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Mortgage Industry News for the Mortgage Industry

Business Bad at Mortgage Insurers During October, nearly $8 billion in mortgage insurance policies were written, the Mortgage Insurance Companies of America reported. Volume fell to the lowest level on record. New application for mortgage insurance policies fell to the lowest level in 12 months. Mortgage Attorneys See Surge in Cases Lawsuits and regulatory actions tied to compliance violations totaled 18 in the third quarter, according to the Third Quarter Mortgage Litigation Report from MortgageDaily.com. Cases involving mortgage fraud totaled 18 during the latest period, up from seven during the second quarter. The number of regulatory actions against financial institutions and mortgage licensees actions tracked was 126. COFI Jumps, 10-Year Yield Sinks The cost of funds index increased around 36 basis points in October from September, the Federal Home Loan Bank of San Francisco reported. Compared to a year earlier, COFI was 111 BPS lower. The 10-year Treasury yield, however, tumbled below 3 percent. Subprime Ratings Journal All three ratings agencies have been busy downgrading subprime mortgage-backed securities. Updated loss projections led Moody's Investors Service to downgrade tranches of the several subprime securitizations. In addition, Standard & Poor's Ratings Services and Fitch Ratings announced downgrades to dozens of deals. The Business of Mortgage Leads Smaller mortgage firms and lead purchasers are the target of Leadmark, a new offering from Mortech. A new sector of mortgage leads that has developed this year is loan modification leads, SalesProspects.com said in an announcement last month. Mortgage lead broker LeadPoint reported this month that it has seen a significant increase in the number of businesses turning to lead generation.