Origination

PHH, the nation's largest private mortgage company, has been notified by the Consumer Financial Protection Bureau that it is the subject of an investigation into potentially improper reinsurance payments.

PHH Corp., Mt. Laurel, N.J., is now looking to sell $150 million in debt to help pay off $250 million of debt that matures in April. Originally the company was looking to sell $250 million in debt back in December, but cancelled that offering.

Bank of America's share price climbed to just over $6.50 Tuesday, a sign that investors somewhere are bottom feeding on this once proud banking franchise, one that shot itself in the foot (or is it head?) when it bought Countrywide Financial Corp. in 2008.

Many mortgage industry observers believe the HARP 2.0 program will contribute greatly to loan origination volumes in 2012. The question for many originators is where do we find consumers who are eligible for the program under the expanded criteria?

Federal Housing Administration loans once served a broad spectrum of borrowers until the subprime mortgage meltdown came along and pushed lenders to tighten underwriting standards and credit score requirements.

The Consumer Financial Protection Bureau needs to more clearly interpret regulations such as the loan officer compensation rule, according to executives participating in a roundtable discussion at the National Association of Mortgage Brokers' recent NAMB/West show.

Wipro Gallagher Solutions has redefined its fulfillment offerings to meet the demands of loan originators and servicers for middle and top-tier lenders.

Housing sales in the Lake Tahoe area held steady last year, notching a 1% increase in the number of units sold, according to local real estate company Chase International. But they were much stronger in the outlying towns of Truckee, Reno and Sparks.

Freddie Mac is providing up to one year of forbearance for unemployed borrowers to pay their mortgage.

When foreclosure and short sales are excluded from the CoreLogic home price index, it shows that values declined just 0.6% over the 12 months ending November 30.