1 Bank, 1 Mortgage Firm Fail
Compared to a week earlier, bank-failure costs were down more than $2 billion. A failed deal between an Illinois bank and a North Carolina mortgage company will impact 100 employees and has the mortgage firm's chief fuming.
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3 DC-Area Organizations Add Executives
A mortgage technology group that operates near the nation's capitol named several executives to various posts, while new executives were hired at a public relations firm and a law firm both based in Washington, D.C. Three former agency executives landed in senior posts at service providers, and a company that fixes loan problems has a new technology chief.
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Fed Among Banks Making Exec Appointments
Within recent executive activity at U.S. banks was the appointment of the chairman of the country's central bank and two other regulatory appointments.
Former NFL Quarterback Joins CA Mortgage Firm
A big mortgage servicing executive was named at Bank of America Corp.'s mortgage unit, while President Barack Obama disclosed his nomination for the chairman of the Federal Agricultural Mortgage Corp. But the most timely appointment -- given Sunday's championship game between the New Orleans Saints and the Indianapolis Colts -- was that of a former professional football player to a California mortgage firm.
LendingTree Production Earnings Overtake Leads
Quarterly originations at LendingTree Loans edged higher and were up 30 percent from a year ago. Earnings from loan production now exceed earnings from its lead generation unit even though the average loan amount at the lead unit is up more than a third.
MetLife Production Eases
Forward- and reverse-mortgage originations eased during the latest quarter at MetLife Home Loans, while mortgage headcount dropped by nearly 100.
GMAC Originations, Losses Rise
GMAC Financial Services was one of only three major mortgage lenders to report an increase in quarterly mortgage production. But just as originations rose, so did losses.
70 Banks Face Regulatory Orders
Around 70 financial institutions recently faced orders by U.S. bank regulators -- including one against Flagstar Bancorp.
Banks Buying Mortgage Firms
Out of three recent mortgage company acquisitions tracked by MortgageDaily.com, two were made by banks. The third acquisition was made by a company that claims to the biggest independent lender in Washington.
