Originations

According to Federal Reserve chairman Ben Bernanke in a speech at the National Association of Home Builders International Builders Show in Orlando, "The state of the housing sector has been a key impediment to a faster recovery."

Over the last 20 years you have all heard me speak of this agency. All federal financial institutions have to file Suspicious Activity Reports with it. The filer may not reveal to anyone this has been done under criminal penalty. The filer does it in good faith and does not even have to be right. It reaches the desks of the FBI, Secret Service and local prosecutors.

First things first: Yes, I can live on $500,000. Heck, I can live on $250,000 a year. Would I like to run Fannie Mae, the government-controlled mortgage giant? Answer: Sure, why not? But first I have a few stipulations.

The Obama administration has opened the door for nearly 1 million existing FHA borrowers to refinance by encouraging lenders to originate more 'streamline' refinancings. But will it happen?

Refinancing to modify a mortgage loan has proven to be the best solution for some borrowers, even though the list of mortgage loan options available shrunk significantly during the past few years to the point that makes some worry creativity is almost impossible, or simply dead.

The Wilbur Ross controlled American Home Mortgage Servicing Inc., Coppell, Texas, has a new name: Homeward Residential to go along with its master plan to become a full service mortgage banking firm.

The House and Senate on Friday passed a $150 billion bill that extends a payroll tax reduction and unemployment benefits for 10 months without increasing guarantee fees on Fannie Mae and Freddie Mac loans.

The mortgage division of D.R. Horton recently fell victim to a cyber security attack, potentially compromising sensitive borrower data, the Fort Worth, Texas-based homebuilder disclosed late Thursday.

Two private equity investors have agreed to buy TransUnion Corp. Advent International and GS Capital Partners VI Fund LP will buy the credit bureau from its current stockholders, including Madison Dearborn Partners and the Pritzker family business interests.

So your underwriter wants to work from home? Beyond the concerns most employers would typically have, financial services firms must carefully consider the security of private customer financial data before deciding whether, how and which employees can work remotely.

Aurora Loan Services, Denver, recently halted residential production as the company continues to weigh bids on its servicing platform, according to a former ALS official and industry consultants.

Capital One Financial Corp. agreed as part of its purchase of ING Direct USA to originate loans insured by the Federal Housing Administration to borrowers with low credit scores. But five months after giving verbal assurances to the Federal Reserve and consumer groups that it would accept FHA applications with minimum FICO scores of 580, Capital One still is not originating such loans.

Most of use would agree that mortgage business is tough these days. Guidelines tightening, rules changing, compliance issues, companies downsizing. There can be a crisis on every turn and plenty to worry about on a daily basis. In fact, you could let the stress of the business overwhelm you to the point that it affects your health, and ultimately even the number of your days.

A proposal to hike guarantee fees on Fannie Mae and Freddie Mac for the second time in two months was floated Wednesday night during negotiations over a $150 billion bill that would extend the payroll tax deduction and unemployment benefits.

Stewart Information Services Corp., Houston, Thursday reported net earnings of $2.3 million for 2011, its first annual profit since 2006.

Perhaps, banks that have been exiting the residential finance space will look really stupid if housing and mortgages recover. Figures released Thursday suggest that delinquencies are falling but a huge overhang of foreclosures is on the way. Corporate earnings are at record levels, employment is rising, and just maybe, maybe housing is on the mend. But a huge stumbling block remains: ultra tight underwriting standards.

The average rate for a 30-year fixed rate mortgage held fast to its record-low rate of 3.87% for the third week in a row, according to Freddie Mac's primary market survey.

The pace of housing construction hit a three-year high in January as multifamily starts rose nearly 15% while single-family activity declined 1%, according to government figures released Thursday morning.

The government owned Ally Financial has agreed to sell $1 billion worth of senior notes to a group of underwriters including Barclays Capital, Citigroup, Goldman Sachs and Morgan Stanley.

The Center for Responsible Lending was one of 15 organizations on Thursday to receive a MacArthur Award for Creative and Effective Institutions.