Origination

Not only do mortgage originators have to worry about the federal do-not-call laws, they need to be mindful that there are state laws that cover consumer marketing and contacts as well. And if convicted of violating those laws on either the state or federal level, the penalties can be very hefty.

DALLAS—Consumers’ sense of obligation to the mortgage contract remains strong, according to the results of a market research survey conducted last summer on behalf of Wells Fargo Home Mortgage.

The National Association of Home Builders for the first time has added race and ethnicity data to the quarterly housing affordability survey it has produced for the past 20 years. That’s all to the good. The story the new data tells, however, is an old one.

Senate Banking Committee chairman Tim Johnson, D-S.D., late this week rebuffed Republican demands to take up legislation that would restructure the governance of the Consumer Financial Protection Bureau.

The U.S. government and a group of private investors plan to spin off the subprime lending and servicing division of American International Group, by selling $500 million worth of stock to the public – through a REIT structure.

A New Mexico mortgage banker is pursuing an aggressive growth strategy, acquiring mortgage banking and mortgage brokerage firms all over the country.

The vast majority of state disciplinary actions against appraisers are not being reported to the federal appraisal subcommittee, which maintains a national registry of state certified and licensed appraisers.

Fannie Mae chief economist Doug Duncan believes cash purchases of homes will continue at "quite high levels" for the rest of this year as investors and even some homebuyers by-pass the traditional mortgage process.

Ocwen Financial is one of at least three investors that were invited in by Goldman Sachs to make a final round of bids on Litton Loan Servicing, the Wall Street firm’s specialty servicing division, according to investment bankers and others close to the situation.

Fannie Mae has approved a second subsidiary of Genworth Mortgage Insurance Corp. as an eligible mortgage insurance writer. Several of the private mortgage insurers have established subsidiaries to keep on writing new business in the event their main operation breaches the 25:1 risk-to-capital ratio or minimum policy position required by 16 states.