Originations

The Rural Housing Service said it is working on implementation of a new premium structure that Congress approved in July and hopes to start approving loans once the system updates are ready.

Mortgage insurance companies, which have been bleeding massive amounts of red ink for two years, could see their prospects brighten in a post-Fannie Mae/Freddie world, according to one proposal making the rounds in Washington.

The Home Affordable Modification Program has succeeded in limiting the supply of distressed properties to hit the market and, as a result, has helped stabilize prices. That success may be short-lived.

Inlanta Mortgage, Waukesha, Wis., has purchased the assets and hired the employees of American Foundations MortgageBanc through a strategic agreement.

BB&T, which traditionally has kept a tight lock on its warehouse lending program, disclosed that it had $1.5 billion in commitments at June 30 with about half of that in the form of outstanding loans.

Applicants for mortgage originator licenses who fail their national and state exams don't do very well if they decide to take the tests over again.

The Obama Administration isn't waiting until the Senate confirms a director to head the new Consumer Finance Protection Bureau to begin implementing "the most significant financial reform legislation since the Great Depression."

I recently wrote an article called "How to Get Face Time with Realtors-Become Their Teacher." Since then I have received requests from loan originators, asking how to get the managing broker to send their real estate agents to your training classes.

A real estate marketing firm has created an on-line service where mortgage loan officers and Realtors have the ability to connect with their homebuyer clients and collaborate during the process.

The Federal Housing Administration has delayed for one month — at the industry's request — the implementation date for its new mortgage insurance premium structure.

Lewis Ranieri — the co-inventor of the mortgage-backed security — and bond market maven Bill Gross are among a group of 12 speakers testifying next Tuesday at a Treasury forum on the future of the housing finance system, a discussion that will touch on what to do with Fannie Mae and Freddie Mac.

Freddie Mac's closely watched rate survey for the week ending Aug. 12 met expectations for further drops in three key rates to lows not seen since the agency began tracking them.

PennyMac Mortgage Investment Trust this week filed a shelf registration statement with the Securities and Exchange Commission to sell up to $500 million worth of securities, be it common or preferred shares or warrants.

Don't be a stranger. To your professional network, that is. I know a lot of loan officers (and other sales professionals too) tend to skip the networking meetings over the summer. The thought here is that "practically everyone is on vacation and there won't be any productive networking going on." Well, guess what-the summer is just about over and that excuse (and it is just an excuse) is no longer relevant.

All reverse mortgage counselors approved by the Department of Housing and Urban Development must now provide their clients with the National Council on Aging's 28-page consumer booklet. In addition, NCOA said, counselors must complete an extra level of financial assessment to help seniors gain a greater understanding of financial risk and other factors that may impact their loan.

The aggregate value of commercial real estate loans priced by DebtX that back CMBS rose to 77.4% as of June 30 from 76.6% as of May 28, according to figures released by the auction company. Loan values were 76% as of June 30, 2009.

Cantor Fitzgerald and the CIM Group have formed a commercial real estate financing business that will originate loans for securitization.

Southwest Securities FSB, Dallas is cutting back the dollar amount of warehouse credit it lends to nonbanks, according to mortgage officials familiar with the situation.

Fortress Investment Group LLC and American International Group have agreed that some of the former's managed funds and affiliates will acquire 80% of AIG's American General Finance, a mortgage and consumer credit provider.

Interest rates at record low levels is a trend that is likely to continue given the Federal Reserve Board's announcement on Tuesday it will buy government debt. But low rates haven't been resulting in a rush of new mortgage applications recently as this week's Mortgage Bankers Association Market Composite Index found.