Latest Mortgage News Headlines

Nonconforming Wholesaler Hiring, Lending

A California-based wholesale lender is adding account executives to meet demand for a wide array of nonconforming, conventional and government programs. (July 9)

IndyMac Sells Retail Branches

IndyMac Bancorp has agreed to sell the majority of its retail operation. (July 8)

Subprime Still Needed

U.S. Treasury Secretary Henry M. Paulson Jr. today told bank regulators that home prices will continue to fall, foreclosures will continue to rise and some borrowers should not be saved. He did note, however, that although subprime lending needs to be fixed -- it shouldn't be eliminated. (July 8)

Lawsuit Targets Credit Report Re-Aging

A mortgage lender and the three credit bureaus have been sued by a former borrower because, she claims, a delinquent loan she previously paid off continued to reflect as past due well after the payoff date. (July 8)

Digital Enhancements Improve Originations

Recent technological advancements are helping lenders prevent mortgage fraud and enhancing the ability of originators and applicants to identify the most appropriate wholesale programs. Other innovations include improved ease of compliance with new conforming appraisal standards, FHA credit reports and correspondent loan disclosures. (July 8)

600 Indiana Brokerages Face Loss of Licenses

More than 600 Indiana mortgage brokerages face license revocation because of failing to comply with new licensing laws in the state. (July 7)

IndyMac Halts New Business

The company formerly owned by Countrywide is taking drastic steps to survive, including laying off nearly 4,000 employees. (July 7)

MTA Decline Continues

The monthly Treasury average index continued its decline despite several months of rising Treasury yields. (July 7)

REIT & Exec Shakeups

Two mortgage real estate investment trusts are teetering in the brink of insolvency, the president of a nonprime lender has been ousted and IndyMac is facing its fifth investor lawsuit since last month. But another REIT is optimistic after restructuring a repurchase agreement, while a servicing operation has successfully traded hands. (July 7)

Servicers Report Stabilizing Subprime Performance

A new report from the Office of Thrift Supervision indicates that delinquency dropped from January to March. Even as serious delinquency on prime mortgages rose, nonprime loans saw serious delinquency drop and accounted for a shrinking share of new foreclosures initiated. (July 7)

Mortgage Employment Stabilizing

Second-quarter jobs losses in the real estate finance sector fell by more than half from the prior quarter and the prior year. (July 7)

NIMs, Alt-A RMBS Clobbered

The latest ratings activity involved downgrades to several net interest margin notes and Alt-A residential mortgage-backed securities. Commercial MBS, meanwhile, saw mixed activity. (July 3)

Bank Shuts Down Mortgage Unit

A Maryland bank has disclosed that it will close its mortgage unit. The move follows the ouster of the company's chief executive after the company reported losses tied to loan fraud. (July 3)

Radian Improves in Q2

Radian Group Inc. said its quarterly claims were less than previously projected, its market share has increased and its financial standing is solid. (July 3)

Market Conditions Improve

The average 30-year fixed-rate mortgage fell for the first time in six weeks. Applications for new loans were also better. (July 3)

Mortgage Employment Improves

Jobs in the real estate finance sector improved. (July 3)

The Foreclosure Journal

The latest foreclosure prevention news indicates some progress is being made in the war against foreclosures. (July 2)

Home-Equity Delinquency Mixed

Late payments on home-equity mortgages was mixed, with open-end loans worsening and closed-end loans improving. (July 2)

MBS Volume Spirals

Led by a 93 percent decline in residential mortgage-backed securities volume, mortgage loan securitizations have tumbled so far this year. (July 2)

Wholesale Operation Re-Emerges

A significant portion of National City's former wholesale lending unit has been acquired and launched as part a new California-based company. (July 2)

Wholesale Operation Re-Emerges A significant portion of National City's former wholesale lending unit has been acquired and launched as part a new California-based company. Fortes Residential Mortgage Co. has been launched as a national mortgage banker, parent Fortes Financial Inc. announced Tuesday. The unit was created when Fortes acquired a significant portion of National City Bank's wholesale mortgage unit and a retail mortgage banking platform earlier this year, the statement said. (July 2) read full story Bank Shuts Down Mortgage Unit A Maryland bank has disclosed that it will close its mortgage unit. The move follows the ouster of the company's chief executive after the company reported losses tied to loan fraud. AmericasBank Corp. made the disclosure in a filing today with the Securities and Exchange Commission. The Townson, Md.-based company said the board of directors of subsidiary AmericasBank decided Wednesday to "reposition its mortgage lending operation by integrating the operations of the bank's separate mortgage unit into its existing banking centers and closing the separate mortgage unit." (July 3) read full story Accredited Parent Acquires $9.3 Billion in Loans The parent of Accredited Home Lenders Inc. and the world's richest man are diving deeper into non-conforming mortgage lending. (July 1) New CitiMortgage CEO A former Citigroup executive is returning to head CitiMortgage. (July 1) IndyMac Halts New Business The company formerly owned by Countrywide is taking drastic steps to survive, including laying off nearly 4,000 employees.(July 7)