Originations

The profitability of small mortgage banking companies jumped to $1,423 per loan in the third quarter, a 55% spike from the previous quarter, thanks to refinancings and strong demand for mortgage-backed securities, according to a new report from the Mortgage Bankers Association.

Single-family originations should total $340 billion for the fourth quarter, according to the Mortgage Bankers Association's latest estimates, which would push total originations close to $1.5 trillion for 2010.

NovaStar Financial Inc., Kansas City, Mo., is looking to turn two classes of its preferred stock into common stock; there is also an option to give a cash payment plus stock.

Recent interest movement in Treasuries has narrowed their yield spread with real estate investment trusts, making some companies in the sector of publicly traded property and mortgage investment firms less attractive buys, according to Credit Suisse.

AmREIT Inc., a Houston-based real estate investment trust, said its stockholders should reject an offer from Tender Investors LLC to purchase nearly 1.2 million shares of the company's common stock at $4 per share in cash.

The Department of Housing and Urban Development, despite its name, has always been heavily involved in rural housing, though rural public housing and otherwise.

Some of the underwriters in the private mortgage insurance industry have ramped things up another notch in the efforts to recapture market share from the Federal Housing Administration.Several firms, including Genworth, Radian and RMIC have announced they will accept appraisals for loans which originally had intended to have FHA insurance but for some reason are being switched to a conventional secondary market execution.

Combining technology with a consumer centric business has made David Lazowski a top producer even though he has only been originating loans since 2005. David Lazowski has built his business around a goal many originators fail to achieve: getting to the customer first, before they go to a real estate agent.

MELVILLE, NY—At the New York Association of Mortgage Brokers’ annual convention here, members of the board sat down to discuss how they are adjusting to changes under the SAFE Act as well as the difficulties they are facing as a result of Regulation Z. Members appear to have a positive attitude about the future although much of what lies ahead is unknown regarding specific compliance challenges, according to NYAMB officials.

Radian Guaranty Inc., Philadelphia has cut its inventory of delinquent loans by nearly 3,400 over the first two months of the fourth quarter, although new defaults outpaced cures by over 3,000.

Home sale asking prices are down 0.45% and active inventory is down 3.16%, the result of monthly seasonal changes, in the Altos Research November Housing Market Update.

Warehouse credit has loosened up significantly over the past year with plenty of new lines being written—but mostly for firms that have a liquid capital position north of $2 million.

The Government National Mortgage Association is doubling its net worth requirements for multifamily issuers to $1 million as well as imposing new capital and liquidity standards on firms.

A pair of experts in the warehouse lending business believes that captive lines of credit do contain real risk to both the provider and the loan originator. The issue of risk is one of the key points the Department of Housing and Urban Development is looking at, a recently issued notice from the agency stated.

A new $848 million rated commercial mortgage-backed securities deal is being marketed by Goldman Sachs and Citigroup, according to Moody’s Investors Service.

An increase in monthly commercial mortgage-backed securities delinquencies in Fitch’s latest report adds to evidence suggesting that improvements in late payments seen in October were due primary to the influence of an extraordinary loan resolution.

Almost half of consumers with a mortgage say they would consider walking away from the property if the loan was under water, according to a new survey conducted by RealtyTrac and Trulia.com.

Westmount Realty Capital LLC, Dallas is teaming up with three executives from Realty Capital Partners, also Dallas, to form a new investment company, Westmount Realty Finance LLC.

Joseph Smith, the White House nominee to be the new GSE regulator, is getting dragged into the fight over whether Fannie Mae and Freddie Mac should participate in a principal reduction program managed by the Federal Housing Administration.

A stranger approaches you on the street and asks for some money. A person wielding a clipboard (or an iPad) jumps in front of you as you're walking down the shopping mall and asks if you can take10 minutes for a survey. A woman at a bar is approached by a man she doesn't know, who asks, "Do you want to have a relationship?"