http://originatortimes.com/Daily News and Information for the Mortgage OriginatorA flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by Lawrence Yun, NAR chief economist.http://originatortimes.com/content/templates/?a=3130&z=0The commercial/multifamily originations market grew 19 percent in 2007, with mortgage bankers closing $507.7 billion in commercial/multifamily loans according the Mortgage Bankers Association's 2007 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation.http://originatortimes.com/content/templates/?a=3129&z=0According to HUD, the Bush Administration implements a targeted, financially responsible plan to help homeowners while the House counters with a reckless approach that could leave taxpayers footing the bill.http://originatortimes.com/content/templates/?a=3128&z=0The House this week will consider the American Housing Rescue and Floreclosure Prevention Act. This bill will amend the Senate-passed H.R. 3221 (As amended by the Senate).http://originatortimes.com/content/templates/?a=3127&z=0Under the terms of a court order announced by the FTC, two individuals and one corporate defendant have been barred from violating the agency's Telemarketing Sales Rule and its Do Not Call provisions arising from a telemarketing scheme designed to sell mortgage loans, refinancing services, and other products to U.S. consumers.http://originatortimes.com/content/templates/?a=3126&z=0Fannie Mae announced its plan to raise $6 billion in new capital through public offerings of common stock, non-cumulative mandatory convertible preferred stock, and non-cumulative, non-convertible preferred stock. http://originatortimes.com/content/templates/?a=3125&z=0Mortgage Builder Software clients will now be able to do all their product selection, pricing and secondary marketing activities without leaving the Mortgage Builder environment thanks to a partnership with Optimal Blue.http://originatortimes.com/content/templates/?a=3124&z=0Loan Score Decisioning Systems announced that it has relocated its corporate headquarters to a larger facility. The move provides Loan-Score with the necessary infrastructure to swiftly expand operations when marketplace liquidity returns.http://originatortimes.com/content/templates/?a=3123&z=0The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending May 2, 2008. The Market Composite Index was 655.4, an increase of 15.6 percent on a seasonally adjusted basis from 567.0 one week earlier.http://originatortimes.com/content/templates/?a=3122&z=0Financial Industry Computer Systems, Inc. announced that it has promoted Loan Producer Customer Support manager, Shalecia Stewart, to assistant vice president of Customer Service.http://originatortimes.com/content/templates/?a=3121&z=0Federal investigative agencies, including the IRS and the FBI, have joined together to form a task force to deepen their probe into potential crimes perpetrated by major players and individual brokers within the mortgage industry.http://originatortimes.com/content/templates/?a=3120&z=0The House Financial Services Committee approved H.R. 5830, the FHA Housing and Homeowner Retention Act, by a bipartisan vote of 46 to 21. The legislation will expand the FHA program to help refinance at-risk borrowers into viable mortgages.http://originatortimes.com/content/templates/?a=3119&z=0The FDIC is proposing that Congress authorize the Treasury Department to make loans to borrowers with unaffordable mortgages to pay down up to 20 percent of their principal. The repayment and financing costs for these Home Ownership Preservation loans would be borne by mortgage investors and borrowers.http://originatortimes.com/content/templates/?a=3118&z=0The Federal Reserve has cut short-term interest rates for the seventh time since September in an effort to spur the economy and increase liquidity into U.S. financial markets.http://originatortimes.com/content/templates/?a=3117&z=0Despite concerted efforts of central banks here and abroad, the mortgage credit crunch has spilled over into the housing production loan market, threatening to prolong the current housing downturn.http://originatortimes.com/content/templates/?a=3116&z=0Mortgage Insurance Companies of America reported slightly higher originations of privately insured mortgages in March compared with the previous month. During March, 139,610 borrowers used private mortgage insurance to buy or refinance a home.http://originatortimes.com/content/templates/?a=3115&z=0The Federal Trade Commission has approved a staff letter to the Federal Home Loan Mortgage Corporation on its proposed settlement agreement with the New York Attorney General and the related Home Valuation Code of Conduct.http://originatortimes.com/content/templates/?a=3114&z=0Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 6.06 percent with an average 0.5 point for the week ending May 1, 2008, up from last week when it averaged 6.03 percent.http://originatortimes.com/content/templates/?a=3113&z=0Synovus Mortgage Corp. and Freddie Mac announce a new first-time homebuyer campaign. The new Initiative provides a grassroots campaign to demystify the homeownership process for families in four of 12 Central Alabama counties.http://originatortimes.com/content/templates/?a=3112&z=0In the first quarter of 2008, 56 percent of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5 percent higher than the original mortgage balances. This was the smallest cash-out refinance percentage since the second quarter of 2004.http://originatortimes.com/content/templates/?a=3111&z=0Last week, after rocking and rolling rates ended about .125% better than where they began. Which was quite welcome after the Fed's 25 bps cut in rates and inflation posting slightly higher numbers than what was expected. The week ahead, although light on economic news may still have the opportunity to move rates. Read on to learn why.http://originatortimes.com/content/templates/?a=3110&z=0Ellie Mae has donated professional services to Acorn Housing, a national non-profit organization providing free housing counseling to low and moderate income homebuyers. Acorn Housing also provides foreclosure prevention services to assist homeowners.http://originatortimes.com/content/templates/?a=3109&z=0The Federal Trade Commission testified before the U.S. Senate Committee on Commerce, Science, and Transportation's Subcommittee on Interstate Commerce, Trade, and Tourism, about the Commission's continuing efforts to protect subprime mortgage borrowers.http://originatortimes.com/content/templates/?a=3107&z=0The Federal Trade Commission has charged one company and its president with operating a nationwide mortgage foreclosure "rescue" scam that charged consumers as much as $1,200 to save their homes from foreclosure but failed to do so.http://originatortimes.com/content/templates/?a=3106&z=0Delivering the keynote address at the Federal Home Loan Banks Annual Directors Conference, U.S. Department of Housing and Urban Development Deputy Secretary Roy A. Bernardi highlighted President Bush's plan to strengthen the economy and help homeowners by allowing HUD's Federal Housing Administration to be "a good safeguard against foreclosure."http://originatortimes.com/content/templates/?a=3105&z=0The National Association of Realtors and the U.S. Conference of Mayors have designated six cities as 2008 Ambassador Cities. The six cities named an Ambassador City will hold public events throughout 2008 which will provide an opportunity to further discuss and encourage universal affordable housing.http://originatortimes.com/content/templates/?a=3104&z=0The National Association of Home Builders told Congress that the best way to help builders promote residential energy efficiency and sustainability technology in home construction is by extending tax incentives for new energy-efficient homes.http://originatortimes.com/content/templates/?a=3103&z=0A new report shows foreclosure filings were reported on 649,917 properties during the first quarter, a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007. The report also shows that one in every 194 U.S. households received a foreclosure filing during the quarter.http://originatortimes.com/content/templates/?a=3102&z=0Data released by Standard & Poor’s for its Shiller Home Price Indices, the leading measure of U.S. home prices, show declines in the prices of existing single family homes across the United States worsened in the second month of the new year, with 17 of the 20 now reporting MSAs posting record low annual declines, 10 of which are in double-digits.http://originatortimes.com/content/templates/?a=3101&z=0Real Estate Wiki, the leading free online encyclopedia in the real estate industry, has added significant new copy addressing foreclosure, pre-foreclosures, short sales, auction and bank owned properties.http://originatortimes.com/content/templates/?a=3099&z=0A new survey concludes that one-quarter of adults who are actively planning for their retirement have prematurely withdrawn from their retirement investment products. The most common reasons for premature withdrawals from retirement investment products include a family member losing a job and the cost of a down payment on a home.http://originatortimes.com/content/templates/?a=3098&z=0Congressman Steve Israel urged further action from the federal government to help address the national mortgage crisis and the burden it's placing on America's middle class families. In particular, Congressman Israel highlighted an innovative plan, "Appreciating America," developed by the home financing experts at Refinance.com. http://originatortimes.com/content/templates/?a=3097&z=0SearchMyLoan.com, a provider of loan search and pricing services for the mortgage industry, announced its alliance with Springfield, Mass.-based Strategic Information Resources, a national provider of credit reports, mortgage reports and background screening services.http://originatortimes.com/content/templates/?a=3096&z=0The article, "Restoring Confidence: Learning From the S&L Crisis to Address the Subprime Mortgage Problem," is founded on the author's first-hand experience helping to solve the last mortgage disaster. The article discusses the root causes of the last mortgage crisis and how similar conditions have contributed to today's problems.http://originatortimes.com/content/templates/?a=3095&z=0Home sales decreased 24.5 percent in March in California compared with the same period a year ago, while the median price of an existing home fell 29 percent, the California Association of Realtors® reported.http://originatortimes.com/content/templates/?a=3094&z=0Charles Schwab Foundation announced its sponsorship of awards for the winners of the newly-launched National Financial Literacy Challenge, a 35-question test of personal finance knowledge and understanding for high school students across the United States.http://originatortimes.com/content/templates/?a=3092&z=0The National Association of Home Builders' announced the 2008 finalists for its Best of 50+ Housing Awards, which honor excellence and innovation in the design, development and marketing of housing for older consumers.http://originatortimes.com/content/templates/?a=3091&z=0Shaun O'Malley will retire from its board of directors at the June 6, 2008 annual shareholder meeting. O'Malley has served on Freddie Mac's board for nearly seven years and as its lead director for more than four years.http://originatortimes.com/content/templates/?a=3090&z=0According to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales fell 8.5% last month.http://originatortimes.com/content/templates/?a=3089&z=0Existing-home sales were down two percent in last month. NAR says restrictive lending practices are partly to blame.http://originatortimes.com/content/templates/?a=3087&z=0The National Association of Mortgage Brokers, on behalf of its 25,000 small business members nationwide, expressed support for President Bush's nomination of SBA Administrator Steven Preston to succeed Alphonso Jackson as HUD Secretary.http://originatortimes.com/content/templates/?a=3086&z=0The Mortgage Bankers Association joined with other industry groups to send a letter to Senate Banking Committee Chairman Christopher Dodd and Ranking Member Richard Shelby opposing proposals to differentiate between ratings for structured finance products and ratings for other asset classes.http://originatortimes.com/content/templates/?a=3085&z=0The U.S. Department of Housing and Urban Development is charging a couple with racial discrimination in connection with the sale of a privately owned townhome.http://originatortimes.com/content/templates/?a=3083&z=0Reston Interfaith launched its "Housing OpportUnities Strengthens Everyone" program, made possible in part with a $500,000 investment by the Freddie Mac Foundation. Through HOUSE, 34 homeless families will have access to town homes along with resident services.http://originatortimes.com/content/templates/?a=3082&z=0The nation's largest banking trade organization and Freddie Mac will extend their five-year old alliance agreement, which gives ICBA member banks superior access to the secondary mortgage market.http://originatortimes.com/content/templates/?a=3081&z=0Builder confidence in the market for new single-family homes remained unchanged for a third consecutive month in April. Regionally, results were mixed this month with some parts of the country posting gains and others experiencing declines.http://originatortimes.com/content/templates/?a=3079&z=0President Bush has nominated Steven Preston, currently Administrator of the Small Business Administration, to be the next Secretary of Housing and Urban Development. http://originatortimes.com/content/templates/?a=3078&z=0The legislation will be divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, will expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. The second measure, H.R. 5818, the Neighborhood Stabilization Act of 2008 will provide loans and grants to states and cities to deal with problems associated with foreclosures.http://originatortimes.com/content/templates/?a=3077&z=0Freddie Mac will purchase billions of dollars of new conforming jumbo mortgages with original loan amounts up to $729,750 from Wells Fargo Home Mortgage, Chase, CitiMortgage and WaMu. This marks the first large-scale effort to jump-start the stalled jumbo mortgage market under the Economic Stimulus Act.http://originatortimes.com/content/templates/?a=3076&z=0Freddie Mac gave $10.5 million in grants to housing counseling organizations. The grants will enable non-profit organizations to add and train staff, pay operational expenses and support outreach campaigns to borrowers having difficulty making their mortgage payments, especially subprime borrowers.http://originatortimes.com/content/templates/?a=3075&z=0MBA's Secondary Market Conference & Expo is the largest annual gathering for secondary market executives. Session topics will address top issues facing the secondary industry and will provide insight into operating in an evolving market.http://originatortimes.com/content/templates/?a=3074&z=0Citigroup Inc. reported a net loss for the 2008 first quarter of $5.1 billion, or $1.02 per share, based on 5,086 million shares outstanding. Results include $6.0 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures.http://originatortimes.com/content/templates/?a=3073&z=0Responding to turmoil in the securities and credit markets following the collapse of the subprime lending industry, Burns & Levinson LLP, announced the formation of a Subprime Advisory Team to advise investors, brokerages, fiduciaries and businesses whose investment portfolios and credit arrangements have been significantly disrupted.http://originatortimes.com/content/templates/?a=3072&z=0BasePoint Analytics, a provider of scientific fraud analytics and consulting services, announced Ocwen Financial Corporation has selected BasePoint's FraudMark solution to enhance its fraud and risk management program.http://originatortimes.com/content/templates/?a=3071&z=0Despite unsettling news in the industry, Lenders One Mortgage Cooperative members have successfully maintained positive loan performance. To keep that positive focus, Lenders One recently challenged its member companies to originate $3 billion dollars in loans during a 30-day period.http://originatortimes.com/content/templates/?a=3070&z=0You're at the closing table. You represent a title company or a mortgage lender. The seller pulls out his driver's license, her passport or their permanent resident cards. How do you know they're real? Are you going to be the next victim of fraud? http://originatortimes.com/content/templates/?a=3069&z=0Wolters Kluwer Financial Services and Fidelity National Information Services announced plans to integrate Wolters Kluwer Financial Services' loan modification document solutions and compliance content into the loss mitigation module of Fidelity National Information Services' Desktop platform.http://originatortimes.com/content/templates/?a=3068&z=0Builders continued to reduce the pace of new-home construction in March amidst ongoing erosion in the overall economy and credit markets, according to the latest figures released by the U.S. Commerce Department. Total housing starts fell nearly 12 percent.http://originatortimes.com/content/templates/?a=3066&z=0The mortgage credit crunch has spilled over into land acquisition, land development and home construction lending, increasing the challenges faced by builders in the current housing downturn.http://originatortimes.com/content/templates/?a=3065&z=0The U.S. Department of Housing and Urban Development announced its first-ever "Fair Housing Education in America Day". Designed for grade school students, this national education project will give teachers, parents and their children a basic understanding of the landmark Fair Housing Act.http://originatortimes.com/content/templates/?a=3063&z=0House Financial Service Committee Chairman Barney Frank, along with 15 members of the committee, sent a letter to Government Accountability Office, calling for a comprehensive review of the current state of the federal enforcement of the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, and the Fair Housing Act.http://originatortimes.com/content/templates/?a=3062&z=0The Federal Trade Commission has approved the filing of a staff comment to the Board of Governors of the Federal Reserve System regarding the Federal Reserve Board's proposed rule to restrict certain mortgage practices under the Truth in Lending Act and the Home Ownership Equity Protection Act.http://originatortimes.com/content/templates/?a=3061&z=0Fannie Mae is boosting the rebuilding effort in New Orleans by investing an additional $48.8 million in housing developments throughout the city. The company has invested more than $1 billion in Orleans Parish since Hurricane Katrina struck in 2005.http://originatortimes.com/content/templates/?a=3060&z=0Federal Reserve Governor Kevin Warsh spoke at the New York University School of Law Global Economic Policy Forum on the subject of "Financial Market Turmoil and the Federal Reserve: The Plot Thickens." Here's what he had to say about the credit crunch and the transformation of financial institutions:http://originatortimes.com/content/templates/?a=3059&z=0David G. Kittle, Chairman-elect of the Mortgage Bankers Association and President of Principle Wholesale Lending, testified today before the House Financial Services Subcommittee on Housing and Community Opportunity. Mr. Kittle testified on H.R. 5679, the Foreclosure Prevention and Sound Servicing Act of 2008.http://originatortimes.com/content/templates/?a=3058&z=0Robert E. Story, Jr., Vice Chairman of the Mortgage Bankers Association and President of Seattle Financial Group, testified before the House Financial Services Subcommitee on Capital Markets, Insurance and Government Sponsored Enterprises. In his testimony, Mr. Story discussed H.R. 5579, The Emergency Loan Modification Act of 2007.http://originatortimes.com/content/templates/?a=3057&z=0Mortgage Builder Software, Inc., provider of end-to-end mortgage banking software, announced that First American Flood Data Services has integrated its flood certification process into Mortgage Builder's loan origination system, providing an instant response for a flood determination request.http://originatortimes.com/content/templates/?a=3056&z=0Obeo, a large provider of full-service residential real estate online marketing products in North America, is pleased to announce Andy Evans as its director of product strategy.http://originatortimes.com/content/templates/?a=3055&z=0A federal grand jury charged a former loan officer, a real estate agent and an appraiser with mortgage fraud in which the trio allegedly profited $1.9 million.http://originatortimes.com/content/templates/?a=3054&z=0Three defendants each pled guilty to their respective roles in the scheme which involved more than 150 fraudulent real estate sales and financing transactions of more than $8 million.http://originatortimes.com/content/templates/?a=3053&z=0Interest rates remain at historically-low levels, home prices continue to be attractively affordable, and there is a large supply of homes to choose from. While these factors make it a great time to purchase a home for anyone, there are a handful of reasons that make now an opportunistic time particularly for first-time buyers.http://originatortimes.com/content/templates/?a=3052&z=0With the mortgage and home equity markets in crisis, many lending companies have shifted focus. No longer trying to generate business primarily through housing-related loans, lenders are increasingly promoting unsecured loans and unsecured lines of credit.http://originatortimes.com/content/templates/?a=3051&z=0As consumers nationwide search for lower-interest mortgages and loans, a new free online tool with a mortgage and loan calculator was unveiled at MLCalc.com.http://originatortimes.com/content/templates/?a=3050&z=0As the U.S. housing continues its steep cyclical decline, a few positive signs have emerged, though it looks likely that the housing contraction will extend through 2008, according to Fitch Ratings in its latest edition of 'Chalk Line'.http://originatortimes.com/content/templates/?a=3049&z=0Lenders repossessed nearly 3 of every 1,000 households nationwide this year as a result of foreclosures. That's up 70.6% from 1.7 of every 1,000 households in the 1st quarter of 2007 and from 2.7 per 1,000 in the 4th quarter of 2007.http://originatortimes.com/content/templates/?a=3048&z=0Motivity Solutions , a provider of technology solutions for the residential mortgage industry, has reached an agreement with Assurity Financial Services, to co-develop the flagship Movation system, a revolutionary enterprise lending and business management solution built in collaboration with mortgage bankers through the LenderBuilt initiative.http://originatortimes.com/content/templates/?a=3047&z=0More than two hundred counselors from organizations around the country registered for up to five days of foreclosure intervention counseling training delivered by NeighborWorks America through its Center for Homeownership Education and Counseling April 14-18.http://originatortimes.com/content/templates/?a=3046&z=0Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 5.88 percent with an average 0.4 point for the week ending April 10, 2008, unchanged from last week when it averaged 5.88 percent. Last year at this time, the 30-year FRM averaged 6.22 percent.http://originatortimes.com/content/templates/?a=3045&z=0The National Association of Home Builders applauded House and Senate legislation to address the housing crisis and economic slowdown.http://originatortimes.com/content/templates/?a=3044&z=0Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association issued the following statement following the Senate's passage of housing stimulus legislation.http://originatortimes.com/content/templates/?a=3043&z=0