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Mortgage Mergers Maintain
As soon as one deal closes, another is announced.
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Troops Support U.S. Bank
U.S. Bank Home Mortgage is finding mortgage prospects in the military.
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2005 Conforming Limit Bumped
Some of the country's lowest mortgage rates are now available on larger loans.
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CA Mortgage Fund Exposed as Ponzi Scheme
In a little less than three years, a San Diego investment fund manager raised nearly $18 million from 270 investors who were getting a 12 percent return on the money that was purportedly being invested in mortgage transactions. But the government doesn't believe those numbers are true and has filed a lawsuit to prove it.
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Mortgage Reduction Scam Duped Mostly Hispanics
The Texas attorney general has gone to court to try and stop the owners of a mortgage firm accused of ripping off more than 100 mostly poor Hispanic homeowners.
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Quiet Week in Mortgage Industry
While much of the mortgage market moved minimally this week, one ARM product saw its average jump ten basis points.
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Judge Halts Foreclosure in Low LTV Case
A low loan-to-value ratio in a California bankruptcy case convinced a judge to halt a foreclosure against the owner of a Monterey County residential property.
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Option One Has Plans for Brokers
As production eased at Option One, parent company H&R Block announced plans to enhance broker services and cut mortgage unit costs.
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Countrywide Exec Fired for Steering Borrowers to Subprime
Countrywide Financial Corp. said Friday that it fired a mid-level executive at one of its mortgage units after he encouraged loan officers in a memo to downgrade borrowers' credit ratings in order to steer them into more expensive loans.
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FDIC Report Highlights HELOC Growth
Home equity lines fueled loan growth at FDIC-insured institutions.
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Originator's Actions Lead to Large Loss
An Atlanta-based community bank has disclosed that the actions of a former loan officer could cost the company $1.6 million.
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Rock Inks Deal With Pistons' Player
Michigan's largest mortgage lender has entered into an exclusive endorsement agreement with one of the Detroit Piston players suspended over the recent brawl with fans.
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U.S. Underwriter Works From Israel
New Jersey-based Approved Funding mortgage company has allowed its senior underwriter to work from home -- in Israel.
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Employees Sue American Home
Employees of American Home Mortgage have filed a class action lawsuit against the company, claiming it failed to keep promises made when the company they worked for was acquired by American Home.
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Freddie Purchases Down
Business purchases were off for the fourth consecutive month at Freddie Mac.
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American Mortgage Opens Correspondent Unit
Prompted by an environment of industry consolidation, American Mortgage Network has created a unit that will buy closed loans from small to medium sized originators.
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Continued Decline at ABN AMRO
ABN AMRO's American mortgage unit has seen its production fall off most of this year, and October was no exception. But the company is looking to second mortgages to stop the bleeding.
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Most Vulnerable Fueling ARM Activity
A study published last week suggests the growing ARM trend is being fueled by borrowers that are the least likely to analyze the impact of a rising payment and the least able to afford it.
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Fannie Business Down
Business was down in October for Fannie Mae.
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30-year Below 6% Until Late 2005
More borrowers headed to request a refinance as rates lulled this week and are expected to stay calm, despite signs of inflation.
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Broker Aspires to Be Soccer Team Owner
San Francisco-area mortgage broker Tony Amanpour continues to kick around the notion of trying to buy San Jose's professional soccer team.
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Broker in Hot Water for Inadequate Privacy Safeguards
The government has accused a Virginia mortgage broker and a Cendant Mortgage subsidiary of failing to protect consumer's personal and financial information.
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Job Cuts, Faster Processing to Fuel WaMu Turnaround
Washington Mutual Inc.'s mortgage banking president has a plan to turn the troubled unit around.
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VA Limit Bumped
Veterans will soon be able to obtain larger loans from VA mortgage lenders.
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Countrywide is King
Calabasas, Calif.-based Countrywide Financial Corp. claims to be the largest mortgage lender and servicer in the United States.
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GAO Report Criticizes HUD
A government audit found HUD has not fully used its authority to suspend poorly performing lenders. But with new standards coming into place soon, more FHA lenders will be susceptible to suspension.
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Ameriquest Adding Oodles of Employees
Ameriquest plans to add thousands of wholesale and retail mortgage jobs in Illinois.
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UC Star Selling Subprime 2nds
It was when he tried to buy his own house that former college basketball star Anthony Buford learned how difficult it can be for some people to achieve what is known as "The American Dream" of home ownership.
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BoA to Cut Processing Jobs
Bank of America will close down its loan processing operation in Kansas -- resulting in hundreds of job losses.
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Fannie Misses Deadline
Fannie Mae will miss its deadline for an important SEC filing.
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Demand for Purchase Mortgages Off
A recent Fed survey showed that while banks were more willing to lend in the third quarter, demand for purchase money mortgages weakened.
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Allied's Adversities
One of the nation's biggest net branch operators has seen a possible transaction involving the acquisition of additional branches turn into a public relations nightmare.
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Are Brokers Best?
Borrowers that first consult a mortgage broker, then abandon the broker to close with a lender, are the most satisfied, according to a recent study which ranked none of the nations biggest mortgage bankers in its top three spots.
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95% LTV on Mfg Housing for All
The nation's largest secondary lender has expanded standards to purchase higher loan-to-value manufactured home loans from all of its approved mortgagees.
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Weaker Mortgage Market
Mortgage activity slowed as strong job growth and Fed rate hikes pushed mortgage rates where they are expected to head from hereon -- upward.
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Broker Vs Broker
In an unusual case of identity theft, an unlicensed originator used the California license of a legitimate mortgage broker to submit loans to New Century's wholesale unit and collect the associated fees -- leading to a lawsuit and leaving claim to nearly a quarter million dollars in commissions unresolved.
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Countrywide Sued Over Stated Income Loans
Countrywide Home Loans has been named as a defendant in a lawsuit because it allegedly approved a borrower for stated income financing on $1 million in properties even though his annual income was only $30,000. The filing of the lawsuit appears to be motivated, however, by a significant drop in the value of the properties involved.
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Impac Originations Up
While third quarter production has been off for many mortgage bankers, volume grew by one-fourth at Impac Funding Corp.
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Mortgage Bankers Discuss Industry Plans
Predatory lending. The industry's image and political power. An overhaul of GSE oversight. These were all issues discussed by the nation's top mortgage bankers recently.
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Countrywide Off Across the Board
Even as Countrywide Financial Corp. saw production decline for the second month in a row, the company still reached a servicing milestone.
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Mortgage Executive Uses Fraud to Obtain Car
A brief fraud prevention demonstration at a California conference landed one mortgage banking executive in the seat of a brand new classic convertible.
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Brooklyn Firm Diverted Mortgage Payments, Proceeds
California regulators have taken action against a New York mortgage banker after N.Y. regulators suspended the company's license in that state for diverting loan payments and proceeds.
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Homefield Adding Calif Jobs
A West coast-based lender with national aspirations has expanded its processing facility to accommodate more than 100 new jobs. The company attributes its growth to a segment of customers that are more comfortable with the Internet and less dependent on local representation.
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HUD Hands Out FHA Fines, Suspensions
Several FHA lenders were hit with fines of as much as a half million dollars for poor oversight of their lending processes -- with some earning a permanent ban from FHA lending.
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Mortgage Jobs Tread Water
Mortgage sector jobs were barely changed in September.
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Exec Changes at National City
National City Corp. will start the next year with some new management.
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Falling Rates Change Course
A consensus of industry economists indicates currently low mortgage rates will not climb past six percent until the second quarter of next year.
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Option One Adding Northern Calif Jobs
H&R Block Inc.'s subprime arm will soon open an office to serve northwestern clients that will make room for over 150 new production positions.
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Cashouts Soar
Transactions with cashout now represent well over half of all refinances.
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Dana Capital Fined by Nevada
Was it dumb luck, or just dumb, that a California mortgage company illegally solicited Nevada's top mortgage regulator for loan?
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Wells Computers Stolen Again
One of the nations largest mortgage lenders last month suffered its third incident during the past year of stolen computers -- leaving some of its many borrowers vulnerable to identity theft.
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Let's Make a Deal
There is no shortage of mergers and acquisitions in the mortgage industry, as some of the transactions go well beyond U.S. borders.
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ResMAE Adding 100 Jobs
A California wholesale lender is heading east.
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COFI Overheating
The West Coast-based index for adjustable-rate mortgages moved up for the fourth consecutive month.
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Fast Growing Privately Held Mortgage Companies
Inc. 500 magazine recently announced its 23rd annual ranking of the fastest-growing private companies in the country. Mortgage-related companies comprised more than five percent of the list.
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Incredible IndyMac
Production edged up to a new record at Alt-A lender IndyMac Bancorp Inc.
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Record 3rd Quarter Production at NovaStar
NovaStar Financial Inc. fundings grew as it announced it would shed conforming branches and focus on nonconforming business.
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news about mortgage crimes

Indictment Triggers Suicide
Maybe it was the prospect of going to prison for mortgage fraud that caused Kenneth W. Hudson to snap.
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Insiders Drive Fraud
According to recent FBI testimony, about four in five mortgage fraud cases involve more than one industry insider. But the extent to which fraud has been committed nationally is largely unknown.
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New Jersey Closing Attorney Going to Prison
The former owner of a now defunct New Jersey mortgage company and his brother have found themselves in the middle of a fraud case federal prosecutors have described as a "land-flipping scheme" orchestrated by a closing attorney.
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Family Facing Federal Sentencing for Fraud
In February of 2003, North Carolina-based Oasis Mortgage was profiled in a Greensboro magazine as a fast-growing and successful company that was founded and operated by members of the Penniegraft family.
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IU Star Turned Originator Busted for 21 Bogus Transactions
In 1982 and '83 Duane Gunn was the leading receiver for the Indiana University football team, snagging 85 catches and scoring 11 touchdowns over those two seasons with the Hoosiers.
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stories for loan originators

Originator Gains Customers' Faith With Prayer
There are certainly people who pray when considering taking out a mortgage loan.
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Key to Cold Calling
In situations where cold calling is the only lead generation method available, there are some basic steps an originator can take to improve effectiveness.
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