Latest Mortgage News Headlines

Saxon Subprime Servicer Rating Lowered

Problems at Saxon Mortgage Services Inc. have led to a downgrade of its subprime servicer rating. (Jan. 6)

LoanCare Servicer Ratings Downgraded Again

For the second time in less than 30 days, LoanCare Servicing Center Inc. has seen its servicer rating downgraded. (Jan. 6)

Fed Becomes Mammoth Secondary Player

The U.S. government now has a big hand in the secondary mortgage market -- with billions of dollars in mortgage-related assets recently traded. Meanwhile, a Wells Fargo & Co. unit inked a deal with a group of community banks, and a division of First American Corp. has launched a service that fixes errors on adjustable-rate loan portfolios. (Jan. 6)

Bankruptcy Activity Mixed

Annual and quarterly bankruptcy filings by consumers jumped, but monthly activity was lower. (Jan. 6)

The Modification President A stimulus plan proposed to Congress by President-elect Barack Obama calls for his cabinet to use its existing authority to step up loan modifications. It also proposes that servicers not be held liable for modifications and that bankruptcy judges be empowered to modify loan balances. (Jan. 6)

GreenPoint Brokers Targeted by New York

Two New York mortgage brokers have settled charges that they charged minorities thousands of dollars more in fees, while a third broker faces a lawsuit by the state and more brokers face investigations. The actions were prompted by an investigation into defunct wholesaler GreenPoint Mortgage Funding Inc. (Jan. 5)

MTA Descends Deeper

Following 20 consecutive monthly declines, the monthly Treasury average fell to its lowest point in more than four years. (Jan. 5)

New PHH CEO

PHH Mortgage has promoted its chief financial officer to chief executive officer. (Jan. 5)

Financing for the Financiers

Several institutions have wrapped up big corporate financing transactions that will enhance their capital positions. (Jan. 5)

Credit Union Originates Nearly $6 Billion

The world's biggest credit union reported nearly $6 billion in residential originations during last year. (Jan. 5)

New CEO at MBA

A new chief executive officer will oversee the country's primary trade group for the mortgage industry as signs of life emerge in the sector. (Jan. 5)

Deal Reached on IndyMac Sale

The Federal Deposit Insurance Corporation has reached an agreement to sell the banking operations of IndyMac Federal Bank FSB. (Jan. 2)

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. (Jan. 2)

W&W Deal Done

Wells Fargo & Co. has closed on its acquisition of Wachovia Corp. The move potentially creates a new No. 1 mortgage lender. Meanwhile, Bank of America Corp. completed its own acquisition. (Jan. 2)

Rise in COFI Eases

A recent surge in the cost of funds index has eased. The index has been recently impacted by historic government measures and the failure or acquisition of some of its big members. (Jan. 2)

PNC Acquisition of National City Done

Fresh with government funds, The PNC Financial Services Group Inc. completed its acquisition of National City Corp. (Dec. 31)

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. (Dec. 31)

Rates Could Fall Another 50-100 BPS

Fixed mortgage rates eased, and one federal regulator said they could fall another 1%. (Dec. 31)

Revised Appraisal Code Irks Brokers, Appraisers

Mortgage brokers are unhappy with the revised appraisal code -- which they say won't stop crooked appraisers from fraudulently inflating fair market values. Appraisers, meanwhile, question the use of appraisal management companies and computer generated values. (Dec. 31)

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. (Dec. 31)

Michigan Firm Hiring

A Michigan firm that specializes in FHA loans announced plans to hire 100 new production employees during the first quarter. (Dec. 30)

Firm Hiring Thousands A mortgage staffing firm is seeking to fill thousands of positions as mortgage activity has surged. Adecco USA is in the midst of a campaign to recruit mortgage production employees, a spokeswoman told MortgageDaily.com in a statement today. Among the positions being filled are processors, underwriters and closers. (Dec. 30) read full story Rates Could Fall Another 50-100 BPS Fixed mortgage rates eased, and one federal regulator said they could fall another 1%. The average 30-year fixed-rate mortgage fell 4 basis points from last week to 5.10% in Freddie Mac's survey of 125 thrifts, commercial banks and mortgage lenders for the week ending today. A year ago, the 30-year stood at 6.07%. (Dec. 31) read full story 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. (Dec. 24) New Appraisal Guidelines Issued A new set of appraisal guidelines and procedures has been unveiled for conforming mortgages. The new guidelines aim to prevent originators and mortgage brokers from pressuring appraisers to inflate fair market values. (Dec. 23) The Loan Mod Ledger As loan modification programs grow, so do the number of companies that prey on delinquent borrowers and the number of firms that exploit lender compliance errors. (Dec. 29)