Origination

The Federal Home Loan Bank of Boston this week filed a complaint seeking to rescind the purchase of nearly $6 billion of MBS whose collateral is underpinned by loans to homeowners with sketchy credit.

The average primary market rate for a 30-year fixed-rate mortgage during the week ending April 21 dropped to 4.80% with 0.7 of a point from 4.91% the previous week, according to Freddie Mac.

Home prices fell 1.6% in February after a 1% dip in January as the GSE regulator's house price index hit yet another new low since values reached their peak in April 2007.

Not all mortgage lenders saw loan production fall off the table in the first quarter. Astoria Financial Corp., Lake Success, N.Y. funded $707 million of residential loans for its portfolio in 1Q, a 10% jump from 4Q.

The meeting is going on and on. Your boss is rambling. You get the gist of the concept. You're bored. Your mind drifts. You wonder if you've got any new messages on your smartphone. Who will notice if you sneak a peek?

The California law firm Kassas Law has started a prelitigation service to help homeowners who have trouble securing loan modifications from banks.

Hudson City Bancorp, one of the largest correspondent lenders in the Northeast, shed roughly $8.6 billion of MBS in the first quarter as it moved to reduce its interest risk at the demand of regulators.

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Wells Fargo Home Loans is telling its correspondent lenders and brokers they cannot vary the compensation they pay their loan officers based on the mortgage product.

Lender Processing Services' "first look" report found that the national monthly and yearly delinquency rates continued to decline in March.