Reverse mortgage production exceeded 100,000 loans last year, and the biggest lender closed nearly one-fifth of the total. For the third month in a row, the title of biggest lender has changed hands, while the biggest reverse wholesaler relinquished its title. (Feb. 9)
A mild decline in purchase financing this year will be overshadowed by a big drop in refinance transactions. (Feb. 8)
For the second time in six weeks, a report has been released indicating a deterioration in the performance of jumbo borrowers with prime credit. The latest report predicts that the level of jumbo delinquency will soon cross a milestone. (Feb. 8)
Tree.com is attacking an anticipated decline in refinance volume with an increase in originator capacity. Two more firms announced their participation in Google's mortgage lead service, and lead companies are fine-tuning their Internet technology for maximum traffic and conversion rates -- while others are offering free resources to generate prospects. (Feb. 8)
Ditech has robust advertising plans despite news that it has stopped advertising. But the online lender has changed its operating model. (Feb. 8 updated 11:01 a.m.)
Compared to a week earlier, bank-failure costs were down more than $2 billion. A failed deal between an Illinois bank and a North Carolina mortgage company will impact 100 employees and has the mortgage firm's chief fuming. (Feb. 8)
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A mortgage technology group that operates near the nation's capitol named several executives to various posts, while new executives were hired at a public relations firm and a law firm both based in Washington, D.C. Three former agency executives landed in senior posts at service providers, and a company that fixes loan problems has a new technology chief. (Feb. 8)
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Within recent executive activity at U.S. banks was the appointment of the chairman of the country's central bank and two other regulatory appointments. (Feb. 8)
A big mortgage servicing executive was named at Bank of America Corp.'s mortgage unit, while President Barack Obama disclosed his nomination for the chairman of the Federal Agricultural Mortgage Corp. But the most timely appointment -- given Sunday's championship game between the New Orleans Saints and the Indianapolis Colts -- was that of a former professional football player to a California mortgage firm. (Feb. 5)
Quarterly originations at LendingTree Loans edged higher and were up 30 percent from a year ago. Earnings from loan production now exceed earnings from its lead generation unit even though the average loan amount at the lead unit is up more than a third. (Feb. 5)
Mortgage firms trimmed 2,000 positions during December. (Feb. 5)
The Obama administration is proposing a ban on fees charged to a borrower before a modification firm obtains a loan modification. (Feb. 4)
Mortgage experts predict rates will rise, but a big decline in the stock market today is placing downward pressure on mortgage rates. Meanwhile, loan activity fell this week. (Feb. 4)
As service providers team up to help originators with a complex array of revised mortgage regulations, a new report indicates that investors of residential mortgage-backed securities will see the value of their investments decline as a result of the revisions. One mortgage broker is calling for originators to go a step further than required in disclosing yield spread premiums. (Feb. 4)
Forward- and reverse-mortgage originations eased during the latest quarter at MetLife Home Loans, while mortgage headcount dropped by nearly 100. (Feb. 4)
GMAC Financial Services was one of only three major mortgage lenders to report an increase in quarterly mortgage production. But just as originations rose, so did losses. (Feb. 4)
Declining performance on jumbo prime mortgages led overall mortgage delinquency higher. (Feb. 3)
GMAC Financial Services will move back-office and sales positions out of California and North Carolina, leaving more than 300 displaced workers. (Feb. 3)
The U.S. Department of Housing and Urban Development on Jan. 29 issued another version of its frequently asked questions regarding the new Real Estate Settlement Procedures Act rule. The latest version is dated Jan. 28. (Feb. 3)
Around 70 financial institutions recently faced orders by U.S. bank regulators -- including one against Flagstar Bancorp. (Feb. 3)
Quarterly production of loans secured by commercial real estate increased on a quarterly and annual basis. Among lenders, commercial banks led the rise, while the biggest increases were seen among loans secured by health-care properties. (Feb. 3)
Out of three recent mortgage company acquisitions tracked by MortgageDaily.com, two were made by banks. The third acquisition was made by a company that claims to the biggest independent lender in Washington. (Feb. 2)
During the past month, the Federal Reserve received two dozen applications to acquire financial institutions. Meanwhile, three other banks are in deals to acquire bank branches, assets and deposits. (Feb. 2)
Several recent acquisitions of mortgage industry service providers include an agency delivery service, a commercial mortgage analysis firm and a mortgage industry public relations firm. Also being acquired is a company that claims to be one of the biggest default service providers. (Feb. 2)
Citigroup Inc.'s mortgage unit is re-establishing relationships with some of the same brokers it previously stopped doing business with. It's the second time the company has stepped back from an origination channel only to wade in the water again. (Feb. 2)
This year started off with decline in consumer bankruptcies. But the head of a bankruptcy trade group warns that this year's activity will exceed the swift pace set last year. (Feb. 2)
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Out of three recent mortgage company acquisitions tracked by MortgageDaily.com, two were made by banks. The third acquisition was made by a company that claims to the biggest independent lender in Washington.
Family Choice Mortgage Corp. was acquired by Rockville Bank Mortgage Inc., a news release last month indicated.
Family Choice, which originates residential first mortgages for sale in the secondary market, is reportedly licensed in Connecticut, Massachusetts and Rhode Island. Rockville noted that the acquisition will provide cross-sell opportunities. (Feb. 2)
Following a bloodbath last week when the U.S. Department of Housing and Urban Development announced actions against more than 200 mortgagees, the agency reported five more firms that faced further actions.
The Federal Housing Administration's Mortgagee Review Board withdrew the FHA approval of Strategic Mortgage Corp., according to letter No. 10-019 from HUD today. In addition, a $71,000 civil penalty was issued.
The loss of the company's approval was permanent. (Jan. 25)
A California city saw a decent decline in foreclosures last year, but that wasn't the case in Las Vegas. (Jan. 28)
Six banks that failed Friday are expected to cost the nation's insurance fund for bank deposits more than $2.3 billion. In other Mortgage Graveyard activity, the head of a branch operation is calling it quits for his company and warns that the same fate faces similar firms, while two government lenders that recently faced government actions have halted new business. (Feb. 1)
Three mortgage-related firms made the list of the 100 best U.S. employers. (Jan. 25)
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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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