Origination

MELVILLE, NY—While there are many “unknowns” regarding the future of broker compensation, speakers at the New York Association of Mortgage Brokers annual convention here said they believe the wholesale lending business is not going away.“Wholesale is here to stay, and it will thrive for many years to come,” said Richard Bloom, an area sales manager for Wells Fargo Home Mortgage during the regulatory update session.

Walter Investment Management Corp., Tampa, Fla., has priced a private placement of residential mortgage-backed notes to be issued by Mid-State Capital Trust 2010-1. The offering consists of $135 million of notes secured by residential mortgage loans, building and installment sale contracts, promissory notes, related mortgages and other security agreements.

Flagstar Bank has closed on the sale of a $474 million portfolio of non-insured non-performing residential first mortgages.

It would be a great thing if homeownership could help mitigate homelessness. Currently the focus of most homelessness advocates is rental housing. But rental housing is the step just before homeownership for millions of people.

While the investment opportunities in the nonagency residential mortgage-backed securities space are not what they were in 2008, there is still opportunity there, executives at an internally managed real estate investment trust investing in nonagency and agency RMBS told attendees at a REIT conference in New York.

A number of commercial real estate companies are seeking and receiving lines of credit because they can get better terms than the lines they replace.For example, Government Properties Income Trust, Newton, Mass., is replacing a $250 million secured revolving bank credit facility with a $500 million unsecured facility. The original line of credit had a maturity date of April 24, 2012. The new line matures Oct. 28, 2013, with an option to extend for one year.

House and Senate appropriators allotted $150 million for the Federal Housing Administration reverse mortgage program but now it appears those credit subsidy funds won’t be needed because of the new HECM Saver program.

The Concord Group is projecting a national home sales recovery for the fourth quarter of 2012 based on its just-completed United States Housing Outlook report.With approximately 18 months of supply on the market, the Newport Beach, Calif.-based firm said it expects a return to normalized absorption rates by the first quarter of 2012.

For the second consecutive quarter, Triad Guaranty Inc., the Winston-Salem N.C.-based mortgage insurer in run-off, reported a profit, this time because of an extraordinary item. But the company said it remains unlikely that it will be able to cover all of its policyholder obligations by the time business winds down.

The concept/law of continuous process improvement begins with the concept that a plan—a process—is needed in most areas of your business and your life. Process simply is defined as the way-the best way-to accomplish a business plan and even a basic task.