Origination

New home sales fell 2% in May after a 6% increase in April as sales continue to be stuck in a low range.

Pillar Multifamily LLC and George Elkins Mortgage Banking have had their multifamily loan correspondent arrangement approved by Fannie Mae.

The latest average weekly 30-year mortgage rate came in unchanged at 4.5% in Freddie Mac's latest survey but market activity as of Thursday morning was putting downward pressure on it.

The Rialto Investments segment of Lennar Corp., Miami, which purchases problem assets, saw its operating earnings increase in the company's second fiscal quarter (which ended May 31) over the same period last year but the homebuilder's financial services unit saw operating earnings decline due to decreased volume in the mortgage and title businesses.

Home builders received a vote of confidence of sorts at the Pacific Coast Builders Conference in San Francisco with the disclosure that would-be buyers favor new houses almost unanimously over used.

The Obama Administration needs to appoint a "housing czar" with the single purpose of clearing the market of distressed houses, a prominent West Coast economist said.

The decline of mortgage brokers has had a profound affect on loan origination system provider Ellie Mae. As indicated by the Pleasanton, Calif.-based company’s disclosures to the Securities and Exchange Commission, its customer base has shifted dramatically from broker to lender since 2008.

The environment is shape shifting. The only long-term constants are uncertainty and change. Your ability to foresee the future is limited. You have to set priorities. If everything is a priority, nothing is a priority.

Who needs to worry about MBS risk-retention rules when you can hold fixed-rate mortgages in portfolio?

(Note: this item corrects an item that ran on June 20 using faulty data.) Two of the nation's top megabanks–Bank of America, and JPMorgan Chase–saw their residential second lien production volumes swoon in the first quarter on a year-to-year basis but the leader in this market, Wells Fargo & Co., saw its volume increase somewhat, according to new figures compiled by National Mortgage News and the Quarterly Data Report.