Data and information management

The Treasury Department unveiled a bold new plan to speed up the dissolution of Fannie Mae and Freddie Mac, saying the two can no longer retain profits and must reduce their massive portfolio holdings at an annual rate of 15%.

Single-family housing starts fell 6.5% in July from the month prior while multifamily starts jumped nearly 10%.

Impac Mortgage Holdings originated $532 million of residential loans in the second quarter, a 135% gain from the same period a year ago as its business continued to grow at an impressive clip.

A Home Affordable Modification Program report shows that 75% of non-government-sponsored enterprise borrowers entering the program in June received some form of a principal reduction.

Although many lenders find themselves swamped with new business, mortgage applications fell sequentially by 4.5% for the week ending Aug. 10.

Mortgage Master one of the largest privately held nonbanks in the nation, estimates its originations will grow 27% this year to $7 billion.

According to a sample of survey figures being collected by NMN, some firms grew their mortgage servicing rights' portfolios by fourfold or more over the past 12 months.

Cole Taylor Mortgage executed on its diversification strategy in the second quarter by adding seven branches from another lender, plus by buying mortgage servicing rights.

Impac Mortgage Holdings, Irvine, Calif., expects to post a profit when it reports second quarter earnings on Wednesday, and continues to expand its lending and servicing operations, the company said in a recent SEC filing.

One in every 686 housing units nationwide either had a default notice, scheduled auction or bank repossession on their property in July.

Residential delinquencies are on the rise again and trouble could be afoot in FHA foreclosures, according to new second quarter figures compiled by the Mortgage Bankers Association.

Residential mortgage applications fell almost 2% for the week ending August 3, according to new figures compiled by the Mortgage Bankers Association. The comparison is to the week prior.

PHH Corp., the parent company of the nation’s largest nonbank mortgage lender, lost $57 million in the second quarter and signaled its intention to reduce its presence in the correspondent lending channel where it ranks seventh nationwide.

Refinancings of Fannie Mae and Freddie Mac loans with LTV ratios above 125% surged in June as lenders were able to securitize and sell these severely underwater loans for the first time.

The CoreLogic house price index rose for the fourth consecutive month in June and the vendor’s chief executive expects prices will remain positive during the second-half of this year.

The government controlled Freddie Mac posted solid earnings of $1.1 billion in the second quarter – after paying the U.S. Treasury Department $1.8 billion in dividends on the preferred stock it owns.

Community Trust Bank had $385 million in outstanding warehouse commitments at June 30, almost double what it had a year ago.

The Federal Housing Administration reported Monday that applications for streamline refinancings of existing FHA borrowers jumped 400% in June from the month prior. In total, 84,600 new applications came in.

The average cost to close a residential loan in the U.S. dropped 7% over the past year to $3,754, according to Bankrate.com’s eighth annual closing costs survey.

Mortgage bankers hired 7,800 full-time employees in June after adding 2,200 in May as managers tried to beef up capacity with their shops being swamped by a tidal wave of refinancings caused by record low interest rates.