Origination

The House Financial Services Committee late this week voted to terminate a Federal Housing Administration principal reduction program designed to refinance underwater borrowers.

Redwood Trust’s second jumbo mortgage-backed securitization closed last week and it showed, according to Redwood, that loans can be financed in this market with rates just 0.5% above the government-sponsored enterprise market, which bodes well for the long-awaited private market’s possible return.

Flagstar Bank ended the year with $1.87 billion of outstanding warehouse commitments, a 23% jump from the same period a year ago, according to survey figures.

Summit Bank, Prescott, Ariz., would be "an attractive acquisition" for a mortgage bank or Small Business Administration lender, the institution's president said.

The Center for Responsible Lending late this week weighed in on the 'qualified residential mortgage' debate, saying that a 20% down payment threshold will materially shrink the overall borrower market.

State Employees' Credit Union, Raleigh, N.C., late this week announced that it is eliminating appraisal fees for home equity lines of credit and closed-end second liens.

Redwood Trust officials have been hearing plenty of talk about other firms entering the jumbo MBS space—but aren’t holding their breath about seeing new bonds issued anytime soon.

The Law of Continuous Process Improvement begins with the concept that a plan is needed in every area of your business and your life. But every plan requires continuous analysis and adjustment to find the way forward. Even basic task need a plan and a process of continuous improvement.

Banco Popular de Puerto Rico, the principal banking subsidiary of Popular Inc., in January signed a letter of intent to sell approximately $500 million of construction and commercial real estate loans. The transaction is expected to close before the first quarter of 2011 ends.

Mortgage companies sharply cut their payrolls in January by 10,300 full-time positions, a reaction to both declining loan applications and a weaker outlook for originations.