Origination

Two mortgage software companies plan to move forward with development on platforms to integrate third-party software into their loan origination systems.

Mortgage application volume rose 14.6% last week on a seasonally adjusted basis, the first increase in five weeks, as record low rates finally enticed existing borrowers to refinance, according to new figures released by the Mortgage Bankers Association.

Some recent developments will more than likely put reverse mortgages in a favorable light once again. The announcement of the extension of the lending limit of $625,500 for Federal Housing Administration Home Equity Conversion Mortgages will allow seniors with higher home values to continue to benefit the reverse mortgage programs is the first.

JPMorgan Chase suffered $1.5 billion of mortgage repurchase losses in the third quarter due to loan buybacks from secondary market investors (mostly the GSEs) but its residential lending unit still managed to post positive earnings in the quarter.

Celink, a reverse mortgage subservicer based in Lansing, Mich., will use Industry Consulting Group Inc., as its tax service provider. The payment of the borrower's taxes and insurance is one of the issues affecting reverse mortgage services; a default in this area could lead to foreclosure.

A California mortgage lender says it’s the first to use a warehouse line of credit to originate a fully electronic mortgage and sell it directly to a government-sponsored enterprise.

Lenders repossessed 17,200 properties in the tri-county South Florida area in the third quarter, more than double the number they "popped" in the same period last year. At the same time, the value of new foreclosure filings in July, August and September was down substantially.

Despite historically low mortgage rates, homeowners are having a hard time refinancing their loans, according to Federal Reserve Board staff.

There is a lot of talk about today’s improved loan quality and loans on the secondary market today are better, but recent events have clearly highlighted the need for better vetting when it comes to processing on the servicing side, and not to be overlooked as this occurs is that there is still a lot to look out for on the origination side, too.

Total Mortgage Services LLC, Milford, Conn., said it is seeing "significant improvement" in the jumbo mortgage market and is now offering the loans at rates of under 5% to certain borrowers.