Daily Briefing | Thursday, April 26, 2012

• In Fraud Fight, Cheats Remain One Step Ahead

  For every positive step taken by lenders and the law enforcement community to stop people from scamming the system, it seems that fraudsters are one step ahead.

• ResCap Turns Profit in 1Q But Originations Plummet

  Residential Capital Corp./GMAC earned $217 million in the first quarter, but its residential originations plummeted by 53%.

• Higher Premiums Hurting FHA ‘Streamline’ Refis

  Higher premiums are starting to have a profound effect on the FHA’s “streamline” refinancing program.

• Sterling Sees Earnings Rise, Aided by Multifamily

  Sterling Financial reported that first-quarter net income rose 146% from the same period last year, to $13.3 million.

• 50 MetLife Mortgage Workers Land at Sun Home Loans

  Sun Home Loans hired 50 former MetLife Home Loans employees.

• Loan Officers Take Note: IRS ‘ESign’ Almost Ready

  The Internal Revenue Service is planning to roll out the production version of its electronic signature capabilities for Form 4506-T by the end of 2012.

• National Title Giants Report Improved Results

  Three out of the four national title insurance underwriters reported improved results for the first quarter.

• New Jersey Lender Posts Strong Earnings from Mortgages

  Aided by its January purchase of State Bancorp, Valley National Bancorp reported strong loan growth in the first quarter.

• 30-Year FRMs Stay at Rock-Bottom Levels

  The average primary market rate for a 30-year fixed-rate loan during the week ending April 26 inched down two basis points to 3.88%.

• Surprise: MetLife Exits Reverses, Unit Being Sold to Nationstar

  MetLife Inc. said it will exit the reverse lending business selling the division to Nationstar Mortgage of Texas.