Origination

Servicing is rapidly deconsolidating as the top five no longer control more than half the market, while originations, which were consolidating after the crunch as tens of thousands left the mortgage broker business, have at least ceased consolidating.

The Consumer Financial Protection Bureau has decided to delay the issuance of a final ‘Qualified Mortgage’ rule until after the November 6 elections, industry officials told National Mortgage News.

Picking a new loan origination system is as much about the bells and whistles that it offers as it is the realization that your company for all intents and purposes is marrying its future to the vendor chosen.

Three separate businesses each had a series of nonperforming loans that are classified as specially serviced assets recently downgraded by Fitch Ratings because future losses are expected on these loans.

The National Association of Realtors’ leading indicator of future home sales hit a downdraft in April after three months of solid gains.

Wells Fargo in an agreement that dismisses a lawsuit filed by area officials said it would provide $4.5 million worth of mortgage downpayment and home renovation assistance to certain borrowers in the Memphis region as well as put another $3 million into other local initiatives.

The commercial mortgage-backed security delinquency rate reached an all-time high in May at 10.04%, up 24 basis points from the prior month.

The long-term rate-indicative 10-year Treasury yield slipped below its previous 52-week low of 1.7% early Wednesday morning, signaling downward pressure on rates.

Several contract rates tracked by the Mortgage Bankers Association hit new lows during the week ending May 25, but seasonally adjusted overall application numbers inched downward in data unadjusted for early holiday closes the Friday before Memorial Day.

The president and chief executive of the Mortgage Bankers Association, David Stevens, is stepping down after one year to become the president of SunTrust Mortgage.