Origination

Navy Federal Credit Union, Vienna, Va., is offering to pay up to $2,500 in closing costs for its mortgage borrowers; the offer covers both purchase and refinance transactions.

Interactive Mortgage Advisors, LLC has been hired to sell a full service mortgage banking firm – including production, servicing and insurance units – but is keeping the identity of the company a secret, at least for now.

Credit-default swaps on Bank of America, the nation's largest residential servicer, this week surged to the highest level since April 2009 before paring those gains.

Home Loan Servicing Solutions Ltd., a newly formed Cayman Island corporation controlled by Ocwen CEO Bill Erby, plans to sell 18.3 million shares in its initial public offering, raising $316.3 million from investors.

I was recently working with one of my San Francisco Bay Area executive coaching clients, the president of a mid-sized company. We discussed how to keep customers for life.

The Department of Housing and Urban Development is developing a set ofpolicy changes that would require reverse mortgage lenders to better underwrite Home Equity Conversion Mortgages. But lenders may beat HUD to the punch.

NovaStar Financial Inc., a former high flyer in the subprime mortgage originations business now pursuing the appraisal niche and others, reported net earnings of $457,000 for the second quarter, up from $256,000 one year prior.

Prices of single-family homes fell almost 3% in the second quarter compared to the same period last year with distressed transactions accounting for 33% of existing home sales, according to new figures compiled by the National Association of Realtors.

Reverse Mortgage Solutions, a Houston-based originator and servicer of FHA Home Equity Conversion Mortgages, is starting a wholesale production channel for these loans.

Relatively favorable jobless claims and a rally in the stock market Thursday reversed the course of mortgage rates, causing them to bounce back from what Freddie Mac's latest weekly survey confirmed have been a record lows.