Small Banks Dominate Recent Mergers
Recent mortgage related mergers and acquisitions are dominated by transactions between small banks.
Success With Servicing Delinquent Loans
The number of seriously delinquent mortgages that wind up in foreclosure, as well as the amount of time it takes to resolve the delinquency, largely depends on the servicer, according to a study by GMAC-RFC.
Exotic Mortgage Analysis
While many factors have contributed to the greatest real estate boom of all-time, including record low interest rates, booming immigration and less confidence in the stock market, no factor has been more important than the influx of new mortgage programs.
National City Servicer Ratings Improved
Senior management changes and several operational enhancements have apparently improved National City Mortgage Corp.'s ability to service prime and Alt-A mortgage loans.
Mortgage Payment Vs Income
As home prices have gone up, so have debt ratios, a recent study highlighted. But its not necessarily bubble-hype areas in the West or the Northeast that have seen the biggest increases in debt to income.
Broker Avoids Jail through Restitution
A successful Colorado mortgage broker will use his loan commissions to stay out of jail.
Wells Softening Nonprime Programs
Wells Fargo is making changes to its nonprime lending programs including capping originations fees, reducing prepayment penalties and shunning mandatory arbitration.
Nonprime REIT Shares Getting Pounded
Strong business doesn't mean strong earnings for subprime real estate investment trusts, which recently have seen their share prices sink. But dividends have softened the blow for investors.
Wholesale Exec to Run for Las Vegas School Board
Tired of watching the educational and financial responsibilities of the local school board get overlooked and misused, a wholesale mortgage marketing director has decided to take action and help straighten out the nation's fifth largest school district in the process.
TV News IDs Players in Active Fraud Scam
A local TV news station has identified two key players in a series of transactions involving overpriced properties in an affluent Oklahoma City neighborhood.
Mortgage Market Analysis
The Fed Funds rate and long-term mortgage rates moved in opposite directions last year, according to a report from the government which also analyzed adjustable rate, refinance and subprime volume.
Fannie Purchases Improving
Fannie Mae pushed volume up for the fifth consecutive month.
GMAC to Service Option ARMs
GMAC Mortgage Corp. and NetBank have struck a servicing deal.
More people went into foreclosure last month than any other month this year, with borrowers in the Sunshine State and the Natural State leading the way.
Rate Decline Temporary
Application activity contracted even as rates slipped for the second consecutive week. But three industry forecasts have rates heading upward.
Court Rules Against Lender in Mo. Doc Prep Case
More than 60,000 holders of home mortgages in Missouri could get checks in the mail they weren't expecting over the next two years if a Clayton law firm continues to win cases against banks and other lenders over an obscure issue.
Let Customer Sell for You
What an employer values most in its salespeople is the ability to generate loyal, engaged customers, according to one book on the subject.
Lender Says Commercial Enhances Broker's Image
Brokers who handle both residential and commercial mortgage originations are preferred by borrowers, according to a survey conducted for a commercial loan wholesaler.
Mortgage Bankers Say Market Risks Contained
A white paper released Tuesday suggests talk of a real estate bubble is overblown and that the trend toward adjustable rate mortgages won't last. One of the report's authors believes positive economic factors balance out risks associated with the recent growth of innovative mortgage products and rapid house appreciation.
Fraud Case, Congressional Campaign Related
John Myers and Adam Taff seemed exactly like the type of mortgage professionals that would appeal to most consumers.
No Experience Required
A company claiming to be a national mortgage brokerage is recruiting anybody it can find. But little is known about the organization behind claims those hired will earn $1,000 a week with just 7 1/2 hours of work.
Fastest Growing Mortgage Companies
Several mortgage-related companies are still growing fast enough to make a noteworthy Fortune magazine ranking.
Mortgage Co. Agrees to $150,000 Settlement
A Florida mortgage company has agreed with state regulators to pay $150,000 to settle charges of predatory lending practices and misleading marketing tactics.
Freddie Business Continues Down
Business was off at Freddie Mac last month and appears to be headed lower.
Lead Targeting, Analysis
As one company announces improvements to its targeted lead generation service, another is touting its ability to analyze those leads and improve associated production.
Exec Shakeup at Doral
Senior executives are finding their way to the door at Doral Financial Corp., which earlier this year revealed it would restate prior financial statements.
Maryland Judge Says No to Federal Preemption for Brokers
A Maryland appeals court judge ruled that brokers fall under a state law that sets limits on the fees they charge consumers for arranging mortgages.
Data on 4 million CitiFinancial Customers Stolen
Computer tapes containing the personal information of nearly four million CitiFinancial customers were recently stolen during a routine delivery to the credit bureaus.
Builder Mortgage Arrangements Condemned
New home purchase borrowers are trapped into using mortgage companies determined by builders, according to a consumer advocacy group praised by trial lawyers. But homebuilders refuse to respond to the accusations except to question the legitimacy of the findings.
Consolidations and Name Changes
The latest corporate transactions have a student loan company expanding into specialty mortgages and a credit card company climbing the ranks of banks.
Brokers Used Elderly in Fraud Scheme
A group of Mississippi mortgage brokers is facing prison sentences of several hundred years and millions of dollars in fines if convicted of running a scam that targeted elderly homeowners.
Tenants In Common Mortgages
Homeshoppers in high-priced markets are increasingly turning to alternative home ownership structures to lower the cost of housing. Now, a Silicon Valley mortgage lender plans to accommodate one of those structures by testing a loan program for a form of ownership known as tenants in common.
Full Spectrum Consolidates Underwriting Unit
Countrywide Financial Corp.'s migration east will impact 65 California employees at its subprime unit -- all who were offered jobs in the Grand Canyon State.
Rates, Apps Improve
Traffic at mortgage shops inched up as unexpected economic data finally pushed long-term rates down to a level they are expected to linger at.
Net Branch Launching U.S. Operation
The chief of a Canadian mortgage company launching a U.S. net branch franchise claims American brokers will have an increasingly tougher time staying in business on their own. But competitors say the company's business model conflicts with HUD guidelines and with licensing regulations in some states.
Best Mortgage Trainers
The nation's mortgage bankers have recognized the lending institutions with the best mortgage training.
13 Indicted in Georgia Case
Mortgage players from several companies were caught up in a criminal fraud ring responsible for what has been called the largest mortgage fraud case ever in one Georgia community.
Broker Helped Mfg Housing Companies Deceive Borrowers
A mortgage broker, along with two North Carolina manufactured home companies, have been accused by the state's attorney general of using deceptive practices to lure customers into buying properties they couldn't afford.
|Broker to Swim Lake Tahoe
On Monday, a 45 year old mortgage broker will attempt to set a new world record by swimming across Lake Tahoe.
Net Branch Expanding
A California net branch company is adding jobs and opening a new service center in the San Francisco Bay area, which it anticipates will service around $50 million in monthly production.
NASD Fines Firm for Undisclosed YSP Sharing
The National Association of Securities Dealers fined a financial services company more than $500,000 for not telling its customers about its practice of using a single mortgage company's loan products as part of a yield spread revenue sharing arrangement.
NY License Suspended Over Unpaid Disbursements
A Connecticut mortgage company has, at least temporarily, lost its license to do business in New York amid complaints that it did not payoff mortgages.
Capitalize on Sales Strengths
Opening the door to assured sales success takes a thorough understanding of one's personal sales strengths and talents followed by the ability to choose the sales field that is the perfect fit, according to one sales book.
Alternative Lending Growing at Banks
Demand for nontraditional mortgage products at banks picked up over the past year, although few institutions retained these loans in their portfolios.
Bin Laden Contact Charged with Loan Fraud
A Virginia man believed to have provided communications equipment to Osama bin Laden has been indicted on mortgage loan fraud.
Fairbanks Legacy Laid to Rest
A buyout of the company formerly known as Fairbanks Capital Corp. is among this week's coverage of mergers, acquisitions and other mortgage industry corporate transactions.
Ohio Broker Executed Over $400
When police in southwest Ohio found the bloodied mortgage broker in the passenger seat of his car, something didn't add up.
Appeals Judge Rules on Federal Preemption
In the battle between the federal government and the states, a federal appeals court ruling lobbed one in favor of the feds. And the states.
Predatory Foreclosure Assistance
A Rhode Island company that offered foreclosure assistance has reached an agreement with the attorney general to stop selling homes it purchased from desperate borrowers. State officials hope to have the properties returned to the original owners.
PHH Production Up, Earnings Off
Reversing three consecutive quarters of falling production, PHH Corp.'s latest quarterly fundings took off. But net income took a hit from rising interest rates.
Cop Originates Over $5 Million Monthly
Whether he's interviewing a loan applicant or a criminal suspect, mortgage broker and reserve police officer Adam Pullen says he has learned how to determine if someone is telling the truth by watching their eyes and body language.
Florida Lender Seeks Originators
The mortgage banking subsidiary of a New York bank is undergoing a Florida expansion, with nearly 100 jobs slated to be added over the next year.
Rates Looking Up
Applications eased again as higher-than-expected job growth spurred rate hikes -- with long-term rates rising for the sixth consecutive week and expected to continue in this path.
Nonprime RMBS Performance Improves
There has been a "striking" improvement in the credit performance of nonprime securitized loans over the past year in most major markets. But some metropolitan areas didn't fare so well.
MortgageIT Fundings Soar
MortgageIT Holdings Inc. achieved its highest level ever in production during the second quarter as a result of milestone purchase activity.
Strong Wachovia Production
Wachovia Corp. pushed quarterly volume to the highest level in nearly two years.
Fannie Business Improves
Fannie Mae's quarterly business volume increased and its book of business reversed a five-month decline.
Wells Sued Over Pricing
Wells Fargo & Co. is being sued for allegedly charging higher fees and interest rates to minorities. The plaintiffs, who seek class action certification, say special origination software enabled branches in non-minority neighborhoods to offer lower pricing.
NovaStar Notifies SEC of Improper Share Sales
NovaStar Financial possibly broke securities laws when it "inadvertently" sold more than 300,000 shares of stock over the past year. The action, which could cost the subprime lender at least $12.8 million, follows a lawsuit by shareholders accusing it of making misleading statements regarding regulatory and licensing matters.
Impac Reports Loss, Fundings Hold
Despite tumbling earnings, Impac Mortgage Holdings Inc. improved quarterly production.
Countrywide Originations Off
After rising the prior two months, Countrywide Financial Corp.'s mortgage volume edged down during July.
IM Increases Closings
While instant messaging is nothing new for many Internet users, one mortgage company has increased closings by using the communication tool to engage prospective borrowers visiting its Web site.
CitiMortgage Rep Bribed on Broker Loans
Two California mortgage brokers have admitted in federal court to paying nearly $50,000 in bribes to a Missouri mortgage agent in a scheme to get favorable loan terms.
Selling More by Gaining Trust
Salespeople don't need an Ivy League education to be successful. But recent research from one Ivy League university, which discusses how, when and why emotions play a major role in the sales process, may help.
Subprime Prepayments a Problem
Low rates and high appreciation have fueled unprecedented prepayment speeds on subprime loans, according to a recent study. But although an increase in rates and a softening in property values might slow prepayments -- the scenario presents another set of concerns.
100's of Processing Jobs Slated for OK, TX
First American's loan processing unit plans to add 800 mortgage jobs in Oklahoma and Texas.
Bigger and Better
In the latest mergers and acquisitions, a mortgage broker was acquired and converted to a mortgage banker while a St. Louis lender gained market share.
A recent study that looked at how well mortgage servicers treat their borrowers found online customers were the most satisfied. But customers struggling to understand inarticulate service representatives were not so satisfied.
New Century Lowers 2005 EPS
A competitive environment and a recent acquisition have prompted New Century Financial to reduce its earnings outlook. But the lender sees no easing for its production.
New Secondary Program for Local Banks
Members of America's Community Bankers have a new secondary outlet for nonconforming loans that they will continue to service.
Mortgage Jobs Set Another Record
Mortgage employment reached a new milestone for the fourth consecutive month.
HOEPA Triggers Raised
The dollar amount of fees that trigger high cost loan disclosures has been increased.
Unpaid Net Branch Employees Deny Fraud Accusations
A group of Tampa, Fla., workers twice recently have picketed outside the headquarters of a Clearwater mortgage financing company, saying they haven't been paid for about two months of work. But the company says its reputation is being unfairly smeared.
Agencies Warn About Option ARMs
The high risk of default on adjustable rate loans with potential negative amortization has prompted two major ratings agencies to issue strong warnings to servicers and investors of residential mortgage-backed securities.
Fixed Rates to Continue Edging Up
A lull in loan applications accompanied a restrained rise in mortgage rates, which are expected to continue creeping higher.
Mortgage Educator Condemns Financial Planner Alliances
Financial planners disregard the suitability of getting a home loan to make investments, according to a mortgage educator -- who says tag team arrangements with loan originators "leads to a growing opportunity for fraud."
Ameriquest Founder's Nomination Draws Criticism
Ameriquest Capital founder and co-chairman has been nominated by President George Bush to be ambassador to the Netherlands. But critics covering the nomination suggest the tycoon may have bought the coveted appointment with millions of dollars in campaign contributions.
HSBC Production Zig Zags
The residential mortgage originations of HSBC Holdings PLC surged by more than 80% from the prior quarter but are way off of last year's level.
NY Trust Adding 100+ Wholesale Jobs
East Coast brokers have another choice for Alt-A programs.
E-LOAN Goes Caribbean
A Puerto Rican bank has gained a foothold in the U.S. mortgage market.
"Obsession without discipline results in chaos," according to the author of one sales book, who explains great salespeople are often obsessive about what they do and disciplined in developing and maintaining a daily routine of prospecting, following through and planning.
Broker Pleads Guilty
The owner of an Illinois brokerage firm potentially faces up to 50 years in prison after pleading guilty to her role in a $10 million fraud scheme.
Record Accredited Originations
Accredited Home Lenders Holding Co. reported record quarterly production.
COFI, LIBOR at Highest Levels in Years
The 11th District Cost of Funds Index reached its highest level in nearly three years, while the competing London Interbank Offering Rate continued climbing to a four-year high.
IL Predatory Law Raises Privacy Concerns
A recently enacted Illinois state law designed to crack down on predatory lending has raised the ire of the mortgage lending industry.
ABN AMRO Reverses Decline
Quarterly fundings increased for the first time in a year at ABN AMRO Mortgage Group Inc.
Cashout Share Soars
A report released today indicates the share of mortgage loans with cashout jumped to the highest level in nearly five years. But the report's author projects home equity extractions will plunge next year.
Educators Compete for Originators Online
Loan originators looking for the training they need to become mortgage experts need go no further than their computer.
Mortgage Industry Transactions
Two recent acquisitions and a public stock offering make up this week's coverage of acquisitions and corporate transactions.
Spitzer Targets Moody's
Procedures for rating jumbo mortgage-backed securities at Moody's Corp. are being questioned by the state of New York.
Ameriquest Settlement Coincides with Bush Nomination
Allied Manager Meets President
Mixing mortgages and politics is nothing new for one branch manager who has spent years offering her view on government policies and mortgage regulation.
As Ameriquest Mortgage Co. sets aside $325 million for a potential settlement with regulators in 30 states over allegations of unfair lending practices, the firm's billionaire founder is being considered for a U.S. Ambassador post.
Bank Underwriting Loosening
Banks have recently eased mortgage underwriting standards, according to a federal bank regulator, a risky trend driven by market share ambitions.