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Mortgage Industry Buyer's GuideClick here to see nearly a thousand listings in hundreds of categories.Featured Buyer's Guide Category:Internet Loan ServicingThe future of loan servicing is here. For online listing info for the Buyer's Guide, Call Steve at 866-752-7966 or send an email to steven.gallego Blog of the WeekJoin the Discussion!Each week we will feature a mortgage blog from one of our writers on various topics of interest. To add your two cents, click on the link below, scroll down to the bottom of the blog, type into the comments box, and click submit. Michael Hammond looks at technological innovations in the industry and how they fit in with organization and process orchestration demands. Click here to read the details. |
Lead StoryAssistance Limited for HFAsBy Peter Schroeder 
Treasury Department officials are warning state and local housing finance agencies that the Obama administration's recently unveiled temporary bond purchase program is oversubscribed and that agencies will likely receive less assistance than they requested as a result. The officials issued the warning late last week and asked the HFAs to identify their peak years of issuance from 2004 to 2008 for both single-family and multifamily issues to help determine how much they should receive under the relief program. The scale-back comes after Michael Barr, Treasury assistant secretary for financial institutions, last month declined to put a dollar amount on the program and instead told reporters it would be sized to "meet demand."
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Despite Strong Originations, Lenders Continue to Shed Jobs
Even though residential originations swelled in the third quarter, the mortgage banking and brokerage sectors continued to shed jobs in September, according to new government figures. Read more...
Wells Servicing Chief: Servicers 'Hiring Like Crazy'
Residential servicers, a sector that is grappling with a potential tidal wave of loan modifications, are beginning to hire "like crazy" according to Mary Coffin, a senior servicing executive with Wells Fargo Home Mortgage. Read more...
Obama Signs Extension, Expansion of Homebuyer Tax Credit
With the nation's unemployment rate busting through the 10% mark in October, President Obama on Friday signed legislation extending the $8,000 first-time homebuyer tax credit and giving additional tax breaks to certain homeowners trading up. Read more...
PennyMac Vulture Fund Posts Loss, Considering a Conduit
PennyMac Mortgage Investment Trust, a mortgage vulture fund created by a former Countrywide executive to profit from the mortgage crisis, posted a $730,000 loss for the period ending Sept. 30. Read more...
PMI Posts Another Loss, but Sees Improvement
Driven by charges and adjustment expenses in its domestic mortgage insurance business, The PMI Group Inc., Walnut Creek, Calif., posted a net loss of $93 million for the third quarter, a marked improvement over the same period last year when it lost $229 million. Read more...
Fannie Loses $18.8 Billion in Quarter
Fannie Mae posted yet another stunning loss in the third quarter, $18.8 billion, noting that it now owns or guarantees close to $200 billion in nonperforming assets. Read more...
Fannie Regulator Clears Sale of Tax Credits
The Federal Housing Finance Agency has cleared Fannie Mae to sell roughly $2.6 billion in low-income housing tax credits to unidentified third-party investors believed to include Goldman Sachs & Co. and Berkshire Hathaway. Read more...
Ross Servicing Unit Sued by Ohio Over Loan Mods
Ohio's attorney general is suing American Home Mortgage Servicing — a business controlled by vulture fund investor Wilbur Ross — accusing the company of what the state calls "incompetent and inadequate customer service." Read more...
HUD Imposes Penalties on Two FHA-Approved Lenders
The Department of Housing and Urban Development's Mortgagee Review Board is imposing civil money penalties totaling $27,000 on two Federal Housing Administration-approved lenders in Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards. Read more...
Fannie Rolls Out 'Deed for Lease' Program
Fannie Mae has rolled out a new program under which it will offer market-rate leases for terms of up to a year to troubled borrowers who turn over the deeds to their homes. Read more...
Apartment Investment & Management Co. Upping Refi Action
Apartment Investment & Management Co. has decided to focus on reducing refunding risk by accelerating refinancing of property loans maturing prior to 2012, based on the results of its recently released third-quarter activity. Read more...
Former Georgia Mortgage Broker Pleads Guilty to Fraud Charges
Edward William Farley, a former mortgage broker from Georgia, pleaded guilty in federal district court to charges stemming from a mortgage fraud scheme and a related real estate investment Ponzi scam involving more than 150 victims. Read more...
Editor's ChoiceA Shift in ThinkingMortgage Technology Magazine editor Anthony Garritano points out that developments in the industry have prompted lenders to look much more closely at things like electronic disclosures.
Other VoicesThis story is from our sister publication, American Banker VIEWPOINT: Commercial Lending Needs A New ProcessWe have all watched hopefully as banks, government and technology providers scraped to put emergency plans and actions into place that would help handle the unprecedented levels of residential loan defaults and foreclosures. Some efforts seem to be working, while others are well intended, but fall short. One lesson that should be taken from the cascade of residential defaults and foreclosures is how to best prepare commercial lenders for the increase in defaults that is destined in the near future. Most commercial loans made by banks have a five-to-10-year maturity period, placing many of them [that were approved during more lenient underwriting times] up for renewal very soon. Commercial loans have the potential to cause an even bigger problem than residential if they are not handled properly. To put this in perspective, consider that the average consumer loan may be approximately $200,000, while the average commercial loan is about $10 million. Read more...Follow Us on Twitter!Get the latest breaking news and reading recommendations via Twitter. Today's Data Pick
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