DS News

26 MOVERS & SHAKERS KEEP UP WITH WHO'S DOING WHAT AND WHO WENT WHERE Got something to share with us? Send it to Editor@DSNews.com. Mortgage Credit Availability Down in April A report released by the Mort- gage Bankers Association (MBA) showed that mortgage credit avail- ability was down slightly in April, which means a tightening of stan- dards in the mortgage industry. e results, which analyze data from the AllRegs Market Clarity product, come through MBA's Mortgage Credit Availability In- dex (MCAI). ese results showed that the MCAI index decreased by 0.18 percent to 113.8 from March to April. Credit availability is, however, still above the index benchmark of 100, which was set in March 2012. is is the first time since November that MBA has reported a decrease in the MCAI. Since the beginning of the year, the index has either remained flat or has increased month-to-month, indicating loosening standards. However, much of the loosening MBA has reported on in the last few months concerns products such as jumbo mortgages and not standard home loans, which, thanks in part to a growing hous- ing market and stricter lending rules, are putting more pressure on average homebuyers. "ere continues to be coun- tervailing trends in the data," said Mike Fratantoni, MBA's chief economist. "On one hand, credit continues to be more available to jumbo borrowers, particularly those seeking adjustable-rate mortgages, and we are beginning to see some loosening within conventional and FHA programs for conforming loans. On the other hand, some investors shut down or tightened criteria for certain programs." e MBA report comes on the heels of a survey of senior loan offi- cers by the Federal Reserve, which found that credit standards have remained largely unchanged (and tight) on basic prime mortgage products over the latest quarter, even though the demand for these products has waned. CONTINUED FROM PAGE 24 LenderLive Names New VP of National Sales LenderLive welcomed Stephen J. Kolimaga has joined the firm as VP of national sales for the company's outsource services division. In this role, Kolimaga will be responsible for developing new private-label fulfillment relationships with financial institutions, banks, and credit unions. Kolimaga brings nearly 20 years of experience to LenderLive, much of it focused on private-label operations. LRES Promotes New VP of Valuations LRES promoted Selene Nunez to VP of valuations. Nunez is a 14-year veteran at LRES. Nunez's new responsibilities as VP of valuations will focus on further enhancing the delivery of property valuations and improving product operations and gross margins. Nunez previously served as LRES' director of valuations, where she provided leadership in staffing, training, and employee relations. Freedman Anselmo and Lindberg Welcomes New Attorney Freedman Anselmo and Linderg LLC welcomed a new attorney to the practice—Crystal V. Cáceres. She will serve as associate bankruptcy counsel, working in the areas of bankruptcy, mortgage foreclosure, and creditors' rights. Cáceres is a graduate of Loyola University Chicago (2001) and Northern Illinois University College of Law (2008) and is licensed to practice law in the State of Illinois. GSE QUARTERLY REPORT CARD POSITIVE e Federal Housing Finance Agency (FHFA) released its Quarterly Performance Report of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System. Overall, the performance report was good, noting increases in Fannie and Freddie's earn- ings, as well as substantial advances by the Federal Home Loan Bank System. e review covered the fourth quarter of 2013. Together, the two GSEs reported a combined full-year earnings of $132.7 billion, which benefited from the "release of the valuation allowance on de- ferred tax assets (DTA), rising national house prices, fewer delinquent loans, and proceeds from represen- tation and warranty settlements and private-label mortgage-related (PLS) securities settlements," the FHFA said. e Federal Home Loan Bank system had positive earnings as well, noting $2.5 billion of earnings in 2013. e yearly earnings were down slightly from the $2.6 billion reported in 2012. Notably, aggregate advances increased by 17 percent to $499 billion. As a percentage of total assets, advances increased to 60 percent. e FHFA found that delinquent loans continue to decline as government assistance programs contin- ued to help afflicted borrowers. In Q 4 2013, seriously delinquent loans declined 7 percent to approximately 674,000 loans. Yearly, seriously delinquent loans declined by 27 percent. Post-crash business was also up at Fannie and Freddie. "e post-conservatorship business (2009 to pres- ent) continues to become a larger piece of the total single-family portfolios as new business is added and homeowners take advantage of low interest rates to refinance existing loans. is post-conservatorship business now accounts for approximately 76 percent of the total single-family portfolio at both enter- prises," the FHFA said. Delinquency rates for these new loans remain at or below 1 percent. However, seriously delinquent rates for loans originated between 2005 and 2008 remain high and account for roughly 15 percent of the single-family portfolios. e FHFA also found that PLS security settle- ments also helped Fannie and Freddie's earnings, providing $2.2 and $5.5 billion, respectively. e fourth quarter of 2013 saw a drop in refinance activity from increasing mortgage rates. Home Affordable Refinance Program (HARP) actions dropped by 8 percent to approximately 893,000 in 2013. However, HARP volume as a percentage of total refinance volume remained relatively constant at 22 percent in 2012. Home prices rose 1 percent in the month of March and are up 7 percent from the same point last year, according to Black Knight Financial Services. KNOW THIS

• Cover