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LATEST U.S. MORTGAGE NEWS
Last Updated Wednesday, May 16, 2012 05:20 PM Central

MOST READ

(Past 7 Days)

BofA Goes National With Short Sale Payouts May 16 After testing a program that pays delinquent borrowers to help unload their properties through a short sale, Bank of America Corp. is now expanding the program. The pilot program tested last year by BofA in Florida offered borrowers up to $20,000 to sell their home in a short sale. Nearly 11,000 borrowers took the bank up on its offer, and several hundred have closed so far. Now BofA is taking the program national, though sand states are expected to see the most participation. Maximum payouts have been increased.
Subprime Foreclosures Improve Despite Rise in Overall Rate May 16 Past-due payments on home loans have fallen for three consecutive quarters, though performance on mortgages to veterans deteriorated. But the rate of foreclosures was higher despite an improvement in subprime foreclosures.
Residential Issuance Drives Up Ginnie Activity May 16 Thanks to strong residential activity, securitizations at the Government National Mortgage Association soared by a quarter last month. Even multifamily issuance was stronger. But reverse mortgage volume was lower.
Small Wholesaler Seeing Big Results from HARP 2.0 May 16 New business at a small Texas-based wholesale lender that operates in more than two dozen states has exploded since it began accepting applications for mortgages processed under the Home Affordable Refinance Program. Originations are so strong that the company is recruiting more employees to help it keep up with demand.
Lenders Take More Risk on New Originations May 16 Credit scores decreased on mortgages closed last month, while loan-to-value ratios increased. Even debt-to-income ratios rose despite that the share of 15-year loans was lower and the share of adjustable-rate mortgages was higher.
Seasonal Slump for CRE Loan Originations May 15 Compared to the final three months of last year, quarterly commercial mortgage originations fell an estimated $6 billion -- though the decline was seasonal. Health care properties, industrial properties and agency originations saw the biggest declines. Volume was better, however, than a year earlier -- with banks, retail properties and health care properties leading the way.
LOS Provider Acquiring Servicing Tech Firm May 15 A company that provides loan origination system technology to mid-tier lenders is acquiring the same company that it was once owned by.
Bank Expands Mortgage Staffing Plans May 15 Staffing at a mortgage center opened last year in Arizona was originally expected to reach a hundred. But that goal turned out to be too low for the bank that opened the center.
4 Months of Improvement in Serious Delinquency May 15 First-mortgage delinquency improved for the fourth month in a row and stands at its lowest level since before the financial crisis. It's a similar story for second liens.
Quicken Correspondent Unit Reports Huge Growth May 15 A relatively new division of Quicken Loans Inc. that provides production services to financial institutions is reporting "explosive growth." The unit is in heavy recruitment mode.

Another Correspondent Lender Emerges
April 25, 2012
Several new players have recently entered the correspondent lending space, and now a Texas firm has thrown its hat into the ring.

Gateway Mortgage Group announced last month that it was opening a correspondent lending division. Prior to that, American Home Mortgage Servicing Inc. disclosed the October launch of correspondent and warehouse lending operations. Impac Mortgage Holdings Inc. said in February that it created a new correspondent lending division.
<read full story>

Tragic Week for Banks
April 28, 2012
It's been a while since this many banks were closed down in a single week. Federal losses forecasted for the latest round of failures exceed $270 million.

The first bank to go down was Bank of the Eastern Shore, which was closed by the Maryland Commissioner of Financial Regulation. The bank had entered a formal agreement in August 2010 with the state regulator and the Federal Reserve Bank of Richmond.
<read full story>

Freddie Releasing HARP 3.0 AU
April 16, 2012
Freddie Mac has fined tuned its automated underwriting process for the Home Affordable Refinance Program in a move that is expected to generate approvals for borrowers who were previously denied for the program.
<read full story>

HARP 2.0 Holdups
April 30, 2012
Loan officers at U.S. financial institutions were surveyed about obstacles to originating home loans. While some banks are participating in the government's refinance program for negative-equity borrowers, many see too many impediments to utilize the program.
<read full story>

GMAC Servicer Rating Hurt By ResCap Standing
May 2, 2012
The possibility of bankruptcy at its parent has GMAC Mortgage's servicing ratings on watch for a possible downgrade. Prime and nonprime ratings are affected.
<read full story>

MORTGAGE VIDEO NEWS

Brokers Call for Support on QRM Legislation
The head of the trade group that represents mortgage brokers is calling on the sector to support legislation that would leave more income available for loan originators.
<watch video>

Video of Shaun Donovan interviewing with reporters

HUD Chief Grilled on Housing Market
The head of the Housing and Urban Development talked with reporters about a range of issues including additional funding for the Federal Housing Administration, investors complaints about the mortgage servicer settlement and writing down principal on loans owned or guaranteed by Fannie Mae and Freddie Mac.
<watch video>

Television interview with Warren Buffett

Billionaire Says Now is Time for Residential Investments
The Oracle of Omaha says that now is the time to invest in residential real estate.
<watch video>

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