Mortgages

Application volume fell by 11.7% on a seasonally adjusted basis for the week ended Nov. 25, with the data adjusted to take into account Thanksgiving, according to the Mortgage Bankers Association.

In a worst case scenario investors in bonds issued by The PMI Group could lose upwards of $737 million because the notes are considered "unsecured" according to court papers issued in the mortgage insurer's bankruptcy filing.

Independent consultants conducting foreclosure reviews at the residential servicing units of 12 national banks are specifically required to look for possible foreclosure violations involving active duty soldiers.

The recurring theme of financial literacy may be old, but it keeps pushing itself forward and into the agenda of mortgage lenders and servicers as banks struggle to understand their borrowers' financial decision-making patterns.

Insight into the relationships between banks and consumers deemed critical to the recovery of both the housing market and the overall economy indicate mortgage banks need be aware of misperceptions about how mortgage delinquency and economic stress impacted borrower behavior-including "strategic default."

Fitch expects to revise the rating outlook for what appears to be a relatively small number of residential and commercial mortgage-backed securities to negative in line with the negative outlook it has assigned to the U.S. sovereign rating and to issuer-default ratings of mortgage-related government-sponsored enterprises.

Congress has opened the door for FHA lenders to originate jumbo loans of up to $729,750 without being crowded out of the market by Fannie Mae and Freddie Mac products.

Radian Guaranty is seeking waivers in 12 states of risk-to-capital requirements, even though it does have $600 million in capital at the parent company level available to downstream to the mortgage insurer, chief financial officer Bob Quint said during a presentation at the FBR Capital Markets Fall Investor Conference.

Disposing of the growing inventory of REO properties held by the GSEs, lenders/servicers and investors is a daunting task that would test the creative marketing abilities of any organization. It still is anyone's guess how long it may take this inventory to clear.

Roughly 22.1% of all residential properties – 10.7 million units -- encumbered by a mortgage were in a negative equity position at the end of September, a slight decline from mid-year, according to new figures compiled by CoreLogic, Santa Ana, Calif.

Guggenheim Partners affiliate Pillar Multifamily LLC has agreed to buy Fannie Mae eligible loans sourced by Tremont Realty Capital LLC under a correspondent agreement between the two companies.

WASHINGTON—Although the chances are slim, the conforming loan limit in a few high-cost markets could rise on Jan. 1.

I have some questions for all the owners of small mortgage origination shops: are you running your business like it is a business? Do you have the systems in place to examine what is succeeding in your business and what needs to be dropped or even eliminated? Or are you doing things by the seat of your pants, lacking the proper data to back up your decisions?

Home prices dropped in September from August in 17 of the 20 cities tracked by the Standard & Poor's/Case-Shiller index. It was the first decline after five straight months in which at least half the cities in the survey showed monthly gains.

Citigroup's $285 million settlement with the Securities and Exchange Commission over a nonprime MBS investment was rejected Monday by a federal judge who said he hadn't been given enough facts to approve it.

Default management vendor ServiceLink, Pittsburgh, on Tuesday named Chris Azur as its new president.

United Guaranty Inc. has decided to increase its participation in the newly revised Home Affordable Refinancing Program, issuing new guidance to servicers of Fannie Mae and Freddie Mac loans.

Fannie Mae in early November cut 160 full-time workers, including a handful of vice presidents, including one with almost 30 years of service.

Kirchmeyer & Associates Inc., a Buffalo, N.Y.-based appraisal management company, is now offering its clients collateral valuation insurance which protects them against default losses including repurchase expenses. Eligible loan types include first and second mortgages as well as home equity lines of credit.

New home sales rose 1.3% in October after September sales were revised downward, according to new government figures released Monday.