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Last Updated

Wednesday, December 31, 2008

10:07 AM

Texas Time

Wholesaler Liable for Broker Discrimination
The government has essentially settled with itself over alleged discriminatory practices by mortgage brokers on loans closed and funded through a defunct subprime wholesaler. The government claims the settlement marks the first time a wholesale lender has been held accountable for such broker behavior.

Executives Recruited, Replaced A Georgia woman has gone from being a mortgage broker customer of a local bank to a manager of the bank. An executive who left a New York-based mortgage firm three years ago is back. Other recent mortgage executive activity involved

PHH Expanding Wholesale Channel
PHH Mortgage plans to increase its market share through third-party originators -- who it sees as underserved.

Graveyard Journal: Broker Warns About Big Banks An Oklahoma mortgage broker, who also is in the state's legislature, has closed his company and warns that big banks are benefiting from federal initiatives at the expense of small firms like his. As another casualty emerged from recent Federal Housing Administration actions against mortgagees, four bank failures last week are expected to cost more than $1 billion.

Mortgage Broker Running for Office A West Virginia mortgage broker is running for political office. While he supports members of his profession, he had some harsh words to say about servicers and the appraisal code.

NY Broker Running for US Congress A New York mortgage broker hopes to represent some of the voters in his city as a U.S. Representative. The Democrat supports more regulation of Wall Street, opposes the Home Valuation Code of Conduct and wants illegal immigrants brought out of the shadows.

Citi Bringing Back Some Brokers
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.

AMCs Warn Legislation Could Kill HVCC
Appraisal management companies are warning that pending legislation could roll back protections established by the Home Valuation Code of Conduct and put mortgage brokers back in contact with appraisers.

Former Fannie Execs Find New Firms The prominent trade group representing U.S. mortgage brokers announced the resignation of a top officer, and new executives were named at three mortgage banking firms. Three former executives at the Federal National Mortgage Association have found senior executive positions at other firms.

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