Originations

Buoyed by gains from mortgage servicing revenue, Ocwen Financial Corp., Atlanta, reported net income of $26.4 million in the second quarter, up 65% from the $16 million it earned in the same quarter last year.

Redwood Trust, the only firm to publicly issue jumbo MBS in the past two years, posted a net profit of just $9 million in the second quarter, half of what it earned in 1Q, telling investors there is a lack of quality mortgages to buy at the right price.

With the Dow Jones in a steep selloff Thursday afternoon, mortgage insurance stocks took it on the chin, reacting to poor earnings from MI giant The PMI Group.

There were five areas where Quality Mortgage Services found increased errors for Federal Housing Administration-insured mortgage applications between 2009 and 2010, and the reason for rise in adverse findings was due to poor loan processing and underwriting oversight.

When looking at employee personal Internet use on the job, it's important to consider how you are going to use any monitoring data and, as a part of that, to also think about who will have access data and why.

Thanks to an ailing U.S. economy and trouble in overseas markets, rates offered on 30-year fixed-rate mortgages fell to a new yearly low this week, 4.39%, according to figures compiled by Freddie Mac.

PMI Group, Walnut Creek, Calif., lost $135 million in the second quarter, but it could have been worse if the company was not able to record a $151 million gain on sale (net of tax) as it was finally able to recognize the note associated with the sale of its Australian mortgage insurance operations.

Commercial mortgage lenders more than doubled their originations in the second quarter compared to 2Q 2010 with all property types – especially multifamily – contributing to the gains.

First Tennessee Bank, Memphis, ended June with $1.9 billion of warehouse commitments on its books, just about flat compared to the same period a year ago.

Loan origination software provider Ellie Mae posted a net loss of $40,000 on total revenue of $11.5 million during the second quarter, an improvement over a loss of $1.3 million in the year ago period.

Life insurers saw a 68 basis point improvement in returns on their commercial mortgage investments in the first quarter when compared with the fourth quarter, according to the LifeComps Commercial Mortgage Performance Index. But when looked at against the first quarter 2010, returns are 253 basis points down.

The yield on the benchmark 10-year Treasury fell to 2.57% Wednesday -- compared to just under 3% last week – as stocks plunged in both the U.S. and overseas markets.

Lower mortgage rates, driven by the debt ceiling negotiations and bad economic news, led to a 7.1% increase in application volume the week ended July 29, according to the Mortgage Bankers Association. But, an economist with the group pointed out, refinance volume is still 30% lower than it was at this time last year.

Home prices increased by just under 1% in June from the prior month, marking the third consecutive monthly increase, according to new figures compiled by CoreLogic, Santa Ana, Calif.

A federal court judge in Washington has dismissed a case filed by AARP Foundation against the Department of Housing and Urban Development where the plaintiffs had been the surviving spouses of a Home Equity Conversion Mortgage borrower, but not listed on the loan.

On Tuesday, Freddie Mac suspended Republic Mortgage Insurance Co. as an approved mortgage insurer, according to an email it is sending to its sellers.

Tuesday was a bad day for mortgage stocks as investors switched their worries from the debt ceiling compromise to the overall economy, an attitude that took out most of the publicly traded mortgage related stocks as well.

Fannie Mae purchased $41.4 billion of home mortgages from its seller/servicers in June, its best purchase month of the second quarter, and a sign that originations in the primary market may be on the upswing.

Consumers who refinance are continuing to pay down their loans, at least in part, hoping to save thousands of dollars over the long haul, according to new figures compiled by Freddie Mac.

First Guaranty Mortgage Corp., McLean, Va., has rolled out its new line of products for underserved niches aimed at correspondent lenders.