Secondary

Fannie Mae is moving closer to picking an advisor that will guide the government-sponsored enterprise as it moves to unload billions of dollars in nonperforming loans over the next few years.

FBC Mortgage has launched a separately operated and branded loan channel called CloseQuick to provide boutique third-party origination services to community banks.

Scandals have tarnished the reputations of many large bank mortgage lenders and one expert believes they need to go back to being community lenders, the same niche their smaller competitors occupy.

PennyMac Mortgage Investment Trust could raise $315 million in fresh cash when it closes on the sale of 15 million shares of its common.

Standard & Poor’s warned that the entrance of new and lesser known special servicing firms can overcrowd the market and complicate the servicing process.

By the fourth quarter, the government-sponsored enterprises likely will be reporting even stronger profits as their legacy loans continue to run off, being replaced by very profitable new issuance.

Ellington Financial, a specialty finance company that acquires and manages mortgage-related assets, sold 3.5 million shares of common stock.

The Mortgage Industry Advisory Corp. is selling almost $8 billion worth of Government National Mortgage Association servicing rights for an undisclosed client.

Government-sponsored enterprise reform needs to account for the GSEs' influence on commercial/multifamily securities markets as well as single-family ones.

Norcom Mortgage has entered the correspondent channel and is now actively buying residential loans from community banks, nonbanks and credit unions.