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.



Lender Dumps Wholesale, Expands Retail

First Bank Mortgage blame performance of broker originated loans

October 30, 2007

By PATRICK CROWLEY


photo of Patrick Crowley

Poor performance of broker originated mortgages has led a Missouri bank to abandon the channel. But the company is optimistic about its retail operations.

First Bank Mortgage is scuttling its wholesale division.

Mark Turkcan, president of the St. Louis-based lender, confirmed the closing in an interview with MortgageDaily.com.

The company will, however, stay in the retail business.

Turkcan declined to say how many employees are losing their jobs but said the division generated about $250 million in originations annually. First Bank does about $250 million in originations in his retail division as well, he said.

Two California locations -- Irvine and Walnut Creek -- are being closed.

"We will have some layoffs" in the wholesale operation, Turkcan said. "It's been a tough market in places like California, Las Vegas, Florida. Those markets are going to take a couple of years to recover."

Turkcan said other companies, including major players such as Bank of America, have exited the wholesale business.

"Frankly, loans originated through wholesalers, through brokers, have not performed as well as retail loans," he said. "Our other bank presence is in the Midwest. We're an established retail operation, we've been around for about 50 years."

Turkcan said the company's retail operation is actually growing. First Bank recently hired about 10 employees from other companies that have closed or down sized. He believes the industry will move toward more retail operations instead of using brokers and wholesalers.

"Consumers now understand brokers are not necessary working on their behalf," Turkcan said.

The wholesale operation is about 20 years old. On its Web site, the company said it offered jumbo loans to $3 million, conforming and non-conforming loans and Alt-A products.

Turkcan he said he believes while some markets will continue to experience problems, more conservative midwest locations such as St. Louis, Cincinnati and other cities and regions are beginning to already recover.

"Those places don't have the dramatic swings ... and I think the market is already coming back," he said.


Patrick Crowley is a feature journalist and blogger for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer.
e-mail Patrick at: [email protected]

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.


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
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