Mortgages

The parent company of structured settlement purchaser J.G. Wentworth, has expanded its pilot program in the reverse mortgage business into a full-fledged operation.

Retired Rear Admiral Thomas C. Lynch has been named to the board of Chrysalis Holdings, the parent company of NewDay Financial Inc., which originates reverse mortgages among other products.

Delinquency rates on home equity lines of credit rose 11 basis points on a sequential basis in the second quarter to 1.91%, according to new figures compiled by the American Bankers Association.

Record low interest rates are not bringing borrowers to the table as the level of loan applications decreased 4.3% on a seasonally adjusted basis for the week ended Sept. 30 according to the Mortgage Bankers Association.

Consumer lending experts urged a Senate panel on Tuesday to confirm a director of the Consumer Financial Protection Bureau this week.

A top Federal Reserve Board official is pressing for changes in mortgage servicing agreements to encourage more workouts of troubled loans.

The House voted 352-66 Tuesday afternoon to pass a continuing resolution that will fund government operations, including the National Flood Insurance Program, through November 18.

Following federal and state level debates over mortgage debt management solutions one municipality is looking at internal operations and data to identify ways to reduce debt.

The reduction in the Fannie Mae/Freddie Mac loan limit could trim home sales by up to 5%, further delaying a recovery in the housing market, according to industry officials speaking at a Progressive Policy Institute conference Tuesday.

Christmas has come a little early this year for warehouse lenders, thanks to Bank of America's planned exit from correspondent lending.

PHH Mortgage Corp., will be losing one of its largest private-label origination customers in Charles Schwab Bank, but will be adding five new clients for which it said this new business should more than offset any lost income.

Gleacher & Co. Securities Inc., New York, has hired a head of agency trading and four other managing directors as part of the ongoing expansion of its fixed income platform.

Renting to mitigate foreclosure losses is emerging as a work-intensive, yet effective solution for owners of foreclosed homes when delivered by one-stop-shop third-party servicers who offer personalized workouts.

Southwest Bank, Fort Worth, Texas, is on the verge of making its first warehouse line of credit and is catering to a small but growing segment of the market that it calls "mini-correspondents."

Foreclosure starts were 20% higher than the previous month reaching a yearly high, Lender Processing Services said in its latest Mortgage Monitor report.

In only a few years mandatory homeownership counseling before being approved for a loan modification or mortgage has become the new norm in mortgage origination and servicing. Starting this fall New Yorkers can add housing repair skills counseling and hands-on training to the list of things they may want to learn before or after deciding to own a house.

It may be a favorable time to review market demand for underutilized rural area financing options such as the USDA program.

If there is any one thing the author of a blog post or the speaker at a live presentation wants is that the audience should remember what the post or the speech was about. The lack of success in this area means a lack of connection with the intended target as well as frustration on the part of the author.

The correspondent lending division of Wells Fargo is serving as the pilot user for new customized investor guideline functions in origination technology vendor Ellie Mae's Total Quality Loan service.

Technology Credit Union, San Jose, Calif., has applied to the National Credit Union Administration to convert to a mutual savings bank, which, at $1.5 billion, would be the biggest credit union conversion to bank yet.