Origination

Mortgage industry commentators may argue (and they certainly have) about the Consumer Financial Protection Bureau's (CFPB) performance over the last year, but one thing is certain: The bureau knows how to command headlines. Early this year, CFPB finally issued its long awaited Qualified Mortgage (QM) guidelines along with a slew of other finance regulations. With the future of housing finance on the line, it's no wonder readers of theMReport.com couldn't tear themselves away from the news.

A slight decline in mortgage rates spurred refinance activity up in November, Ellie Mae revealed in its latest monthly Origination Insights Report.

In Texas, Wingspan Portfolio Advisors hired Aaron Luburich to take the newly created position of SVP for business development.

For all the Sturm und Drang surrounding discussions of the Federal Reserve slowing down its monthly asset purchases, mortgage rate movements were somewhat subdued this week leading up to Wednesday's announcement of cuts to the stimulus program. Freddie Mac reported small rate jumps for the week ending December 19, with the 30-year fixed-rate mortgage (FRM) average inching up to 4.47 percent (0.7 point) from 4.42 percent previously. Last year, the 30-year FRM averaged 3.37 percent.

As the industry moves further and further toward eMortgage and paperless initiatives, a new survey shows compliance demands are having the greatest impact in the shift to tech-powered solutions.

The Mortgage Bankers Association (MBA) reported a 5.5 percent decline (seasonally adjusted) in loan applications for the week ending December 13. On an unadjusted basis, MBA's Market Composite Index was down 6 percent. According to Mike Fratantoni, MBA's VP of research and economics, the latest index is the lowest it's been in more than 12 years. "Both purchase and refinance applications fell as interest rates increased going into today's Federal Open Market Committee meeting," Fratantoni explained.

U.S. Bancorp announced the promotion of P.W. Bill Parker to the position of vice chairman and chief risk officer.

Federal agencies assured institutions that they will not base their judgments of a loan's safety and soundness on its status as a QM or non-QM loan.

Stonegate Mortgage Corporation, a non-bank mortgage firm focused on origination, financing, and servicing, announced the acquisition of the wholesale lending channel and certain distributed retail assets of Nationstar Mortgage Holdings.

With only weeks left before the end of 2013, FDIC has added another tally to its list of the year's bank failures. The Office of the Comptroller of the Currency (OCC) announced Friday the closure of Texas Community Bank, National Association, in the Woodlands, Texas.