Originations

CO-OP Member Center is partnering with LenderLive Network to provide credit unions with mortgage outsourcing services.

The acquisition consists of 51 performing, subperforming and nonperforming notes secured by various commercial real estate and various assets located in Dade, Broward and Palm Beach Counties in Florida.

The California attorney general said three business owners who ran a national loan modification scam for over a year have to pay a least $4 million in restitution.

Hudson City Bancorp plans to sell more of its production into the secondary market going forward.

Now that Wells Fargo has tossed its wholesale division into the deep dark sea, the question becomes: who’s next among the megabanks to leave?

The Census Bureau reported that sales of newly built single-family homes fell to a 350,000 seasonally adjusted annual rate in June from a 382,000 rate May.

Residential loan applications increased 1% for the week ending July 20 (from the week prior) but with refinancings accounting for 81% of all new business.

Moody’s calculates loan-to-value ratios for commercial mortgage-backed security debt transactions from more of a credit perspective.

Seven affordable housing groups are urging the Department of Justice, HUD and federal regulators to investigate whether the prevalence FHA and VA lending in minority neighborhoods—and the low percentage of conventional lending—is a result of racial steering.

In a joint letter, four trade associations note that paying commissions based solely on loan volume does not run afoul of the Dodd-Frank Act.

Why do we stop doing things we know we should be doing?

Forget refinancing. A new hypothesis suggests targeted modifications would be much more effective in easing the negative equity crisis.

Alan Potts, until recently a senior vice president in charge of wholesale lending at Carrington Mortgage Services, has left the company.

Mortgage vendor Nationwide Title Clearing is continuing to hire new employees, adding 66 full-timers in the second quarter.

By now you’ve read the stories on the National Mortgage News website about private equity sniffing around the mortgage industry the past two years – and the chatter about some firm with $1 billion to spend. We don’t yet know the name of that fund but it’s interesting gossip nonetheless.

Fidelity National Financial saw a 30% increase in business as new residential title orders in the second quarter totaled 667,500 versus 514,000 in 2Q11.

CoreLogic earned $41 million off revenue of $389 million during the second quarter of 2012—new records for the company which was spun off from the First American Corp. in June 2010.

The Consumer Financial Protection Bureau is working on a qualified mortgage rule that will allow the mortgage market to meet the needs of borrowers “throughout the credit cycle,” agency chief Richard Cordray said in new testimony Tuesday morning.

Wells Fargo, the country’s largest wholesaler, joins JPMorgan Chase in jettisoning wholesale.

The Federal Housing Finance Agency has hired a consulting firm to create contingency plans for taking Fannie Mae, Freddie Mac and the Federal Home Loan Bank system into receivership.