Originations

The average rate for a 30-year fixed-rate mortgage inched downward to a new low for the sixth consecutive week, according to Freddie Mac.

Stewart Information Services Corp. returned to profitability in the second quarter as it earned $9.4 million, versus a loss of $20.6 million for the same period one year ago.

The PMI Group's second quarter loss of $150.6 million, while improved over the same period in 2009, was still a surprise as analysts predicted the company should be able to pare those losses further. The company had a $222 million loss one year ago.

The new Internet generation of online-only customers and readers, along with businesses eager to explore their information technology options, is growing.Up to 70% of adults who use the Internet also use online banking, and only 7% of those who have signed up do not use it. Findings from Mintel Comperemedia also show that 30% of online bankers log on to pay their mortgages or credit cards.

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As pure-play mortgage lenders continue to scramble to get warehouse lines, technologists say automation can help.Rob Katz, president at LOS Del Mar Database, contends, "The entity giving a warehouse line has to be confident that their partners are doing sound lending. How do you prove that if you don't have technology in place? Because there are so few sources for lines and they're restrictive, being able to demonstrate that you have the technology to move a loan through the pipeline quickly and efficiently is an advantage.

Loan officers at banks, thrifts, and credit unions must sign up with a nationwide registry starting next year under final rules issued by federal regulators on Wednesday.

Residential real estate markets have become "sluggish" in most parts of the country following the April 30 expiration of federal homebuyer tax credits, according to the Federal Reserve's new 'Beige Book' report.

With attractive lending opportunities hard to come by, bankers are finding themselves doing what would have been unthinkable just two years ago: discouraging deposits.Most large and regional banking companies are drowning in deposits, raising concern that excess liquidity could be a drag on earnings in coming quarters.

The stock price for Flagstar Bancorp Inc. was down nearly 10% in midday trading after the company reported a $97 million second quarter loss, compared with a first quarter loss of $82 million and a second quarter 2009 loss of $77 million.

Some good news is emerging from the home equity credit market, which given historic high delinquency rates and negative equity concerns are both unexpected and welcome.Equifax Inc. of Atlanta reports home equity, auto and credit card loans continued their year-over-year delinquency rate decline in May showing signs of improvements not yet visible in many other industries.

Because of much tighter underwriting standards, it's harder for a consumer to get a mortgage these days, but that frugality is translating into high quality loans for Fannie Mae.

Banking regulators in Pennsylvania have issued a policy governing the conduct of reverse mortgage lenders in the state. Although the policy appears to cover all reverse mortgage originators, a lot of what it addresses involves issues with proprietary products.Steve Kaplan, the secretary of banking, said in a statement, "Our policy is designed to make these products, which can be useful to some, available under the right circumstances."

Refinancing applications continued to dominate the origination market for the week ending July 23, accounting for 78% of all new business, according to new figures released by the Mortgage Bankers Associations.

Industry trade groups are urging Senate leaders to pass a stand-alone Federal Housing Administration reform bill (H.R. 5072) before they adjourn on August 7 for a month-long recess.

The House of Representatives late Tuesday passed an emergency supplemental appropriations bill that includes a provision to reform and restart the Rural Housing Service single-family guarantee program.

Servicers and their adequacy in processing loan modifications are under attack. And a new bureaucratic resolution may soon be on the table.

An independent monitoring office would "counteract all cases of unresponsiveness" from mortgage servicers prior to and during mortgage modifications, wrote the New York State Superintendent of Banks, Richard H. Neiman in a statement sent to the media.

The idea to create "a dedicated Office of the Homeowner Advocate within the Treasury Department" initially proposed by Sens. Al Franken, D-Minn., and Olympia Snowe, R-Maine, is open to discussion.

Short sales are gaining track as an effective loss mitigation solution that may turn into the workout of choice for many in times when both the government and the private sector entities report growth in this section of the marketplace.

Speakers at the SourceMedia Second Annual Best Practices in Loss Mitigation Conference in Dallas reiterated the fact.

And demand is king. It offered an additional incentive to PartnerFirst, LLC of Corona, Calif., to enter into a partnership with the National Association of Real Estate Brokers "to create a certified, nationwide and multicultural short sale agent network to help minority communities across America avoid foreclosure."

Mark Linne of Appraisal World feels the appraising profession he embraced 27 years ago is at a crossroads.

He compares it with how travel agents may have felt when virtual travel agents like Expedia or Travelocity started operating their Internet-only businesses.

"In the course of just a few brief years the whole profession changed." For appraisers it is a mix of challenges that include technology, changing regulation, a very severe economic downturn, even loss of credibility from banking clients.

WASHINGTON — To meet new federal licensing requirements, loan officers in many states have to complete the approval process by July 31. Failure to meet this deadline could put LOs at nonbanks on ice, unable to serve their customers and originate loans. The fast-approaching deadline is raising concerns in some quarters about processing delays at state agencies. Quicken Loans chief executive Bill Emerson is pushing for a 60-day extension of the deadline, saying it would be a huge help to the industry.