Origination

The parent company of structured settlement purchaser J.G. Wentworth, has expanded its pilot program in the reverse mortgage business into a full-fledged operation.

Retired Rear Admiral Thomas C. Lynch has been named to the board of Chrysalis Holdings, the parent company of NewDay Financial Inc., which originates reverse mortgages among other products.

Record low interest rates are not bringing borrowers to the table as the level of loan applications decreased 4.3% on a seasonally adjusted basis for the week ended Sept. 30 according to the Mortgage Bankers Association.

Consumer lending experts urged a Senate panel on Tuesday to confirm a director of the Consumer Financial Protection Bureau this week.

The House voted 352-66 Tuesday afternoon to pass a continuing resolution that will fund government operations, including the National Flood Insurance Program, through November 18.

The reduction in the Fannie Mae/Freddie Mac loan limit could trim home sales by up to 5%, further delaying a recovery in the housing market, according to industry officials speaking at a Progressive Policy Institute conference Tuesday.

Christmas has come a little early this year for warehouse lenders, thanks to Bank of America's planned exit from correspondent lending.

PHH Mortgage Corp., will be losing one of its largest private-label origination customers in Charles Schwab Bank, but will be adding five new clients for which it said this new business should more than offset any lost income.

Southwest Bank, Fort Worth, Texas, is on the verge of making its first warehouse line of credit and is catering to a small but growing segment of the market that it calls "mini-correspondents."

It may be a favorable time to review market demand for underutilized rural area financing options such as the USDA program.