Michigan Firm Hiring
A Michigan firm that specializes in FHA loans announced plans to hire 100 new production employees during the first quarter.

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. Most of the company's business is government.

Fannie Tightens DTIs, Credit Scores
Fannie Mae will begin requiring minimum credit scores on government mortgages it acquires. In addition, the secondary lender has instituted a new maximum debt-to-income ratio on manually underwritten conventional loans.

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 headcount.

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.

ResCap Unit Modifies Prepayment Penalty Policy
A subsidiary of Residential Capital LLC has resolved a federal investigation into a prepayment penalty charged by the unit. The borrower was active in the military.

Help With FHA Refis
Financial institutions have a simpler option for becoming approved to originate FHA-insured loans. Once approved, a number of services aim to help lenders with various FHA refinance programs -- including one that several trade groups are lobbying Congress to extend.

Obama Nominates HUD Secretary President-elect Barack Obama has named a former commercial mortgage executive as his choice to head the U.S. Department of Housing and Urban Development. It's the second time around at HUD for the nominee.