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American Home Seeing More Alt-A, ARM Fundings
A fallout in refinancing contributed to a significant downturn in American Home Mortgage's quarterly volume. But the company has hired additional originators to handle higher production projected during the remainder of the year.
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Accredited Activity Off Slightly
The third quarter represented a small setback for Accredited Home Lender's growing mortgage production.
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Rates to Hold
Low rates aren't expected to rise anytime soon, according to one of the nation's top mortgage economists. In fact, they just got lower.
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NovaStar Vs Allied
What started out as a friendly business transaction has now turned into an ugly lawsuit between two net branch giants.
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Wholesaler Goes After Broker, Appraiser in Court
Who would pay $68,000 for a house with no kitchen, bathroom or furnace? Particularly when it's worth just $23,000?
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CoreStar, Preferred Snag Warehouse Lines
In the face of falling industrywide mortgage production, one nonconforming lender plans to use a recently obtained warehouse line-of-credit to double production over the next year.
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Calif. Broker Facing Lawsuit, Reelection
These are trying times professionally and politically for mortgage broker and California state legislator Guy Houston.
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Lawsuit Accuses Household of Racketeering
Household International spent almost half a billion dollars in 2002 to settle claims with regulators and prosecutors in all 50 states that it mislead subprime borrowers over loan costs, fees and other expenses.
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Mortgage Bankers Converge
SAN FRANCISCO -- Mortgage bankers kicked off their annual conference in the city by the bay just a week before the presidential election.
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Quarterly Originations Way Off at ABN AMRO
The U.S. subsidiary of a Dutch banking giant reported quarterly and monthly mortgage production fell.
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Wells Filling 250 Mortgage Sales Positions
Wells Fargo Home Mortgage plans to add hundreds of new mortgage positions -- with many slated to serve minority communities.
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Mortgage Giants are Big Political Contributors
In Washington, where money is power, Freddie Mae and Freddie Mac are doing their usual flexing.
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Mortgage Brokers in Politics
With this being an election year, many members of the mortgage industry are in the thick of the politics. From Florida to California, from local elections to presidential politics, mortgage brokers are active in campaigns, ballot initiatives -- even protests.
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Fundings Fall at First Horizon
Descending refi activity pushed quarterly fundings to their first decrease this year at First Horizon National Corp.
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Record Golden West Activity
Golden West Financial Corp. defied the trend of descending volume at many of the nation's biggest mortgage originators -- reporting the most quarterly productio
n ever.
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S&P Says AVM Accuracy Increasing
Automated Valuation Models are becoming increasingly accurate according to a major ratings agency.
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Freddie Business Tumbles
New business purchases continued to fall for the third consecutive month at Freddie Mac, leaving third quarter purchases well below prior periods.
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Single Borrowers Making up Bigger Slice of Subprime Pie
Expect explosive growth in nonprime lending, driven a growing income gap between America's most wealthy and most needy.
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Franklin Nabs $100 Mil Portfolio
In its quest to acquire scratched and dented mortgage pools, Franklin Credit Management Corp. has picked up another pool of less-than-perfect loans.
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WaMu Production Tumbles
A continued slide in refinance activity pushed quarterly mortgage production and earnings down at Washington Mutual Inc.
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Fundings at Cendant Sink
Cendant Corp. reported quarterly mortgage production sunk by almost one-third, and cited uncertainty surrounding the spinoff of its mortgage operations as part of the reason for the fallout.
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Stronger Mortgage Market
Falling mortgage rates have spurred mortgage activity and led at least one major mortgage player to lower its year-end predictions for rates.
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Class Action Filed Against New York Community Bancorp
One of the fastest growing mortgage companies in the country is now at the center of a shareholder class action lawsuit.
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Fannie to Buy More Subprime
Fannie Mae is looking to subprime mortgages to replace its dwindling conforming purchases and, in the process, lower the cost to subprime borrowers.
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Chase Production Off, But Home Equity Soars
Quarterly volume dropped 16% for Chase Home Finance, but home equity fundings jumped to the highest level this year.
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Fannie Q3 Purchases Down
Although Fannie Mae's monthly business purchases jumped, the gain was not enough to offset a quarterly drop.
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Deals
Mortgage industry consolidation continues with plenty of mortgage-related regional mergers in the works.
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2 More Lenders Under Predatory Servicing Microscope
The growing loan servicing practice of modifying borrower repayment terms is being watched closely by ratings agencies in the wake of two, high-profile government cases this past year.
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Wells Originations Way Off
A mini refinance wave during the first half of the year has now subsided for Wells Fargo & Co., leaving quarterly production down nearly 30%.
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Record MBS Activity at TradeWeb
Online trading of mortgage securities hit a record for one player, with over 40% of its quarterly activity occurring in a single day.
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Minority Denials, Approvals
Even as one organization is crying foul over disparities in the declination rates for minorities, another is touting its treatment of nonwhites.
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Allied Originator Mixes Music and Mortgages
Former rock jock Brian O'Donnell, 25, admitted that a publicity stunt gone awry was halted at the "cease and desist" order filed by an attorney representing Brian Bonsall, 22, the actor who played the youngest sibling Andrew on "Family Ties."
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C-BASS Picks Up PCFS Portfolio
Following the decision to shut down a subprime business acquired through a merger, National City Corp. will now sell much of the unit's assets.
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Worse Employment Means Better Rates
The latest piece of economic news may not have been good for job seekers, but for mortgage hunters it means lower rates which are not expected to climb anytime soon.
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Bass Vs Fieldstone
Not only is Fieldstone Mortgage trying to go public before the end of the year, it is locked in a messy lawsuit with the very rich and very powerful Bass family of Texas. At stake is millions of dollars the well-connected Bass family says it is owed from the sale of the mortgage company.
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BoA Fundings Crash
Even as Bank of America reported mortgage originations sunk by nearly 60 percent, its servicing portfolio surpassed a quarter trillion dollars.
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National City Originations Fall
Third quarter production took a downturn for National City Corp. as subprime fundings declined for the first time in almost two years.
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Alt-A Lending Lacks Uniformity
Alt-A mortgage loans may be nonconforming, but one new study says there is no conformity between Alt-A lenders. The report's author, however, has broken such alternative loans into three sub-sectors.
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Cendant to Spinoff Mortgage Unit
Apparently unable to unload its mortgage origination operation, Cendant Corp. announced Tuesday that it will spinoff the unit.
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Mortgage Broker at Center of Baseball Dispute
Hard work, honesty and savvy people skills may be how most successful mortgage brokers earn their wealth, but Steve Williams will soon become a millionaire because of his baseball nabbing skills.
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Fannie Discloses Criminal Inquiry
Fannie Mae has reported in an SEC filing that it is under a criminal investigation and that it is the defendant in a plethora of shareholder lawsuits.
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Countrywide Volume Nudges Down
Monthly and quarterly volume thinned at Countrywide Financial Corp. And while delinquency jumped, the mortgage banking concern saw its servicing portfolio thicken closer to the thirteen digit threshold.
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Biggest Subprime Lenders
In addition to being the fastest growing mortgage company, New Century holds the title of biggest subprime originator.
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Former NFL QB Now HomeBanc Exec
Every mortgage company needs a quarterback who can lead the team to victory -- and with football legend Steve Walsh at the helm of their Palm Beach Gardens office in Florida, HomeBanc Mortgage can honestly say they do have one.
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Astoria Mortgage Unit Hit With Harassment Suit
A New York thrift and some of its top management face a lawsuit by a former mortgage department employee who is accusing them of discriminating against and harassing her, wrongfully terminating her, and misleading investors. But the credibility of the plaintiff is tainted because she forged the signature of her supervisor.
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No OT for LOs
The mortgage industry is taking steps to ensure loan originators don't qualify for overtime pay under new federal labor regulations pushed by the current administration. The moves will possibly leave more than 150,000 of these salespeople without the right to overtime pay they enjoy today.
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Golden State Takes Gold Medal
The industry's primary trade association released two new reports that detail the number of loans originated by state last year -- and California lead the pack
by far.
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Flagstar Fundings Plummet
Quarterly mortgage volume fell once again at Flagstar Bancorp, but this was no surprise for management.
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Mortgage Jobs Up
Mortgage jobs resumed a positive growth trend, with the government's latest numbers reflecting a nearly 10% jump during August for the sector.
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3rd Quarter Production Off at New Century
While September's mortgage production was unchanged from the prior month, quarterly volume was off nearly 20% for one of the largest U.S. subprime lenders.
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Strengthening Economy Pushing Up Rates
Mortgage applications budged enough to maintain a three-week upward trend, but their course may reverse as revised economic data resulted in higher mortgage rates.
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Ameriquest Inks NFL Deal
While many sports fans associate Ameriquest Mortgage Co. with baseball, the lender also wants to catch
the attention of football fans.
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Cost for Bush 100% FHA: $1/2 Billion
President George Bush's election year promise of promoting zero down payment mortgages will apparently come with a cost -- as in $500 million.
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New LendingTree Sub to Add More Than 700 Production Jobs
Following its acquisition by LendingTree.com, a California online lender has plans to add more than 700 new mortgage processing and sales employees at its recently expanded facility.
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911 Call Captures Some of Loan Officer's Last Words
A mortgage loan originator killed his lover, also an originator, before leaping to his own death.
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Fannie Figures Testify Today
Fannie Mae's accounting violations can't be dismissed as mere differences of interpretation in accounting rules, the company's regulator said at a congressional hearing today. "Fannie Mae understood the rules and simply chose not to follow them."
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Don't Let Your Babies Grow Up to Be...?
When it comes to making a living in the mortgage industry out West, even cowboys can grow up to be mortgage originators.
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Guaranty Residential to Ax Jobs, Sell Servicing Portfolio
A Texas mortgage banker is shaking things up in an effort to offset disappearing refinance business. In addition to cutting more than a thousand mortgage jobs, Guaranty Residential is selling an $8 billion servicing portfolio.
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Merger Mania Maintains
Mortgage activity is running at a healthy pace. Unfortunately, the activity isn't with mortgage applications.
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Florida Firm Adding 4800 Originators This Year
A small Florida mortgage company estimates it will grow its virtual loan originator staff by leaps and bounds over the next few months with recruits that meet only a few basic requirements.
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30-Year Should Stay Near or Below 6% Through 2005
Current and prospective borrowers took note of low rates -- pushing application volume higher and leaving a rosy outlook for more increases.
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COFI Jumps 6 BPS
The 11th district cost of funds index edged up for the third consecutive month -- moving closer to the 2% mark.
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ALT-A Wholesaler to Add 65 Employees by Mid-2005
Major hirings are in sight for a growing California lender that is preparing to go national.
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news about mortgage crimes

10 Steps to Preventing Notary Fraud
The FBI has enlisted the help of a notary public organization to assist fraud investigators in the prevention and identification of mortgage crimes.
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Trio Dupe Advanta, Flagstar & WaMu
Federal authorities in Chicago say they've busted a $27.3 million mortgage fraud scheme that involved a mortgage broker, his associate and a real estate appraiser.
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Fake Mortgage Web Sites
A disturbing new trend of fake Web sites has taken mortgage fraud into the Internet age.
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Mortgage Crimes Catch Congress's Attention
The mortgage industry climbed Capitol Hill Thursday to push for a tougher crackdown on the growing problem of fraud.
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Balloon Flip Scam Targeted Hispanics
Between 1998 and 2003 a mortgage broker and a real estate agent teamed up in Allentown, Penn., on the sale of hundreds of properties valued at more than $1.5 million.
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Mortgage Gangsters
Think Chicago gangsters and what typically comes to mind is Al Capone, hit men and bootlegging. But the real estate finance industry has found a place in the government's little black book.
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stories for loan originators

Ph.D. Talks About Secrets to Getting More Business
SAN FRANCISCO -- A former professional tennis player turned sales coach guarantees his company can help originators increase loan closings by as much as 70% within a month and a half. The performance tips from the Ph.D. came Tuesday at the Mortgage Bankers Association's annual convention.
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10 Steps to Success
Marketing, sales and customer service serve as the three tenets to successful business development.
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Defining Your Nonprime Niche
Who is your company? While this might seem like a strange question, if you can't answer it, how do you expect your customers to know who you are and what you do? It's impossible to be all things to all customers. If you want to be a nonprime mortgage originator, tell your customers who you are, what you do and what their brand experience will be when they work with your company.
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