Origination

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.

Hilltop Holdings of Dallas, a property and casualty insurer, has agreed to buy fast-growing mortgage lender PlainsCapital in a cash-and-stock deal valued at $537 million.

Having high net worth clients, a referral-based business model and low interest rates helped Eric Magee's production in 2011.

Over the past dozen years, one of the best things I’ve done on the road is to gather top industry officials around me and have a freeform, on-the-record roundtable of industry issues.

For the past year nonbank loan officers have complained they must meet state licensing requirements and pass LO tests while their bank counterparts merely need to register with the states.

HUD secretary Shaun Donovan in a conference call pushed for quick approval of a trio of legislative proposals backed by the president that are aimed at further expansion of refinancing opportunities to underwater borrowers with clean payment histories.