New Ginnie President
The Government National Mortgage Association has a new president.

FHA Lender Growing, Hiring
Fueled by growth in government originations, a New York company has added more than 100 employees this year and forecasts continued growth.

Acquisition Done, Merger On
A small mortgage company has been acquired by a big bank, while two small banks have agreed to merge. Other corporate activity includes a New York-based lender that said it has been approved to issue securities backed by loans insured by the Federal Housing Administration.

Best Reverse Markets
A new report identifies the best U.S. markets for home-equity conversion mortgage originations.

Servicer Hiring
A massive servicing portfolio acquisition has created job opportunities.

Secondary Market for Distressed Loans Expands
The number of buyers and sellers in the secondary market for distressed mortgages is growing, with four players announcing new activity. A recent acquisition of a residential servicing portfolio has created the country's fifth biggest servicer of government mortgages.

Brokers Being Paid for Foreclosure Referrals
One company is hoping to help more delinquent borrowers by paying mortgage brokers $1,000 referral fees. Meanwhile, the Federal Housing Administration is embarking on a direct mail campaign aimed at subprime borrowers with upcoming payment resets.

Groups Reject RESPA Reform
Opposition to proposed Real Estate Settlement Procedures Act reforms is almost universal. Among concerns outlined by mortgage, banking and real estate groups are the lack of calibration between RESPA and the Truth in Lending Act, perceived bias against mortgage brokers and the implementation of a lengthy closing script.

Quicken Reduces Headcount
Quicken Loans Inc. has cut hundreds of mortgage jobs. But the company is seeing growth in FHA and reverse lending.