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

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

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

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

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

Press Releases
Reports and announcements from MortgageDaily.com.

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.

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.

Subprime Lender Shuts Down

Columbia Home Loans closes

May 17, 2007


Significant operating losses have forced a New Jersey bank holding company to shut down its subprime mortgage subsidiary.

The operations of Columbia Home Loans LLC will be discontinued, according to an 8-K filing with the Securities and Exchange Commission today by parent OceanFirst Financial Corp. The winding down of the unit is expected to be completed within six months.

"The discontinuation was related to the significant operating losses incurred by Columbia in the past two quarters due to their origination of subprime mortgage loans," the filing said.

First quarter losses were reported at $5.4 million, and losses from Columbia are expected to continue for the foreseeable future, according to OceanFirst, the parent of OceanFirst Bank. Immediate costs resulting from the collapse are nearly $1 million. Early payment defaults and investor repurchase requests are the reasons for the losses.

Last month, OceanFirst said it was "negotiating a sale or rapid shutdown" of Valhalla, N.Y.-based Columbia -- which reported $1.5 billion in originations during the past five years, according to a conference call.

"We have, and will continue to react appropriately to the current situation," OceanFirst said in a separate SEC filing today. "The fact is that we will be moving past Columbia's mortgage banking business line."

The Toms River-based holding company announced yesterday that Columbia's president, Robert M. Pardes, resigned for personal reasons. Pardes was also chief lending officer at OceanFirst Bank.

"Quite simply, Columbia Home Loans LLC is the fastest growing mortgage banker in the Northeast and among the top 300 in the nation," the company's Web site still read today.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

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