Origination

Buoyed by gains from mortgage servicing revenue, Ocwen Financial Corp., Atlanta, reported net income of $26.4 million in the second quarter, up 65% from the $16 million it earned in the same quarter last year.

Redwood Trust, the only firm to publicly issue jumbo MBS in the past two years, posted a net profit of just $9 million in the second quarter, half of what it earned in 1Q, telling investors there is a lack of quality mortgages to buy at the right price.

With the Dow Jones in a steep selloff Thursday afternoon, mortgage insurance stocks took it on the chin, reacting to poor earnings from MI giant The PMI Group.

There were five areas where Quality Mortgage Services found increased errors for Federal Housing Administration-insured mortgage applications between 2009 and 2010, and the reason for rise in adverse findings was due to poor loan processing and underwriting oversight.

When looking at employee personal Internet use on the job, it's important to consider how you are going to use any monitoring data and, as a part of that, to also think about who will have access data and why.

Thanks to an ailing U.S. economy and trouble in overseas markets, rates offered on 30-year fixed-rate mortgages fell to a new yearly low this week, 4.39%, according to figures compiled by Freddie Mac.

PMI Group, Walnut Creek, Calif., lost $135 million in the second quarter, but it could have been worse if the company was not able to record a $151 million gain on sale (net of tax) as it was finally able to recognize the note associated with the sale of its Australian mortgage insurance operations.

Commercial mortgage lenders more than doubled their originations in the second quarter compared to 2Q 2010 with all property types – especially multifamily – contributing to the gains.

First Tennessee Bank, Memphis, ended June with $1.9 billion of warehouse commitments on its books, just about flat compared to the same period a year ago.

Loan origination software provider Ellie Mae posted a net loss of $40,000 on total revenue of $11.5 million during the second quarter, an improvement over a loss of $1.3 million in the year ago period.