Originations

Demand for Federal Housing Administration single-family loans slowed in July with residential lenders originating just $16 billion of government-backed product.

Identifying potential buybacks can be particularly challenging when refinancing application volume picks up as it did recently when rates dropped notably during a volatile period in the market.

The Federal Housing Finance Agency is looking at raising the 125% LTV cap on refinancing underwater borrowers while considering other enhancements to the Home Affordable Refinancing Program, according to agency acting director Edward DeMarco.

Morgan Stanley & Co. this week took bids on its residential servicing division, Saxon Mortgage, Ft. Worth, Texas, which holds $28 billion of contracts on its books, according to M&A officials.

Further European concerns by around noon on Friday had brought the rate-indicative 10-year Treasury yield back down near record lows seen earlier in the week and had had a somewhat mixed effect on industry stocks, some of which fared relatively well considering the Dow had dropped more than 300 points.

The size of the economic lift from any program to streamline refinancings is debatable, but the plunge in interest rates is already fattening mortgage production revenues.

PHH Corp., Mt Laurel, N.J. is the only independent mortgage loan servicer that can internally generate new unpaid principal balances for its platform and thus its loan production unit can generate MSRs at a discount compared to the cost to purchase them, an analyst for Sterne Agee said.

The presentations of three national title insurance underwriters at the Keefe Bruyette & Woods insurance conference held on Wednesday concentrated on the importance of focusing on profitability in the current real estate market, analyst notes said.

MGIC is in discussions to sell its eMagic unit as well as its Myers Internet business, a company spokeswoman confirmed. The pair contributes minimal revenue to the company and it has made a strategic business decision to try and divest them, she said.

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The Senate Banking Committee last this week approved a bi-partisan bill to reform the National Flood Insurance Program, extending it out for five more years.

Although President Obama Thursday night made a slight reference to a government-backed refi plan for troubled mortgagors, the effort appears to be temporarily stalled over concerns about what effect it would have on both MBS investors and the megabanks, according to advisors and trade group sources who claim to have knowledge of the program.

American Realty Capital Properties, New York, sold almost 5.6 million shares of stock for proceeds of nearly $70 million in its initial public offering. The common stock began trading on the Nasdaq Capital Market as of 3 p.m. on Sept. 7. The offering priced at $12.50 per share.

Americans are expressing their highest levels of pessimism regarding the housing market and the economy in general, according to Fannie Mae's August National Housing Survey.

Continuing economic uncertainty contributed to fixed-rate mortgages falling to their lowest interest rate levels ever, according to the latest Freddie Mac Primary Mortgage Market Survey.

Accenture plans to acquire Dallas-based outsourcing and fulfillment firm Zenta, a move that adds new mortgage industry-related capabilities, licenses and technology to the global consulting and outsourcing firm's portfolio.

Clear Capital reported a 4% quarter-over-quarter increase in home prices through the end of August, but the firm is projecting a bumpy future for the fall and winter seasons.

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Nationstar Mortgage, Lewisville, Texas, is contemplating making a bid for Bank of America's correspondent lending division, or at least parts of it, according to industry advisors who claim to have knowledge of the matter.

The housing market could be picking up a slight head of steam, but only in selected markets, according to the Federal Reserve's new 'Beige Book' report.