Originations

A court found a recess appointment to the National Labor Relations Board was unconstitutional. This could affect the Consumer Financial Protection Bureau.

Redwood Trust, which sold $424 million of mortgage-backed securities at spreads of 190 basis points, was the big gainer among mortgage stocks on Friday.

The commission ordered Thomas Richter and Girard Finance Co. to cease discriminatory lending practices and pay a total of $668,951 to seven borrowers for damages plus humiliation and suffering.

Chicago convention managers and Mayor Rahm Emanuel advanced plans for a new arena and makeover of Navy Pier, the city’s top tourist attraction.

Goldman Sachs, Citigroup and Jefferies priced the $1.1 billion CMBS deal called GS Mortgage Securities Trust 2013-GCJ12.

Walker & Dunlop Inc. said that Brian Casey will join its proprietary capital group on May 23.

New compliance requirements don’t typically inspire the most innovative technology enhancements in the mortgage industry. But the upcoming overhaul of borrower disclosure forms has created an opportunity to re-engineer the way lenders and title companies execute mortgage closings, according to Document Systems Inc. CEO Dominic Iannitti.

In the past two years, 85% of Hispanics were engaged in online banking, compared to 74% of all U.S. households.

After acquiring JPMorgan Chase’s Melbourne, Fla., servicing shop earlier this year, Wingspan Portfolio Advisors is now expanding the functions this facility will provide.

Analysts at Keefe, Bruyette & Woods believe fears about a Federal Reserve Board exit from its mortgage-backed securities holdings in the near future are overdone.

The Department of Housing and Urban Development is coming under pressure from House Republicans to issue a policy that would ban the Federal Housing Administration from refinancing any loans that have been seized by a county via eminent domain.

Flagstar Bancorp said that its chief executive has stepped aside after just eight months in the post.

On May 8, four men were convicted in a California court of defrauding hundreds of victims in a real estate scam that included fraudulently collecting upfront fees for loan modification services.

As a result of the new qualified mortgage rule from the Consumer Financial Protection Bureau, nearly half (44%) of credit unions in a survey indicated they will cease originations of non-qualified mortgages, while another 44% will reduce originations.

The National Association of Realtors is projecting that existing home sales will rise 16% from 2012 to 5 million this year.

The Federal Savings Bank, which is owned and operated by military veterans, has opened its Northeast flagship loan production office in Manhattan.

News about the flood-tested endurance of a structure in the Chicago area is music to the ears of everyone who has witnessed any of the super storms that keep hitting our shores.

Most stocks in this publication’s Mortgage Industry Equity Composite lost some value during the day, with five exceptions.

When it comes to counseling consumers on their financial health, home buying or home retention, an effective client management system can help with that process that takes place following an initial counseling session.

Federal regulators have agreed to soften a rule intended to rein in the banking industry’s domination of a risky market.