Origination

Low rates are attracting both purchase and refinance applications as both components in this week's Mortgage Bankers Association Market Composite Index, a measure of mortgage application activity, have increased over the previous week.

PennyMac Mortgage Investment Trust, a publicly traded vulture fund formed by former Countrywide president Stan Kurland, earned $8.2 million in the second quarter, almost six-times its profit in the prior period.

The increase in delinquencies on commercial mortgage-backed securities has slowed over the past two months with some analysts hoping the worst might be over for the sector.

The National Association of Realtors' gauge of future home sales drifted lower in June after a 30% plunge in May just after the federal tax credit expired for first-time and move up buyers.

Radian Group Inc. lost $475 million during the second quarter as it took a pre-tax loss of $525 million on the fair value of derivatives. The loss resulted from an improved market perception of Radian's credit risk that resulted in a tightening of Radian's credit spread and the widening of general corporate credit spreads.

First American Financial Corp., Santa Ana, Calif., had net income of $34 million in the second quarter. One year prior, the company had net income of $29 million.

Residential Capital Corp. and its mortgage related affiliates earned $230 million in the second quarter, compared to a year ago loss of $1.3 billion.

PHH Corp., which controls the nation's seventh largest residential lender, earned $28 million in the second quarter, almost double what it earned in the same period a year ago.

A recommendation made by a number of contributors to our publications (both online and print) is for mortgage originators to seek out the services of a business coach.

WASHINGTON-The odds may be against them, but mortgage industry groups are staging a major push to pass a standalone Federal Housing Administration reform bill before the Senate adjourns Aug. 7 for a month-long recess.