Crooked Employees Impact Bank's Financials
An East Coast bank has delayed the release of its financial statements because of a discovery that two former mortgage employees embezzled over $2 million.
Hard Money Lender Facing Hard Times
|Fraud Convict Converts
Following his release from a five-year prison term for participating in a $124 million mortgage fraud scheme, a former loan originator is helping mortgage bankers avoid being victimized by people like him.
The Nevada Mortgage Lending Commission has swooped in to take possession of a Las Vegas hard-money lender and revoked its license. And, in an out of court allegation straight from "America's Unsolved Mysteries," one source alleges that the "significant other" of one of the company's workers -- who met the worker through the Internet -- moved in on the worker and the company's assets.
Mixed Results for Mortgage Bankers
An Internet-based bank is struggling to overcome higher losses and analysts' favor while a California nonprime giant is glowing. Meanwhile, two big mortgage entities have merged into one.
10-Year Yield Sinks
The yield on 10-year Treasury fell below 5 percent.
Foreclosure Activity Improving
IL Drug Convict Gets License
Mixed quarterly data leave unclear whether national foreclosure activity slowed or increased. But monthly data indicate a favorable trend.
A convicted Chicago drug dealer was able to obtain a provisional mortgage loan originator's license from the State of Illinois just a few months before being sentenced to four years in prison.
Mortgage Market Outlook Improves
|Net Branch Expanding
With the help of an in-house mortgage-banking operation, the owner of a San Francisco-area net branch plans to add 12 more offices this year.
Application activity was steady as rates tumbled on news that the economy is moderating.
ResCap Fundings Climb
GMAC's real estate finance subsidiary saw an improvement in quarterly business.
Record SunTrust Volume
SunTrust Banks Inc. pushed quarterly fundings to a new record high.
Defunct Company Still in Trouble
Loan files from a defunct Wichita, Kan.-based mortgage company turned up in a recent drug raid.
Record Activity at IndyMac
Originations at IndyMac Bancorp Inc. inched higher to set yet another quarterly record.
All Eyes on New State Law
A Rhode Island anti-predatory lending law has bankers worried it will hinder access to credit.
Strong RMBS Performance Likely to Erode
The strong pace of upgrades on residential mortgage-backed securities is unlikely to continue over the long term.
Cost to Service Falling
Residential mortgage servicing fees have gotten cheaper for prime-credit borrowers.
SEC Stops Senior Scam
In an emergency action, the Securities and Exchange Commission has frozen the assets and received the green light from a federal judge to appoint a receiver to stop a real estate investment scheme in New York that has allegedly taken millions of dollars from senior citizens and retirees since 1996.
Ameriquest Continues Layoffs
As part of the company's previously-announced planned layoffs, another group of Ameriquest Mortgage employees were released.
Record American Home Originations
Business is strong at American Home Mortgage Investment Corp.
Guide to Sales Success
Doubling sales volume this year is just one of hundreds of practical tips outlined in a new sales book.
Wholesaler Adding AEs
A jumbo mortgage wholesaler is looking to supersize its staff.
Executive Altered Entries
Standard & Poor's Ratings Services is joining federal regulators in reviewing the mortgage securitization operations of a Miami-based mortgage company after it revealed that a top sales employee had allegedly altered data on $100 million in securitized loans.
Mortgage Shake Ups
A California-based net branch has been swallowed up, while a Golden State wholesaler has expanded its lending capabilities. And recent years' financial statements from PHH Mortgage's parent can't be relied upon.
Freddie Business Down
Secondary mortgage purchases fell at Freddie Mac.
Jumbo Performance Solid
New indexes have been launched to track the performance of jumbo mortgage loans.
MI Co. Sued Over Role in Fannie Accounting Fraud
A mortgage insurer is being blamed for helping Fannie Mae commit accounting fraud.
PHH Production Perseveres
Amid a cloud of accounting uncertainty, PHH Corp. pushed quarterly production past the prior period.
Mortgage Lead Integrity & Exclusivity
BoA Layoffs in AZ
A California company claims its new service, which enables prospective borrowers to chat anonymously online with lenders seeking to provide a mortgage, is a safe alternative to giving unscrupulous lead aggregators personal information.
Hundreds of mortgage jobs in Arizona are in the process of being eliminated at Bank of America.
$6.5 Million Fraud Ring Broken Up
A Cincinnati mortgage broker and a loan processor were among 20 people guilty of participating in a massive fraud ring that stung the likes of IndyMac Bank and ABM AMRO.
Servicers that actually originated their mortgages, as well as those that provide electronic payment options, ranked high in a recent study.
Flagstar Reverses Decline
Fundings turned higher at Flagstar Bancorp.
Golden West Flat
Golden West Financial Corp.'s quarterly production edged up but fell short of last year.
Mortgage Market Weakens
Applications eased as rates started up. But promising comments from the Fed may ease pressure on rising rates.
WaMu Business Edges Down
Residential loan volume nudged down at Washington Mutual Inc.
Wachovia Volume Rises
Wachovia Corp. announced higher quarterly originations.
First Horizon Creeps Higher
Fundings increased at First Horizon National Corp.
Monthly foreclosures relented -- to the lowest level this year.
Wells Becomes Biggest Res Servicer
Wells Fargo & Co. has struck a deal to buy a Milwaukee-based servicing operation.
HUD Announces $1.6 Million Settlements
CitiMortgage Inc. was among three companies to settle with the U.S. Department of Housing and Urban Development over title insurance business arrangements.
ARM Changes Hurting Downey Business
An increase in the minimum payments required on payment-option mortgages has pushed Downey Financial Corp.'s production down.
BoA Bumps Business
Second quarter residential originations were up from the prior period and the prior year at Bank of America Corp.
2nd Quarter Strong at JPMorgan Chase
Fueled by a jump in secondary market purchases, quarterly loan originations climbed at JPMorgan Chase & Co.
NY Lender Growing
A New York-based mortgage banker will hire hundreds of new employees to keep up with its rapid growth.
HUD Review Closed
Wells Fargo's partner in a recently-launched joint venture announced the U.S. Department of Housing and Urban Development has closed its review of the operations.
Citi Fundings Up
Quarterly originations increased at Citigroup Inc.
National City Pushes Higher
Quarterly production strengthened at National City Corp.
The pace of national foreclosures slowed in the second quarter.
Wells, Countrywide Tied for 1st Place
Wells Fargo & Co. reported its highest quarterly mortgage originations since 2003 -- placing it at the pinnacle of mortgage lending in the process.
Biggest Mortgage Companies
The parent companies of several mortgage bankers rank among the world's largest corporations.
FL Attacking Do Not Call Violators
A California-based mortgage broker is facing a Florida lawsuit for allegedly violating the state's "Do Not Call" law.
Wholesaler Operates Without AEs
A startup wholesale lender hopes to attract mortgage broker business without the use of a sales force.
Banking, Mortgage M&A
Two mortgage companies have undergone name changes while three technology units are being divested.
3 FHA Lenders Terminated
Mortgage lenders east and west of the Mississippi lost their approvals to originate Federal Housing Administration-insured loans.
The Art of Persuasion
Certain steps taken by people in sales can help improve their ability to be persuasive, according to one sales book.
Investor Mutiny Against Broker
A group of nine investors recently filed a lawsuit accusing a Missouri mortgage broker of operating a $3.1 million Ponzi scheme.
WaMu Cut Appraisal Jobs
Hundreds of home loan employees were laid off at Washington Mutual Inc.
Mortgage Market Improves
Mortgage requests rose as rates relented from a 4-week rise.
Lenders Fuel Marketing Firm's Growth
Strategic marketing campaigns for the mortgage industry have helped one marketing firm's business to skyrocket.
Fraud Reports Analyzed
The biggest concentration of mortgage fraud is on the East Coast, though two southwestern states are also hot spots.
Countrywide Business Better
Business from its banking subsidiary and higher nonprime fundings fueled an increase in Countrywide Financial Corp.'s overall originations. But the news isn't so good for secondary originations.
Brokers Call for Equal Treatment
MortgageIT Swallowed Up
Mortgage brokers asked the Fed for disclosures that are simpler, more uniform and more fair.
A German bank will acquire MortgageIT Holdings Inc.
Lender Adding Atlantic Jobs
A fast-growing New York-based lender is boosting its East Coast presence.
KC Fraud Case Involved 280 Loans
A mortgage fraud case that has emerged out of Kansas City involves 280 loans for more than $17 million.
Several Web sites help mortgage brokers shop multiple wholesale lenders for nonprime loan programs.
The Mortgage Shuffle
The mortgage industry continues to consolidate, though not without some opposition.
New Century Business Takes Off
Quarterly originations jumped, credit quality improved and operating margins widened at New Century Financial Corp.
Low FICOs, Piggybacks Don't Mix
Subprime borrowers who simultaneously closed on a first and second lien have been found to be a worse risk than previously thought.
National City May Unload First Franklin
National City Corp. is considering selling its nonprime subsidiary.
Crooked Mortgage Attorneys
Real estate lawyers in trouble with the law continue to grow in numbers.
Building Successful Lender
The president of a mortgage banking firm with nearly $30 billion in production during 2005 recently talked about how his company more than doubled its volume from the prior year.
CA Lenders Settle With NV Regulators
Two California mortgage companies have settled charges they targeted Hispanic borrowers in a scheme to strip equity from their homes.
Mortgage originating is moving from laptop computers to small wireless devices -- enabling loan officers to immediately capture and service mortgage leads.
Massive CA Fraud Case Emerges
When elderly investors gave more than $17 million to a California mortgage broker, they believed the company was going to make mortgage equity loans.
Nonprime Servicer's Rating Improved
The subprime mortgage servicing subsidiary of Merrill Lynch & Co. Inc. saw its servicer rating improved.
Mortgage Jobs Down Again
Mortgage jobs declined for the third consecutive month.
More Cash on Jumbo Reverse Loans
More cash is available on larger reverse mortgage loans.
Rates Edge Lower, Apps Improve
More mortgage hunters were in the market as rates eased.
Major Growth Fueling Hiring at Wholesaler
A wholesale mortgage lender that has added 600 employees this year has no plans to cut back on hiring.
Brokers Should Scrutinize Lender Contracts
PHILADELPHIA -- Mortgage brokers should review, investigate and analyze contracts with wholesale lenders at the outset of the business relationship so they don't have to defend themselves in court down the road.
Unsafe Credit Practices
A cease and desist order was issued by the Federal Reserve Board against a Missouri bank because of bad underwriting.
In-House Isn't Always Better
While there are many benefits for an originator to house inside a Realtor's or builder's office, constant scrutiny and higher accountability are not among them. So salespeople in this opportunistic position need to approach origination a little differently.
In line with other major adjustable rate indexes, the Monthly Treasury Average jumped again.
IndyMac Reverses Plans for Reverse Lender
IndyMac Bancorp Inc. has decided not to spin off its reverse mortgage subsidiary and has appointed one of its own executives to head the unit.
5 Allied Branches Added
Allied Home Mortgage Capital Corp. has expanded its branch network -- again.
ARM Indexes Highest in Years
Adjustable-rate mortgage indexes increased across-the-board.
MI Activity Improves
Following a decline in April, monthly mortgage insurance volume rebounded.
Wholesale Comparison Shopping
Mortgage technology companies are helping mortgage brokers eke out additional income by offering instant price comparisons from multiple wholesale lenders.
Mixes, Matches & Mergers
The pace of mortgage mergers, acquisitions and corporate activity seemed to let up leading up to Independence Day -- but not much.