Origination

Axia Home Loans, Bellevue, Wash., a $1 billion a year producer, has hired Keith Frachiseur as its new president.

A Mortgage Bankers Association analysis of data from the Federal Deposit Insurance Corp. shows that commercial and multifamily mortgages "have fared better through the credit crunch and recession than any other major type of loan held by banks and thrifts" in some respects.

Home prices fell 1.2% in January, following a 1% decline in December, according to preliminary figures compiled by Lender Processing Services.

Radian Guaranty Inc. did $2 billion in primary new insurance written in February, which is the fifth consecutive month the company has written at least that much volume.

The new premium structure for FHA-backed single-family loans will increase receipts by $1 billion per year to bolster the government's mortgage insurance fund, keeping it out of the red. But it could also reduce demand and curtail FHA lending by 30% by the end of fiscal year 2013, according to new projections.

In a tax dispute that could be far-reaching, the U.S. Department of Justice told the New York Court of Appeals, the state's highest appellate court, it believes that federally chartered credit unions should be exempt from the state's Mortgage Recording Tax because of the provisions of the Federal CU Act which exempt federal credit unions from almost all state taxes.

"Nothing happens until something gets sold!" My regular readers have heard this phrase before, and whether or not you agree with the concept, the practical aspect of that application cannot be denied. Furthermore, it's all in the technique.

Mortgage application volume declined by 1.2% on a seasonally adjusted basis for the week ended March 2, as the market share of refinance apps hit their lowest point since December, according to the Mortgage Bankers Association. Data for the previous week was adjusted for Presidents Day.

Recent mortgage industry rules such as those laid out as part of Real Estate Settlement Procedures Act and good-faith estimate reform have pushed the need for improved compliance closer to point of sale, Martin Williams, CEO Acris Technology, told this publication.

Two mortgage industry trade groups are urging the Consumer Financial Protection Bureau to focus its unique powers on streamlining regulations that would improve residential disclosures to consumers.