Originations

Velocity Commercial Capital Inc. hopes to raise $175 million through an initial public offering of shares, using the proceeds to originate or acquire small-balance commercial mortgages.

Allied Home Mortgage Capital Corp., Houston, which recently settled with HUD concerning alleged branch violations, has appointed two state managers to act as compliance auditors for the company.

Mortgage-backed securities, especially those paying higher rates of interest than comparable Treasures, are gaining an increased amount of attention from investors who have been sitting on cash.

Mortgage banker Fairway Independent Mortgage Corp. is entering the wholesale market for the first time with select banks, credit unions and brokers.

According to a recent FICO study, over one-fourth (25.5%) of Americans have poor credit. Nearly 43.4 million people now have a credit score of 599 or below. LowCards.com, which provided this information, said that number is expected to grow as households continue to struggle through unemployment, credit card debt and foreclosures.

Expert warns tough times need exceptional vigilance.Every job is designed to make or save money because every business is designed to make money. Even not-for-profits need a positive cash flow to continue fulfilling their mission and a majority of municipalities are under ever-greater fiscal constraints.

When First Michigan Bank acquired the operations of Citizens First Bank on April 30, it went from a single branch operation with 40 employees to a 23-branch business with almost 400 employees-and it also laid the groundwork for a statewide retail mortgage operation.

The Federal Housing Administration needs to provide guidance to servicers to address an increasing number of seniors who are defaulting on their federally insured reverse mortgages, according to the Department of Housing and Urban Development's Office of Inspector General.

Ben Bernanke, chairman of the Federal Reserve, discussed in an Aug. 27 speech the policies the Fed has been using to support economic recovery and price stability as well as some of the additional policy options it could consider, especially if the economic outlook were to deteriorate further.

The new Federal Reserve rule on compensation means mortgage originators will have to work under a different paradigm, explained Ken Jones, vice president of the California Association of Mortgage Professionals.

LONG BEACH, CA-At its planned meetings with California's Congressional representatives, the California Association of Mortgage Professionals is hoping to get across its concerns about the real world impact of the financial reform bill, the group's Washington-based lobbyist said.

The Federal Housing Administration is working on a new reverse mortgage product for seniors who need to tap the equity in their homes to cover daily living and health care costs.

Title insurance giant First American Financial Corp., Santa Ana, Calif., Friday named Max O. Valdes chief financial officer, and Mark E. Seaton senior vice president of finance.

Commercial mortgage banker Capmark Financial Group Inc. has struck a deal with its lenders that would trim their claims in the bankruptcy case by $100 million and could ease the threat of a potential lawsuit from unsecured creditors.

Although President Obama made the creation of a Consumer Financial Protection Bureau a hallmark of the financial reform law enacted July 21, his delay in nominating the agency's first director could hamper its ability to get off the ground.

Too many businesses, too many loan originators, are trying to move a lot of dirt these days with a spoon instead of investing in a bulldozer.

Tight mortgage credit and "cautious" consumers are working to keep the housing market at depressed levels, according to Federal Reserve Board chairman Ben Bernanke.

The weakening of the U.S. economy has created a difficult environment for banks of all sizes. Banks are a product of the economy in which they operate and will reflect the economic conditions of those areas. In other words, if the local or national economy is struggling, the banks operating in and serving those areas will also struggle.

WASHINGTON-The Federal Reserve's new rules on loan officer compensation are expected to force mortgage companies to review the way they conduct business and compensate their employees.

During the past two years lenders and mortgage insurers have added tougher underwriting requirements than those of Fannie Mae and Freddie Mac. Now Fannie is eliminating one type of "overlay."