The top residential lender was unseated in MortgageDaily.com's Third Quarter 2009 Production Ranking, while Citigroup Inc. fell two spots. Aggregate U.S. originations were off by nearly one-fourth. (Nov. 23)
Several individuals -- including three who were convicted -- have been banned from working at federally insured financial institutions. More than 10 banks recently entered formal agreements with federal regulators. (Nov. 20)
As mortgage insurers grapple with losses and shifting strategies, a number of guideline updates were issued. New laws have been enacted in three states to help mortgage insurers cope deteriorating finances, while two new insurers continued to seek state approvals. (Nov. 20)
An interim Truth-in-Lending Act rule applies to investors who acquire a mortgage after origination -- including individuals who acquire just a handful of loans in a given year. (Nov. 20)
A California bank reported that its residential originations so far this year have tripled all of last year's activity and already exceed $3 billion. (Nov. 19)
The 15-year fixed rate fell to its lowest level on record, while the 30-year hovers near its all-time low. Loan applications for home purchases, however, fell to the lowest level in more than a decade. (Nov. 19)
Home loan delinquency increased from a record high and is expected to set more records. When a real estate recovery does eventually arrive -- it won't necessarily start in hard-hit markets. (Nov. 19)
The U.S. Department of Housing and Urban Development has eased its appraisal requirements on high-balance mortgages insured by the Federal Housing Administration. (Nov. 19)
DocMagic Inc. is touting a favorable ruling in a lawsuit against Ellie Mae Inc. (Nov. 18)
Mortgage education providers are lining up courses to help originators meet upcoming state requirements under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. In other mortgage licensing activity, a huge net branch operation faced an order over unlicensed originators, while licensees in Florida and Pennsylvania face new requirements. (Nov. 18)
A legion of second liens lurking among home loans threaten to undermine the secondary mortgage market, according to a new study. (Nov. 18)
A mortgage service provider grabbed top honors at an annual conference hosted by IBM. (Nov. 18)
The Comptroller of the Currency said now is the time for U.S. regulators to adopt stiffer requirements for underwriting guidelines at residential lenders. He identified three key areas that should be considered in underwriting home loans and called for equal adoption by bank and non-bank lenders. (Nov. 18)
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Borrowers in two states have gone to federal court to secure their piece of the government's loan modification program. In two more states, servicers are defending their right to use a third party to file foreclosures. Meanwhile, as a U.S. congresswoman calls for more lawsuits against lenders, two law firms are vowing to throw more litigation at mortgage servicers. (Nov. 17)
Texas and Florida are taking foreclosure firms to court. But a Nevada law firm has filed a lawsuit against state regulators over suggestions that its staff is not qualified to help borrowers who are facing foreclosure. (Nov. 17)
Quarterly refinance originations are projected to jump by nearly a third. But mortgage debt outstanding is continuing a decline. (Nov. 17)
An Indiana-based firm is closing its mortgage originations business to focus on energy in the Middle East. More than 100 loss-mitigation employees are impacted from the decision. (Nov. 17)
Federal regulators today published a model privacy disclosure for use by financial institutions. (Nov. 17)
The bad news is that residential delinquency climbed to its highest level on record. But the good news is that the rate of deterioration slowed. (Nov. 17)
American Home Mortgage Servicing Inc. saw several of its residential servicer ratings upgraded. Much of the servicer's work is done offshore. (Nov. 16)
After less than two years in the job, GMAC Financial Services is replacing its chief executive officer. (Nov. 16)
PMI Mortgage Insurance Co. has increased loan-to-values on several programs and expanded its guidelines. (Nov. 16)
The Federal Reserve has approved a rule that requires disclosures when a mortgage is sold or transferred. (Nov. 16)
The National City Mortgage brand has been retired. (Nov. 16)
The impact of the Obama administration on the financial services industry will likely be new rules, additional regulations and increased enforcement actions, according to experts at one compliance firm. (Nov. 16)
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In preparation for a housing recovery, JPMorgan Chase & Co. is recruiting more than a thousand mortgage originators in nearly two dozen states.
By the end of 2010, the lender plans to hire 1,200 mortgage loan officers, a news release today said.
The additions will boost the company's sales force by 60 percent -- suggesting it currently has around 2,000 loan originators. Chase reported company-wide headcount at 220,861 as of Sept. 30. (Nov. 10)
Freddie Mac announced conforming loan limits for next year and indicated that the high-cost limit has been extended.
The loan limit for loans secured by properties in areas designated as high-cost has been extended through 2010, the secondary lender announced today.
The high-cost limit is $729,750. (Nov. 12)
The new owner of Colonial Bank nabbed the title of best mortgage originator. Four of the top five firms were involved in an acquisition since the last ranking. Despite improved standings for the top two firms -- borrower satisfaction with the origination process has fallen when considering all retail firms. (Nov. 12)
Instead of funding his loan originations, a Louisiana mortgage banker had other plans for his warehouse line-of-credit. (Nov. 9)
In addition to 18 bank merger transactions, nearly 10 new deals to acquire mortgage lenders and default service providers emerged. One of the acquirers is on the prowl for more targets. (Nov. 11)
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John Mack, Chairman and Chief Executive officer of Morgan Stanley, talks at Wharton University of Pennsylvania about the week he told his secretary to tell then Federal Reserve Bank of New York president Timothy F. Geithner to "get _ _ _ _ _ _." Morgan Stanley is parent to Saxon Mortgage Services Inc.
The statement was made as he was in intense negotiations over the New York investment banker's survival and in response to pressure by Henry Paulson, who was Treasury secretary at the time, Federal Reserve Board Chairman Ben Bernanke and Geithner -- who now is U.S. Treasury Secretary -- to merge with another firm in an effort to save the global financial system.
But Mack did note that Geithner did "superb job," and the trio did what they had to do given the circumstances.
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