twitter linkedin
facebook google+
Search:

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.

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

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



CTX Winds Down Retail Branch Operation

$20 million in 3rd quarter costs associated with wind down

November 6, 2008

By MortgageDaily.com staff


The parent of CTX Mortgage Company LLC expects that the winding down of retail mortgage operations will cost nearly $20 million.

In its third-quarter earnings report, Centex Corp. said it became unable to use its private-label securitization vehicle, Harwood Street Funding I LLC, to fund new mortgage business. The market for mortgage-backed securities and commercial paper became significantly disrupted beginning in the second quarter.

In July, a decision was made to wind down retail mortgage operations over the next several months. Around 80 retail branches operating through the financial services division ceased originating on Sept. 30.

Third-quarter wind-down costs were $26 million, including $19 million in severance costs mostly tied to branch employees laid off.

"As a result of the significant disruptions in the mortgage markets and the related reductions in the mortgage market liquidity, the company has begun to focus its mortgage operations on builder loans to support home building," the report said.

Earlier this year, Prospect Mortgage was negotiating the acquisition of CTX's branches. But that deal fell apart and the retail branch operation was put up for sale.

In September, ViewPoint Bankers Mortgage acquired eight mortgage production offices in Texas with 45 employees from CTX. Later that month, Cherry Creek Mortgage acquired four Colorado branches.

The company had hoped to sell 50 branches in all.

CTX originated 6,073 loans for $1.2 billion during the third quarter, less than half the volume it originated a year earlier. Production was fairly evenly split between builder and retail business, with slightly more retail loans funded.

CTX Mortgage originations were being funded from two committed mortgage warehouse lines for $475 million as of Sept. 30. But a debt-rating downgrade by Moody's Investors Service subsequently triggered a lowering of its lines by $225 million.

Mortgage loans on Centex's balance sheet were $419 million on Sept. 30.

Centex reported a $172 million third-quarter loss -- far better than the $644 million loss a year earlier.

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.


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.


Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.


Logout forgot
password?

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

MBS

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