Originations

Western markets are catching the turnaround fever, according to the second quarter ‘Top Turnaround Town’ report from Realtor.com.

Fannie reported comprehensive net income of $5.4 billion in the second quarter, a stunning 74% improvement from 1Q and will require no financial assistance from the U.S. Treasury Department.

Guarantee Rate Inc., one of the fastest growing mortgage bankers in the U.S., is in talks to buy Manhattan Mortgage, New York, a large brokerage shop that had close ties to Wells Fargo Co., according to industry officials who were briefed on the matter.

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.

Controversy about what method leads to higher real estate valuation accuracy and realistic pricing is keeping up competition between vendors striving to custom fit their tools to the changing needs of their lender and servicer clients.

MetLife, the insurer seeking an exit from banking to limit U.S. regulation, was penalized $3.2 million by the Federal Reserve for lapses tied to the servicing of loans and handling of foreclosures.

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.

Based on his public comments, DeMarco is not unsympathetic to the plight of underwater (but current) borrowers but there is no doubt in his mind that the adoption of a principal reduction program would spur a massive wave of strategic defaults by GSE mortgagors.

SunTrust Bank, one of the largest mortgage lenders in the U.S., is looking for a new executive to manage retail production after the departure of Martha Simmons Scott.

These hirings are a precursor to a move into third party origination channels, company executives said.

The second quarter report shows nearly 38,400 Freddie loans ($8.1 billion) with LTVs above 125% were refinanced during the first-half thanks to the HARP 2.0 changes.

But rest assured, the CFPB will get around to auditing just about every nonbank lender of any decent size.

Tree.com Inc. had net income of over $27 million in the second quarter, driven largely by the $26 million gain recorded on the sale of Home Loan Center Inc. to Discover.

LenderLive Network has been selected to become a mortgage servicer for Fannie Mae and Freddie Mac.

Technology at home is about wants, while technology at work should be about needs—business needs.

A new survey by Ernst & Young has found representatives of more than two dozen major building operations to be the most optimistic they’ve been in years.

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.

Low-income community revitalization has always been one of the most challenging jobs in housing finance. Both investors and individual buyers are hard to come by these days when cost is an issue for sellers as much as it is for buyers.

A large majority of banks participating in the Home Affordable Refinancing Program have restricted their refis to mortgages they already service or own, according to a July survey of senior loan officers by the Federal Reserve.