Originations

The $175 million fair-lending settlement that federal authorities announced late this week with mortgage giant Wells Fargo offered both sides the chance to claim some measure of victory and move past a three-year-long investigation.

A day after Wells Fargo dropped its wholesale/broker bombshell, the smoke is starting to clear and some industry players are taking a proactive approach to what may lie ahead.

A day after Wells Fargo quit the wholesale channel, sending shock waves throughout the industry, at least one trade group official believes that eventually the bank may re-enter.

Higher repurchase demands trimmed Wells Fargo’s take from its mortgage banking unit in the second quarter, but net profit gains from residential lending and loan sales rose a stunning 200% from the same period a year ago.

JPM’s improved performance is tied to an increase in origination volumes and a decline in nonaccrual loans. In particular, the bank stressed that its retail/consumer mortgage volume hit a new record: $26.1 billion.

This is the latest in a series of items from a contributor who wishes to remain anonymous. His point is that to be successful in the mortgage business, you need to remain healthy.

A federal judge sentenced Scott Eric Perry to 18 months in prison on false statement charges related to an almost $750,000 mortgage fraud scheme in the Birmingham area.

New York Mortgage Trust Inc. has priced a 4.5 million share offering of its common stock; it was originally announced at 3.75 million shares.

Eighteen months ago National Mortgages News began hearing rumors that Wells Fargo was going to toss its wholesale lending network overboard. The bank denied it and in the ensuing quarters remained among the top ranked table funders in the nation, according to the Quarterly Data Report.

Wells Fargo is calling it quits on wholesale lending, dealing yet another devastating blow to this struggling origination channel.

The delinquent loan inventory at Mortgage Guaranty Insurance Corp. fell by less than 1,000 loans during June, as there were 154,973 loans in the inventory at the start of the month and MGIC received 11,200 new notices of delinquency in June.

Freddie Mac’s primary market survey shows the average 30-year FRM rate fell to 3.56% during the week ending July 12 from its previous record low of 3.62% last week.

At a "homeownership rally" in Tampa, the NAHB, with several co-sponsors, collected signatures on petitions calling for politicians to solve the foreclosure crisis, guarantee creditworthy homebuyers and small business the opportunity to obtain loans and protect the mortgage interest deduction.

Last summer rumors were spreading that a private equity firm had amassed $1 billion in cash and was eyeing investments in mortgage banking firms. A year later it appears that no such deals were struck by the unnamed fund, but that hasn’t stopped the talk about PE firms still looking at the sector.

Under a big white tent in Joe Chillura Courthouse Square, the NAHB, with several co-sponsors, collected signatures on petitions calling for politicians to solve the foreclosure crisis, guarantee credit-worthy home buyers and small business the opportunity to obtain loans, and protect the mortgage interest deduction.

The credit-score company VantageScore Solutions, which beat an antitrust lawsuit last year, is taking precautions to avoid repeating the experience.

Homes sales and prices—along with construction activity—have improved over the past few months, but a true recovery in the housing sector is still far away due to tight mortgage credit.

Is it better to call attention to yourself? Or wait and have someone discovers how wonderful and great you really are?

A new tool for originators to help them get the most out of their social media marketing efforts.

REITs, including mortgage REITs, continue to offer more attractive yields to investors even though the pace of increases has slowed down.