Origination

Independent foreclosure reviews at the major banks were meant to compensate wronged homeowners and restore some faith in the integrity of mortgage servicing. Instead, the process has become mired in questions of objectivity.

I have been putting out National Mortgage News for more years than I care to admit to and this issue, the Nov. 5 edition, is the hardest I’ve ever had to get out.

Lenders should institutionalize the loan officer assistant position, and place strict limitations on its functions.

One of its highlights was technology, data and analytics where revenue rose 11% to $192 million. Its EBITDA margin was 26.7%, up 460 basis points from last year.

The National Association of Independent Housing Professionals has formally asked the Consumer Financial Protection Bureau to grant an extension on the filing of mortgage call reports for those in the FEMA disaster areas.

It appears that the government-owned Ally Financial likes mortgage brokers after all, trusting them in the jumbo space.

The government owned bank will fund jumbo mortgages through brokers and correspondents.

Mortgage brokers accounted for almost half the job gains since the beginning of the year, according to an analysis by National Mortgage News.

Fannie Mae ended September with loan commitments to buy $76.5 billion of new mortgages, a sign that originations will stay strong until yearend.

The survey, however, offers no specifics on residential loan officers, who according to National Mortgage News, are doing quite well this year.