Origination

The reverse mortgage business is still a growth industry and becoming a Ginnie Mae-approved securitizer will allow One Reverse Mortgage LLC, San Diego, to grow with it, said its top executive.

Citigroup on Tuesday afternoon revealed that it recently hired Mark Danahy to head its residential origination division, which ranks among the top five in the nation.

The Federal Reserve's pledge on Tuesday afternoon to keep short-term rates low through 2013 should sustain relatively favorable mortgage market conditions for quite some time.

Sand Canyon Corp., a subsidiary of H&R Block that holds the remnants of the Option One Mortgage business, will pay a $10 million settlement to Massachusetts and institute a loan modification program providing an estimated $115 million of additional relief to consumers.

Federally insured banks, thrifts and credit unions have three times as many loan officers engaged in mortgage lending as state-licensed companies, according to new figures submitted to the Nationwide Mortgage Licensing System and Registry.

Housing industry executives awoke on Monday to a world reshaped by the U.S. downgrade, but for their corner of the financial markets the pain is mostly psychological.

The historic downgrade of the U.S. government's credit rating is raising the question of whether similar actions may be in store for the country's largest banks, which also control a lion's share of the residential servicing business.

The president of the National Association of Independent Housing Professionals is seeking a meeting with the Federal Deposit Insurance Corp.'s ombudsman to discuss the issue of the agency going after loan brokers on buyback claims.

Every business to be successful has to have a written plan that needs to be followed and modified to fit changing conditions. That is not news—on more than one occasion, I have written articles on the topic.Not covered as much is the need to have a personal business plan put down on paper as a road map for growing your own sales.

Officials at CMG Mortgage Insurance Co., a joint venture between CUNA Mutual Group and PMI Group, are trying to reassure their credit union customers that the financial problems of the latter will have no affect on the JV and its ability to write new MI policies.