Mortgage Information

Commercial mortgage originations climbed 15 percent in the fourth quarter from the third quarter, the Mortgage Bankers Association reported. Compared to a year earlier, commercial production was 12 percent higher. “The trend shows stability coming back to the market,” said MBA Vice President of Commercial Real Estate Research in the statement.

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Commercial Mortgage Originations Stronger

Family Choice Mortgage Corp. was acquired by Rockville Bank Mortgage Inc., a news release indicated. Rockville Bank Executive Vice President Christopher E. Buchholz will oversee the mortgage operations. North State Bank announced that it agreed to acquire the mortgage operations of Affiliated Mortgage LLC.

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Banks Buying Mortgage Firms

Mortgage Delivery Specialists LLC announced that it acquired Mortgage Data Management Corp.’s agency delivery, servicing analysis and staffing services product lines. Moody’s Analytics announced the acquisition of Commercial Mortgage Metrics from CBRE Econometrics Advisors. Indelium LLC was acquired by the Collingwood Group, a news release indicated.

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Service Providers Scooped Up

In October 2008, CitiMortgage disclosed that it was cutting off some of its mortgage brokers. Now, CitiMortgage is inviting some brokers back. “We touch base with some former customers from time to time to consider the potential benefits of future relationships,” the company told MortgageDaily.com in a statement.

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Citi Bringing Back Some Brokers

Residential loan production during the fourth-quarter 2009 at Flagstar Bancorp Inc. increased 5 percent from the third quarter, the Troy, Mich.-based institution reported. Compared to a year earlier, originations were up 28 percent. In addition, the company’s quarterly losses decreased 62 percent from the third quarter.

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Flagstar Inflates Fundings, Lowers Losses

Fixed-rate issuance of mortgage-backed securities at Fannie Mae, Freddie Mac and Ginnie Mae declined 16 percent in January from December, according to data reported by eMBS. Business was down 16 percent at Fannie. But at Freddie, volume was down 18 percent. Fixed-rate issuance at Ginnie was off just 12 percent.

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Agency Issuance Drops

Banks continued to tighten standards on residential loans during the past three months, according to the Federal Reserve Board’s most recent bank survey. Most of the tightening was with nontraditional mortgages. But a small fraction also increased restrictions on prime mortgages.

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Banks Continue to Tighten Lending Standards

Home-equity conversion mortgage endorsed by the Federal Housing Administration during fiscal-year 2009 increased by 25 percent from fiscal-year 2008, according to the U.S. Department of Housing and Urban Development’s fiscal-year 2011 budget.

A Dec. 31, 2009, ranking of commercial mortgage servicers was released today by the Mortgage Bankers Association. No. 3 on the ranking was Berkadia Commercial Mortgage LLC. The servicer is a joint venture between Berkshire Hathaway and Leucadia National Corp. that acquired the North American servicing and mortgage banking businesses of bankrupt Capmark Financial Group Inc. in December.

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Berkshire Unit New No. 3 Commercial Servicer

During 2009, the FraudBlogger Index climbed to 1677 from the from the previous year’s 1488. The index reflects the number and dollar amount of mortgage fraud cases with reported activity during the period. Looking at just the fourth quarter, the index soared to 2634 from the third quarter’s 1322.

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2009 Mortgage Fraud Index Jumps