Origination

PHH Corp., Mt Laurel, N.J. is the only independent mortgage loan servicer that can internally generate new unpaid principal balances for its platform and thus its loan production unit can generate MSRs at a discount compared to the cost to purchase them, an analyst for Sterne Agee said.

The presentations of three national title insurance underwriters at the Keefe Bruyette & Woods insurance conference held on Wednesday concentrated on the importance of focusing on profitability in the current real estate market, analyst notes said.

MGIC is in discussions to sell its eMagic unit as well as its Myers Internet business, a company spokeswoman confirmed. The pair contributes minimal revenue to the company and it has made a strategic business decision to try and divest them, she said.

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The Senate Banking Committee last this week approved a bi-partisan bill to reform the National Flood Insurance Program, extending it out for five more years.

Although President Obama Thursday night made a slight reference to a government-backed refi plan for troubled mortgagors, the effort appears to be temporarily stalled over concerns about what effect it would have on both MBS investors and the megabanks, according to advisors and trade group sources who claim to have knowledge of the program.

American Realty Capital Properties, New York, sold almost 5.6 million shares of stock for proceeds of nearly $70 million in its initial public offering. The common stock began trading on the Nasdaq Capital Market as of 3 p.m. on Sept. 7. The offering priced at $12.50 per share.

Americans are expressing their highest levels of pessimism regarding the housing market and the economy in general, according to Fannie Mae's August National Housing Survey.

Continuing economic uncertainty contributed to fixed-rate mortgages falling to their lowest interest rate levels ever, according to the latest Freddie Mac Primary Mortgage Market Survey.

Accenture plans to acquire Dallas-based outsourcing and fulfillment firm Zenta, a move that adds new mortgage industry-related capabilities, licenses and technology to the global consulting and outsourcing firm's portfolio.