Origination

PHH Corp. posted net earnings of $75 million for the first quarter, turning a profit on its residential mortgage operation, but suffering charges on its servicing business. In 1Q11, the company earned $49 million.

Michael D. Fraizer, chairman and CEO of Genworth Financial, resigned Tuesday afternoon, two weeks after the firm’s stock was hammered because of accelerating losses in its Australian mortgage insurance business.

Continuing its rapid expansion throughout the Northeast, Berkshire Hills Bancorp said that it has acquired Greenpark Mortgage Corp.

The real estate market enjoyed a splendid first quarter in Texas, where both sales and prices logged positive gains.

Flagstar Bancorp Inc. lost nearly $9 million in the first quarter, but that is an improvement over the loss of $78 million in the fourth quarter last year and $32 million in 1Q11.

Radian Group Inc. lost $169 million in the first quarter, as the company's mortgage insurance business had a pretax loss of $45 million for the period.

Fannie Mae acquired $95.3 billion of mortgages from its seller/servicers in March, a stunning 53% jump from the month prior, and a performance a source close to the company attributed to recent guarantee fee hikes.

It appears that a flip-flop of sorts is happening in regard to the FHA and VA programs.

Recent hikes in FHA premiums appear to be causing a shift in government-backed mortgage programs.

Costco, the discount merchandise warehouse, is planning to expand its financial offerings with a test pilot for mortgages and student loans.