Origination

In Georgia, Equity Loans LLC made two announcements: the launch of its correspondent lending channel and the hiring of two new executives to support the division.

Long-term mortgage rates saw a jump this week following better-than-expected economic reports. Freddie Mac released Thursday the results of its Primary Mortgage Market Survey, putting the average 30-year fixed-rate mortgage (FRM) at a rate of 4.46 percent (0.5 point) for the week ending December 5, up from 4.29 percent last week. Frank Nothaft, VP and chief economist for Freddie Mac, pinned the increases on encouraging growth in private jobs and new home sales.

Carrington Mortgage Services' lending division appointed Carl Grimes as branch manager of its office in Tampa, Florida.

The Mortgage Bankers Association (MBA) released Wednesday its Quarterly Mortgage Bankers Performance Report, which measures stats at independent mortgage banks and mortgage subsidiaries of chartered banks. According to MBA's figures, average production volume per company was $391 million in Q3, down nearly $48 million from the prior quarter. By count, companies averaged 1,788 loans, down from 1,921 in Q2. In terms of profits, independent mortgage banks earned an estimated $743 on each loan originated in Q3, down from $1,528.

Using weekly application numbers released by the Mortgage Bankers Association (MBA), economic analysis firm Capital Economics calculated a 1.3 percent decrease in total applications for November.

LRES, a national provider of commercial and residential valuations and asset management, announced it is now serving the retail lending division of California-based PennyMac Financial Services.

Mortgage loan production suffered among independent mortgage bankers throughout the third quarter--but servicing revenues are helping to ease the pain for those with portfolios, Richey May revealed in its latest quarterly report. Overall, net income declined 60 basis points from the second quarter, though a 0.07 percent increase in the average value of servicing portfolios helped offset losses at those with servicing interests, Richey May reported.

Mortgage Master, a super-regional mortgage bank and one of the United States' largest privately owned mortgage companies, announced the opening of its first retail branch in Austin, Texas.

Title365 Company, a provider of title insurance and escrow services based in California, announced the hiring of Jeremy Harmon as SVP of national sales.

A new face has joined the Austin-based 360 Mortgage Group. Joseph Kowalewski has been brought on as regional manager of the East Region of the United States.