Origination

When word leaked out a few weeks ago that Bank of America had lost one of it top residential loan officers to a competitor, it had a message for the troops: we value your work and want to keep you.

The refinance boom of the third quarter both helped and hurt earnings at PHH Corp., Mt. Laurel, N.J. The company reported a net loss of $148 million during the period due to a $361 million write-down of mortgage servicing rights values.

For one day, Nov. 10, a hotline will be established for seniors and others to call in on as part of the effort to fight financial abuse for those over 65.

The government owned Ally Financial posted a $210 million loss in the third quarter, dragged down by a $471 million pre-tax charge tied to its mortgage servicing rights.

Nearly three-quarters of baby boomers said they would rather be close to their children or family during their retirement year, rather than live in a community with friends of their own age.

New residential loan applications grew fractionally for the week ending October 28, despite continued rock bottom interest rates, according to figures compiled by the Mortgage Bankers Association.

While new CMBS issuance is likely to continue trailing off as of Tuesday afternoon there was still at least one deal in the works and there were signs of continued investor demand for it despite broader market concerns.

The U.S. Department of Justice Tuesday sued Allied Home Mortgage Capital Corp. and two executives — including founder Jim Hodge — accusing them of fraudulent lending practices tied to hundreds of millions of dollars in government-backed loans.

The benchmark 10-year Treasury yield Tuesday morning dropped more than 20 basis points and the Dow fell close to 300 points, putting downward pressure on industry stocks and mortgage rates.

There were 58,019 single-family homes sold in Texas during the third quarter, up 18% over the same period last year, the Texas Quarterly Housing Report said. Volume, one economist noted, has returned to levels last seen eight and nine years ago, when the markets acted in a more normal fashion.