Origination

The Federal Reserve's Operation Twist might not have an immediate impact on the mortgage industry, but its aim to keep interest rates down could have a longer-term effect on originations, said one veteran industry observer.

Small and midsized mortgage originators want to have access to marketing materials that typically meet two criteria: they are effective and they are inexpensive.

In just 22 months in business, Willie Newman has built Cole Taylor Mortgage from nothing to an operation that recently did $200 million in production in a single month.

Sales contracts are falling through at twice the rate of last year, according to new figures released by the National Association of Realtors at its annual convention in Anaheim.

The Federal Housing Administration, which sold more than 102,000 government-owned homes in fiscal year 2011, expects to sell that many again in the new fiscal year.

The ever-optimistic National Association of Realtors believes the worst housing downturn since the Great Depression is almost over.

House and Senate conferees will not restore the $729,750 maximum loan limit on GSE-backed mortgages in high cost areas, sources told National Mortgage News this weekend -- but they have agreed to bump up the limit on Federal Housing Administration loans in lower cost areas.

The FHA loan guaranty was introduced to make homeownership affordable for those who might otherwise be unable to obtain a mortgage. For generations, that is exactly the way the program played out.

A mortgage lender looking to take advantage of the displacement in the marketplace is Greenlight Financial Services, Irvine, Calif. The company is celebrating its 10th year in business by hiring 400 people and expanding its business profile.

A lot of mortgage applications went unfunded last year. A whole lot. In fact, a full $1 trillion in apps went unfunded for a variety of reasons. Compared to the $1.6 trillion that did get funded, that's a big turndown rate of 38%.