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Weekly wrap from MortgageDaily.com

Countrywide Still Biggest Mortgage Banker; Weekly wrap from MortgageDaily.com

DALLAS, Oct. 24 /PRNewswire/ — Among U.S. mortgage lenders that have reported third quarter loan production, Countrywide Financial Corp. was the biggest, according to an analysis of quarterly data by MortgageDaily.com, the dominant online news source for the mortgage industry. California-based Countrywide, which said it would add 1,500 Texas jobs last week, reported $146 billion in mortgage fundings during the period — an all-time record.

Wells Fargo & Co. was the runner up.

Washington Mutual has begun buying loan portfolios of as much as $100 million through a new conduit that plans to buy and securitize about $5 billion of subprime mortgages this year.

Minneapolis-based Residential Capital Corp. announced it named Bruce Paradis CEO. The announcement followed a GM announcement that it may sell a controlling interest in ResCap parent, GMAC.

Originators and sellers of Fannie Mae loans can disregard existing mortgage payments and pending foreclosures on purchase-money loans to hurricane-impacted borrowers. The government sponsored company is requiring inspections confirming the status of the damaged properties.

The Mortgage Bankers Association recently testified before Congress that pending legislation would elevate and standardize broker licensing across states by setting a uniform, minimum requirement. The group sees the bill as a means to lessen the burdens created by multiple state licensing laws.

The highest mortgage rates in years didn’t stop loan officers from completing more 1003s. Freddie Mac reported the average 30-year fixed rate was 6.10%, while MBA said applications rose 6% in the latest week.

Recent talk about eliminating the mortgage interest deduction has met with resistance from REALTORs. But for most people who take the standard deduction, the deduction would still be irrelevant.

New and existing subscribers may read the full text of these stories at https://www.mortgagedaily.com/index.asp

About MortgageDaily.com
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. More than a half million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliates, http://www.MortgageChronicle.com, a free mortgage industry publication; http://www.MobileMortgageNews.com, which provides trade news for portable devices; http://www.CloserBlog.com, with stories about selling more; and www.FraudBlogger.com, which chronicles mortgage fraud crime cases. Business Week magazine featured MortgageDaily.com in an article about its sensational news coverage.

Contact:

Carmen Garcia
214.521.1300
3811 Turtle Creek Blvd.
Suite 700
Dallas, TX 75219

Source: MortgageDaily.com

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