Mortgage Jobs Fall Further
In line with the overall job market, mortgage employment contracted again. Mortgage brokers and non-brokers shared in the decline.
During September, 259,300 people working in the mortgage industry.
The figure was based on data reported today by the Bureau of Labor Statistics.
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Lenders Duped by Broker
A Florida mortgage broker has pleaded guilty to selling the same mortgage notes to multiple investors in a scheme that led to millions of dollars in losses. Among his victims were Bank of America Corp.
Aussie Mortgage Brokers Up in Arms Over Big Four
Australian mortgage brokers claim that four huge financial institutions are putting the squeeze on them.
RESPA Rule Threatens Mortgage Brokers
Efforts by several financial trade groups to address problems with the new Real Estate Settlement Procedures Act rule and delay its implementation were dismissed by the U.S. Department of Housing and Urban Development. They claim that one of the issues at hand threatens to shut down the mortgage broker origination channel. Now, an expanded group is appealing to Congress.
Signs Of Life Emerge in Mortgage Banking
Despite a weak outlook, pockets of optimism emerged among mortgage bankers meeting this week in San Diego. But many are concerned about domination by the big three, while few rays of light are on the horizon for mortgage brokers.
The Black List
MortgageDaily.com has obtained a copy of the list of originators who CitiMortgage Inc. will not buy loans from. More than half of those listed were in just four states.
Citi Publishing Ineligible Originator List
CitiMortgage Inc. is blacklisting mortgage brokers and mortgage banking correspondents.
HVCC Battle Heats Up
As home builders, mortgage bankers and Realtors warn about the Home Valuation Code of Conduct, appraisers claim that the new code isn't a problem. Lenders seeking to be HVCC compliant are faced with either utilizing appraisal management companies or maintaining in-house systems. One service enables mortgage brokers to initiate the appraisal order.
New FHA Wholesaler Launches
A big FHA retail lender is jumping back into the wholesale business.
New Billion Dollar Player
A mortgage banking firm with wholesale and branch operations saw annual originations exceed $1 billion. The company's chief is embracing high-quality mortgage brokers.
