Origination

Navy Federal Credit Union unveiled two new ARM products: a 3/5 and 5/5 conforming (or jumbo) loan with start rates as low as 2.875% (2.943% APR).

Applications to refinance returned to highs last seen in February as a new round of record-low contract rates helped drive new business upward by 1.3% on a seasonally adjusted basis for the week ending June 1.

City councils in New York, Los Angeles and Pittsburgh have passed ordinances this year requiring banks that hold city government deposits to provide detailed accounts of their lending practices in low-income communities.

The Consumer Financial Protection Bureau is giving the 17 or so participants in its “small business” review panel five additional days to offer comments on the agency’s mortgage banking compensation proposals.

As head of the Mortgage Bankers Association, David H. Stevens spent the last year warning that excessive and ill-considered regulation could drag down the mortgage market. As the new head of SunTrust Mortgage, he'll have to face that regulation head-on.

Fannie Mae selected its general counsel, Timothy Mayopoulos, to be the GSE’s new president and chief executive, effective June 18.

On July 21, 2010, President Obama signed a bill that literally overhauled every corner of the financial industry—Dodd-Frank became an immediate game changer. Among other it contains an obscure provision that may fail to catch people's attention.

Property valuation compliance requirements are challenging lenders and servicers as much as home price fluctuations.

As Fannie Mae's July 1 deadline approaches, lenders and servicers must meet the GSE's requirement to satisfy homeowners association claims in order to preserve their first lien position.

An effort is gaining momentum to require banks to lend more in low-income neighborhoods in order to gain municipal business.