Origination

Provident Funding Associates, the nation’s ninth largest residential originator, has told its correspondent sellers that it will no longer accept mortgage insurance from the troubled MGIC Corp.

Mortgage bankers hired 7,800 full-time employees in June after adding 2,200 in May as managers tried to beef up capacity with their shops being swamped by a tidal wave of refinancings caused by record low interest rates.

In the past two years, 270 church properties were sold after a loan default, 90% of them by banks.

The Federal Housing Finance Agency has already increased guarantee fees on GSEs loans by 10 basis points this year—as required by Congress—but a new round of g-fee hikes is in the works.

On July 25, U.S. District Judge Paul G. Rosenblatt sentenced Clint Bryson Rogers of Scottsdale to five years in federal prison for his role in a mortgage fraud conspiracy. Rogers pleaded guilty on Jan. 18 to conspiracy to commit the crimes of false loan application, wire fraud and money laundering.

In an exclusive interview with Mortgage Technology, Davis Henderson President and CEO Gerrard Schmid explains how the Canadian tech developer plans to combine Mortgagebot’s POS and Avista’s LOS technology.

CitiMortgage will be the second correspondent mortgage investor to use a technology and services offering from Ellie Mae that provides tamper-proof versions of borrower verification data on loans sold by correspondent lenders.

PennyMac Mortgage Investment Trust, which started out in life solely as a nonperforming loan investor, is now cleaning up as a correspondent buyer of newly originated loans.

Sterling Bancorp confirmed that it has acquired Universal Mortgage Inc., a mortgage brokerage firm that has its offices in Brooklyn.

MGIC Investment Corp. lost $274 million in the second quarter, almost double the amount of red ink it suffered in the same period a year ago.