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THIS JUST IN: Are mortgage insurance firms beginning to get more aggressive, taking on additional risk? The answer is yes, according to FHA chief David Stevens. Keep in mind that five short years ago FHA's market share was a blood-curdling low 2.5%. The program barely had a pulse. Most of the industry had left FHA for dead, choosing instead to promote "liar loans" from Ameriquest, Argent, First Franklin. But that was then. Today, FHA has a share of close to 30% (and the U.S. economy a big gaping hole in it, but you already know about that.) For the full analysis see Brian Collins' story in the Monday edition of National Mortgage News. Don't subscribe? Call 800-221-1809...

Was the fourth quarter a good one for residential lenders? It all depends on the firm and where they are located (and lend). Cherry Creek Mortgage of Greenwood Village, Colo., had a blow-out quarter: $773 million in residential fundings compared to $431 million in the year ago period. Meanwhile, the yield on the 10-year has been slipping a bit this week, which means, perhaps, mortgage rates will not increase all that much in the months ahead. Keep your fingers crossed. Meanwhile, President Obama said this morning he will ask Congress to bar banks from proprietary trading or from owning, investing in or sponsoring hedge funds or private equity funds. Sounds a bit like he wants to re-erect the Glass-Steagall Act...

Mortgage marketers can learn a lesson from the most watched online video.

How much in cash will the new changes made by FHA this morning raise for the government insurance fund? FHA chief David Stevens isn't saying, at least not yet. Perhaps, then, the reserve fund isn't so bad off, after all -- or maybe it's so bad that he doesn't want to talk about it. One thing we know for certain is that FHA delinquencies are still lower than subprime late payments, which are north of 35% at some shops that still hold the loans/ABS. Meanwhile, the political playing field shifted somewhat last night with the win by Republican candidate Scott Brown over Martha Coakley. Congress likely will pass some type of healthcare reform but Republicans will finally have a true say in the bill. But what about reform of Fannie Mae and Freddie Mac? The GOP has never liked the two -- especially now with major taxpayer money keeping their net worths above zero. Nothing will happen legislatively in regard to the GSEs this year but after the 2010 mid-term elections? It could get interesting...

For the next few weeks, Broker Universe will feature some of our favorite Sue Haviland columns from the past year.Seems like more often than not, the stories you see in the media about reverse mortgages are, well, less than complimentary. Let's face it they are down right ugly. Seniors are cautioned to be extra careful and our segment of the industry is labeled as the next subprime crisis. Gimme a break.

HOW NOT TO USE THE NEW GFE LEGALLY

We continue to hear more talk that some large holders of troubled mortgages may finally begin selling their "dogs" but public announcements are few and far between. PennyMac recently confirmed that it had bought a $100 million portfolio of loans but declined to identify the seller. One positive sign could be strong earnings. If large banks and Wall Street firms -- which also are the largest holders of nonperforming residential loans and securities -- post strong earnings they finally can "afford" to unload their NPL holdings. Meanwhile, the U.S. Chamber of Commerce is running an advertisement on the New York Daily News website, lobbying against the creation of a consumer financial protection agency, saying a CFPA will make it more difficult for small businesses to get credit. We assume these small businesses could include mortgage banking and brokerage firms...

People are becoming more and more comfortable with the idea that participating in the social media should be part of their key marketing strategy. But be careful - these same forums are also an outlet for someone who might be a disgruntled client.

JPMorgan Chase chief Jamie Dimon took another (minor) swipe at loan brokers in today's earnings conference call (see the NMN website for details) but he also said something interesting -- that JPM soon will be "over capitalized," as will the banking industry. As for the wholesale/broker channel, there's at least one new entrant we can tell you about -- Total Mortgage Services of Connecticut. TMS is about to launch a multi-state initiative. And in case you missed it: the Real Estate Settlement Procedures Act now requires mortgage lenders/brokers and settlement agents to use the new Good Faith Estimate and HUD-1 Settlement Statement forms. Not sure what to do? Better lawyer up...