Originations

Fannie Mae bought just $52 billion of home mortgages from its seller/servicers in April, a 45% plunge from March, according to new figures released by the GSE. Freddie Mac bought $26 billion of loans, a 39% decline from March.

Employment in the residential finance sector fell to 266,100 full-time positions in April from 267,600 in March, a difference of about 1,500 jobs.

Abacus Federal Savings Bank and more than a dozen of its former employees are facing criminal charges related to a scheme in which it allegedly falsified information on mortgage applications so that unqualified borrowers could secure loans.

Newly initiated foreclosures by the Federal Housing Administration jumped 247% in April from a year earlier, while the overall number of foreclosure starts fell 3.1% in the same period.

Ellie Mae’s stock will begin trading on the New York Stock Exchange. The stock has traded on the NYSE-owned American Stock Exchange since the Pleasanton, Calif.-based mortgage technology vendor’s $45 million initial public offering in April 2011.

The Consumer Financial Protection Bureau served official notice that it is seeking comment on a range of issues—including the cost of potential litigation—and whether debt-to-income ratios should be used to determine a borrower’s “ability to repay” a residential loan.

Deloitte says that assets controlled by the shadow banking system—including asset- and mortgage-backed securities—have declined by more than 50% in the last four years, to $9.53 trillion at Dec. 31.

There are redundant quality control measures used in the third-party origination process that might be resolved if market participants could overcome compliance concerns and trust issues and agree on a neutral, secure data platform or best practices, according to a recent industry discussion.

By a voice vote, the House of Representatives passed a 60-day extension of the flood insurance program that will keep the program running through the end of July. The bill now goes to President Obama for his signature.

The Consumer Financial Protection Bureau this week decided to delay the issuance of a final "qualified mortgage" rule until after the Nov. 6 elections. The scoop was first reported by National Mortgage News on its website Thursday. This new development has prompted many loan officers and nonbank lenders to speculate that maybe (just maybe) the CFPB will delay its compensation proposals until well into next year.

Technology Credit Union is offering pre-approvals for home loans and a “quick close” guarantee for those who qualify.

The 30-year dropped three basis points to 3.75% with an average of 0.8 of a point while the 15-year slid seven basis points to 2.97% with an average of 0.7 of a point.

The 10-year Treasury yield continued to set new record lows Thursday morning due to a mix of negative economic indicators both overseas and in the domestic market.

The national mortgage fraud risk index decreased 4.3% in 1Q 2012 from the previous quarter and 3.1% from a year ago.

Servicing is rapidly deconsolidating as the top five no longer control more than half the market, while originations, which were consolidating after the crunch as tens of thousands left the mortgage broker business, have at least ceased consolidating.

The Consumer Financial Protection Bureau has decided to delay the issuance of a final ‘Qualified Mortgage’ rule until after the November 6 elections, industry officials told National Mortgage News.

Picking a new loan origination system is as much about the bells and whistles that it offers as it is the realization that your company for all intents and purposes is marrying its future to the vendor chosen.

Three separate businesses each had a series of nonperforming loans that are classified as specially serviced assets recently downgraded by Fitch Ratings because future losses are expected on these loans.

The National Association of Realtors’ leading indicator of future home sales hit a downdraft in April after three months of solid gains.

Wells Fargo in an agreement that dismisses a lawsuit filed by area officials said it would provide $4.5 million worth of mortgage downpayment and home renovation assistance to certain borrowers in the Memphis region as well as put another $3 million into other local initiatives.