“Three years appears to be an inordinately long period to fully implement the advisory bulletin,” writes the IG of the Federal Housing Finance Agency.

Combined with the 15 companies that previously reported earnings, mortgage banking income jumped 10 percent in the second quarter, to $7.51 billion.

Roughly, 60 percent of real estate loans made by credit unions are sold to Fannie Mae and Freddie Mac, compared to only 44 percent for all financial institutions.

“As expected, we don’t believe any mortgages have been sold out of trusts to the city of Richmond,” said Tom Deutsch, executive director of the American Securitization Forum.

PHH Mortgage may unload billions of dollars in housing receivables, while remaining as the subservicer on the underlying loans.

Equifax has enhanced its “retro income verification service,” known as “Point In Time.”

Mini-correspondent lending is hot, but wholesale may be on the decline. Surprise: RE/MAX files to go public.

At June 30, Fannie Mae and Freddie Mac had a combined $5.78 billion in outstanding repurchase demands, a 17 percent decline from the first quarter.

Fitch has determined that loans originated through a direct retail channel have a lower default risk than those originated through brokers or correspondents.

Plans by officials of the city of Richmond, CA, to make a controversial use of eminent domain to seize underwater mortgages, rework their terms and stiff MBS investors for the resulting losses suffered two major blows in recent days as two federal regulatory agencies that play a critical role in the nation’s mortgage finance system intensified their opposition. This week, the Department of Housing and Urban Development, in response to a joint inquiry by three California Republicans on the House Financial Services Committee, said it cannot guarantee that any mortgage seized through eminent domain would be approved for an FHA-insured refinance – a central pillar in the eminent domain proposal developed by Mortgage Resolution Partners. “Pending legal developments and possible further execution of the plans in question, HUD does not know...