Origination

A former California mortgage lender agreed to pay $4.2 million to settle civil fraud allegations that its lending practices in the Southeast caused taxpayers to lose millions of dollars when homeowners defaulted on their loans after the Great Recession.

Mortgage rates moved back below 4%, pushed by last week's weak economic data report, according to Freddie Mac.

Two reports this week are singing harmony about the metro Atlanta housing market: there are fewer homes sold, while the ones that are selling are going for higher prices.

MGIC Investment Corp. reported second-quarter net income of $118.6 million, an improvement from the $109.2 million for the same period last year.

The marketplace lender's application for an industrial bank charter is under fire from small banks and progressives, who say it could violate the barrier between banking and commerce and shut out middle-class and lower-income consumers.

Colony American Finance has been rebranded as Corvest American Lender in the wake of equity and asset acquisitions by funds affiliated with Fortress Investment Group.

The share of closed purchase loans remained flat in June, affected by the lack of homes for sale, according to Ellie Mae's Origination Insight report.

Mortgage loan application volume increased 6.3% last week as interest rates remained flat after a sharp gain during the previous 14-day period, according to the Mortgage Bankers Association.

California Gov. Jerry Brown and legislative leaders announced that the state's housing crisis will be at the top of their agenda when lawmakers return in August from a month-long break.

The Buffalo, N.Y., bank also said commercial and consumer lending ticked up, while residential real estate fell during the second quarter.