Origination

Cornerstone Mortgage Co., Houston, a $3 billion a year originator, is continuing its talks with banks and may be close to a deal, according to industry officials close to the situation.

Carrington Mortgage Services is ready to launch its wholesale loan production channel now that the Santa Ana, Calif.-based company has completed its purchase of American Home Equity Corp. Terms of the deal were not disclosed.

Radian Group Inc., Philadelphia, reported net income for the second quarter of $137 million, helped by widening spreads leading to a gain in fair value on its derivative portfolio of $194 million. One year prior, the company lost $475 million, due to a fair value charge of $588 million.

Equifax announced its acquisition of back-office processing, closing and post-closing service and technology provider DataVision Resources Tuesday.

DALLAS—While politicians continue to figure out what to do with Fannie Mae and Freddie Mac, the federal conservator of the mortgage companies is hard at work implementing new policies and practices to improve the government-sponsored enterprises for as long as they are still around, according to Patrick Lawler, chief economist and associate director of the Federal Housing Finance Agency.

The mortgage operations at Ally Financial Inc. lost $127 million for the second quarter due to its legacy portfolio, down from profits of $34 million in the first quarter and $230 million for the second quarter 2010.

I was riding the New York City Subway to work one recent morning, when a father and his approximately five-year-old son sat across from me.

Silvergate Bank, La Jolla, Calif., said its warehouse lending program funded over 1,000 residential mortgage loans totaling $267 million in the second quarter.

The 'on-again/off-again' sale process has started once again for Aurora Loan Services, the Colorado-based mortgage banking division of Aurora Bank FSB, according to industry officials.

Homeland Security Capital Corp., Arlington, Va., has made its second acquisition in the mortgage and settlement services space by buying Timios Inc., a nationwide provider of title and escrow services for $1.15 million, plus contingency payments of up to $1.35 million over the next 12 months.