Citigroup also marked down the asset value of its residential mortgage servicing portfolio to $2.282 billion, a 12 percent decline on a sequential basis.

Under the terms of the settlement, Citigroup will pay $4.5 billion in cash and provide $2.5 billion in consumer relief.

The moves are part of a comprehensive plan presented by Thomas O’Brien, Sun Bancorp’s new president and CEO who was brought on board as a consultant in April to restructure the company.

Mortgage brokers who read the guidance said it reveals how little the young regulatory agency understands about the industry. If a broker has the financial ability to obtain a warehouse line of credit...

However, compared to the same quarter a year ago, loan production at Wells took it on the chin, falling a bloodcurdling 59 percent.

The agencies securitized $122 billion of purchase mortgages during the second quarter of this year, a 16.6 percent sequential increase.

New GSE repurchase requirements are now in effect, including the “MI stand-in” option, which Fannie defines as “the full mortgage insurance benefit that would have been payable under the original mortgage insurance policy if the mortgage loan liquidates.”

“We’ve got approximately $72 million [of HARP refinance business that can be done] in this metropolitan area," said FHFA director Mel Watt about Chicago. "People won’t come in and say I want that money.”

So, you doubt our 2Q origination estimate? Here’s what an executive from a top-five warehouse bank told us: “We’re experiencing a significant pick up in outstandings."

According to a copy of the offering circular provided to IMFnews, Quicken accounts for 32.86 percent of the loans.