Originations

On a day where the Dow Jones Industrial Average fell by almost 179 points, all but two stocks related to the mortgage banking industry were among the losers.

Apple REIT Seven Inc., a non-exchange traded real estate investment trust, is calling on its shareholders to reject a tender offer by MacKenzie Patterson Fuller LP to purchase five million shares of its common stock for $3 per share.

A correspondent lender for the first time will be offering the HarmonyLoan, a mortgage that give borrowers the option to adjust their rate downward or extend the fixed-rate portion of their home financing at regular intervals.

Mortgage application volume increased by 13% for the week ended June 10, as those borrowers who can refinance are coming into the market, according to the Mortgage Bankers Association.

Reverse mortgage lenders' leading challenge is to convince the public that the product "is as good as it actually is," declared the top executive of Generation Mortgage, Atlanta.

Standard & Poor’s has increased its ranking of residential servicer and technology provider Reverse Mortgage Solutions from “above average” to “strong.”

Kinecta Federal Credit Union, Manhattan Beach, Calif., said it is one of the first credit unions to offer a low downpayment mortgage that will help borrowers buy one of the more than 1 million foreclosed homes now owned by Fannie Mae.

Mortgage bankers funded $11.3 billion of interest-only loans in the first quarter, a 60% gain from the same period a year earlier, according to figures compiled by National Mortgage News and the Quarterly Data Report.

Home purchases have picked up the past few weeks in Phoenix and Las Vegas, a sign that some of the hardest-hit housing markets may have hit bottom.

The man considered by many to be President Obama's eventual choice to run the new Consumer Financial Protection Bureau promised that the agency will be "thoughtful" when it officially opens for business on July 21.

Radian Guaranty Inc. said it will accept Fannie Mae Desktop Underwriter Approve/Eligible and Freddie Mac Loan Prospector Accept/Eligible loans for mortgage insurance without the need for a separate underwriting decision by the company starting July 11.

Dave Lowman, chief executive of JPMorgan Chase’s residential mortgage unit for almost five years, is stepping down, according to a statement issued by the company.

Citigroup Inc., New York, said Tuesday it has reduced its 11.4% stake in Housing Development Finance Corp. Ltd., Mumbai, India, by 1.5% to a 9.9% beneficial interest.

Roughly 71% of voters support the mortgage interest deduction, and most of those also back tax breaks for HELOCs and second homes, according to a new study from the National Association of Home Builders.

WASHINGTON—Federal regulators may have to take a different approach in drafting a securitization rule after stumbling in their first effort to define which mortgages are safe enough to exempt from risk retention.

RealEC has rolled out a service that offers lenders the ability to push quality control from the closing table earlier in the process, with loan-level reviews during the origination process.

There is a lot of crossover between sales and sports, especially when it comes to the concepts of teamwork and winning. There are those who are calling the Miami Heat loss in six games to the Dallas Mavericks a failure in teamwork—not having watched too much of the series myself, I couldn't tell you.

The housing market won't begin to stabilize for at least two more years, the executive in charge of consumer and home equity lending initiatives at Lender Processing Services said at an industry conference in Orlando. But it could be two years or more after that for the market to return to "normal."

While a majority of home owners see good value in borrowing against the equity they have in their homes, a new survey found that they also tend to believe the step should be taken only in case of an emergency.

Senior mortgage bond holders that are being serviced by Litton Loan Servicing could be in for some cash flow disruptions because of the Ocwen deal, according to a new report from Moody’s Investor Servicer.