Origination

The Federal Housing Administration is working on a new reverse mortgage product for seniors who need to tap the equity in their homes to cover daily living and health care costs.

Title insurance giant First American Financial Corp., Santa Ana, Calif., Friday named Max O. Valdes chief financial officer, and Mark E. Seaton senior vice president of finance.

Commercial mortgage banker Capmark Financial Group Inc. has struck a deal with its lenders that would trim their claims in the bankruptcy case by $100 million and could ease the threat of a potential lawsuit from unsecured creditors.

Although President Obama made the creation of a Consumer Financial Protection Bureau a hallmark of the financial reform law enacted July 21, his delay in nominating the agency's first director could hamper its ability to get off the ground.

Too many businesses, too many loan originators, are trying to move a lot of dirt these days with a spoon instead of investing in a bulldozer.

Tight mortgage credit and "cautious" consumers are working to keep the housing market at depressed levels, according to Federal Reserve Board chairman Ben Bernanke.

The weakening of the U.S. economy has created a difficult environment for banks of all sizes. Banks are a product of the economy in which they operate and will reflect the economic conditions of those areas. In other words, if the local or national economy is struggling, the banks operating in and serving those areas will also struggle.

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.

During the past two years lenders and mortgage insurers have added tougher underwriting requirements than those of Fannie Mae and Freddie Mac. Now Fannie is eliminating one type of "overlay."

Despite the surge in refinancing activity, Freddie Mac said its purchases of refinanced loans declined slightly in July.