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LATEST U.S. MORTGAGE NEWS
Last Updated Wednesday, February 22, 2012 06:55 PM Central

MOST READ

(Past 7 Days)

Default Service Providers Promote Products Feb. 22, 2012 Default service providers are busy this week touting their wares as mortgage servicers converge in Florida. Products being promoted include those that identify property association liability and platforms for the entire default loan process. More than 150 exhibitors were registered for the Mortgage Bankers Association's National Mortgage Servicing Conference & EXPO 2012 being held this week at the Orlando World Center Marriott. Many of the exhibitors hope to entice mortgage servicing executives to utilize various services for defaulted loans.
Expected 1st Half Originations Upped Feb. 22, 2012 Thanks to a stronger refinance outlook, more business is expected during the first six months of 2012 than was forecast last month.
GSE Execs Rack Up Tens of Millions in Legal Expenses Feb. 22, 2012 An inspector general report examined legal fees being paid on behalf of former senior executives of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. One way that the two government-controlled enterprises can cut back on legal expenses is to stay all litigation until they are out of conservatorship since neither will ever be in a position to pay such fees.
HUD Clarifies HAMP Credits Toward Settlement Feb. 22, 2012 While some principal reduction on mortgages with government loan modifications can be credited towards the recent mortgage servicer settlement, the vast majority of loans modified under the federal program won't be eligible.
Mortgage Bankers Raise Origination Outlook Feb. 22, 2012 Home lenders cut their outlook for the volume of home purchases expected to be financed this year. But an increase in projected refinance production was enough to push the overall forecast higher.
Apartment Loan Performance Leads CMBS Improvement Feb. 21, 2012 Led by improving multifamily performance, past-due payments on securitized commercial mortgages retreated -- though so did the overall amount outstanding.
What's Next for Fannie and Freddie? Feb. 21, 2012 The next phase in conservatorship for Fannie Mae and Freddie Mac has been laid out for legislators.
Serious Delinquency Retreats Feb. 21, 2012 Serious home-loan delinquency relented after ascending each of the prior four months. The rate in Dallas declined, while Miami's delinquency climbed.
Distressed Loan Servicer Reports Phenomenal Growth Feb. 21, 2012 A mortgage servicer that specializes in distressed loans has seen its staff nearly triple over the past six months.
Quarterly Production Outlook Lifted Feb. 21, 2012 A key outlook for home-loan originations during the first three months of 2012 was raised, though business is expected to fall for the rest of the year. There is no end in sight for continued contraction in the country's collective outstanding mortgages.

PHH Paring Correspondent Production
Feb. 8, 2012
In an effort to strengthen liquidity, PHH Corp. plans to reduce its correspondent business. The company's chief talked about impacted employees.

Staff members impacted from a potentially sharp reduction in volume from the correspondent channel will likely be reassigned to another production channel, according to PHH Corp. President and Chief Executive Officer Glenn Messina.
<read full story>

California Bank Picks Up MetLife Production Employees
Feb. 2, 2012
Provident Financial Holdings has scooped up a team of retail mortgage bankers in Northern California and is establishing three new offices there to boost its mortgage lending business.

The Riverside-based bank parent company of Provident Savings Bank has hired a group of 40 people -- 26 retail loan production staff and 14 support employees -- from MetLife after the insurance company announced last month it would shut down its mortgage banking operations nationwide.
<read full story>

Citi Abandons Broker Business
Feb. 1, 2012
Citigroup Inc.'s mortgage lending unit is getting out of wholesale lending.

The New York-based company said in a statement Wednesday that its CitiMortgage Inc. subsidiary will transition away from mortgage broker business. The move was made only "after careful consideration."
<read full story>

MORTGAGE VIDEO NEWS

Video of discussion with Meredith Whitney

Mortgage Market Needs Changes
A leading analyst sees many changes needed in the mortgage market. One of those changes is higher interest rates.
<watch video>

Video interview of Morgan Stanley economist David Greenlaw

Republican Among Potential Choices for FHFA Chief
A boost to the housing market has bi-partisan support, according to a Wall Street investment banking economist. He also noted that it has been suggested a Republican could be Obama's choice to head the Federal Housing Finance Agency.
<watch video>

Video of Richard Cordray discussing non-bank regulation

CFPB Director: Shadow Banking System Didn't Work
Much of the blame for the financial crisis can be ascribed to financial service providers who were not regulated, according to the new director of the Consumer Financial Protection Bureau.
<watch video>

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