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Burglar Uses Taxi to Steal From Mortgage Company
Thanks to a prudent taxi driver and a highly qualified contestant for America's Dumbest Criminals, one Florida mortgage company won't be completing insurance claim
forms.
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Seattle FHLB Seeks to Be an MBS Player
A government sponsored enterprise wants to start buying mortgage backed securities, and its not Fannie Mae or Freddie Mac.
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FDIC Concerned About Home Equity Loan Growth
Home equity lending at commercial banks and savings institutions grew in the second quarter, but there is concern that the elevated rate of growth in this sector increases risks for lenders.
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Bush: Kerry in Financial Industry's Pocket
Democratic Presidential candidate John Kerry has rolled out a consumer protection plan that promises to curb "abusive mortgage lending."
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ARM Movement Varies By Region
Notable ARM movement occurred regionally within the past week, but even still, rates barely budged nationally and fixed rates remain well below six percent. While the consensus is that rates will head upward, the release of new economic data next week should provide more short-term direction.
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Wired Funds Between Mortgage Cos at Issue in $337 Mil Case
Wachovia Corp., a financial services firm based in Charlotte, N.C., went from owing a mortgage company $337.5 million to having the debt wiped clean by an historic court ruling in Pennsylvania.
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Business Purchases Fall at Freddie
Defying a four-month trend of increased business purchases, Freddie Mac reported a decrease in July.
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Mergers and Acquisitions
The wave of consolidation in the mortgage industry appears to be in full force this quarter with a number of mergers and acquisitions announced.
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Option One Activity Up
Quarterly production increased for the subprime mortgage arm of H&R Block Inc.
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FHA Terminations Hit MBA Officer
Twenty-three lenders recently had their origination approval agreements for at least one branch terminated by HUD, and among them was a Philadelphia branch of prominent industry association officer.
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Broker in Middle of Political Scandal
A Miami mortgage broker said he "did not know any details" over allegations a sister-in-law funneled illegal contributions into his political campaign.
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Home Equity Jobs to be Cut at Chase
Of the massive merger-related layoffs expected to occur at J.P. Morgan Chase & Co., over one hundred home equity employees will soon be cut in Florida.
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National City Axes Subprime Unit
Cleveland-based National City Corp. is closing a subprime lender it picked up in the acquisition of Provident Bank in Cincinnati, and up to 500 mortgage-related jobs may be at risk.
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Army Pilot Worked at Chase
Among the nine soldiers killed when a Black Hawk helicopter was shot down in Iraq earlier this year was a former mortgage employee.
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CitiMortgage Picks Up $10 Billion Servicing Portfolio
A $10 billion residential servicing portfolio will change hands by the end of next month, resulting in the loss of some jobs.

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Apps Jump as Rates Fall
Long-term mortgage rates fell for the third consecutive week, but may not stay at their current levels too long due to an economic slowdown that is seen as only temporary. And most borrowers with conventional ARM loans can expect to be repriced during the next year.
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SEC May Pursue Civil Charges Against Freddie
In another blow to Freddie Mac's tarnished image, the secondary lender announced that the SEC may initiate a civil injunctive action against it for possible securities laws violations.
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Global to Add More Than 100 Positions During Next 12 Months
Mortgage job seekers in New York should have an easier time finding work now that one mortgage lender is planning to add more than 100 jobs during the next 12 months at its recently relocated headquarters.
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1998 Bond Crisis; Subprime Lending Before and After
The case of a CEO who will keep his job and $2 million salary while serving an 18-month prison sentence sheds more light on the bond crisis of 1998 and the extreme effects it had on the subprime mortgage market.
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Servicer Scam Costs Family $2.5 Million
The family that sues together settles together.
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Beyond Originations; The Virtues of REITs
Home equity mortgage originators should hold on to their loans and convert to REITs, according to the cofounder of one of the country's leading investment bankers.
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Impac Production Climbs
Volume jumped 57% for the mortgage operations unit of Impac Mortgage Holdings Inc.
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Broken Rate Locks Cost Broker $300k
If Robert Tucker ever gets back in the mortgage business he had better be careful about the promises he makes.
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Business Volume Plunges at Fannie
While the duration gap fell for one of the nation's largest secondary lenders, its monthly business purchases fell even further.
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Northeast Lender Refinances Borrowers Out of Chapter 13
While thousands of people file for bankruptcy every year -- leaving their prospects for a new mortgage in shambles, one New Jersey mortgage banker sees their financial woes as an opportunity to elevate its niche business.
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Predatory Servicing Problems Subsiding
Mortgage servicers are cleaning up their act.
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In Depth Look at Benefits, Risks of ARMs
With the popularity adjustable-rate mortgages have earned amongst consumers in the rising rate environment, concerns arise whether borrowers in these loans, instead of fixed-rate mortgages, will be challenged to pay their monthly dues once the rate on the mortgage adjusts. So, are the worries overstated?
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Rates Tumble, Apps Poised to Jump
While mortgage activity slipped for the second consecutive week, a weaker-than-expected employment report pushed rates down further -- setting the stage for a jump in applications.
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HOEPA Fee Trigger Adjusted
The dollar amount that triggers additional Truth in Lending disclosures has changed for next year.
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Bush Considered Eliminating Mortgage Deduction
Mortgage bankers and brokers should be concerned about reports that the Bush administration is starting to use the "F" word in Washington.
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Non-Refi Activity Still Strong at Countrywide
While overall monthly production declined at Countrywide Financial Corp., the company continued to generate record non-refiinance activity and moved up a notch among the largest servicers.
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Kerry Finds Some Supporters Among Mortgage Execs
Bank of America Corp. CEO Kenneth D. Lewis can afford the $2,000 contribution he gave to President George Bush's reelection campaign back in March.
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MI for High LTV Loans
While one mortgage insurer recently announced raising its loan-to-value to 100% for mortgage insurance premium financing, another company says it already offers borrowers an even higher LTV option. However, credit scores will ultimately determine which borrowers qualify for the higher LTVs.
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Golden State Brokers Take Steps to Curb Predatory Lending
While California mortgage brokers have agreed on what predatory lending is, a fair lending advocacy group has already voiced opposition to the "first-ever" adopted industry definition. The perspective of the California broker association that formulated the definition, however, is that it is a leap toward ending such a practice.
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American Dream Turns Into Foreclosure Nightmare for Some
In Pennsylvania's Pocono Mountains, the hills are alive with the sound of foreclosures.
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Volume Off at New Century, But Up From 2003
While monthly production fell at New Century Financial Corp., the company remains positive it will achieve its goal volumes for the remaining half of the year.
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Mortgage Employment Continues Positive Trend
Despite continuous announcements of layoffs by mortgage lenders, jobs in the sector edged up for the fifth month in a row, according to the government's latest employment data.
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Falling Rates May Not Last
Application activity was almost unchanged as both long-term and short-term rates dropped due to weak economic news, but the rates scenario is likely to change with the Fed's next move.
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Former Fleet Exec Named President of Freddie
Secondary marketing giant Freddie Mac has a new president.
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$10 Million Broker Seeks Future Millionaires
Let other mortgage companies cut jobs. Leif Thomsen, an east coast mortgage broker who made national news by earning more than $10 million last year, is looking to create more millionaires.
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WaMu a Whale Sleeping With the Fish
For Martin Chaffron, the threat of a lawsuit against his mortgage broker was a last resort.
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Wells Adding 1000s of Originators
In an aggressive move to expand retail market share, Wells Fargo Home Mortgage will increase its sales staff by thousands.
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2nd Quarter Cashouts Off
The share of cashout home refinancings edged down in the second quarter, but is likely to inch up in the remaining quarters of the year, according to a recent a
nalysis.
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Strong Second Quarter at SunTrust
Quarterly volume soared 35% for SunTrust Banks Inc.
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COFI Rises From Record Low
The 11th district cost of funds index reversed course after decreasing for three consecutive months.
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Lending in Minority Neighborhoods Improves
A recent study showed that although minority groups continued to be slightly more likely to be denied a mortgage loan in 2003, lending in minority and poor neighborhoods skyrocketed.
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REMIC, NERI Losses at Issue in $10+ Million IRS Settlements
Two financial firms have paid the Internal Revenue Service more than $10 million to settle charges of "overly aggressive" tax planning strategies in trading mortgage pools.
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Record IndyMac Production
IndyMac Bancorp Inc. reported record quarterly volume.
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news about mortgage crimes

RBC Discloses Massive Mortgage Fraud at U.S. Unit
The U.S. mortgage unit of Canada's largest financial company has a $33 million problem.
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Fugitive Pair On Mortgage Fraud Spree
They are the Bonnie and Clyde of mortgage scams. Federal agents and police in Georgia and Florida are on the lookout for a couple on a crime spree involving stolen identities, phony mortgage documents and as much as $4.5 million in stolen cash.
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HomeBanc Ranks High With REALTORS
While many originators find it quite a challenge to get the attention of real estate agents and gain their confidence, originators with one Atlanta-based mortgage company already have it.
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Fraud in West Lower at Midwest's Expense
Recently, the Mortgage Asset Research Institute released a report that reflected an interesting phenomenon. First, mortgage fraud incidents as reported by major mortgage lenders, agencies and insurers indicate that in 2003, Florida and California slid in the rankings of states with the most alleged mortgage fraud. The report also showed that states in the Midwest -- notably Illinois and Michigan, with Ohio moving up behind them -- are starting to experience more suspected fraud activity than in previous years.
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stories for loan originators

Originator Combines Charity With Lead Origination
Calling on REALTORS and builders, networking with other people in the community and sending out mail pieces are all conventional ways to find loan prospects. But one brand new Florida loan officer has figured out a way to turn thousands of pencils into leads while establishing goodwill in his community.
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