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IndyMac Claims Top 10 Lender Spot
Record fundings nearly pushed quarterly earnings to an all-time high at IndyMac Bancorp Inc. But shares of the company are trading nowhere near record levels.
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Mortgage Deals Keep on Rolling
The pace of mortgage industry consolidation is showing no signs of relenting.
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Sales Focus
Mapping the path to professional success are many different roads and obstacles to overcome. Those pitfalls and hurdles, one sales book says, can include resisting change, procrastinating, and allowing too much distraction into the work place.
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Home Repair Costs Can Be Rolled Into FHA Loans
FHA borrowers can now add home repair costs to their home purchase mortgages.
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Florida Company Expanding & Hiring
Blue Marble Lending Inc. will create hundreds of mortgage jobs at its new headquarters in Florida.
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Reverse Production Soaring
Reverse mortgage production has reached an all-time high and is headed higher.
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Best Fannie Business in 15 Months
Fannie Mae saw its highest quarterly volume since mid-2004.
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Bill Raises Conforming Limit to $540,000
An amendment aimed at fighting an increase in conforming loan limits contained in a GSE regulatory reform bill was defeated this week in the House of Representatives. However, the bill itself survived a House vote and goes on for consideration in the Senate. But the amendment may not be needed there as the Senate's version of H.R. 1461, the Federal Housing Finance Reform Act, does not call for such an increase.
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Rates, Apps Worsen
A forecasted increase in the share of mortgage loans that are refinances isn't expected to last long.
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Best Community Banks
Six community banks were honored for, among other things, their innovative approaches to helping people buy their homes and manage their finances.
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Analysis of Home Equity, IO Borrowers
Recent surveys conducted by the mortgage banking industry provide some valuable insight into the minds of interest-only and home-equity borrowers.
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100+ FBI Agents Arrest Originators, Others
Federal prosecutors in Detroit have charged 20 people in an alleged $10 million mortgage fraud ring that was under investigation for more than two years.
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'05 Production Estimates Improved, But Not Rates
U.S. mortgage bankers improved their outlook for this year's total originations.
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Record American Home Originations
American Home Mortgage Investment Corp.'s chief said soaring production may ease, but margins may fatten.
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Lawsuit Alleges Fraud at Berkshire Mortgage Sub
A messy lawsuit against a Berkshire Hathaway mortgage subsidiary alleging investors were misled about the nature of their investments may be close to settlement.
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Freddie Reports Solid 3rd Quarter
Freddie Mac nudged monthly purchases higher -- pushing quarterly activity to the highest in two years.
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Chase Adding 800 Originators
Chase Home Finance announced plans to add hundreds of new mortgage officers, with many to be housed at existing bank branches.
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Wireless & PPC Leads
Mortgage loan originators have more options for loan lead purchases, including pay-per-click by niche and lead notification by mobile device.
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Industry Originations Up
Against a backdrop of rising originations, U.S. borrowers are drifting away from conventional adjustable-rate mortgages and embracing interest-only, option ARM and Alt-A programs, according to a survey of mortgage bankers.
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Option ARM Options
Brokers considering whether to put their customers into option adjustable rate mortgages now have payment cap features available. But one Michigan mortgage banker, who is skeptical of such exotic programs, says his option ARM prospects are given an analysis of where their payments and balances will be in five years.
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e-Secondary
GMAC Mortgage Corp. claims to be the first secondary marketing acquirer of a paperless mortgage.
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HUD Loosens Min Branch Requirements
The government has made it easier for smaller branch operations to originate Federal Housing Administration-insured loans.
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Jailed Mortgage Broker Threatened Murdered Sister
A Chicago-area mortgage broker is being held by police after four family members were found beaten to death in the Naperville, Ill., home.
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GMAC Enhances Subprime, HEL Programs
GMAC Residential Fundings enhanced its correspondent product menu.
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WaMu Posts Strong Fundings
Washington Mutual Inc. has improved fundings each quarter this year, but a competitive pricing environment has driven down its earnings.
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GMAC Stung by Bankruptcy
A controversial loan program that presented purchase mortgages as refinances has landed a Michigan mortgage company in bankruptcy court -- leaving GMAC as its biggest unsecured creditor.
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New MBA Chairman
Mortgage bankers meeting in Florida this week announced their choices for leaders in the upcoming years.
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3rd Quarter Strong at ABN AMRO
Stated income, adjustable rate and home equity programs helped ABN AMRO Mortgage Group Inc. increase its mortgage production.
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ECC Originations Accelerate
Fundings soared to a new record for a California nonconforming lender.
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National Broker Licensing on the Table
Mortgage bankers recently testified before Congress in support of a bill requiring national broker licensing.
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Golden West Originations Edge Up
Golden West Financial Corp. managed to push fundings to a second consecutive quarterly increase.
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Countrywide Adding 1,500 Dallas Area Jobs
Countrywide Financial will further expand in the Lone Star state with a new data center that will create 1,500 new jobs in the Dallas/Ft. Worth metroplex.
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Apps Rise Despite Rates
More mortgage hunters were in the market, despite that rates rose to levels unseen in years.
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Growing Use of Credit Cards to Make Mortgage Payment
As the cost of living rises and wages stagnate, borrowers are increasingly turning to credit cards to pay their monthly mortgage payment, a new study by a consumer advocacy group says.
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New CEO at ResCap
Residential Capital Corp. announced it has refined its executive leadership.
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Fundings Down at Downey
Bucking the recent mortgage production trend, quarterly originations slipped at Downey Financial Corp.
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BoA Business Better
While Bank of America Corp.'s quarterly mortgage fundings continued to improve, earnings edged down.
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Closer Look at Mortgage Interest Deduction
Instinctively, the real estate industry flinches whenever talk of removing a homeowner benefit such as the mortgage interest rate deduction comes up, but the President's Advisory Panel on Tax Reform is doing exactly that. Should the real estate industry be panicked?
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Strong Originations at Chase
JPMorgan Chase & Co. pushed production to the highest level in over a year.
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WaMu Expanding Subprime
Washington Mutual is making a deeper foray into the subprime lending business with a new conduit unit that will buy and securitize subprime mortgage loans.
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Solid CitiMortgage 3rd Quarter
Mortgage volume ascended to the highest level in two years at Citigroup Inc.
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National City Production Climbs
The soaring production and declining income have hit National City Corp.
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Fannie Flexing Qualifications for Hurricane Borrowers
Fannie Mae is disregarding existing mortgage payments and pending foreclosures on purchase-money loans to hurricane-impacted borrowers.
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Wells Production Way Up
While Wells Fargo & Co. increased its mortgage volume for the second consecutive quarter, a trimmed pipeline indicates a slowdown is on the horizon.
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Mortgage Mergers & Acquisitions
Recent mortgage-industry corporate activity includes approval by stockholders of a U.S. mortgage company to be acquired by a foreign bank.
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GMAC For Sale
General Motors may sell a controlling interest in the financial services unit that owns its massive mortgage operations.
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TV News Reporter Exposes Unlicensed Broker
A North Carolina mortgage broker who lost his license more than a year ago is back in business, according to state regulators.
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Wachovia Volume Up
Wachovia Corp. boosted mortgage fundings for the third consecutive quarter.
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Using Closings to Improve Originations
In no place within mortgage originations sales do I find Woody Allen's adage, '90% of life is just showing up' -- more relevant than visits to the settlement table (or signing table, if you are in the western part of the country).
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First Horizon Fundings Strong
Despite disruptions from the recent hurricanes, First Horizon National Corp. pushed mortgage production to the highest level in two years.
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Another REIT to Repurchase Shares
A New York-based real estate investment trust said it plans to repurchase more than 2 million of its outstanding common shares. A similar move announced last week by another REIT has thus far been a boon for that company's investors.
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Lenders Jump Gun on Higher Conforming Limit
In anticipation of higher conforming loan limits from Freddie Mac and Fannie Mae, several lenders have already raised their conforming loan amounts.
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Capital One Hiring Hundreds
Capital One Financial Corp. plans to add hundreds of mortgage production jobs in Kansas.
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1003 Gets Facelift
HUD has revised the Uniform Residential Loan Application.
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Analysis of Hurricanes' Impact to Mortgage Lending
Washington, D.C. -- While Hurricanes Katrina and Rita have wreaked devastation upon the Gulf Region, the impact of the twin terrors on the U.S. residential mortgage industry seems to be nil, according to economists at one of the biggest mortgage companies. But mortgages for manufactured homes may get a boost.
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30-Year Cracks 6%
While application activity eased, mortgage rates rose once again in response to indicators of economic growth, which in turn pave the road for higher rates.
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Best Minority Lenders
Mortgage lenders face constant criticism from the press over lending to minorities. But five lenders were recently recognized for their superior performance in lending to minorities.
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100% FHA
Residents of areas devastated by the recent hurricanes can now get FHA loans on properties anywhere in the country with no downpayment.
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Impac Buying Back Shares
Taking advantage of a steep decline in the share prices of companies in the mortgage REIT sector, one real estate investment trust is buying back its own shares at a big discount compared to a year ago.
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LOs Sue Ohio Mortgage Banker Over OT
Four Florida loan officers have filed a collective action against an Ohio mortgage banker for alleged unpaid minimum wage and overtime. But the company says the complaint is only a reaction to theft accusations made against some of the originators.
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$50 Million Forward Commitment
A $50 million deal has been struck between a Nevada net branch organization and a California loan fund.
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Best Mortgage Lenders
A recent survey of borrowers found Realtors enhance the loan origination experience and that lenders -- even the top-ranking ones -- need to diversify their product menu.
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Secondary Profits Dominate 2004
While mortgage banking profits were cut in half last year, secondary marketing contributed the most to lenders' bottom lines.
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24-Hour Processing
Mortgage loan originators can now wait until they are finished watching the late, late, late show to order processing for their applications.
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Brooklyn Broker Goes Banker & More
A Brooklyn mortgage broker, who originally launched his company from a spare bedroom, has made the successful conversion to mortgage banker and recently started a wholesale division.
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Countrywide Adding 1000 Florida Jobs
The country's top originator has made its way into Florida in a big way.
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Strong Flagstar Production Tempered by Outlook
Production rose for the second consecutive quarter at Flagstar Bancorp Inc. But the company warned a flattening yield curve is making things worse.
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Record Countrywide Fundings
Countrywide Financial Corp. expects to report losses from the Gulf storms later this month. But for now, the company reported fantastic fundings during the latest quarter.
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Richest Mortgage Moguls
The wealthiest person in the country associated with mortgage lending is also the world's second wealthiest person, according to the latest ranking of the richest people. One woman, as well as her husband, donned the list.
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To Be Acquired, or Not to Be Acquired
Local banks dominated the latest news about mortgage industry mergers.
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Developing Realtor Leads
Mortgage originators can take some very specific steps to develop leads from real estate agents, according to a set of workbooks on the subject.
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Research Firm Recommends Selling New Century Shares
New Century is among a list of companies with shares one investment research firm recommends selling.
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Wells Special Servicer Ratings Raised
Wells Fargo Home Mortgage saw its special servicer rating upgraded.
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All-Time High Fundings at New Century
Record quarterly originations were again announced by New Century Financial Corp.
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Mortgage Jobs Solid
The government again reported the number of people working in mortgage lending swelled to a new high. But the boost in real estate finance employment wasn't enough to hold down overall unemployment.
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Calif. Requiring Criminal Checks on Lenders
The failure of a California mortgage broker accused of fraud has inspired passage of legislation requiring criminal background checks for financial lenders new to the industry.
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Mortgage Market Weakening
Mortgage applications continued to fall as rates rose for the fourth consecutive week and are expected to keep creeping upward.
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Unlicensed NV Brokers Busted
State regulators fined a Las Vegas broker $40,000 for unlicensed and high-risk mortgage investment ads. While the company's apparent chief was licensed through her affiliation with a net branch firm, she operated the high-risk business separately.
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$1.5 Billion Servicing Portfolio for Sale
An alternative-A package of Fannie Mae bulk servicing rights is on the block.
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Alcohol, Drugs Spark Brutal Mortgage Murder
It was a Saturday afternoon in upstate New York when a recently married mortgage broker decided to have a drink.
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Closing Ratio By Lead Company
A lead provider is claiming a recent survey indicated about 20% of the leads its sells close within a year. But an earlier version of the survey done for a competitor by the same research firm showed a much higher closing ratio.
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Credit Union Mortgage Jobs Being Cut
A move to spin off mortgage operations means hundreds of mortgage employees will lose their jobs servicing loans for the country's credit unions.
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Behavioral Fraud
A California company helps lenders prevent mortgage fraud with a technology that has reportedly reduced credit card fraud significantly.
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Storms Hit Freddie's Bottom Line
Freddie Mac said its quarterly earnings were ravaged by the recent hurricanes.
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REIT to Reduce Record Originations
MortgageIT Holdings Inc. reported record loan production. But the company plans to slow the growth of its portfolio as its chief hinted that earnings won't be so rosy.
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Release Fees Lead to Class Action Settlement
The Aloha state's second largest bank could pay nearly $2.5 million to more than 30,000 mortgage customers who sued the bank over fees charged when their mortgages were paid off.
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Rate Locks on Reverse Mortgages
A rate lock feature is now available on reverse mortgages.
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Criminal Charges Filed in Massive Northwest Fraud Case
The comptroller of a once "high-flying" mortgage firm in Washington state that went under in a spectacular financial flame out is facing criminal charges and is among a group of former executives being sued by the federal government.
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Mergers Multiply
Mortgage industry acquisitions are occurring so fast that some companies barely finish buying one company before they are acquired themselves.
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Maryland Originator Licensing in Effect
Maryland regulators are now requiring many mortgage originators to be licensed.
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Bankrate Leads Go PPC
Following the lead of search engine giants like Google.com and Yahoo.com, Bankrate.com has begun charging for mortgage loan leads on a pay-per-click basis.
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