Originations

A widely used third-party registry of mortgage assignments has found itself in the center of “foreclosure-gate,” amid allegations that its service is part of the greater issue of faulty or even illegal foreclosure practices plaguing the lending industry.

Radian Guaranty Inc., Philadelphia, has hired its first ever chief franchise officer, a position designed to build and promote the value of the company's mortgage insurance offerings.

Even though loan brokers have been going out of business in droves the past three years, the wholesale lending channel is alive and well, according to the nation's largest table funder, Wells Fargo & Co.

Two mortgage software companies plan to move forward with development on platforms to integrate third-party software into their loan origination systems.

Mortgage application volume rose 14.6% last week on a seasonally adjusted basis, the first increase in five weeks, as record low rates finally enticed existing borrowers to refinance, according to new figures released by the Mortgage Bankers Association.

Some recent developments will more than likely put reverse mortgages in a favorable light once again. The announcement of the extension of the lending limit of $625,500 for Federal Housing Administration Home Equity Conversion Mortgages will allow seniors with higher home values to continue to benefit the reverse mortgage programs is the first.

JPMorgan Chase suffered $1.5 billion of mortgage repurchase losses in the third quarter due to loan buybacks from secondary market investors (mostly the GSEs) but its residential lending unit still managed to post positive earnings in the quarter.

Celink, a reverse mortgage subservicer based in Lansing, Mich., will use Industry Consulting Group Inc., as its tax service provider. The payment of the borrower's taxes and insurance is one of the issues affecting reverse mortgage services; a default in this area could lead to foreclosure.

A California mortgage lender says it’s the first to use a warehouse line of credit to originate a fully electronic mortgage and sell it directly to a government-sponsored enterprise.

Lenders repossessed 17,200 properties in the tri-county South Florida area in the third quarter, more than double the number they "popped" in the same period last year. At the same time, the value of new foreclosure filings in July, August and September was down substantially.

Despite historically low mortgage rates, homeowners are having a hard time refinancing their loans, according to Federal Reserve Board staff.

There is a lot of talk about today’s improved loan quality and loans on the secondary market today are better, but recent events have clearly highlighted the need for better vetting when it comes to processing on the servicing side, and not to be overlooked as this occurs is that there is still a lot to look out for on the origination side, too.

Total Mortgage Services LLC, Milford, Conn., said it is seeing "significant improvement" in the jumbo mortgage market and is now offering the loans at rates of under 5% to certain borrowers.

Skyline Financial, Calabasas, Calif., said it has raised $8.2 million in new capital, money it will use to expand its fast growing retail production network.

To say that the image of the mortgage originator has taken a beating over the last few years is an understatement. There have been a number of attempts to combat that perception from the inside of the industry.

LONG BEACH, CA—California’s position in the forefront of the real estate business is undisputed. More transactions take place there than in any other state. The California Association of Mortgage Professionals has been out front on a number of issues affecting the business; as this discussion was being held, the group was getting ready for its in-state lobbying day where members would meet with their Congressional representative in their local offices pushing for tweaks to the Financial Reform Bill when that piece of legislation comes up for technical corrections.

Rolan Shnayder’s concentration on new development lending has cemented his status as a top producer.Picking the right niche is the difference between being an ordinary originator and being a top producer. For example, consider finding a niche where your B2B partners feel they are underserved by the mainstream marketplace.

WASHINGTON—A replacement for the Home Valuation Code of Conduct is coming soon and the Federal Reserve Board is also working on new rules for ensuring lenders and others don’t exert undue influence on the appraisal process.

EverBank Financial Corp., Jacksonville, Fla., a top player in mortgage finance, is planning to sell up to $200 million worth of stock through an initial public offering.

The administration has taken very seriously its responsibility to ensure that FHA is operating on sound financial footing while minimizing risk to taxpayers. Since I took office as FHA Commissioner in July 2009, we have implemented a broad range of actions demonstrating steadfast stewardship of the fund, while carefully ensuring that we continue to serve communities nationwide.