Paul Muolo

A fund controlled by the servicing adviser Interactive Mortgage Advisors this week closed on a $10 million package of foreclosed homes in southeast Florida.

Late mortgage payments rose in the first quarter to an overall national rate of 8.32%, though the 90-plus-day rate and the number of foreclosures started declined, according to figures compiled by the Mortgage Bankers Association.

Nationstar Mortgage Holdings, the nation's 19th largest servicer of residential loans — and a top subservicer for Fannie Mae — late Monday filed registration papers with the Securities and Exchange Commission, declaring its intention to go public.

Not only are mortgage bankers facing the prospect of lower loan originations this year, but by May 2013 their minimum capital requirements will rise, increasing the likelihood of a merger and acquisition boom, according to industry advisers.

Prestwick Mortgage Group, a brokerage of mortgage servicing rights, is offering a rare opportunity to buy up to $40 million a month in Government National Mortgage Association-related rights through a "flow" offering.

John Daurio, chairman and CEO of Kondaur Capital, is stepping down as the day-to-day manager of the nonperforming loan investing firm, according to officials close to the situation.

Freddie Mac posted its first true net profit in almost two years, earning $676 million in the first quarter — even after paying the Treasury a $1.6 billion dividend.

Pacific Union Financial LLC of Walnut Creek, Calif., has launched a new correspondent division to purchase already funded residential loans from mortgage bankers, community banks and credit unions.

It's hard out there for megalenders. Production volume at the nation's four largest funders of home mortgages took it on the chin in the first quarter as rising rates early in the year dampened refinancing activity.

Single-family housing starts unexpectedly jumped 7.7% in March and the government revised upward its estimates of building activity in February and January by 23,000 units.

The National Association of Independent Housing Professionals is giving up — for now — on its legal battle against the Federal Reserve Board to block the agency's just-implemented loan officer compensation rule.

Mortgage loan officers are still smarting over the Federal Reserve's new compensation rules, but if anyone's celebrating it's the folks whose job is to actually hire loan officers and their wholesale counterparts, account executives.

As the megabanks continue to write down the value of their residential servicing portfolios, now may be the best time ever to buy housing receivables, according to a report from Mortgage Industry Advisory Corp.

JPMorgan Chase saw its mortgage-related revenue get hammered in the first quarter, falling a stunning 75% to $696 million (compared to 4Q), as originations declined and the firm focused resources on its massive servicing portfolio and dealing with legal issues tied to that business.

"Businesses that have managed through the credit cycle are now facing opportunities to acquire competitors and asset portfolios at highly attractive economic terms," according to a new report from the investment bank.

Never underestimate the creativity of mortgage and real estate professionals, especially players that are privately held and hate dealing with multiple levels of regulation.

Southern Trust Mortgage told its loan brokers it would exit the wholesale channel, citing "increasing compliance implications" tied to the Fed's new loan officer pay rule.

A U.S. Appeals Court in Washington late Tuesday night lifted a stay halting the Fed's controversial loan officer compensation rule.

Two broker trade groups filed their arguments in an appellate court Tuesday morning, hoping to stop the Federal Reserve Board's controversial rule on how loan officers are paid. A decision could come by close of day.

Fannie Mae has confirmed that it's looking to outsource at least some of its technology chores to third-party vendors and sent out a request for proposals, but isn't saying much beyond that.