Cornerstone Mortgage

FHA, Jumbo & Purchase Activity Drive Business Higher

1/27/2012 12:30 PM

Led by an increase in inquiries for purchase financing, government-insured loans and jumbo mortgages -- overall mortgage activity was higher this week. Both jumbo and 15-year loans were priced more competitively in the latest report, and overall mortgage rates are poised to come in lower in the next report.....New mortgage activity grew 9 per...Read More

No Improvement in FHA Delinquency for 8 Months

1/27/2012 10:32 AM

In December, the Federal Housing Administration's residential delinquency of at least 90 days jumped 30 basis points from November.....The rate of late payments was up 80 BPS when compared to December 2010.....The rate of serious delinquency has not improved a single time since April 2011, when the 90-day rate fell to 8.2 percent from 8...Read More

Quicken Recruiting in Detroit

1/27/2012 7:23 AM

Quicken Loans Inc. is bringing on 800 people at its Downtown Detroit headquarters operation.....A posting on the company's website indicates that 500 interns and 300 "technology all stars" are being hired.....College students and recent graduates are the target of the hiring campaign.....Read More

RMBS Fraud Task Force Rapidly Takes Shape

1/27/2012 6:21 AM

It has only been three days since the Residential Mortgage-Backed Securities Working Group was made public, and the group has already started staffing and taking action.....The task force was unveiled this week in the president's state of the union address.....So far, the Justice Department has dedicated 15 attorneys, investigators and ...Read More

U.S. Originations Off 13% in 2011

1/27/2012 4:14 AM

Residential lenders originated 10 percent fewer first liens during Novebmer than were funded in October, according to new data released Friday....On an annual basis, more than 6 million first mortgages were closed from Jan. 1, 2011, through Dec. 31, 2011.....But last year's home-loan production was down by 13 percent compared to residen...Read More