Originations

Although many megabanks have thrown their correspondent networks overboard, there's a new entrant in the sector: Impac Mortgage Holdings, Irvine, Calif., a once high flying 'alt-A' lender that survived the housing crash and rebuilt itself.

At the start of the time most people waste time conjuring-up goals and tasks they think will make a difference in their life. Sorry to be the bearer of bad news, but it's been proven time and again that most resolutions are ignored or just disappear after a few days (months for the real ambitious) of the new year.

After six straight years of bad news, a panel of economists offered a more upbeat picture of the U.S. housing market during congressional testimony Thursday.

EverBank, which has been carefully growing its mortgage business the past few years, has agreed to purchase the warehouse division of MetLife Inc., the company confirmed to National Mortgage News.

The government-owned Ally Financial has issued an offering book on Residential Capital Corp. in the hope that it can finally unload its money-losing mortgage division and take the rest of the company public, according to investment bankers familiar with the matter.

Real Matters, the Markham, Ont.-based parent of Solidifi, an appraisal management solutions company with operations on both sides of the border, has obtained C$22 million (US$22.13 million) of "growth financing" through the placement of both equity and debt.

Mortgage lenders issued $30 billion of Ginnie Mae MBS in January, up 9% from the previous month, according to new figures released Thursday morning.

EverBank, which hopes to go public this year, has agreed to buy the mortgage warehouse division of MetLife Inc., for an undisclosed sum, according to industry advisors close to the deal.

The economic tea leaves are starting to point toward a modest rebound in the new home market in 2012.

The average rate for a 30-year fixed rate mortgage held fast to its record low level of 3.87%, but other rates inched up during the week ending Feb. 9, according to Freddie Mac's primary market survey.

Wendover Consulting Inc., the Greensboro, N.C. company founded by reverse mortgage guru Jeff Taylor, has beefed up its management team with three new hires.

When the White House releases its fiscal year 2013 budget next week it's expected to show that the Federal Housing Administration's mortgage insurance fund is still in the black - but barely, according to mortgage insurance and former regulators who have been tracking the issue.

I own a pinball machine. BARRACORA is her name. It's part of the office furniture. I play it for fun. But I also play when I get stressed.

Many bank warehouse operations have been closed (PNC Financial Services) or have been "listed" for sale such as Bank of America and MetLife. For a bank to purchase a major warehouse lender the bank must have a liquid balance sheet and be able to support at a minimum of carrying the established warehouse line commitments of at least $1 billion (the estimated size of MetLife's operation).

Bank of America Corp. is limiting the number of refinance applications it accepts over the phone, telling borrowers who do not have an existing relationship with the bank that they may have to wait 60 to 90 days before their loan application can be processed, a B of A spokesman said Wednesday.

PennyMac Mortgage Investment Trust earned $19.6 million in the fourth quarter - almost flat compared to 3Q - as it ramped up its correspondent division.

The commercial mortgage market didn't get as much press, but it went into the tank shortly after the residential market did. However, if projections by the Mortgage Bankers Association turn out to be right, it is recovering steeply in that V shape that has so far eluded the residential side.

Mortgage Guaranty Insurance Corp.'s inventory of delinquent loans declined by over 1,200 loans during January, but new notices of default outpaced cured by 3,000 loans.

PennyMac released 4Q earnings this morning and the big news wasn't its profit - which was decent - but the fact that it bought almost $1 billion of mortgages from other lenders via the correspondent channel.

Tree.com, Charlotte, N.C., has modified the agreement with Discover Financial Services regarding the latter's purchase of Home Loan Center, which does business as LendingTree Loans.