Mortgage Information

Value Financial announced that its warehouse lines were increased to $5 million. The company’s chief executive officer told MortgageDaily.com that originations are expected to go from $125 million last year to $250 million by next year. Over the next 12 months, he said the company will likely add 175 positions.

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Reverse Lender is Success Story

The credit downturn is far from over, the chairman of the Federal Deposit Insurance Corporation told attendees at a Florida Bankers Association conference. There were 117 institutions on the “problem list” as of June 30, the highest since mid-2003, and the list is growing. And more banks are expected to fail, with the number reaching 10 so far this year.

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Stark Warnings From FDIC Chief

HomeForeclosureFighter.com announced that it has helped put nearly 100,000 borrowers in contact with foreclosure prevention specialists this year. A new vacant property registration service has been launched by First American Field Services and First American Real Estate Tax Service, a press release said. HomeServices of America announced last week that its 375 branch offices throughout 19 states specialize in managing, renting and selling REO properties.

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Foreclosure Relief

A notice filed with California’s employment department by Bank of America Corp. indicated 90 employees will be laid off on Sept. 30. A spokesman told MortgageDaily.com that the positions are being eliminated from a Countrywide location. He noted the layoffs are tied to the expiration of a lease at the location.

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Countrywide Cutting California Jobs

Mortgage delinquency of at least 30 days was 6.4 percent as of June 30 on a seasonally adjusted basis, according to the National Delinquency Survey announced by the Mortgage Bankers Association. Delinquency rose from the first quarter. But second-quarter subprime delinquency declined to 18.7 percent, the report indicated. Late payments on loans insured by the Federal Housing Administration also were down, falling for the second straight quarter to 12.6 percent.

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FHA, Subprime Performance Improves as Overall Delinquency Worsens

Columbia River Bank is closing its mortgage unit, its parent announced. The bank said it will wind down the division over the next 60 days. The strategic initiative is intended to streamline overall business operations in response to the current banking environment, the statement said.

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Bank Closes Mortgage Unit

Around 356,400 people were employed in mortgage-related jobs during July, the Bureau of Labor Statistics reported. Jobs in the sector edged down from June and were well down from July 2007. Across all U.S. business sectors, unemployment during August rose to 6.1 percent.

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Mortgage Jobs Ease as Unemployment Jumps

The risk of national delinquency is 12 percent higher now than it was a year ago, according to the Q3 2008 Core Mortgage Risk Index released today by First American CoreLogic. The index has risen each of the past five quarters. First American noted the index “is likely to continue rising nationally over the next 18 months.”

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No Turnaround Until 2010

Last month, the monthly Treasury average was 2.66 percent, according to data published by the Federal Reserve. The index fell from 2.86 percent in July, the data indicate. MTA was down more than 200 basis points from August 2007.

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No Stopping MTA Decline

Wachovia Securities was the biggest U.S. commercial mortgage servicer as of June 30, the Mortgage Banker Association reported. Wachovia serviced 76,375 for $434 billion. Wachovia was also the biggest commercial mortgage servicer as of Dec. 31, 2007, MBA data indicate.

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Biggest Commercial Servicers