Ex-FHFA Chief Calabria warns of Fannie, Freddie risk
Mark Calabria, who oversaw the two government giants under Trump and was fired by the Biden administration, said in a recent interview that the government-sponsored enterprises are once again at risk of insolvency.
Ex-FHFA Chief Calabria warns of Fannie, Freddie risk
Hey, CFPB: There's a reason fintechs have exploded in popularity
In order to align financial policy with the interests of consumers, the agency should consider why these services have caught on — and remember to keep a lane open for innovation, writes the CEO of Chamber of Progress.
Hey, CFPB: There's a reason fintechs have exploded in popularity
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