Origination

State regulators this week fined Mortgage Access Corp., an affiliate of realty giant Weichert, $3 million for using unlicensed mortgage originators. The settlement covers 10 states.

A division of PennyMac Mortgage Investment Trust said it has hired a former top executive from Bank of America to run its fledgling correspondent lending division.

The 30-day-plus delinquency rate for securitized commercial and multifamily mortgages retreated a bit in the wake of the previous month’s unexpected spikes.

On paper, a revival in sensible subprime lending—the operative word being “sensible”—sounds like an idea whose time has come again. During the financial meltdown of the past three years four million households have lost their homes and thanks to a nearly 10% unemployment rate, credit scores have been scorched.

The 10-year Treasury yield used as a benchmark for long-term mortgage rates dropped below the psychologically important 3% level Wednesday morning on the heels of more weak economic data, according to one expert.

The Eleventh Federal Home Loan District Cost of Funds Index for April is at its third lowest point ever, and the lowest since the recalculation caused by the removal of Wachovia Mortgage FSB in November 2009.

Data from the 2010 U.S. Census confirms what supporters of reverse mortgages have been saying regarding the need and audience for the product. The 65 and older group makes up 13% of the nation's population, while the next generation of reverse mortgage users, those between 45 and 64, are over 26% of the population.

Investor owners of senior housing and healthcare facility properties looking for their next investment might well best be served by looking at their own portfolios, according to one expert on the topic.

Mortgagebot has added its 1,000th customer to its point of sale and product and pricing technology products.

Mortgage application volume declined by 4% for the week ended May 27, even as the contract rate for the 30-year fixed-rate mortgage resumed its downward movement after a one week break, according to the Mortgage Bankers Association.