Paul Muolo

On Thursday afternoon Congress will hold a hearing on the 'qualified residential mortgage' test and what it means for the industry and the world at large. But if you think Congress or banking regulators will cut lenders any slack on the 20% downpayment measurement, you can forget about it.

The Federal Reserve, in its new 'Beige Book' report, offers little hope that residential real estate markets will pick up steam anytime soon, but there are glimmers of improvement in such once depressed markets as Florida.

When it comes to adapting for market survival never, never underestimate the creativity of mortgage and real estate professionals, especially players that are privately held and hate dealing with multiple levels of regulation.

JPMorgan Chase released its mortgage earnings this morning (along with all that banking stuff that our readers probably don't care about) and it sure as heck looked ugly on the revenue side: Just $696 million in residential-related revenue in 1Q compared to $2.78 billion in 4Q.

Not only is Wells Fargo & Co., the nation’s largest residential funder of home mortgages, it is also the largest originator of FHA and VA loans.

Mortgage-related mergers and acquisitions should pick up a head of steam this year, according to a new report from Milestone Advisors.

Yesterday National Mortgage News broke the news that Southern Trust Mortgage Co. of Virginia Beach had exited the wholesale channel, citing what it calls "increasing compliance implications" tied to the Federal Reserve's new loan officer compensation rule. Translation: management didn’t want to hassle with the reporting requirements and compliance.

Southern Trust Mortgage Co. of Virginia Beach late last week told its loan brokers that it would exit the channel, citing what it calls "increasing compliance implications" tied to the Federal Reserve's new loan officer compensation rule.

At this point, there seems to be plenty of confusion about the new loan officer compensation rule but with just about everyone in the industry subscribing to the notion that loan brokers are at a competitive disadvantage to depositories and well capitalized nonbanks.

Although some mortgage lenders are seeing a noticeable decline in originations and have even cut staff, Union Bank of San Francisco is coming off its best production quarter ever.

Remember that 1972 movie “The Poseidon Adventure” when the cruise liner flips over in the ocean and is turned completely upside down in the water and the only way out is to hike north to the hull? (Then again, what do you do when you get to the hull? Pray?) The way I see it, the Gene Hackman character is a loan broker/loan officer. He has a firm belief that he’s right, even though the odds are insurmountable.

The Mortgage Bankers Association is asking the Federal Housing Finance Agency for more information on what servicers might be paid if a loan moves from being current into the ‘default’ category.

There’s a few things we know about Republicans and Democrats. Most members of the GOP would love to dismantle Fannie Mae and Freddie Mac as soon as possible even though both are now reporting operating profits. (Of course that profit applies to 4Q. First quarter 2011 earnings will be out in about five weeks.)

If loan volumes are slowing, don’t tell that to TMS Funding of Milford, Conn. The nonbank residential lender recently hired six wholesale account executives and plans to hire more.

As the market waits for word on the sale of HSBC’s $60 billion servicing portfolio, smaller MSRs deals continue to be offered by broker/advisory firms.

Fannie Mae has confirmed that it’s looking to outsource at least some of its technology chores to third-party vendors and sent out a “request for proposal” but isn't saying much beyond that.

Nothing good ever comes out of a government shutdown, except for lower mortgage rates. Follow my logic here. The 'Tea Party' folks in Congress hold to their principles and the GOP doesn't come to terms with Democrats. The government shuts down Friday night and both sides hold their positions, refusing to compromise.

If only, if only. If it weren't for a handful of revolutions/evolutions in the Middle East and rising oil prices ($108 a barrel this morning) the U.S. economy might be humming along at a nice clip. Then again, even with oil prices rising by so much the past two months hiring has picked up. But how long can it last?

A U.S. Appeals Court in Washington late Tuesday night lifted a stay halting the Federal Reserve's controversial loan officer compensation rule, saying the plaintiffs in the case – two broker trade groups – did not "satisfy the stringent" requirements required to continue that stay.

A U.S. Appeals Court in Washington late Tuesday night lifted a stay halting the Federal Reserve’s loan officer compensation rule, saying the plaintiffs in the case – two broker trade groups – did not “satisfy the stringent” requirements required to continue that stay.