NMP - December 2016 - 33


a report of findings

The highest score was an 8.5 for
conventional servicing, but was a 10
for Ginnie MSRs.
Question 19 wanted to know if
the GSEs' exception from the 43
percent DTI cap in the QRM rule put
their firm at a competitive
disadvantage vis-à-vis Fannie and
Freddie. Only two of the executives,
both portfolio lenders, felt they were
disadvantaged by the exemption.
Freddie's Loan Quality Advisor
Suite was the subject of Question
20. On the 10-point scale, the group

assessed the Freddie suite as a 6.5.
The response range was from one
through nine.
Questions 21 and 23 asked if
their firms were respectively selling
more or fewer loans to Freddie and
Fannie. Fifteen executives reported
selling more to Freddie year-overyear, five fewer and four reported no
change. For Fannie Mae, 17
executives indicated more sales,
nine fewer and three unchanged
sales.
Question 22 asked who was
providing a better service level and
price, and the collected responses
couldn't have been closer: 13 said
Fannie, while 12 said Freddie.

Question 24 wanted to know if
Fannie Mae's Collateral Underwriter
was working well at their firms. Yes,
said 19 executives versus two that
said no. The remaining eight said
they weren't sure and deferred an
answer.
Question 25 wondered if the
GSEs' new loan dispute appeals
process was viewed positively. Yes,
responded 17 compared to three
who weren't pleased. Another nine
indicated uncertainty and passed on
offering a response.
Question 26 inquired whether
the constraints to extending more
continued on page 64

33

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for the group as a whole. FHA
volume for the year was reported up
at 12 firms, down at eight and
unchanged at nine others.
Question 6 asked about the
percentage of their firm's
conventional business that was over
80 percent LTV. The average was
32.7 percent amid a five to 70
percent range.
Question 7 asked about their call
center, consumer direct business.
The group average was 10.8
percent with a range of zero to 100
percent. Eight of the 29 firms
surveyed operate call centers, which
account for at least 10 percent of
their business.
Questions 8 to 10 wanted to
know respectively if they were
originating more high LTVs, high
DTIs and low FICO this year than
last. Of the 29 firms, 12 were doing
more high LTVs, six less and 11 the
same amount; seven were writing
more high DTIs, nine fewer and 13
unchanged; nine were originating
more low FICOs, 11 fewer and nine
reported no change year over year.
Question 11 asked if there was a
recent wave of cash out refis
occurring. They are back in a big
way said 11 executives, while 17
others reported no acceleration in
cash outs.
Question 12 wanted to know
about their firms' profits. Higher said
23 compared to five who reported
essentially the same profit level or
lower in 2015.
Are you adding employees,
asked Question 13? Twenty-five
firms are adding compared to only
two that have not added or cut back
employment levels. Question 14
inquired about any shortage of
appraisers. Here 26 of 29 said there
was a shortage in at least one of the
markets their firm served. Many
added that the appraiser shortage is
nationwide.
Questions 15 and 16 dealt with
the firms' MSR posture this year
and their attitude toward originating
FHA loans. Nineteen of the 29 are
retaining servicing, 14 are sellers,
and six others are buying bulk. As
for FHA lending, 15 executives were
less upbeat about originating FHA
loans, while nine were more upbeat.
Questions 17 and 18 wondered
if the executives were concerned
about the liquidity and value of
conventional servicing and of Ginnie
Mae servicing. To answer, I asked
each executive to respond on a one
through 10 scale, with the higher
number being very, very concerned.
Conventional servicing scored a 5.3
on the 10 point scale, while
FHA/VA/Rural servicing scored 7.6.

continued from page 31


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Table of Contents for the Digital Edition of NMP - December 2016

Contents
NMP - December 2016 - Cover1
NMP - December 2016 - Cover2
NMP - December 2016 - 1
NMP - December 2016 - Contents
NMP - December 2016 - 3
NMP - December 2016 - 4
NMP - December 2016 - 5
NMP - December 2016 - 6
NMP - December 2016 - 7
NMP - December 2016 - 8
NMP - December 2016 - 9
NMP - December 2016 - 10
NMP - December 2016 - 11
NMP - December 2016 - 12
NMP - December 2016 - 13
NMP - December 2016 - 14
NMP - December 2016 - 15
NMP - December 2016 - 16
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NMP - December 2016 - 18
NMP - December 2016 - 19
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NMP - December 2016 - 21
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