Origination

At a time when many mortgage bankers are objecting to the idea of retaining 5% of the credit risk for mortgages they securitize, Union Bank in San Francisco says it has no problem with risk retention.

The average Freddie Mac survey rate for a 30-year mortgage dropped 12 basis points to 4.76% during the week ending March 17 in response to downward pressure on bond yields stemming from the Japanese crisis.

While regulators are moving toward requiring high downpayments for the majority of home buyers, there are still ways to aid first time buyers, according to Obama administration officials.

It’s been more than three months since Move Inc. launched its mortgage origination website Mortgagematch.com and already the site has seen some early success in attracting visitors. But it also has it has renewed debate about the role of online mortgage “shopping” tools that are both lead generators and lending portals.

Every successful loan officer has a "to do" list. But, consider what your life and your income would be like if you write down the things you will stop doing, the stuff that wastes your time and costs you money.

Servicer and technology provider Reverse Mortgage Solutions Inc. is expanding into correspondent and retail originations in its niche with hires that include a team that formerly worked for Bank of America before its exit from the business, a spokesman told this publication.

While change at the top of the Mortgage Bankers Association was expected eventually, the trade group's board didn't think it would happen this quickly.

Meredian Financial Corp., a Costa Mesa, Calif.-based mortgage lender and broker, is being sued by Minnesota attorney general Lori Swanson for charging state homeowners thousands of dollars to refinance their mortgages without actually providing consumers the promised services.

Home builders broke ground last month on the fewest homes in nearly two years and cut their requests for permits to start new projects to a five-decade low.

Despite monthly improvements in 2011, year-over-year new home sales are down 9%, according to the John Burns Real Estate Consulting monthly survey.