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Borrower Rescinds HOEPA Loan 1.5 yrs After Closing
A federal judge has ruled on a Washington, D.C., woman's attempt to rescind her high cost loan a year and a half after closing.
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Bank Buys RE Firm to Increase Originations
A Virginia-based bank that plans to double mortgage production over the next five years hopes to accomplish its goal through real estate agent referrals. So the company purchased a residential real estate company.
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New Century Develops Women Leaders
A senior executive at New Century, who has managed to balance her career with her family, wants to help other women ascend to executive offices at the subprime lender and has done something about it.
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Legislation Would Raise Conforming Limit
Federal legislation that would raise the conforming limit to more than $500,000 has cleared its first hurdle by passing a House committee.
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Servicing Portfolio For Sale
A servicing portfolio that includes Freddie Gold loans will hit the market next week online.
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Fannie Commitments Way Off
Fannie Mae's purchases increased for the third consecutive month, but its mortgage portfolio commitments signal a downturn is on the horizon.
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Stated Income at Issue in MI Lawsuit
A lawsuit between a mortgage insurance company and a subprime lender has taken a turn -- with testimony from a key executive leading to new accusations from the defendant in the case. At the heart of the latest action is the distinction between "stated income" and "no ratio" loans.
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New Century Acquiring RBC Branches
New Century Financial Corp. will dramatically expand its residential lending operations through a planned acquisition later this year that will put it in the prime and Alt-A business.
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Restrained Rates Edge Apps Up
As worries of inflation eased, mortgage activity picked up steam -- with the biggest balance borrowers rushing to refinance.
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Sales Commandments
In sales, working smarter really means working harder at winning customer loyalty. Proper follow-up, timely turnaround and sufficient attention after the sale can lead to more future business and less upfront work.
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Federal or State Predatory Laws?
A number of groups with competing interests each presented their cases for or against preemptive national predatory legislation to congressional subcommittees this week.
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Countrywide Backs Off Market Share Projections
The country's largest originator has eased its aggressive market share plans.
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Program Promises Prompt Prepayment
A finance company based in New York promises real estate loan borrowers that its program can help them pay off their mortgages within months. But the program details paint a picture of a pyramid scheme.
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Mortgage Fraud Analysis: Part I
MortgageDaily.com has recently completed an analysis of government statistics, industry reports and material on hundreds of mortgage fraud cases. In this first of a three-part series, statistics and estimates of fraud are discussed.
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Mortgage Broker Training
Independent brokers and net branch managers have two companies, a national net branch and a wholesaler, offering improved mortgage education and training for them.
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Originators Ignoring Profitable Niche
Lenders should focus their efforts on creating products to fulfill the needs of homeowners who purchased their residences prior to 2000 -- as it represents the "largest lending opportunity" -- a new study suggests.
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Wholesaler Helps Brokers Generate Leads
A California wholesaler is offering to help its approved mortgage brokers generate loan prospects.
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Freddie Activity Heats Up
Secondary mortgage purchases jumped by nearly a quarter at Freddie Mac.
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Service Providers Dominate Recent M&As
This week's corporate transactions involve a mortgage education provider, a mortgage outsourcer and a title insurer.
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GMAC Sub: Avoid Brokers
Prospective borrowers could save thousands by avoiding mortgage brokers, according to a GMAC subsidiary.
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X-Lover Brutally Slays Originator
Stephanie Frey and Emily Vaughn felt like they were learning the mortgage lending business from one of the best.
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Alt-A Brokering for Dummies
An Alt-A and nonconforming wholesaler has applied the For Dummies approach to the handbook of its automated underwriting system.
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Correspondent Lending Preferences
The importance of low pricing versus broad product lines varies between large and small correspondent lenders.
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Wholesale Lenders Lower Max Broker Fees
Two companies have taken steps to ensure broker-originated and direct borrowers are given fair loan terms. Among the changes are lower limits on maximum broker fees.
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Thrift Production Declines
While quarterly production fell for thrifts, milestone net income was achieved.
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Net Branch Educates Record Number of Students
A prominent net branch operation announced Thursday that it trained a record number of people during April.
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5/1 Rate Tumbles
Leading a decline in mortgage rates this past week was a hybrid ARM. But some of the lowest rates in months failed to spark a rally in mortgage activity.
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More Sales With Good Habits
Humor, honesty and early starts are among the traits of successful salespeople discussed in MortgageDaily.com's review of The 25 Sales Habits of Highly Successful Salespeople, which says successful salespeople display certain behaviors that are intrinsic to a prosperous sales career.
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YSP Top Borrower Abuse
The most common abuse borrowers are subjected to is excessive yield spread premium, according to a homeowner watchdog group -- which also says lead generation companies land loan prospects with higher cost lenders.
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FTC Focuses on Hispanic-Targeted Fraud
The federal government has teamed up with state governments to do more to prevent mortgage fraud, among other scams, targeted at Hispanics.
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$1 Billion Originator Tells Success Secrets
Customer service, financial expertise and a prime location were among the factors that helped one Southern California mortgage broker exceed $1 billion in funded originations last year.
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photo of Mark Cohen
MBS Issuance Off
Quarterly issuance of mortgage-related securities fell -- dragged down by big agency declines, a bond trade group reported. And while the home equity sector has been resilient, a disturbing trend is developing.
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Fraud By State
Rapid home appreciation may be masking fraud in some markets, but not in the Sooner State.
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Mortgage Lenders in Barron's 500
Barron's Magazine has ranked the top 500 American companies based on cash flow return on investment. While several mortgage-related companies made the list -- homebuilders placed highest.
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Ohio Supreme Court Rules Against Lenders
Mortgage lenders in Ohio have lost a class action court battle and now face penalties for the late filing of lien releases during the past six years.
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Govt Cautions About Home Equity Lending
Mortgage lenders may not be keeping up with the risks involved with home equity lending, according to new government research.
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Expansions and Mergers
A Michigan-based nonprime wholesaler that recently completed an initial public offering and changed its name tops this week's corporate announcements.
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MTA Continues Rise
The monthly treasury average index climbed for the 13th consecutive month to its highest level in almost three years.
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Originator's Murder a Mystery
As a new mortgage loan officer, Jesus "Speedy" Diaz hoped to turn his life around. But he was at the wrong place at the wrong time.
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How Web Sites Can Increase Business
The Internet has created many opportunities for lenders to do more for their customers while spending less. But a recent study suggests visiting prospects might be more likely to become customers with an improved online experience.
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WaMu Ordered to Rehire Whistleblower
The government has told Washington Mutual to rehire and compensate with back wages an executive it fired last year after she questioned the bank's lending practices. But the company disputes her allegations and may appeal the order.
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Impac Production Plunges
Volume sank at Impac Mortgage Holdings Inc. But the company's current pipeline suggests better months are ahead.
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Plethora of Fraud Prevention Tools
As the discovery of mortgage crimes continues to escalate, several companies have responded with services intended to mitigate fraud damages.
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100% LTV With Low Score
A subprime wholesaler said brokers have been submitting record numbers of packages because of its new 100% loan-to-value program for borrowers with low credit scores.
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PHH Production Continues Decline
In its first quarterly earnings announcement as a separate, publicly traded company, the parent of the company formerly known as Cendant Mortgage reported a decline in production.
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Record Purchase Apps, ARM Share Widens
More people than ever are seeking financing for a home purchase as rates barely budged. But until further data can signal how fast or slow the economy is growing, an industry forecast has a lowered outlook for the 30-year yield.
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Maverick's Owner Betting Against NovaStar
If his investments perform anything like his current NBA team, then NovaStar Financial investors should consider forfeiting their positions.
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Fannie to Miss Filing Deadline
Fannie Mae has notified the government it will miss quarterly 10Q filing deadline.
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Habits of Successful Salespeople
Highly successful salespeople share 25 sales habits, according to a sales training expert who has outlined his ideas in a book.
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Builder Adding Mortgage Production Jobs
Pulte Mortgage LLC will create hundreds of new jobs when it opens a new mortgage origination and processing facility in North Carolina.
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40 and Long
Previously purchased on only a selective basis, Fannie Mae will soon buy forty-year fixed-rate mortgages on a permanent and wide basis. Broader use of such a program is in line with other currently popular alternative products being used by borrowers to get into higher priced homes.
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Ameriquest to Sponsor Stones Tour
"Please allow me to introduce myself, I'm a man of wealth and taste."
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Mortgage Employee Steals $1.5 Million From Employer
An employee in the mortgage department of a Chicago insurance company was able to dupe her employer for five years.
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Mortgage Mergers Multiplying
Mortgage industry mergers are picking up steam -- with players in the latest deals claiming new markets and upcoming activity showing no signs of abating. Among this week's reported activity is the acquisition of a lead company by a credit reporting agency and a national expansion by a wholesaler.
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Fed Loan Officer Survey
Fewer banks saw demand fall for mortgages, according to a government report -- which also indicates credit standards on home loans were largely unchanged.
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Countrywide Settles Massive OT Lawsuit
Preliminary approval has been granted by the Los Angeles County Superior court for the largest mortgage industry hour and wage lawsuit settlement in California -- against the nation's largest mortgage lender.
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Hockey Player Turned Broker Now in Jail
Following a career as a professional hockey player, Rudy Poeschek became a top mortgage originator at a Florida firm, then left to so he could play hockey again. But instead of resurrecting his sports career, he landed in a county jail and now awaits trial with no chance of being released on bail.
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Countrywide Fundings Off, Pipeline Strong
Sinking subprime originations dragged down overall production at Countrywide Financial Corp. But a growing pipeline gives cause for a glowing outlook.
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CitiMortgage Servicer Rating Raised
Analysts improved their opinion of CitiMortgage Inc.'s ability to service.
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Builder Affiliates Irk Originators
In the battle between brokers and builders, builders can claim a victory -- for now.
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FBI Wants Brokers' Help with Fraud
The Federal Bureau of Investigation wants mortgage brokers to do more to prevent fraud.
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Mortgage Jobs Surpass 1/2 Million
Despite mortgage industry production that is well below the record set during 2003, more people were employed in mortgage lending in March than any other month in history.
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Apps Quiet as Treasury Announcement Boosts RatesDespite five consecutive weeks of falling long-term rates, applications improved little. But a surprise announcement from the U.S. Treasury Department had rate watchers on edge.
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GM Restructures Mortgage Units
General Motors has completed the restructuring of its residential mortgage operations in an effort to improve the unit's cost of funds and liquidity.
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Fannie Bans Employee Stock Trades
Fannie Mae employees have been banned from trading shares of the company's stock, according to a story in the Washington Post today.
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State of the Industry
A shift to adjustable rate mortgages as rates rise is no surprise, according to an industry report released yesterday. But the recent shift has been more dramatic as a result of skyrocketing home values.
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CA Lenders Face Tougher Licensing Process
Legislation from the Golden State is on its way to the Governor's desk that would require fingerprinting for new lenders. But the bill doesn't stop licensed lenders from hiring convicted criminals.
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New Century Exec Donates Millions to Hospital
The co-founder of one of the nation's most prominent subprime lenders has made a sizable donation to an Orange County, Calif., hospital.
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Hard Money Wholesaler
A company formed last year will provide wholesale programs for borrowers regardless of their credit score.
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Georgia Stiffens Mortgage Fraud Penalties
The state with the most mortgage fraud is doing something about it.
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Broker's Donated Computer Compromised Customers
Robert Zorn is a hi-tech scavenger who makes a living refurbishing, reworking and reselling discarded gadgets likes computers, DVD players, VCRs and video game consoles.
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Cashouts Surge
Refinance activity slowed during the first quarter, but the share of cashouts reached the highest level in nearly five years.
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Larger Lenders Better Equipped to Attract Top Talent
The findings of a small business survey suggest small mortgage brokers and mortgage bankers may be struggling to attract top talent over larger lenders.
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Shareholder Group to Shake Up New Century
A group of New Century shareholders are dissatisfied with the company's performance and aim to do something about it.
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Mortgage Mergers Sustain
Mergers, name changes and a new Nevada mortgage lender are among the latest news about corporate activity in the mortgage industry.
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InterFirst Insider Aided Brokers in Fraud
Falsifying loan applications will cost a 24-year-old mortgage company worker from Michigan nearly $1 million and the next two years of her life.
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HELOC Boom on Horizon
Recently passed legislation is expected to boost HELOC activity, according to a major ratings agency.
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NovaStar Production Descends
Fundings fell for the second consecutive quarter at NovaStar Financial Inc.
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Home Equity Wholesaler Adds 87 Employees
Citing phenomenal growth in its second mortgage business, a California wholesaler recently added dozens of new jobs.
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COFI Spike Uninterrupted
The 11th District Cost of Funds Index rose, again, to its highest level in years.
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