Latest Mortgage News Headlines

MGIC Raise Pricing, Tightens Guidelines

MGIC has tightened its guidelines and raised its pricing. Some of the moves appear to be aimed at negative equity borrowers who plan to abandon their current properties for lower-priced properties. (Aug. 28)

Competition Balloons for Reverse Mortgages

The growth in reverse mortgage originators is far outpacing the growth in reverse mortgage production. But a new newsletter suggests that fallout from the imbalance may be impacting new companies -- who rarely surpass five loans per month -- more than seasoned veterans. (Aug. 28)

Rates Mixed, Apps Firm

Fixed mortgage rates slipped, while the 1-year adjustable-rate mortgage moved higher. New loan applications reversed two weeks of declines and government activity continued to improve. (Aug. 28)

The FHA Wire

As FHA lenders grapple with changes to premium prices, one company is helping mortgage companies comply with government loan requirements while another has published a 1,000-page guide for originating, processing and underwriting FHA-insured loans. (Aug. 28)

Net Branch Winding Down Former executives of Carteret Mortgage Corp. met in December to discuss a strategy for survival. But the company's chief executive officer has decided to throw in the towel. While managers and originators are finding new homes, Carteret's CEO is done with the mortgage business. (Aug. 28)

Exec Shakeup at Fannie

Fannie Mae has replaced three senior executives. (Aug. 27)

Thrift Performance Sinks

Residential originations at U.S. thrifts fell as delinquency soared and earnings soured. There were no failures in the sector during the first half of this year, but problem institutions rose. (Aug. 27)

Jumbo RMBS Performance Pulled Down With Nonprime

The declining performance of loans backing securitizations from 2006 and 2007 shows no signs of abating. Alternative-A, junior-lien and subprime transactions continue to be the worst performers, but recent jumbo activity is raising flags on nonconforming issuances. (Aug. 27)

Foreclosures, Workouts Continue Higher

While the number of foreclosures is rising, so is the number of workouts by mortgage servicers. (Aug. 27)

More Thornburg Warnings

Thornburg Mortgage Inc. paints a bleak picture of the current state of the mortgage market and its own ability to continue as a going concern. The jumbo lender has stopped originating new business, faced massive downgrades on its mortgage-backed securities and been hit with ongoing margin calls. (Aug. 27)

Mortgage Leads Times

The latest mortgage lead offerings include FHA trigger leads and loan modification leads. Among advancements in mortgage leads is system that promises to convert dead leads into funded loans for $100 each. Other loan lead activity includes a lead powerhouse that has launched as a publicly traded independent firm and lawsuits against two firms that use telephone calls to generate loan prospects. (Aug. 27)

Troubled Banks Rise, Delinquency Doubles

The regulator of thrifts reminded companies about rules and recommended practices for cutting or suspending home-equity lines-of-credit. (Aug. 26)

Compliance on HELOC Suspensions

The regulator of thrifts reminded companies about rules and recommended practices for cutting or suspending home-equity lines-of-credit. (Aug. 26)

Delinquency Soaring, Purchases Tumbling at Freddie

Secondary purchases tumbled at Freddie Mac, which saw delinquency rise to the highest level in at least seven years. (Aug. 26)

Fannie Purchases at 3-Year Low

Secondary purchases by Fannie Mae fell to their lowest level in nearly three-and-a-half years, while delinquency is at its highest level in more than a year. The secondary lender's book of business, however, continued further past $3 trillion. (Aug. 26)

Corporate Maneuvers

The boardrooms of mortgage-related corporations have been busy dealing with stock exchange listings, capital conservation and legal actions. Large losses continued to plague the sector, while a failed bank was taken over and another firm was spun off. (Aug. 26)

Wells Mortgage Chief Leaving

The head of Wells Fargo Home Mortgage has disclosed plans to retire. (Aug. 25)

Fastest Growing Mortgage Companies

A few mortgage-related companies remain among the nation's fastest growing private companies. Commercial mortgage companies and credit repair firms dominated the sector. (Aug. 25)

Fifth State Sues Countrywide

An investigation by Indiana's attorney general has led to a lawsuit against Countrywide. Indiana, which alleges mortgage fraud and customer deceit, is the fifth state to sue Countrywide since June. (Aug. 25)

Florida Leads Rising Fraud

Led by an increase in new mortgage fraud cases along Florida's coast, U.S. fraud activity has risen significantly since last year. (Aug. 25)

Broker's Business is Booming A St. Louis mortgage broker, who is on track to increase his originations this year by nearly 40 percent, attributes his success to strategic networking. Gary Bussard closed $23 million during the first six months of 2008, he told MortgageDaily.com in a statement today. The first-half activity has him on track to surpass his full-year 2007 production of $33 million by 39 percent. (Aug. 22) read full story Growing Lender Adding Employees A mortgage lender with wholesale and net branch operations has added more than 100 employees this year and plans to add another hundred. NetMore America Inc., launched in 2006, originated just $14 million last year, a company spokesman told MortgageDaily.com today But this year, the WALLA WALLA, Wash.-based company projects more than $500 million in mortgage production. (Aug. 21) read full story Florida Firm Growing, Hiring A Florida-based company that helps servicers with real estate owned has added nearly 100 employees this year and has plans to add more. (Aug. 19) N.C. Trade Group Clarifies YSPs Under New Law A mortgage trade group in North Carolina has warned its members that news reports indicating yield spread premiums are prohibited under a new state law are wrong. The new law does, however, place limitations on mortgage broker income earned on high-cost loans. (Aug. 20) Routine Examination Turns Costly When New Hampshire regulators were given loan files for a routine examination of a mortgage brokerage, they became suspicious about missing documents. With a little more work, they found the missing documents in a shredding bin and reconstructed them only to find altered documents on loans from that state and from Massachusetts. In addition to fining the broker $400,000, they alerted Massachusetts regulators -- who then took their own actions. (Aug. 19)