Credit Union Originates Nearly $6 Billion
The world's biggest credit union reported nearly $6 billion in residential originations during last year.
Navy Federal Credit Union reported today that 2008 mortgage production was $5.7 billion.
The level of lending was the second highest ever for the Vienna, Va.-based institution.
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Gov Biz Pushes Agency Issuance Higher
Agency issuances for mortgage-backed securities fell last year on conforming mortgages but more than doubled for government loans -- helping to push overall agency issuance higher.
M.I. Business Bad
After reaching new lows in October, mortgage insurance activity deteriorated further. New business was down by more than three-quarters from a year earlier.
Fannie Activity Deteriorates
New business acquisitions again sank to their lowest level on record last month at Fannie Mae -- contrasting results at secondary rival Freddie Mac. Fannie's delinquency worsened as its book of business declined.
Michigan Firm Hiring
A Michigan firm that specializes in FHA loans announced plans to hire 100 new production employees during the first quarter. The company said it closes $1 billion annually.
Lender Hiring Hundreds
A Kentucky-based mortgage banker has hired more than 300 employees over the past 12 months and expects to add more than 300 new positions next year. Originations are projected to jump by three-quarters next year.
Freddie Purchases, Portfolio Higher
Aside from worsening delinquency, Freddie Mac had strong activity last month.
Ginnie Volume, Share Surging
WASHINGTON, D.C. -- Driven by hungry foreign investors, the Government National Mortgage Association said it has become one of the principal players in the securitization market as virtually all securitization of private lending has stopped. But even with surging volume, the company's president said it has no plans to increase
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FHA Originations Explode at MO Firm
A Missouri-based mortgage banking firm reported that its government business has soared and is on pace to reach $20 billion annually.
FHA Outlook Improves as Conventional Weakens
Despite the refinancing frenzy that has erupted with falling rates, Freddie Mac has again lowered its projections for U.S. residential originations. But the forecast for just government originations has improved.
