Fairway Independent Mortgage Corporation, one of the country’s largest mortgage bankers, has announced that it is entering the wholesale market with select banks, credit unions and brokers. The company will build a national wholesale platform by leveraging its expertise in Federal Housing Administration (FHA), agency and USDA lending and the seasoned management and staff it has assembled.Read more

The Federal Housing Administration (FHA) has announced that it intends to make modifications to its Home Equity Conversion Mortgage (HECM) product, a reverse mortgage loan insured by the federal government, to make it more attractive and cost-effective for older home owners seeking to tap their home equity to cover living expenses and healthcare costs, according to the National Reverse Mortgage Lenders Association (NRMLA).Read more

Foundation Financial Group has received its license to begin offering mortgage services in the state of Maine. With a presence in 30 states, Foundation Financial Group actively serves thousands of customers with prime, government-sponsored and Federal Housing Administration (FHA)-backed loans along the Eastern Seaboard and in central parts of the United States.Read more

The Government National Mortgage Association (Ginnie Mae) has announced that it will soon begin releasing monthly disclosure files on its outstanding mortgage-backed securities (MBS) approximately two weeks earlier than previously released. Ginnie Mae believes the expedited schedule will serve to maximize the value of its securities, which ultimately helps drive down mortgage rates for consumers.Read more

Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by the Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA), and an issuer for Ginnie Mae, announced that it has begun offering Streamline 203(k) loans. In a release, the company said the loans cover a variety of home improvements and repairs and allow borrowers to take out a single mortgage covering the purchase and rehabilitation of a dwelling. Much like other FHA loans offered by the company, the FHA insures the 203(k) loan in a partnership with Embrace Home Loans.Read more

The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the August edition of the Obama Administration’s Housing Scorecard, a comprehensive report on the nation’s housing market. In July, housing prices remained level after 30 straight months of decline, while some price predictions have improved. In addition, historic low interest rates continued to promote home affordability and refinancing options for the nation’s families.Read more

Each month, National Mortgage Professional Magazine will focus on one of the industry's top players in our "Mortgage Professional of the Month" feature. Our readers are encouraged to contact us by e-mail at newsroom@nmpmediacorp.com for consideration in being featured in a future "Mortgage Professional of the Month" column.Read more

Prommis Solutions LLC, has announced the appointment of Phil Johnsen as senior vice president of sales and marketing. Johnsen joins Prommis from DDN Mortgage Services LLC, where he was the founding partner and president. He will report to Brandon Barnett, executive vice president of business development for Prommis Solutions.Read more

American Advisors Group (AAG) has spent the past year working with reverse mortgage experts, Web application specialists and industry advocates to establish a new consumer Web site that will make it easier for seniors to find reverse mortgage information. ReverseMortgageQA.com is a network of question and answer Web sites that will enable consumers to easily request free, fast, and accurate information specifically related to their individual questions about reverse mortgages.Read more

The Federal Housing Administration (FHA) has announced that it is postponing implementation of its premium changes until Monday, Oct. 4. Originally, it was announced by FHA Commissioner David H. Stevens that a target date of Tuesday, Sept. 7 had been set for implementation of its premium changes. FHA will lower its upfront premium simultaneously with the increase to the annual premium.Read more