Origination

Warehouse credit for nonbank borrowers is probably the most plentiful it’s been since financial markets melted down three years ago. Banks, both large and small, have entered the sector, realizing strong profits can be made for little risk.

The Realtors' leading indicator of future home sales jumped 8.2% from April to May and it is up 13.4% from a year ago with all four regions of the country showing an uptick in sales contracts.

Bank of America Corp.'s proposed settlement of mortgage-backed securities claims against its Countrywide unit would force private-label investors in 530 Countrywide trusts to accept the bank's $8.5 billion offer, B of A officials said Wednesday.

Bank of America's pending settlement related to hundreds of billions of dollars worth of Countrywide-issued first-lien RMBS released Wednesday would include not only an $8.5 billion cash payment to trusts involved but also about $400 million of servicing changes and improvements, according to an investor law firm involved.

For the second consecutive week, mortgage application volume declined, this time by 2.7% for the week ended June 24, according to the Mortgage Bankers Association. The drop in application volume occurred in spite of the fact interest rates for the 30-year and 15-year fixed-rate loans were at their lowest level since last November.

Freddie Mac said late Tuesday it has begun providing expanded disclosures on its multifamily loan portfolio and also improved access to information about its K certificate securities.

Kinecta Federal Credit Union, Manhattan Beach, Calif., said as of Tuesday afternoon it had become the only approved CU in California to offer Fannie Mae's HomePath mortgages along with additional incentives temporarily available.

A trend toward increased debt in general on the part of borrowers becoming eligible for reverse mortgages is something lenders that want to stay the course in this niche have to adapt to, and two veteran originators now entering the funding business believe the answer lies in careful underwriting.

Nearly three-quarters of middle-income Baby Boomers said in a recent survey that their financial situation, not their age, is what they will use to decide when to retire.

May home sales in Massachusetts dropped more than 25% from the prior year but median prices increased after five months of decreases, according to The Warren Group.