Originations

The Federal Reserve could easily purchase mortgage-backed securities or other assets with the cash it gets when existing MBS holdings roll off the government's books, but late Friday questions about whether this would be an effective means of economic stimulus persisted.

The Federal Housing Administration soon will roll out a special refinancing program to help underwater homeowners take advantage of historically low loan rates.

While record-low single-family mortgage rates continue to fall, refinancing activity remains "relatively shallow" in a historical context as economic data such as Friday morning's weak jobs report continue to reinforce the need for tight underwriting standards.

United Guaranty Corp., Greensboro, N.C. had pre-tax net income of $226 million for the second quarter, parent company American International Group said. The turnaround from a pre-tax loss of $488 million one year prior represents lower levels of newly reported delinquencies on domestic first and second lien loans and international products, as well as higher cure rates for those loans.

Mortgage companies cut 2,500 full-time employees from their payrolls in June despite record low mortgage rates as home sales continued to sag in a slowing U.S. economy.

The yield on the benchmark 10-year Treasury fell to a new, yearly low of 2.82% Friday morning in the wake of another weak employment report.

MountainView Capital Group, Denver, has purchased a broker/dealer unit from Capmark Financial, a move that will expand MVCG's ability to trade fixed income securities, including MBS.

Fannie Mae reported a net loss of $1.2 billion in the second quarter — excluding premiums paid to the U.S. Treasury — a sizeable improvement from 1Q when it bled $11.5 billion of red ink.

Technology provider Genpact Limited of Bermuda has been awarded a seven-year contract to provide services support to MERSCORP, Inc., the mortgage industry's electronic loan registry system.

To stimulate the economy and reduce defaults and foreclosures, a Morgan Stanley economist is suggesting that the government should allow lenders to refinance Fannie Mae and Freddie Mac mortgages regardless of loan-to-value ratios or incomes.

I recently came across a blogger's post which said, "I hate marketing-especially when it comes to marketing and talking about myself. I hate talking about myself-but most of all, I don't think people are interested in what I have to say."

In its first quarterly report as an independent company, CoreLogic, Santa Ana, Calif., had net income of $24 million, down from $29 million in the first quarter and $70 million one year prior.

Representatives of both Ellie Mae and PHH Mortgage Corp. used similar words about their teaming up in the Encompass360 Select program, that the technology involved provides seamless synergies to users.

A pair of cases alleging violations of Real Estate Settlement Procedures Act anti-kickback provisions could impact relationships between title underwriters and agencies and how title policies are produced.

The average rates for 30-year, 15-year and five-year Treasury-indexed mortgages dropped to more record lows during the week ended Aug. 5, according to Freddie Mac.

The Senate late Wednesday passed a bill that gives the Federal Housing Administration more flexibility to adjust its insurance premium structure, a move that will help rebuild its depleted capital reserves.

PulteGroup Inc.'s year-to-year reduction in land and mortgage-related charges combined with a tax benefit contributed to a net profit in the second quarter.

If you've kept up with your reverse mortgage news this week you've learned that we have moved a step closer to the subsidy that has been requested for the Federal Housing Administration Home Equity Conversion Mortgage program. This is certainly positive news but we have a way to go yet. What can you do as a reverse mortgage originator to help keep the message alive?

On Aug. 1, use of a revised reverse mortgage application became required by the Department of Housing and Urban Development.HUD first announced the revised form, known as Fannie Mae Form 1009, in a mortgagee letter issued in March. In addition, the Federal Housing Administration will no longer allow originators to use the Uniform Residential Loan Application, also known as Fannie Mae Form 1003/Freddie Mac Form 65 for Home Equity Conversion Mortgages.

A private sampling of Rural Housing Service loan originations discovered that lenders have become more lax this year in verifying income and the employment of borrowers.