Origination

The members of the Mortgage Insurance Cos. of America wrote $8.7 billion in primary new insurance during May, compared with $7.1 billion in April and $3.9 billion for May 2011.

CitiMortgage has introduced a reduced mortgage payment program for qualifying servicemembers who have to permanently relocate and need immediate financial relief.

The cities of San Bernardino, Ontario and Fontana have passed resolutions to purchase the underwater loans of city residents and Mortgage Resolution Partners will refinance the loans.

The FHFA said that half of all borrowers who received loan modifications in the first quarter had their monthly payments reduced by over 30%, and one-third included principal forbearance.

While other major developments have gone to seed during the housing recession, Stapleton, Colo., has flourished as the new town is on track to record its third best sales year ever in 2012.

The Consumer Financial Protection Bureau is planning stronger disclosure requirements for reverse mortgages as more evidence emerges that senior citizens are using the product without fully understanding its main features and risks.

The U.S. Supreme Court has decided it "improvidently granted" a writ of certiorari in First American v. Edwards, and has in essence kicked the case back to the trial court.

The operators of an allegedly deceptive mortgage modification business will pay more than $750,000 in ill-gotten gains to settle Federal Trade Commission charges. The settlements also permanently ban the 11 defendants from selling any mortgage assistance relief products.

The Federal Savings Bank in Overland Park, Kan., said it will open its national home loan center in Chicago's West Loop neighborhood and staff it with as many as 400 new employees.

Despite recent advances by credit scoring companies, the mortgage industry still questions whether credit scores can be relied on to predict borrower behavior.