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Last Updated

Wednesday, December 31, 2008

10:07 AM

Texas Time

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.

3 Face Sentences for Mortgage Crimes A former mortgage broker who stole more than $100,000 from a reverse mortgage borrower has been sentenced to six years in prison despite showing up at his sentencing with a $50,000 check for his victim. In another case, a Texas woman was sentenced for cleverly diverting proceeds from loan closings to her personal accounts. A third case has a former bank executive admitting that he cooked the books and facing sentencing along with two other related defendants who are accused of mortgage fraud.

Consumer Group Takes on Broker YSPs
A consumer group is at odds with mortgage brokers over the use of yield spread premiums.

Huge Broker Acquiring Wholesaler
A California mortgage broker with nearly $3 billion in annual originations announced a deal to acquire a wholesale lender.

MD Firm Loses FHA Approval
The Federal Housing Administration announced the suspension of a Maryland mortgage broker over allegations of overcharging borrowers and failing to disclose yield spread premiums.

Firms Make Broker Compliance With HVCC Easier
As mortgage brokers continue to battle the Home Valuation Code of Conduct, one firm is addressing a concern by brokers about not being able to transfer appraisals. Another firm is providing a solution to communication between originators and appraisers.

Lower Fees for NAMB Members
A wholesale lender based in Washington is offering discounts to members of the National Association of Mortgage Brokers.

Mortgage Jobs Fall Further
In line with the overall job market, mortgage employment contracted again. Mortgage brokers and non-brokers shared in the decline.

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