Origination

While investors believe they will be able to outbid first-time buyers in the "rush" to snap up houses at today's bargain-basement prices, a large majority apparently plan to use a combination of cash and credit to purchase properties as they build their inventories.

Sidus Financial, a nonbank mortgage firm that is at least 11 years old, is pulling the plug on its wholesale and correspondent lending division, according to correspondence provided to National Mortgage News.

A legislative proposal to eliminate the $271,050 loan limit “floor” on Federal Housing Administration-insured loans ran into strong opposition at a congressional hearing Wednesday.

The New York Senate on Wednesday confirmed Benjamin Lawsky to be the state’s first superintendent of its new Department of Financial Services.

A year after the federal home buyer tax credit gave housing a big shot in the arm, the end of this benefit continues to cast a shadow over the Houston market.

Virtus Real Estate Capital, an Austin, Texas-based private equity firm, has created a fund to invest in student housing with the goal of acquiring more than $300 million of properties over the next two years.

Christopher Vincent Hussain, the No. 1 producer on our list, says he benefited from the changing landscape in the business. This is because much of the competition on the residential side exited the business.

With their legislative sessions winding down for the year, 60% of all states have now acted to curb private transfer fees.

No doubt, these are tough times for loan officers at both nonbanks and depositories. Loan production is down, the purchase money business is in the tank, and new compensation rules may result in LOs taking home less money over time.

The Senior Citizens League said older Americans have lost 32% of their buying power since 2000. This is because the Social Security Cost of Living Adjustment has gone up just 31% since that year, while typical expenses have jumped 73%.