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More PNC Losses
Another multimillion dollar earnings loss is on the way for PNC Financial Services Group Inc., which is unloading $2 billion in loans.

Company Shifts from Res to Commercial
A $776 million residential mortgage-backed securities portfolio has traded hands.

LIBOR Looking Good
The 6-month London Interbank Offered Rate decreased for the third consecutive month.

Countrywide Stung by Massive Fraud
Countrywide Home Loans appears to have been victimized in a mortgage fraud case that could involve as much as $40 million.

Fannie Boosts Business
Fannie Mae purchased more business in August.

Apps Lose Steam
Sliding mortgage rates weren't enough to push applications higher.

New ditech Chief
ditech.com has a new general manager.

Best Places to Start a New Mortgage Career
New hires earned between $45,000 and $55,000 annually and took 25 to 46 paid days off during their first year at mortgage companies that recently ranked among the best places to start a new career.

HEL Delinquency Data Mixed
Quarterly delinquency on home equity loans and lines improved, but mixed data indicate performance could worsen.

Investment Banker Goes Wholesale
A mortgage banking giant is launching a new wholesale lending operation.

128 Originators Suing Employer
A lawsuit against an Indiana-based mortgage company now includes 128 mortgage originators as plaintiffs -- and the number is still growing. The attorney who filed the case has a stern warning for other mortgage employers.

HUD Secretary Interview
In an exclusive interview with MortgageDaily.com, U.S. Department of Housing and Urban Development Secretary Alphonso Jackson talked about what's right at the Federal Home Loan Banking System and what is wrong at Fannie Mae and Freddie Mac. He also discussed FHA's desired lending niche.

read news story
Mortgage Banking Shuffle
The latest mortgage mergers, acquisitions and corporate activity includes some net branch shuffling and a $275 million mortgage banking acquisition.

Shell Co.s Used in Title Reinsurance Scheme
Several mortgage lenders are being accused of participating in a California title insurance kickback scheme.

Reverse RMBS Process
The process of servicing reverse mortgages is dramatically different than it is for servicing the typical mortgage loan.

Cashout Purchases
A Virginia mortgage lender is offering purchase money mortgages with cash back to the borrower at closing. A company manager talked to MortgageDaily.com about how they are able to do it.

State Sues 4 Mass Firms
In the wake of what the Massachusetts Division of Banks calls an effort to "crack down on abusive mortgage lenders and brokers," emergency orders to stop conducting real estate transactions have been issued to four companies accused of unfair and deceptive practices.

Freddie's Business Ticks Up
Freddie Mac's monthly business volume improved.

Lending Discrimination Costs Lender $500k
A mortgage banker has agreed to pay the U.S. Department of Housing and Urban Development $500,000 to resolve charges of alleged discrimination against African Americans and Hispanics.

Hypoteca Documentos en Espanol
Spanish-language translations are now available on conforming mortgage loan documents.

Mortgage Lead Conference
Hundreds of customers of one of the biggest names in lead generation are meeting for four days in North Carolina.

Mortgage License Monitor
Wholesale and correspondent mortgage lenders can verify and monitor mortgage broker and mortgage banking licenses in 50 states using one database service.

Countrywide Cutting Jobs
In response to the mortgage market slowdown, the nation's largest originator will reduce some of its workforce and temporarily slow the pace of hiring production personnel.

A REIT to Watch
A California-based lender was the preferred investment pick amongst mortgage real estate investment trusts because of its decision to hold on to its core assets during tough times.

Down Payment Assistance
A Dallas company is giving away down payments up to 10 percent. But recipients of the funds must be Hispanic.

Closing Attorney Settles with FDIC
A Boston closing attorney has settled with the Federal Deposit Insurance Corp. allegations that he violated federal law by providing tickets to sporting events and gift certificates to upscale restaurants to promote referrals of loan closings.

Financial Advisors to Originate
A spinoff of the American Express Co. has launched a federal savings bank that is jumping into the mortgage business. But instead of loan originators, borrowers will be dealing with financial advisors who are exempt from licensing.

Brokers Oppose Regulation of Exotics
Mortgage brokers believe it is the borrower's responsibility to determine whether or not a nontraditional mortgage is an appropriate choice.

Mortgage Rates Tumbling
Refinance applications heated up as rates continued down. And a 10-year Treasury rally indicates the market may improve even further.

Military Mac
High loan-to-value mortgage loans for U.S. military personnel are not the exclusive domain of the Veterans Administration.

Unlicensed Loans, Unattainable Returns
Investors in an Arkansas mortgage operation were promised returns as high as 20 percent. But now the state of Arkansas has shut it down, alleging the company had no possibility of earning anywhere near the promised amount.

Slower Volume Prompts 1st Horizon Layoffs
A mortgage slowdown at First Horizon National has impacted hundreds of employees.

Nontraditional Lending Hearings
More borrowers don't fully understand the risks of exotic mortgages, according to testimonies today on behalf of mortgage industry officials and regulators. The ignorance is due in part to ineffective disclosures.

Broker Domination May Wane
Mortgage brokers generate more loans than any other origination channel -- especially with nonprime borrowers, according to a new industry report. But a decline in overall production and consolidation within the industry could change that.

Chicago Law a Disaster for Loan Applicants
A new Illinois law was supposed to rid Chicago neighborhoods of predatory lenders, provide inner-city residents with legitimate home buying opportunities and provide more oversight to state regulators.

10-Year Yield Tumbles
The 10-year Treasury note rallied on economic data.

State Warns Mass. Brokers on Alt-B
Recent onsite examinations of Massachusetts mortgage companies have prompted a warning from the state about subprime limited documentation loans.

Virtual Sales Coach
While it may not be economically feasible for mortgage originators to hire a personal sales coach, it is possible to hire a virtual sales coach.

Home Equity Pricing to Tighten
Home equity lenders are leaving profits at the closing table, a recent survey indicated. But many are doing something about it.

IndyMac Adding CA Jobs
Indymac Bank's relocation of an operations center will create more job opportunities in California.

Worst Metros for Fraud
A quarterly index that measures the likelihood of losses from mortgage fraud rose again.

2 Out of 5 Use Broker
Borrowers are going the exotic loan route to qualify for more house, according to a report which indicated one particular age group favors mortgage brokers more than others.

Originator Seeks County Commission Seat
A Florida loan officer seeking a county commission seat says the skills he uses to originate mortgages will help him in politics.

Deal Done As Others Progress
There is a new name in mortgage lending.

Broker Owes $239,000 in Back Wages
The U.S. Department of Labor has filed a lawsuit claiming an Ohio-based mortgage broker did not pay his loan officers the required minimum wage under federal law.

Citi Adding AZ Jobs
CitiMortgage is working on tripling its staff in the Grand Canyon State.

Presentation Makes the Sale
Successful sales professionals believe they can be top producers, are experts in listening and possess excellent presentation skills, according to a sales book written by a Certified Speaking Professional.

Downey Turnaround
Downey Financial Corp. reversed a four-month production decline.

Mortgage Market Improves
More people applied for mortgages as rates retreated from four weeks of climbing.

Runner Still Originating
A flexible and supportive employer made it possible for a Virginia loan officer to compete in the Olympic 400-meter trials.
read news story
Uptick At Countrywide
Monthly production turned higher at Countrywide Financial Corp.

Foreclosures Worsen
Despite an increase in the total inventory of foreclosures, fewer new foreclosures were filed in August. But data indicate more borrowers will soon be in distress.

New CA Reverse Law Draws Critics
California's governor last week signed a reverse mortgage bill aimed at protecting seniors from predatory lending practices. But industry practitioners say the law, while well-intentioned, is not well-thought-out.

Delinquency Slightly Better
More VA borrowers paid their mortgages on time, helping overall delinquency to decline for the second quarter in a row. But delinquency on subprime adjustable-rate mortgages was worse.

Rising Values Affect Originations
While rising real estate prices have forced many borrowers into exotic mortgages, the higher values have also enabled home equity financing to fuel consumer spending, a Harvard study suggests.

Colorado Fund Seeks Investors
A fund that will act like a private REIT will have the have the help of current and former professional hockey players.

MTA Rise Uninterrupted
The Monthly Treasury Average moved up again.

Secondary Simplification
The process of analyzing a mortgage portfolio for purchase has been made simpler.

Mortgage Fraud Impacts Local Economies
Mortgage fraud is more likely to have an economic impact on vulnerable markets, according to an index that measures collateral risk.

NovaStar Acquires 21 Branches
NovaStar Mortgage Inc's purchase of an Indiana-based retail lending business will leave some employees out of work.

Cease & Desist Issued Against Mass. Broker
A Massachusetts branch manager who falsified loan documents and paid fees to unlicensed originators has been shut down by the state -- costing his employer $200,000.

Banks Shake It Up
Bank deals dominated that latest spate of mortgage-related mergers, acquisitions and other corporate activity.

New CFO at ResCap
Residential Capital Corp. has a new chief financial officer.

Allied Expands
The largest net branch recently got larger.

Mortgage Employees' Data Stolen
For the sixth time in three years personal information has been stolen Wells Fargo & Co. But this time, it was employees, and not customers, who were affected by the security breach.

Wholesale AE Named Mrs. America
An account executive for the wholesale lending subsidiary of ACC Capital Holdings has been crowned Mrs. America.
read news story
PNC Taking $200 Mil MBS Charge
PNC Financial Services Group is taking a massive earnings charge as a result of restructuring its mortgage-backed securities portfolio.

Gloomy Foreclosure Outlook
Foreclosure activity has remained in balance so far in the year, but is expected to increase significantly by yearend, according to a recent report.

Originations Higher at New Century
New Century Financial Corp. improved monthly volume.

Another Upgrade At ABN AMRO
ABN AMRO Mortgage Group Inc. received another servicing ratings upgrade.

New Countrywide President
The country's largest mortgage originator tapped an insider to be its new president.

3 Year Rescissions for DE Borrowers
A potentially large number of Delaware borrowers may still be able to rescind mortgages closed up to three years ago with Ameriquest.

For Better and Worse
Mortgage requests and mortgage rates crept higher.

The Power of Attorneys
Stealing mortgage proceeds from clients is bad enough. But two of the latest real estate attorneys gone wild stole from elderly clients.

Mortgage Spam Falls
Spamming, the practice of sending unsolicited advertisements and other messages by e-mail, is on the rise. But the share of mortgage spam has tumbled.

Attorney, Appraiser Settle w/HUD
A Boston area closing attorney and an appraisal company settled government allegations they paid illegal kickbacks to a New England mortgage lender in exchange for referral business.

Regional Subprime Concentration
A majority of mortgages made in the Magnolia State were subprime, according to a recent study that looked at subprime lending by city, state and region.

Secondary Marketing FCU
Credit unions want to become secondary mortgage market players.

Navigating Rough Waters Ahead
Freddie Mac's chief economist sees a bleak overall outlook for the mortgage industry. But there are still some pockets of opportunity.

MI Volume Drops
A big drop in bulk activity had private mortgage insurance volume reversing two months of increases.

Loan Leads On a Massive Scale
A mortgage lead behemoth is touting its 20 millionth lead.

Fraud Femme Fatale
Ann Fulmer, whose whole life has been about asking questions, has gone from a concerned citizen to a fraud prevention icon.
$36 Million First Horizon Settlement
First Horizon Home Loan Corp. has agreed to settle allegations it charged Missouri borrowers illegal second mortgage fees. The move was made in spite of claims that no laws were broken.

Boardroom Business
A rapid expansion at "The Donald's" mortgage company trumped other industry activity this week.

Merrill Lynch Acquires Nonprime Business
Merrill Lynch & Co. is getting into subprime wholesale lending.

Servicing Portfolio for Sale
A half billion dollar mortgage servicing portfolio is on the block.

Option One Fundings Dip
Quarterly mortgage production decreased slightly at Option One.

COFI Heats Up
The 11th district cost of funds index climbed to its highest level in five years.

Mortgage Employment Off
Monthly mortgage jobs inched down.

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