PHH Fundings Off, Big MSR Write-Downs
Quarterly home-loan volume fell and is likely to fall further at PHH Mortgage. Profits at the production unit weren't near enough to offset a big decline in the value of mortgage servicing rights.

Third-quarter residential originations were 39,161 mortgages for $9.0 billion, parent PHH Corp. reported today.

Volume declined from 48,220 loans for $11.0 billion during the second quarter but was better than 34,499 units for $7.9 billion during the same period last year.
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American Home v. Ohio AG v. American Home
American Home Mortgage Servicing Inc. and Ohio Attorney General Richard Cordray are suing each other allegations of poor servicing practices.

Program Keeps REOs Occupied
An amendment to Fannie Mae's guidelines will enable seriously delinquent borrowers to hand over title to their properties and still remain in their homes.

Default Service Providers Drain Pool of Servicing Executives
Among mortgage industry service providers, companies that cater to mortgage servicers are the busiest with executive appointments.

GMAC Surpasses Citi in Quarterly Originations
GMAC Financial Services has replaced Citigroup Inc. as the fourth biggest residential lender in the country. But losses at the mortgage unit -- more than $13 billion since 2007 -- kept GMAC in the red. The servicing portfolio declined.

Fannie's Performance Worsens
While Fannie Mae's massive book of business climbed -- secondary purchases fell, residential delinquency reached another record and multifamily delinquency maintained its record level.

HFF Business Picks Up
HFF Inc. saw quarterly originations of commercial mortgages climb, though volume was still down by half from last year. The firm's servicing portfolio sits near $25 billion.

Flagstar Performance Deteriorates
Home loan production sank as Flagstar Bancorp Inc. reported a massive quarterly loss and a smaller servicing portfolio. But the company's new chief, who was also elected chairman of the board, is moving quickly to stop the bleeding.

MetLife Fundings Fall
Quarterly mortgage production fell by a third at MetLife Home Loans. But mortgage headcount grew, reverse mortgage originations were higher and the servicing portfolio increased.

FHA Servicer Training Goes Online
Servicers that are approved to service loans insured by the Federal Housing Administration can now go online to learn about a range of servicing subjects.