Originations

Pentagon Federal Credit Union of Virginia, and North Island Credit Union, San Diego, this week signed a correspondent contract under which North Island will offer residential loans originated by the PenFed, one of the largest CU players in mortgage banking.

Commercial and multifamily mortgage loan volume increased in between 2009 and 2010, with preliminary data from the Mortgage Bankers Association putting last year’s volume at $110 billion.

In the neighborhood I live in, the bagel business is highly competitive. There are six stores that specialize in the product in my zip code and the adjoining one.

Since its founding in 2000, the Lenders One Mortgage Cooperative is a group that's been exclusively a group of community and regional residential lenders. But for the first time, it's allowed a mortgage investor to join its consortium.

Freddie Mac is making plans to price its third multifamily structured pass-through deal of the year.

Senators Jon Tester, D-Mont., and David Vitter, R-La., are urging the Federal Reserve Board to indefinitely delay implementation of its loan officer compensation rule which goes into effect April 1.

Gramercy Capital Corp., New York, has received a one-month extension in the maturity date from lenders on $791 million in loans for a payment of $3.5 million.

The recent earthquake in Japan may have damaged some coastal areas of Hawaii and California, including some Hawaiian hotel real estate securing commercial mortgage-backed securities loans.

Sales of existing single-family homes in Florida declined by 10% in the fourth quarter, with the median sales price down 5% year-over-year.However, sales of existing condominiums increased by 6% in the same timeframe, although the median sale price fell 18%.

Filling a need for content in the new business environment.Content is important for mortgage sales training meetings, especially in this era of rapidly changing market conditions. To meet the need for sales managers to provide their staff with the latest tools and information, Atlanta-based Xinnix has come out with Rapid Coaching, a one-year-long, 20-presentation cycle of sales meeting videos.

Lisa Schreiber, who has held a number of executive posts at different wholesalers, joined Total Mortgage Services LLC, Milford, Conn., to head up and grow the company’s six-month old effort in that channel.

The Federal Housing Finance Agency has extended a special program for one year so more borrowers can refinance and lower their mortgage payments.

Subprime credit default swap price increases slowed during February, a trend that could mean a "near-term plateau," according to a new report from Fitch Inc.

Larry Goldstone, once a top player in the jumbo and "super" jumbo market through his now defunct firm Thornburg Mortgage, is trying for a comeback in the business.

Prospect Mortgage of Sherman Oaks, Calif., has a message for correspondent buyers of jumbo loans: we're originating and looking to sell.

Provident Funding Associates, the second largest privately held nonbank mortgage lender in the U.S., this week filed a registration statement with the Securities and Exchange Commission to create a publicly traded REIT by raising $300 million in capital.

What were you doing in 1999? Do you remember? Well, in 1999, I had 16 spec houses for sale. I was running a housing business that was running out of cash very quickly. I was doing my best to stay afloat. I needed more pull through and I started looking around for a resource to help me.

Lawsuits filed this week by two broker trade groups challenging the Federal Reserve's loan officer compensation rule are expected to be combined into one case by the presiding judge.

Home prices fell 2.5% in January from the prior month as weak demand for housing continues to "dampen any recovery in the housing market," according to a new report from CoreLogic.

Cures outnumbered new notices of default at two of the nation's largest private mortgage insurers for February. If this pattern holds for the rest of the private mortgage insurance industry, it could be an echo of what took place starting last February.