Originations

I know of two loan officers – one who worked for a bank, the other for a mid-sized nonbank – who recently gave notice and went out on their own to become mortgage brokers.

One of the biggest compliance and litigation risks for lenders involves the performance of branch managers.

Intense competition with bigger banks over commercial and industrial loans has some community bankers reconsidering how much they want to engage in a price war for such loans.

U.S. regulators said they will be giving homeowners who believe they may have been wrongfully foreclosed upon more time to get an independent review.

Provident Funding Associates, the nation’s ninth largest residential originator, has told its correspondent sellers that it will no longer accept mortgage insurance from the troubled MGIC Corp.

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.

In the past two years, 270 church properties were sold after a loan default, 90% of them by banks.

The Federal Housing Finance Agency has already increased guarantee fees on GSEs loans by 10 basis points this year—as required by Congress—but a new round of g-fee hikes is in the works.

On July 25, U.S. District Judge Paul G. Rosenblatt sentenced Clint Bryson Rogers of Scottsdale to five years in federal prison for his role in a mortgage fraud conspiracy. Rogers pleaded guilty on Jan. 18 to conspiracy to commit the crimes of false loan application, wire fraud and money laundering.

In an exclusive interview with Mortgage Technology, Davis Henderson President and CEO Gerrard Schmid explains how the Canadian tech developer plans to combine Mortgagebot’s POS and Avista’s LOS technology.

CitiMortgage will be the second correspondent mortgage investor to use a technology and services offering from Ellie Mae that provides tamper-proof versions of borrower verification data on loans sold by correspondent lenders.

PennyMac Mortgage Investment Trust, which started out in life solely as a nonperforming loan investor, is now cleaning up as a correspondent buyer of newly originated loans.

Sterling Bancorp confirmed that it has acquired Universal Mortgage Inc., a mortgage brokerage firm that has its offices in Brooklyn.

MGIC Investment Corp. lost $274 million in the second quarter, almost double the amount of red ink it suffered in the same period a year ago.

If you’re a flaming liberal in Congress you view the Ed DeMarco-principal-reduction controversy as follows: Fire that Republican now!

Mortgage refinancings once again drove banks' profits last quarter and, with interest rates at record lows, most industry experts expect the trend to continue at least through the end of the year.

The mortgage disclosure proposal is intended to simplify the disclosure process by combining overlapping requirements in the Truth in Lending Act and Real Estate Settlement Procedures Act.

Streamline refinancing applications have more than doubled since the Federal Housing Administration opened a special program on June 11 for existing FHA borrowers who had not refinanced since May 2009.

Electronically signed 4506-T forms will mean that lenders will be able to verify the borrower’s income in as little as a few minutes.

Radian and most mortgage insurers consider HAMP transactions a modification of existing coverage and do not include it in new policies written.