Originations

The Federal Reserve Board's new rule on appraisal independence does not prohibit the selection of appraisers by mortgage brokers or loan officers.

For cash-poor senior citizens, the government has given them another blow to their financial situation, although for those who own a house, a reverse mortgage could be a remedy.

Wells Fargo & Co. — which is experiencing near-record mortgage application volume — said the "potential is very high" for the current refinancing boom to last well into next year.

WASHINGTON—Congress passed another extension on the $729,750 maximum GSE loan limit cap before leaving town for the November elections. The bill also extends the current maximum loan limit for the Home Equity Conversion Mortgage Program.The timely approval is a relief for lenders who were concerned about possible disruptions in the mortgage market, particularly the “conventional jumbo market.”

Fannie Mae and Freddie Mac are maintaining their ban on loan officers and mortgage brokers getting involved in the appraisal process, even though the Federal Reserve recently loosened its position on the issue.

Fairway Independent Mortgage Corp., Sun Prairie, Wis., has hired mortgage trainer Bliss Sawyer as a senior loan consultant to the company.

U.S. commercial real estate prices fell 3.3% in August, according to Moody’s commercial price indices, to a low not seen since October 2009.

The two subprime residential mortgage-backed securities vintages with relatively poor reputations for performance showed signs of stabilizing in the most recent month, according to Fitch Solutions.

The Department of Housing and Urban Development’s Section 184 Native American mortgage program has just had its most successful year, at nearly a half-billion dollars of home finance to American Indians and Alaska Natives.

Atlanta Federal Reserve president Dennis Lockhart said Tuesday morning that despite rock bottom mortgage rates, housing conditions in his district are not improving much.

MGIC Investment Corp., Milwaukee, had a net loss of $51.5 million for the third quarter, compared with a one-shot net profit of $26.4 million for the second quarter and a net loss of $518 million for the third quarter 2009.

Existing home sales fell 6.4% in September from the previous month, but October could turn out to be a good month, according to RE/MAX, the national realty company.

Bank of America said its mortgage banking income jumped 95% in the third quarter to $1.75 billion, as production margins widened and expenses on representations and warranties declined.

Single-family housing starts rose to a seasonally adjusted annual rate of 452,000 units in September, a slight increase from the prior month, and a sign that home building may finally be improving, but at anemic levels.

WASHINGTON—The Federal Housing Administration is clarifying its indemnification policies to give its largest lenders a better understanding of when they might be on the hook for loan losses.The Department of Housing and Urban Development generally requires lenders to reimburse the FHA for losses on defaulted loans when the agency can prove poor underwriting or fraud.

Many small business owners use a credit card opened in the name of their firm to buy things for their company. But a new federal law that regulates rates and fees on consumer credit cards does not cover these cards.

The California Association of Realtors plans to renew its fight next year for a mortgage bill that was recently vetoed by Gov. Arnold Schwarzenegger, CA-NAR officials said.

The Rural Housing Service has updated its automated underwriting system to process purchase money loans and will do the same for refinancings.

ATLANTIC CITY, NJ—If a mortgage broker has built a successful business based on getting leads from local people, the changes coming in the new regulatory environment should not impact you, a long-time executive at a bank-owned mortgage banker said.

Builder confidence in the single family housing market rose slightly during October, according to a survey conducted by the National Association of Home Builders.