Originations

A division of PennyMac Mortgage Investment Trust said it has hired a former top executive from Bank of America to run its fledgling correspondent lending division.

The 30-day-plus delinquency rate for securitized commercial and multifamily mortgages retreated a bit in the wake of the previous month’s unexpected spikes.

On paper, a revival in sensible subprime lending—the operative word being “sensible”—sounds like an idea whose time has come again. During the financial meltdown of the past three years four million households have lost their homes and thanks to a nearly 10% unemployment rate, credit scores have been scorched.

The 10-year Treasury yield used as a benchmark for long-term mortgage rates dropped below the psychologically important 3% level Wednesday morning on the heels of more weak economic data, according to one expert.

The Eleventh Federal Home Loan District Cost of Funds Index for April is at its third lowest point ever, and the lowest since the recalculation caused by the removal of Wachovia Mortgage FSB in November 2009.

Data from the 2010 U.S. Census confirms what supporters of reverse mortgages have been saying regarding the need and audience for the product. The 65 and older group makes up 13% of the nation's population, while the next generation of reverse mortgage users, those between 45 and 64, are over 26% of the population.

Investor owners of senior housing and healthcare facility properties looking for their next investment might well best be served by looking at their own portfolios, according to one expert on the topic.

Mortgagebot has added its 1,000th customer to its point of sale and product and pricing technology products.

Mortgage application volume declined by 4% for the week ended May 27, even as the contract rate for the 30-year fixed-rate mortgage resumed its downward movement after a one week break, according to the Mortgage Bankers Association.

Mortgage lenders and consumer advocates, two lobbies usually busy opposing each other, have joined forces to urge regulators to ease up on proposed risk-retention requirements that they say will result in a credit crunch.

Fannie Mae and the Federal Housing Administration have revised a risk sharing agreement on refinancing affordable multifamily properties, allowing apartment owners to receive additional funds for renovations and upgrades that increase energy efficiency.

Two politically potent housing organizations have called on the Federal Housing Administration to relax its rule regarding condominiums.

Federal Housing Administration endorsements of single-family loans slipped 8% in April after rising 8% in March, another sign that residential production – especially the purchase money business – is hitting some headwinds.

Walter Investment Management Corp., a real estate investment trust based in Tampa, has closed on the private placement of $81 million of secured notes, the net proceeds of which will be used to fund its acquisition of St. Paul, Minn.-based GTCS Holdings LLC, the parent of Green Tree.

Grubb & Ellis Co., Santa Ana, Calif., said the exclusive period for Colony Capital LLC to negotiate a larger investment commitment in the company expired on May 29, allowing it to enter into discussions with other parties while at the same time maintaining discussions with Colony.

Refinancing waves sparked by falling interest rates have long been a mixed blessing for all involved. The consumer lowers his/her monthly payment, but often pays fees and signs mounds of paperwork. Banks reap profits from originating the new loans, and their salespeople rake in commissions.

April was the third consecutive month in which there were more cures than new defaults reported by the members of the Mortgage Insurance Cos. of America. But the month was also the worst of the year so far for primary new insurance written.

Home prices in March fell for the eighth consecutive month and reached a new low for this housing recession, according to a new reading on the Standard & Poor's/Case-Shiller house price index.

WASHINGTON—Federal regulators are facing a lot of pressure from Congress and industry groups to revise their risk retention proposal.

Here we are with Part 3 of the Dentist Diaries. Hopefully this series has given you something to “sink your teeth into” with customer service. This month, I am just picking up where I left off in the last issue and I want to share some thoughts on pain. The following is one of the very interesting definitions I found for “pain”: