Origination

The Department of Housing and Urban Development is asking Ameritrust Mortgage Bankers Inc. to indemnify the Federal Housing Administration for possible future losses on 10 loans and reimburse the agency $183,327 for actual losses on at least one mortgage.

Second quarter residential production came in lower than expected, but the recent weeks long dive in mortgage rates – and a subsequent increase in refinance applications – should boost third quarter originations significantly, according to a new forecast from Fannie Mae.

The American Bankers Association is urging the Consumer Financial Protection Bureau to clarify the term "proxy" in the loan officer compensation rule which the trade group says is causing "serious difficulties" for banks -- and conflicts with federal pension laws.

Arizona regulators said the primary mortgage insurance subsidiary of The PMI Group, Walnut Creek, Calif., had a $320 million deficit in its policyholder position and that was one of the factors which led to the decision to appoint a supervisor over the company's operations.

Accenture announced its acquisition of Dallas-based mortgage outsourcing provider Zenta Monday, in a move that puts the global consulting and outsourcing provider in the thick of the mortgage origination business and the massive loss mitigation efforts ongoing in the mortgage servicing industry.

A Jacksonville title agent who was the owner of Premier Title Group Inc. has pleaded guilty to bank fraud last Friday afternoon for serving as the closing agent during a mortgage fraud scheme.

The loan-limit countdown has begun. In lieu of lower loan limits on conforming loans and mortgages insured by the Federal Housing Administration, some lenders have already stopped taking applications for financing in amounts above $625,500.

The PMI Group late Friday told its mortgage banking clients that it has immediately halted the writing of all new insurance policies.

Although mortgage rates hit a 50-year low last week, don't expect them to bail out the ailing U.S. housing market.

Could there really be 459,000 U.S. loan officers plying their trade in residential finance?