Origination

Wall Street took notice as the Residential Mortgage-Backed Securities (RMBS) Working Group fired its first shot against a major financial institution.

Mortgage-related business closings and failures are on track to post fewer incidences in 2012 than any year since the mortgage crisis began. In the third quarter, 17 mortgage-related businesses failed, down from 25 in the previous quarter and 31 in the same quarter last year, according to a findings released by Mortgage Daily. Bank closings followed this trend, falling from 15 failings in the second quarter to 12 in the third. Both numbers are down from the third quarter of last year, when 26 banks failed.

The former Beverly Hills home of Ernest Borgnine has hit the market in Los Angeles, California. The gated estate, designed in 1938 by architect L.G. Scherer, is currently listed for $3.395 million.

More than 800 homeowners from across Missouri, Kansas, and Nebraska, came together with local business leaders, real estate professionals, politicians, and civil rights leaders this week in support of homeownership. The rally took place in Independence, Missouri, and is one of nine events organized by the National Association of Home Builders (NAHB) to urge elected officials to back homeownership initiatives.

Lending QB and DocMagic have teamed together to offer a more seamless approach to loan origination in LendingQB's origination software.

The number of borrowers using private mortgage insurance (MI) continues to climb, according to the latest monthly statistical release from Mortgage Insurance Companies of America (MICA). MICA's member companies - which include Genworth US Mortgage Insurance, Mortgage Guaranty Insurance, and Radian Guaranty - reported $397.5 billion in primary insurance during August, an increase from $396.4 billion in July. The total tally for primary insurance received a boost from reported monthly increases in volume, certificates issued, and applications.

While some employers may be struggling to find practical and cost-effective ways to keep employees happy and productive, V.I.P. Mortgage aims for the heart. The Scottsdale, Arizona-based mortgage bank points to a number of charitable causes undertaken for its employees, including V.I.P.'s sponsorship of one employee's efforts to raise awareness for multiple sclerosis.

Freddie Mac has emerged as the victor in a legal battle over alleged securities fraud. Originally filed in August 2008, the putative class action lawsuit was dismissed with prejudice.

The Urban Land Institute (ULI) has released a new study that shows declining expectations for the U.S. economic picture, with one positive exception - single-family housing. In the organization's semi-annual Real Estate Consensus Forecast, ULI found that most growth projections had been scaled back, but the group's survey of 39 leading real estate economists and analysts from around the U.S. indicated "more optimism" in the single-family housing industry, as forecasts for starts and home prices demonstrated significant increases.

Consumer spending rose $57.2 billion - 0.5 percent - in August, but personal income improved just $15 billion, 0.1 percent, the Bureau of Economic Analysis reported Friday.