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Wholesaler Launching
A company that originates more than $3 billion a year in retail business is launching a third-party channel that will focus on government programs. The expansion into the mortgage broker arena follows similar moves recently by other wholesale lenders.
Purchase Activity Drags Down FHA Volume
Origination of federally insured mortgages was lower in July. An increase in refinance and reverse mortgage production was not enough to offset a drop in purchase endorsements. But a surge in refinance applications is likely to boost overall business this month.
Subprime & FHA Foreclosures Fall, Prime Inventory Rises
Residential loan delinquency improved, as did the overall foreclosure rate. But even as subprime foreclosures tumbled more than a hundred basis points, prime foreclosures increased. An increase in late payments on loans insured by the Federal Housing Administration was more than offset by a decline in the FHA foreclosure inventory. More than one-in-four Florida mortgages is delinquent or in foreclosure.
Allied Settles Branch Billing Discrepancies with HUD
Allied Home Mortgage Capital Corp. has agreed to settle allegations by the U.S. Department of Housing and Urban Development of billing discrepancies at its branches. The settlement by the self-proclaimed biggest mortgage broker follows the loss of FHA approval at one of its branches earlier this year and a scathing news story last month about the branch operator.
Government Solutions to Negative Equity
A host of government-insured programs have been unveiled to help borrowers with negative equity.
Return of USDA Program Helps Rural Sales
The return of the U.S. Department of Agriculture's rural mortgage program will help end the home sales slump that hit some rural counties when the program was suspended in June.
Future of Mortgage Lending Debated
Some of the biggest names in mortgage banking traveled to Washington Tuesday to discuss the future of real estate finance and what role the U.S. government should have in the mortgage market.
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Net Branches Among 30 Mortgagees to Lose FHA Approval
The U.S. Department of Housing and Urban Development has terminated the approval of more than 30 mortgagees. Among the terminations were branches of Allied Home Mortgage Capital Corp. and Gateway Funding Diversified Mortgage Services.
Residential Originations Rise with Refis
An increase in refinance share and stronger Federal Housing Administration activity are accompanying an overall increase in quarterly loan fundings.
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