The Department of Housing and Urban Development is adopting the mortgage banking industry’s data standards format for the FHA’s TOTAL Mortgage Scorecard, which HUD uses to evaluate the credit risk of FHA loans that are submitted through an automated underwriting system. The standards were developed by the Mortgage Industry Standard Maintenance Organization (MISMO), a nonprofit subsidiary of the Mortgage Bankers Association. MISMO is an open data standards group that promotes consistency among mortgage transaction participants to reduce loan processing costs, increase transparency, and ultimately ...

Cerberus' purchase of PREO Mortgage of Atlanta could be the beginning of something big for the company.

Over the years Sharga has briefed government organizations such as the Federal Reserve and Senate Banking Committee.

In general, mortgage applications are off 25 percent from their peak. Meanwhile, a Wells Fargo employee with an NMLS number has been arrested.

More sales of mortgage servicing rights are expected as a result of final Basel III capital rules approved by U.S. bank regulators over the past week. As anticipated, the Federal Reserve and other agencies declared that mortgage servicing rights cannot exceed 10 percent of Tier 1 capital – or 15 percent when deferred tax assets are factored into the equation. As was originally proposed, any MSR amounts above 15 percent must be deducted from Tier 1 capital, and any amounts included in capital will carry a risk weight of 250 percent. “Mortgage servicing rights were not given...

Mortgage banking and brokerage firms are about to start laying off production workers as refi applications continue to decline, but industry executives say the heaviest layoffs are unlikely to come until the end of summer. That’s when lenders begin closing mortgages that first entered the pipeline in May, when the application picture was brighter. According to figures compiled by the Bureau of Labor Statistics, the mortgage banking and brokerage sectors employed 293,800 full-time workers in May, compared to 295,500 in April, a loss of 1,700 positions. Compared to a year ago, employment is up 10 percent. The brokerage sector alone employed...

A year ago, only two to four bidders would show up for an MSR auction. But those days are long over.

Need a zero-down mortgage for $650,000? Another Washington-area credit union steps up to the plate.

In recently issued guidance, the VA said reduction of principal in connection with a loan modification may produce a higher expected return for a servicer than termination of the loan.

Testifying before a House subcommittee, the CFPB's Antonakes emphasized the fundamental importance of data analysis to the bureau’s mission.