Lowest Rates In 15 Months Could Go Lower
Falling mortgage rates are more likely to continue falling than rising, according to one group of analysts and economists who say there is a possibility of a big drop in the 10-year Treasury yield over the next few years.
New President at WaMu
Washington Mutual Inc. has a new chief for its mortgage operations.
HSBC Adding Hundreds to Mortgage Staff
HSBC Mortgage Services expects to double its headquarters staff within the next five years, as well as increase call center and wholesale staff, as a result of relocating the headquarters.
BoA, Countrywide Making Major Acquisitions
A pair of acquisitions announced today have two mortgage giants heading in different directions.
State Compliance Updates
GRAPEVINE, Texas -- Mandatory Spanish language forms, inclusion of yield spread premiums in the calculation of maximum fees and relief from lien releases were among the state compliance issues discussed at a recent nonprime conference.
Missouri Mortgage Co. Sued Over No Call Violations
The Missouri attorney general is suing a mortgage company for alleged "No Call" violations -- which could end up costing the lender at least $1.5 million.
Ponzi Suspect Shoots Self
With his subprime mortgage company in disarray, millions of his investors' dollars missing and a pending investigation by state regulators, Robert Kurland must have felt there was no way out.
Wholesaler Shutting Down
A Southern California bank is shutting the doors of its residential wholesale mortgage lending operation so it can focus on another business.
Ameriquest Overcharge Accusations Settled
Leading subprime lender Ameriquest Mortgage Co. has agreed to pay up to $50 million to settle a class action suit that accused the California-based company of, among other things, charging excessive fees.
2 Mortgage CEOs Among 10 Highest Paid D.C. Execs
There were no shortage of mortgage executives among a recent ranking of the most highly compensated executives in the Washington, D.C., area last year.
More ID Theft Prevention = Less Mortgage Fraud
Stolen identities can enable criminals to commit mortgage fraud. And despite the continued escalation of identity theft -- it can be prevented.
NovaStar Restructures Wholesale Unit
A shakeup at NovaStar Financial's wholesale lending unit has led to the exit of several managers.
Fannie's Book of Business Off Again
Secondary mortgage giant Fannie Mae managed to eke out an increase in acquired business last month, but its book of business continued to decline.
New Law Benefits Lender Class Action Defendants
The Class Action Fairness Act of 2005 was signed into law on February 18, 2005.
Lenders Added to Financial Indexes
An Internet originator and a small subprime lender are now included in a trio of small cap indexes.
Chess, or Monopoly?
Transactions with two banking behemoths top this week's coverage of mergers and acquisitions.
RBC Disputes HUD Audit Findings
Findings from a HUD audit critical of RBC Mortgage Co. were disputed by the lender -- which closed one of its offices as a result.
A big player in the mortgage industry was recognized for its innovative use of BlackBerry devices to help its salespeople communicate and manage data.
Studies Support Risk Pricing, Prepay Penalties
GRAPEVINE, Texas -- Credit risk factors, and not race, determine pricing on subprime loans, according to new research -- which also said borrowers with prepayment penalties saved an average of nearly 40 basis points.
Rates, Apps Fall
Application activity worsened even though rates headed back down again and are not expected to move much anytime soon.
Freddie Business Strong
New business purchases increased for the fourth consecutive month at Freddie Mac.
Scam Diverted Millions in Hedge Funds to Mortgage Co. Fronts
Being denied a mortgage license didn't stop a mother and her son, who claim to be descendants of Turkish royalty, from operating several Connecticut mortgage companies with allegedly millions of dollars in cash flow.
Sell More by Composing Compelling Questions
Awareness of "buying signals" may be key in developing a successful sales career, according to one sales training book. These signals often appear in the form of questions, signaling a customer's interest in what is being offered, the book explained.
10-Year Treasury Yield Tumbles
European interest-rate cuts drove the 10-year Treasury yield below four percent Wednesday.
WMC Manager Accused of Murdering Parents
Twenty-five years ago, Southern California mortgage lending manager David Boysen said he was devastated by the murder of his parents.
FHA Commissioner Sworn In
President Bush's nominee for the federal housing commissioner post has been sworn in.
500 Job Additions Slated for Alt-A Lender
A Connecticut-based Alt-A lender is looking to relocate within the New England region and boost its staff by nearly three-quarters.
Automated valuation services are going beyond determining property values -- with aerial photographs, mortgage leads and flagging of irregular area sales among the services being cross-marketed by providers.
Payment Shock a Concern w/Option-ARMs
The recent growth of option adjustable rate mortgages has led one ratings agency to more closely scrutinize the increased risk associated with the greater payment shock inherent with these loans.
Delinquency Improves Except for Subprime ARMs
A smaller share of borrowers were late on their house payments during the first quarter, the industry's most prominent trade group said Tuesday, and the improvement is expected to continue for a few more quarters. But subprime borrowers with adjustable rate loans didn't fare as well.
Mortgage Fraud Analysis: Part III
Few would dispute that mortgage fraud has been a growing problem. In this third of a three-part series, MortgageDaily.com looks at the prevention of fraud.
Mortgage Asset Borrowing Moves from Phone to Web
Overnight financing of mortgage assets has moved from the telephone to the Internet.
Study Warns of Payment Shock
A recent Harvard University study looks at the proliferation of new mortgage products and the payment shock that could face many in a changing economy.
Judgment Could Cost New Century Millions
A civil verdict awarded by a jury against the former chief information officer of an Orange County, Calif., lender may end up costing New Century Mortgage Corp. more than $11 million.
IO, 100% & Investor Loans Concern Economists
Although 2005 is expected to be a record year for the housing industry, economists are concerned about the proliferation of "exotic" mortgages.
Mergers, Investments & Offerings
A mortgage insurance company taking a position in a fraud recovery firm and the merger of two marketing firms hoping to convert Internet mortgage leads into live phone calls are among the latest reports of corporate transactions.
Broker Suspended Over Discarded Loan Files
One man's trash may be another man's treasure, but concerns were raised in south Florida when a mortgage broker pitched hundreds of records into the garbage after he was let go.
Rising Property Values Factor in Fraud
Residential mortgage fraud continues to plague the industry, according to a report from the Mortgage Asset Research Institute, but much of it is not being reported. And recently made subprime loans with serious defaults, which usually involve some sort of misrepresentation, are raising flags in states not traditionally known for high rates of fraud.
Rising Rates Headed Higher
Mortgage rates rose for the first time in a month -- a bad sign for those cheering the record number of people recently looking to finance home purchases.
And The Winner Is...
The "Oscars" of the business world have been awarded to several mortgage giants for the best conventions, best investor relations and best overall company.
Senate Confirms FHA Commissioner
The Federal Housing Administration has a new commissioner.
Originator Moves On from CU Sex Scandal
Caught up in the middle of a sex scandal, loan originator and one-time escort service operator Pasha Cowan said she never imagined that just a phone call to a local police detective would have led to such misery and mayhem for her and her teenage son.
Broker Growing & Hiring
A Virginia mortgage broker, citing success with online and Hispanic lending, has announced it will add more than a hundred positions.
Unlicensed Broker Draws Political Ire
An Ohio state senator is seeking an investigation of a rare coin dealer that she claims may have used state funds to make mortgages without a license.
Managing Personal Sales
Knowing how to sell is an important aspect to sales. But modifying sales activities based on prior results can be more important, according to the book, The One Minute Manager.
Processing Outsourced Online, Offshore
A Florida company is pitching an Internet-based processing service that cuts originators' costs and trims turnaround by as much as 40% by sending the work outside the country.
Volume Higher at National City
National City Corp. production increased and appears to be headed higher.
Ameriquest AEs Plead Guilty to Fraud
It sounded like an investment that couldn't lose.
Study Says Pricing Not Abusive
A recent study comparing rates between minorities and nonminorities among several major lenders dismissed conclusions drawn from previous findings that minorities and women are treated unfairly by lenders.
Servicers Forgive $11 Million in Foreclosure Debt
A GMAC subsidiary and Select Portfolio Servicing Inc. settled with West Virginia over claims of charging illegal fees that prompted questionable foreclosures.
Subprime Broker Among Recently Acquired Mortgage Cos
In the latest mergers and corporate transactions, mortgage fraud prevention has been given a new name.
Auditors Abandon Impac
Auditors have notified Impac Mortgage Holdings Inc. that they will not stand for re-appointement.
Top Originators Should Earn More Per Deal
A commission reduction is one of the fastest ways to decrease your net take home pay in a commission sales job. In fact, when I coach clients -- we quick start with the eradication of discounts negotiated.
100s of New Citi Jobs Include Mortgage Servicing
Citigroup will boost servicing staff in Ohio by over 40 percent within the next four months.
10-Year Yield Soars Past 4%
The 10-year Treasury note soared after markets received data that economic growth is not slowing down.
NY Mortgage Licensee Assessment Fees Raised
Mortgage brokers and bankers regulated by the New York State Banking Department are now responsible for paying assessment fees to cover the costs of the department's supervision. The increased fees follow the loss of revenue from two banks that moved to a national charter.
Loan Officer Blamed for Millions in Losses
A former lending officer at an Atlanta-based bank is being blamed for millions of dollars in losses and the closing of a subsidiary.
Polo in Paradise for Kauai Mortgage Co
Hanalei, HI -- Under sunny skies, gentle trade winds blowing, and Anini Polo Field a carpet of green following the winter rains, the 2005 season of the Kaua'i Polo Club opened last Sunday with Savage Pearls scoring an exciting 6-3 victory over Global Mortgage Group in a four chukker match.
Ameriquest CEO Exits
Ameriquest Mortgage has a new chief executive officer.
The number of foreclosed properties listed for sale in May fell.
Refi Strength Pushes Apps Up
A slowdown in the job market prompted improved rate forecasts and increased mortgage originator activity.
Volume Up at Countrywide
An increase in real estate purchase fundings drove total monthly production up at Countrywide Financial Corp.
Record Option One Production
Amidst milestone volume, the parent of Option One Mortgage Corp. said profitability from the segment has returned to more normalized levels.
MI Co Uses AU to Prevent Fraud
A mortgage insurance company has jumped into the fraud prevention business -- using its automated underwriting system to flag loans at origination. The new service is one of many available to help mortgage bankers stem the growing tide of fraud.
A Texas company is looking to help mortgage professionals avoid breaking the law by educating them about the rules of RESPA.
Lawsuits Contend Texas Home Equity ARMs Illegal
Separate class action complaints have been filed against two major subprime companies by Texas borrowers alleging their adjustable rate home equity mortgages are unlawful in the state.
203K Allows Repairs After Purchase Closing
In its effort to streamline and improve federally insured mortgage programs, the country's housing agency has loosened some requirements on its home improvement financing for purchases.
Mortgage Fraud Analysis: Part II
Mortgage fraud continues to grow, according to the latest FBI statistics, and usually involves an industry insider. In this second part of an exclusive three-part series, the different types of fraud and the players are examined.
Best Mortgage Employers for MBAs
Nearly 5,000 students from 50 prominent business schools have chosen the most desirable companies to work at -- and a plethora of mortgage-related entities made the list.
Mortgage Execs Ponder IO Risks
Several mortgage executives recently discussed the acceleration of nonprime interest only production, investors' growing appetite for these loans and the possible associated risks.
Predatory Foreclosure Relief
Unsophisticated borrowers who are delinquent on their mortgages are being preyed upon by scam artists that offer the promise of relief and the reality of foreclosure.
Broker Baffled By No-Call Lawsuit
The Wisconsin attorney general has filed a lawsuit against a mortgage broker for allegedly violating the state's no-call list for telemarketers even though the broker thought the case had been settled.
Disposal Rule In Effect
In the wake of the overturned Arthur Anderson criminal conviction, the federal government has implemented a rule that requires mortgage companies to destroy documents and computer files.
More Sales Through Clarity
"Clarity" and "brevity" are just two of the secrets that can help increase sales and lead to business success, according to a new book that lends advice from some of today's most successful and influential business leaders.
WaMu Acquiring Providian
Topping the latest mergers, acquisitions and corporate transactions in the world of real estate finance is a giant whale that had previously lost its appetite.
Georgia Leads US in IO Nonprime Borrowers
The state with the biggest share of subprime, Alt-A and jumbo borrowers that have interest-only mortgages is Georgia, according to data from a mortgage research firm.
New Century Production Off
Monthly production edged down at New Century Financial Corp.
Mortgage Employment Strengthens
Jobs in the mortgage industry continued to climb, again reaching a new record.
Rates Won't Hold Long
There were fewer mortgage hunters in the market despite declining rates -- which aren't expected to continue the downward trend.
Understanding why people don't buy instead of focusing on how "to sell" might be the key to a successful sales career, according to a new e-book that includes studies of more than 14,000 sales calls, buyer interviews, and a series of 27 surveys conducted over a three-year period.
Best Small Mortgage Companies
Despite the lack of mortgage originators, several companies that offer solutions and services to the industry made a recent ranking of The 100 Best Small Companies.
10-year Treasury Yield Sinks, COFI Rises
While indexes on adjustable rate mortgages continued climbing, Treasury yields took a breather -- sending the 10-year yield to its lowest level in over a year.
New Fannie CEO Mudd
The interim chief executive officer at Fannie Mae has taken a permanent role.
Allied Originator Impersonates Elvis
A Florida originator uses identity fraud to entertain real estate agents. But 'Suspicious Minds' needn't get 'all shook up' because this gig is legal and generating loans.
Product Integration on New Century's Plate
New Century Financial Corp. is breaking out of its subprime shell and well on its way to becoming a major force in other mortgage industry sectors.