Origination

Crooked cops, money-launderers, and criminal enterprises have made headlines in the mortgage business recently, with state and federal officials nabbing dozens for diverse fraud schemes.

Ahead of lower limits for conforming jumbo loans, nearly assured in October as Congress disagrees even over stopgap spending bills, the Federal Reserve offered a revealing look at the market Friday by releasing a report on the health of the housing market. The consensus: falling limits will likely only nudge the jumbo loan market, not tip it over, as some critics claim. The Fed found that the current criteria for a jumbo fences in only 1.3 percent of all loans backed by GSEs Fannie Mae and Freddie Mac.

Bank of America green-lighted another restructuring move Friday, with news breaking that the mortgage giant signed off on an $880-million selloff in commercial real-estate loans. Multiple news reports held that the portfolio, worth about $1 billion to a cluster of investors, will benefit from a bevy of discounts. Who benefits? According to multiple news outlets, a venture created by Canyon Capital Realty Advisors LLC, Invesco Ltd., and Square Mile Capital Management LLC will sop up the loans.

With the European debt crisis underway, lawmakers convened a hearing on Capitol Hill Thursday to address fears about systemic risks to the U.S. banking system as more euro zone markets falter. The verdict: billions of dollars in liquidity may face exposure to the European debt contagion ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a reality that U.S. authorities should continue to monitor without overreacting. Sen. Mark Warner (D-Virginia) said that some $34 billion in U.S. liquidity may be in potential exposure to a wave of euro zone troubled assets.

More loan officers, underwriters, and attorneys are filing their loan documents and closing deals in a paperless environment, according to a recent survey. Xerox released a survey Wednesday that found some 61 percent of mortgage industry professionals are ditching their loan folders, logging in to online systems, and doing more business without paper. The seventh annual Path to Paperless survey revealed some 96 percent of respondents favor a workplace without paper.

The Nashville Business Journal has honored Churchill Mortgage within its annual list of the top 25 Fastest-Growing Companies. Ranking second on the prestigious roster, Churchill's programs offering traditional, FHA, and VA residential loans secured the company's strong placement.

A new executive vice president has been announced at BancorpSouth, Inc., with the appointment of James Ronald Hodges to the position. Hodges' ascension to the role follows the company's previously planned retirement of W. Gregg Cowsert after 21 years of service to BancorpSouth.

Debt crises and stimulus measures stole the mortgage-rates show as more investors flee to U.S. Treasury debt, with mortgage giant Freddie Mac holding that rates dithered by a few percentage rates and finance Web site Bankrate.com finding a fifth-consecutive week for record lows. Homebuyers nonetheless remain on the sidelines despite all-time highs for affordability, reflecting a dearth in demand, confidence, and jobs. Analysts fault a dismal economy and suggest that mortgage rates will remain low.

Citizens Republic Bancorp, Inc, has a new board member with the addition of William M. Fenimore Jr. Elected to CRBC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós board of directors by the U.S. Department of Treasury, Fenimore├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós appointment was conducted in conjunction with the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós participation in the Treasury├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Capital Purchase Program.Citizens Republic Bancorp, Inc, has a new board member with the addition of William M. Fenimore Jr. Elected to CRBC's board of directors by the U.S. Department of Treasury, Fenimore's appointment was conducted in conjunction with the company's participation in the Treasury's Capital Purchase Program.

VeroINSIGHT has lift off, with Veros Real Estate Solutions and JVI Solutions LLC recently announcing the arrival of the new, collaborative product. Targeting property condition reports and regulation compliance, the company's latest technology launch is good news for those conducting collateral evaluations.