For the 15th consecutive month, the Cost of Funds Index rose -- jumping more than 10 basis points during the latest month.
Most Respected Mortgage Companies
While the parent of nonprime lender WMC Finance Co. topped a recent investor ranking of the world's most-respected companies, the country's largest mortgage company was at the bottom.
While there is no shortage of mortgage fraud, there are plenty of mortgage fraud prevention products or call Carmen at 214.521.1300.
Rates Jump, Apps Slide
Mortgage hunters are laying low for the moment as rates rose for the third consecutive week and may continue their recent hikes throughout the year depending on the results of a government report due next week, an industry economist says.
IL High Court Rules in Favor of Preemption
States were dealt a blow in their campaign to regulate the fees lenders can charge for loans.
Mfg Housing Loan Delinquency Down, HELs Up
Delinquency on home equity loans rose and may go higher, according to a report from the nation's bankers. But mobile home loans fared better.
Fannie Boosts Business, But Shares Sink
While Fannie Mae's business volume is strong, its shares are sinking.
Lenders Seek National Data Security Standards
Mortgage bankers urged U.S. Senators to adopt a national data security system that would preempt a patchwork of state laws.
Ring of Fire
Three more indictments have been handed down in property flipping case involving a wide ranging ring, including several mortgage brokers, and costing lenders more than $16 million in Massachusetts.
Nonprime Production Vs. Earnings
Nonprime companies need to push yields higher -- at the expense of origination.
Florida Foreclosures Flounder
A Florida judge has stopped foreclosures performed by a mortgage service provider after determining only mortgage note owners, not assignees or authorized agents, are allowed to foreclose.
Superior Settles With FTC
A net branch company has settled Federal Trade Commission charges that it misled online customers about the security of their private data.
Brokers, Wholesalers Doing More Online
Online lending by mortgage brokers and wholesalers is expected to maintain a healthy pace, according to a recent study which also indicated midtier wholesale lenders will need more technology investment to remain competitive.
The Federal Housing Administration is making FHA mortgages easier.
New, Old & Renamed
Topping the list of recent mergers, acquisitions and corporate transactions is a St. Louis mortgage company currently at the center of a bitter divorce battle that is changing its name.
Freddie's Flexing Guidelines
Freddie Mac is bending the rules to help accommodate lenders with mortgages secured by properties located in areas heavily affected by Katrina.
Frothy Mortgage Market
The chairman of the Federal Reserve Board told a group of bankers this week that while home equity has fueled recent consumer spending, an increase in mortgage rates would change the landscape.
Broker Vs Banker
Mortgage brokers have an edge over mortgage bankers within one particular age group, according to a recent poll which also found regional concentration of some riskier products.
Broker Campaigns Against Using Seller Agents
A Texas mortgage broker who is also a net branch manager is advising prospective borrowers looking for a home to avoid real estate agents that advertise for customers.
HSBC Adding Employees, Curtailing Correspondent
HSBC Mortgage Corp. is targeting retail ethnic markets -- and adding mortgage production jobs in the process. But the revised focus comes at the expense of anticipated correspondent production.
Nonprime Hurricane Relief
Nonprime lenders fired back at recent accusations from the industry's nemesis that they, as well as the government, have done too little to help borrowers impacted by Hurricane Katrina.
Monthly Volume Soars at Freddie
After two months of decreases, Freddie Mac's new business surged by nearly 50% in August.
BoA Settles OT Class Action With LOs
Bank of America has agreed to pay $9 million to settle a class-action lawsuit that accused the bank of wrongly denying mortgage retail lending employees financial compensation for overtime.
Search Engine Lead Generation
Big mortgage companies are not spending big money to acquire loan prospects looking for lenders on search engines, according to one search engine marketing firm.
New Century Lowers Earnings Guidance
An increase in its cost of funds is forcing New Century Financial Corp. to raise its rates and lower its earnings guidance.
Rates, Apps Edge Up
A few more people hunted for mortgage loans even as rates continued to ascend.
Treat Sales Job as Business
There is a mindset one can acquire to be successful in sales, according to a new sales book that says it can help sales people develop the personal skills and behaviors that are necessary to be a superior salesperson.
Lender Ordered to Stop Using Web Address
A Washington mortgage lender has been ordered by the state to stop using the words "credit union" in its Internet domain address.
Best Mortgage Companies for Working Mothers
Among mortgage related companies, a few have been recognized by a magazine for working mothers for how well they treat 'mom'.
Casino Tip Leads to Broker Bust
A Colorado mortgage broker and three of his loan officers have been indicted in an alleged large scale mortgage fraud scheme that involves more than $20 million in loans and 117 homes.
Underwriter Wins Scrabble Championship
Underwriting mortgage loans and understanding complex program guidelines might not seem anything like a word game -- but there are a few similarities, according to one mortgage underwriter who recently won the National Scrabble Championship.
New Century Ponders Spinoff
A sagging share price has New Century Financial Corp. discussing the possibility of a spinoff.
Fed Funds Rate Boosted for 11th Time
Katrina's blow wasn't enough for the Federal Open Market Committee to take a pause from raising the federal funds target.
Texas Low Down Program Uses 2nd Lien
A Texas affordable housing agency has made available a low-cost second lien loan program that aids purchase money loan borrowers with down payment and closing costs.
First American Unit Closing
First American Corp. is shutting down a mortgage outsourcing operation in the Midwest, and cutting jobs in the process.
Flood Claims Kicking In
Slightly more than half of flood insurance policy holders in areas damaged by Katrina have filed claims, the Federal Emergency Management Agency said.
Harassment Complaint Filed Against Subprime Wholesaler
A subprime wholesaler is accused of ignoring sexual harassment by former female employees -- who also allege fraud.
Correspondent HEL Launched
Correspondent lenders have a new home equity lending program available.
Katrina's Impact on Mortgage Industry
Analysts pouring through loan transactions backed by properties in areas affected by Hurricane Katrina see little impact to the mortgage industry from what may be one of the country's worst natural disasters.
Banking, commercial and technological companies top the latest list of mergers and acquisitions.
Net Branch Showdown
Mortgage brokers considering joining a net branch operations are being courted by two companies. One promises to reduce overhead significantly, while the other is giving brokers 100% commissions.
Legal Flips Profitable
While flipping real estate is generally associated with mortgage fraud, a recent study indicates legal real estate flippers are among the top investors.
Foreclosures Off as Delinquency Ascent Begins
An uptick in late payments reported by the nation's mortgage bankers is expected to gain momentum in the wake of Hurricane Katrina. But subprime delinquency had a strong showing.
30-year Under 6% Until Next Year
Applications eased as rates inched up for the first time in five weeks to where they are expected to linger for the remainder of the year.
PNC Expanding DC Mortgage Programs
PNC Financial Services Group Inc. has teamed up with the nation's second-largest originator to expand mortgage programs, beginning in the nation's capitol.
Quicken Migrating Southeast
Quicken Loans Inc. is increasing the size of its footprint in Cleveland -- and adding hundreds of high paying mortgage banking positions in the process.
Mortgage Groups Weigh In on Fed HMDA Analysis
The Federal Reserve Board released Tuesday its analysis of 2004 data under the Home Mortgage Disclosure Act, which for the first time required that lenders disclose pricing information for loans with prices above designated thresholds, as well as disclosures of whether a loan or application relates to manufactured housing, and whether a loan is secured or not by a first or subordinate lien.
Wachovia Buys Wholesaler
Wachovia Corp. has agreed to acquire an unprofitable mortgage lender based on the West Coast.
2 Arrested in Brutal Slaying of Processor
In the fall of 1994, a young mother from the Washington, D.C., area was beginning to turn her life around with a new job as a mortgage loan processor.
NJ Builder Operating Ponzi Scheme
A New Jersey homebuilder is charged with deceiving investors and inflating values on properties it mortgaged.
Southerners See Excessive Subprime
The location of a borrower plays a big role in determining whether that borrower will wind up in a higher priced subprime loan or a lower rate conforming loan, according to a new study by an association of consumer advocate groups.
Chase Loses Court Battle
A federal district court rejected Chase Manhattan Mortgage Corp.'s claims of fraud and negligent misrepresentation by Advanta Corp.
Triad Replaces CEO
A mortgage insurer based in North Carolina has a new chief executive officer.
Former Broker to Run for CT Secty of State
For a former mortgage broker who plans on running for Connecticut secretary of state, timing means a lot.
Freddie May Help Gov go after Former Execs
A settlement between Freddie Mac and its regulator over bad accounting includes an agreement that the secondary lender will assist the government in the investigation of two former senior executives.
Best Mortgage Employers for Seniors
The organization that represents America's seniors has ranked the best employers for its members, and there were a few mortgage related entities on the list.
Broker Busted at Closing for Stolen ID, Fraud Loans
A Florida mortgage broker had just cut a deal at a Broward County title company that netted her $178,000.
Mergers Go On
While Hurricane Katrina packed a deadly punch, it wasn't enough to knock out a number of mortgage-related transactions -- including the acquisition of a New Orleans-based bank.
Countrywide Reaches $1 Trillion
Production and servicing both reached milestones at mortgage banking behemoth Countrywide Financial Corp.
Flood Insurance Softens Blow to Lenders
Mortgage lenders are obligated to require borrowers on properties in designated flood zones to obtain federal flood insurance, and many of the devastated homes in New Orleans are covered.
NovaStar Helps 100s of Delinquent Borrowers Find Jobs
Helping unemployed borrowers in delinquency find jobs has proven to be a "highly effective" loss mitigation strategy for NovaStar Mortgage, which has aided hundreds of borrowers in avoiding foreclosure over the past year.
Mixed Foreclosure Data
As the national foreclosure inventory increased, new foreclosures slowed in August, according to data from an online foreclosure service.
Economist Says Lower Rates on Horizon
Originators completed more applications as rates continued further down the path they are expected to follow.
Georgia Issues Cease & Desist to Ameriquest Wholesale Sub
Regulators in two states have come down on three mortgage companies -- including an Ameriquest Mortgage subsidiary -- with orders to halt or change the way they are doing business in Georgia and Massachusetts.
American Mortgage Network Originations Up
American Mortgage Network's production edged up in August and stands significantly above last year.
1,000 Alt-A Mortgage Jobs Coming to CT
Mortgage Lenders Network USA Inc. will soon build a new headquarters facility in Connecticut in which it plans to accommodate 1,000 new employees.
Delta Warehouse Capacity Grows
A 39% boost in its financing capacity paves the way for Delta Financial Corp. to increase annual production by a quarter.
Nonowner Occupied Fraud
During the first half of the year, mortgage fraud schemes have been dominated by borrowers falsely claiming they will occupy a property being financed, according to data released by a mortgage fraud insurance provider.
Mortgage Insiders Accused in Brooklyn Fraud Case
A loan originator and his assistant are accused of helping a former high school football star execute what could wind up being one of the biggest mortgage fraud schemes ever in Brooklyn, N.Y.
MTA Continues Ascent
The Monthly Treasury Average rose for the 16th consecutive month.
Servicing Ratings Improve at GreenPoint
GreenPoint Mortgage Funding's ability to service nonprime loans has improved, according to a major New York ratings agency.
Net Branch Filmmaker
The owner of a Missouri net branch has won awards for his documentary film about a friend's drug withdrawal.
Impac Initiates Broker-to-Correspondent Program
Impac Mortgage Holdings Inc.'s warehouse lending unit is helping brokers convert to correspondent mortgage bankers with warehouse lines for loans it buys.
Flood of Mortgage Mergers
A Puerto Rican bank increasing the size of its footprint in the U.S. mortgage market tops the latest list of mergers, acquisitions and other corporate transactions.
Freddie Chides Churners
Freddie Mac is getting annoyed with brokers and originators who make deals with borrowers to quickly refinance a loan -- often enabling higher commissions on what should have been a single transaction.
New Century Production Rockets
New Century Financial Corp. is on its way to another volume record. But the company's chief sees the increase as short term.
|MBA Chief's Wife Running for U.S. Senate Seat
The wife of the Mortgage Bankers Association's chief is running for a seat in the U.S. Senate.
Increasing Originations at Option One
Option One Mortgage Corp. increased quarterly volume and helped its parent company achieve another all-time high.
States With Best, Worst Credit Scores
South Dakotans have the best average credit scores, according to one of the three major credit repositories, while Texans have the lowest.
Another Record for Mortgage Employment
The number of mortgage jobs continued an unrelenting ascent -- climbing to another all-time high.
Storm, Oil Fuel Rate Decline
There were less mortgage hunters in the mortgage market, despite another weekly decline in rates and more expected in the aftermath of Hurricane Katrina.
Only Jail Can Keep Convicted Broker From Originating
Cleburne Brigham keeps doing mortgage deals.
Layoffs in Seattle
A government sponsored enterprise is cutting more than one-fifth of its staff.
ARM Indexes Up
As the 10-year Treasury yield heads south, the West Coast index for adjustable-rate mortgages was up for the 14th consecutive month and one European index is at its highest level in over four years.