Origination

Carrington Mortgage Services has been expanding its retail mortgage lending capacity for the past 12 months and now it is about to jump into the wholesale space.

Fannie Mae on Friday suspended Republic Mortgage Insurance Co. as an approved MI to the GSE and took the added step of suspending a subsidiary that RMIC planned to write all new business through come September 1.

The nation's mortgage insurance firms wrote $4.8 billion of primary new business in June, the sector's best month of the year, excluding January, according to new figures compiled by an industry trade group.

PHH Corp., the nation's fifth largest residential funder, lost $41 million in the second quarter as the fair value of its mortgage servicing rights declined by $117 million during the period.

The U.S. homeownership rate fell by less than half-a-point in the second quarter to 65.9% as foreclosures accelerated and consumers put off buying homes because of fears about prices and the economy.

The job requires precision, quality control and conformance to specifications. An employee is consistently producing a defective product. The cause must be poor skill or aptitude. Maybe not. It may be sleepiness or mental fatigue.

Title insurers First American Financial and Stewart Information Services late this week posted second quarter earnings above market expectations, mostly on reduced costs.

The average price of existing homes in the Houston area reached a record $228,650 in June, according to the local real estate group, as the number of transactions increased for the first time since January.

Genworth Financial, which controls the nation’s fifth largest mortgage insurance firm, reported a net loss of $96 million in the second quarter, citing continued problems in the MI space.

Goldman Sachs & Co. and Citigroup Global Markets Inc. Thursday withdrew a CMBS transaction from the market, alleging an inability to get final ratings for it from a company that had promised them.