twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Bank, Mortgage Wholesaler Done

Recent mortgage-related casualties

Feb. 1, 2014

By Mortgage Daily staff

Idaho saw its first bank failure in nearly five years. Meanwhile, a mortgage banking subsidiary of another financial institution is blaming the current regulatory environment for its decision to exit wholesale lending.

Syringa Bank was closed on Friday by the Idaho Department of Finance, the regulator said in a news release.

It was the first bank failure in Idaho since April 2009, when First Bank of Idaho, FSB, was shuttered.

The state regulator explained that capital at the Boise, Idaho-based bank had been depleted as a result of large loan losses mostly from real estate lending. The bank's board of directors had diligently worked for a long period of time to address the problems but were unable to overcome steep price declines in Idaho real estate prices that started in 2007.

"The board of directors and management have cooperated fully with the regulators during these difficult developments, and I am grateful to them for their efforts," Idaho Department of Finance Director Gavin Gee said in a written statement. "This closure is taking place through a regulatory consent process, with the full cooperation of the bank."

Syringa Bank was established in 1997. As of Sept. 30, 2013, it employed 60 people.

The failed firm owned $25 million in home loans, $68 million in commercial mortgages and $3 million in construction-and-land-development loans.

Parent Syringa Bancorp entered a written agreement with the Federal Reserve Bank of San Francisco in April 2011, while the bank itself was hit with a Federal Deposit Insurance Corp. cease-and-desist order in August 2010.

Idaho's Department of Finance appointed the FDIC as receiver. Following a secret bidding process, the FDIC named the winning bidder as Sunwest Bank, which assumed all of Syringa Bank's $145 million in total deposits for an 0.75 percent premium and acquired all of its $153 million in total assets.

Syringa Bank was the third FDIC-insured bank failure so far in 2014.

The Rob Chrisman Daily News & Commentary newsletter indicated that Mortgage Services III LLC is exiting wholesale lending.

"After much discussion, research and deliberation, Mortgage Services III (MSI) has decided to exit the Wholesale Mortgage Broker and Non-Regulated Financial Institution Correspondent mortgage business," MSI was quoted as saying in notice to its clients. "Additionally, MSI will no longer offer Delegated Underwriting Authority for Correspondent business.

"The existing regulatory environment would force us to use too many valuable resources to remain competitive in the wholesale environment."

The Bloomington, Ill.-based lender, a subsidiary of First State Bank, was unable to provide a formal statement to Mortgage Daily.

MSI reported that it closed 18,000 loans for $3.2 billion in 2009.

MSI was the second non-bank lender to close shop this year.

In all, Mortgage Daily has tracked the failure or closing of six mortgage-related businesses so far during 2014.

next story

back to current headlines

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Bank news

Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders