Origination

But what does the eventual resolution of ResCap really mean? Answer: A new, stronger competitor (Nationstar) could rise from the ashes. (If Dan Mudd was still at Fortress -- which owns a piece of Nationstar -- he might be considered the “Comeback Kid.”)

President Obama traveled to a couple's home in Reno, Nevada, on Friday in his effort to pressure Congress into passing legislation that would allow more Americans to refinance their mortgages.

Although Nationstar has agreed to buy most of Residential Capital Corp.’s mortgage assets, the sale is by no means a done deal, according to ResCap CEO Tom Marano.

What is clear after reading the May 9 information release is that when it comes to the CFPB and the Federal Reserve, the left arm clearly does not know what the right arm is doing.

The government controlled Ally Financial Monday morning said its board has voted to place Residential Capital LLC into Chapter 11 bankruptcy protection while it finalizes a deal to sell substantially all of its assets to Nationstar Mortgage for $4 billion. In total, 50 ResCap affiliates are affected by the filing.

Freddie Mac CIO Robert Lux shares his thoughts about the GSEs’ Uniform Mortgage Data Program.

Is the mortgage industry in the throes of what might turn out to be a lengthy and profitable recovery? Let’s look at the signs: Fannie Mae just posted a hefty profit, Freddie Mac has earned money on an operating basis for at least two quarters in a row, many lenders are enjoying strong profit margins and the HARP program appears to be humming along. Optimists might have reason to pop some champagne.

Wells Fargo plans to give its underwriters more control in approving mortgages that it retains in its own portfolio, as the bank tries to add high-quality assets to its balance sheet.

Talk about pet peeves, sales and marketing slogans are high on my list. Companies employ a variety of sales and marketing slogans but totally disregard the intent and meaning of the phrase they use. They even go so far as to have it as a salutation on their emails and voicemail greetings.

The discussion in a number of panel sessions at the Mortgage Bankers Association National Secondary Market Conference in New York on May 6 through 9, was if, let alone when, private capital would return to the industry. In the exhibit hall, much of the vendor focus was on technology and compliance which would ease that transition. Nary a wholesaler or correspondent aggregator was exhibiting.