Origination

First Horizon National Corp. of Memphis late Monday disclosed that it has been subpoenaed by the Federal Housing Finance Agency because of six securitizations involving Fannie Mae and Freddie Mac.

State-licensed loan officers and mortgage brokers know they must pass criminal background checks, but beginning Monday, Nov. 1 they began facing yet another test: a state authorized check on their credit.

PHH Corp., the nation's seventh largest mortgage banking firm, posted an $8 million loss in the third quarter, after marking down the fair value of its mortgage servicing portfolio by $191 million.

During my free time before the Mortgage Bankers Association convention last week in Atlanta, I had the opportunity to visit the new World of Coca Cola, a museum that is a tribute to the company's mostly successful marketing campaigns.

WASHINGTON—The government has tried HAMP and various other programs to deal with the housing crisis without much success. But there is one “easy” solution that the Obama administration hasn’t tried yet, according one lender: extending the $729,750 conforming loan limit across the entire nation to all MSAs.

Mortgage bankers originated $319 billion of Federal Housing Administration-backed single-family loans in fiscal 2010, a 12% decline from the previous record year.

There has been another five basis point decline in the Eleventh Federal Home Loan District Cost of Funds Index between August and September, but the index is still higher than its record low set 11 months ago.

WASHINGTON—The Federal Reserve’s new rules on loan officer compensation are expected to force mortgage companies to review the way they conduct business and compensate their employees.“It’s going to make a lot of people restructure their mortgage departments,” according to Elizabeth Deal, executive vice president of a mortgage subsidiary controlled by the Independent Community Bankers of America.

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WASHINGTON—New figures compiled by the Federal Deposit Insurance Corp. show that depositories—savings banks included—originated $133.8 billion of one-to-four family loans using retail outlets in the second quarter, a 10% gain from the first quarter.It marks the first increase in bank originations since the second quarter of 2009 when retail originations hit $222.4 billion during a refinancing boom.