Originations

Both the chief executive officer and the chairman of the board of Freddie Mac are stepping down within the next few months, the Federal Housing Finance Agency said late Wednesday.

Flagstar Bancorp, the nation's sixth largest wholesale originator, lost just $14 million in the third quarter, a sign that it may finally be headed toward the black after years of losses.

Loan originations backed by the Federal Housing Administration fell nearly 30% in fiscal 2011, and several players in the mortgage industry now believe the agency went too far in raising premiums and tightening lending standards.

Greenlight Financial Services, Irvine, Calif., Wednesday announced that it will enter the wholesale channel and hopes to fund its first loan some time early next year.

Lender Processing Services posted net earnings of $40.5 million in the third quarter, down 49% from a year ago as increased revenue from its technology and analytics unit couldn't compensate for higher costs in its loan transaction services unit.

New home sales rose 5.7% in September thanks to strong purchase activity in the South and West, according to government figures released Wednesday morning.

Idaho is the 39th most populated state, according to recent U.S. Census data, but it is seventh for the percentage of people 50 and older taking out a reverse mortgage, according to AARP.

Top residential loan officers working for Bank of America are continuing to flee the troubled lender with its latest casualty being David Macke, who ranks first among all purchase money LOs at the bank.

Residential application volume increased 4.9% on a seasonally adjusted basis for the week ending October 21, as purchase loans recovered from a 15-year low, according to new figures compiled by the Mortgage Bankers Association.

US Mortgage Corp., Melville, N.Y., has hired Kelly Sabino as the director of its reverse mortgage division.

FirstMerit Corp., Akron, Ohio, reported third-quarter earnings of $31.7 million, up about 9% year over year, thanks to increased commercial lending activity and fewer problem assets.

The nearly 900,000 borrowers who already refinanced through the HARP program will not get another chance to lower their mortgage rates under the White House's newly revised initiative.

A briefing and vote that would have authorized a county attorney in Texas to sue Merscorp was delayed Tuesday.

It's been roughly three weeks since the Fannie Mae/Freddie Mac loan limit officially changed, falling 14% to $729,750. According to some mortgage bankers and Realtors the event is the equivalent of the world ending. Or is it?

JCR Capital, Denver, will be originating, underwriting and managing a $100 million commercial real estate bridge loan fund for an unnamed institutional investor.

Attorneys for the Texas counties that encompass Houston and San Antonio are making plans to file lawsuits against Merscorp Inc.

Home prices barely moved in August on a sequential basis, but compared to a year ago values declined 3.8%, according to new figures compiled by Standard & Poor's Corp.

A complaint that consumers have regarding today's mortgage loan origination process is all the hoops they have to jump through in order to get a loan.

A revised plan to help underwater borrowers refinance into historically low interest rates is likely to boost competition among mortgage lenders and roughly double the number of people already helped by the government program, according to analysts and industry representatives.

Rep. Scott Garrett, a New Jersey Republican who chairs the House subcommittee with jurisdiction over Fannie Mae and Freddie Mac, plans to unveil a comprehensive bill to reform the secondary mortgage market on Thursday.