Most Brokers Originate Nonprime
Mortgage brokers originated nearly as many nonprime loans this year as conforming loans, according to a recent survey. The shift from prime production is diminishing the importance of pricing when choosing a wholesaler.
Volume, Portfolio Falls at Fannie
Business purchases sank from September as Fannie Mae's portfolio was off by more than $10 billion.
5 Common Broker Schemes
In an analysis of proposed mortgage broker licensing, Colorado regulators have outlined five common schemes used by unscrupulous brokers on unsuspecting borrowers.
Mortgage Chief Exits Bank
The mortgage chief of an Ohio-based bank has resigned.
Bank Exiting Wholesale
A Texas bank is shedding its wholesale operation and cutting 250 jobs in the process.
Broker Facing Unrelated Criminal, Civil Actions
A mortgage broker already facing charges of ripping off the family of a 9/11 terrorist attack victim has been sued for allegedly stealing a New York woman's home.
HEL's Outstanding to Top $1 Trillion
A new report suggests home equity lenders should focus on borrower retention in order to capitalize on the rapidly growing market.
Group Tries to Block Bank Merger
The latest mortgage industry transactions included the attempted blocking of a bank merger, a hefty stock buyback and the termination of a poison pill provision.
Foreclosures Climb to 2005 High
October's new foreclosures climbed to the highest level this year, with the Lone Star State leading the way again.
Conforming Limit Bumped
The government has announced the 2006 conforming mortgage loan limit.
Appraiser Survives Brutal Attack
An appraiser for a South Lake Tahoe, Calif., mortgage company has survived a bazaar and brutal sword attack by the father of her child.
NB Mortgage Banker Does Business Without License
A Nebraska mortgage banker who jumped the gun and began offering mortgages before officials had issued his company a license has been barred from conducting further business in the state.
FTC Touts Actions Against Mortgage Companies
Several mortgage companies that have either violated privacy rules, preyed on Hispanics or illegally contacted consumers this past year have had to settle charges with the Federal Trade Commission.
Gulf FHA Borrowers Get Reprieve
Severely delinquent borrowers in hurricane-affected areas with mortgages insured by the Federal Housing Administration have been given more time to resolve past due loans.
100s of Wholesale Jobs Being Added
A subprime wholesale lender's expansion into the Northeast will create hundreds of loan processing and sales jobs.
6.3% 30-Year Forecasted for First Half '06
Refinances reduced even as rates relaxed after a 10-week rise.
Pace of HELs Slowing at Banks
As overall mortgage originations strengthened, home equity lending at banks and thrifts insured by the Federal Deposit Insurance Corp. grew at the slowest pace in years.
Freddie Business Falls
Freddie Mac's monthly volume fell.
Thrift Fundings at 2-Year High
Thrift mortgage volume in the third quarter reached the highest level in two years and earnings again broke a record.
Digital Loan Processing on Horizon
Many mortgage executives expect most home loans will be processed electronically in the next few years.
Success In Mortgage Lending
Dallas -- Three panelists from different sectors of the mortgage industry each talked about how they think success can be achieved in the mortgage business.
Broker, 4 Processors Indicted
A federal grand jury in Louisiana has returned a 65-count indictment against an alleged mortgage fraud ring that included a mortgage broker, four loan processors and an appraiser. The bad deals were submitted to a now-defunct subprime subsidiary of Bank of America.
Small Banks Doing Deals
The latest round of mortgage-related corporate transactions are dominated by small banks -- including two which have received the government's blessing to merge despite complaints that HMDA data suggested disparate treatment of minorities by the acquirer.
Maximum Rural Housing Loans Raised
The government has raised the maximum loan amounts for rural housing.
Bankrate.com Acquires Lead Company
Bankrate.com Inc. has made an acquisition that it says will make it a player in the lead services arena.
Ameriquest Cuts 1500 Jobs
In response to a challenging environment, the parent of Ameriquest Mortgage Co. laid off about 1,500 employees.
Retail, Subprime Drive HEL Production
Home equity loan volume rose, albeit at a slower pace than last year, with nonprime credit representing a larger portion of the portfolio, according to a recent survey of the nation's consumer bankers.
Option One Originations Apex
Option One Mortgage Corp. achieved record fundings once again, but the company anticipates a production slowdown and expects rising secondary costs to hurt earnings.
Short Term Rates Jump
Signs of inflation put pressure on mortgage rates but didn't hamper traffic at mortgage shops, although the gap between short-term and long-term mortgage rates fell to the narrowest margin in four years.
Mortgage Co. Settles With HUD Over Entertainment
A Massachusetts mortgage lender has agreed to pay the government $150,000 to settle charges it solicited kickbacks -- including luxury seats at professional sporting events and social events with NFL players -- from attorneys and appraisers.
NY Closing Costs Highest
A survey announced today indicates borrowers in The Empire State pay the highest closing costs, while residents of The Equality State pay the lowest.
FHA Katrina Losses Under $1 Billion
Losses on government-insured mortgages for homes in areas affected by Hurricane Katrina are expected to amount to hundreds of millions of dollars over the next two years.
Ivy League Mortgage Education
A Connecticut-based Alt-A lender seeks to create hundreds of jobs by educating its students about managing, selling and operating in the mortgage industry.
Paperless Processing, Production
A mortgage technology giant has teamed up with a processing provider to offer paperless processing that uses an offshore workforce for conventional, government and subprime loans.
Fannie CEO Gets Raise
Fannie Mae's chief executive officer got a raise. But his compensation deal appears to ensure he won't reach the level his predecessor reached.
New Century Adding Hundreds of Jobs
A recent relocation will enable New Century Financial Corp. to hire hundreds of new employees in Southern California.
OFHEO Says Its Doing Great Job
The regulator of Fannie Mae and Freddie Mac released Tuesday a report indicating it achieved all of its objectives for the latest fiscal year.
Broker Jailed for Stealing CA License
The operator of a bogus California mortgage brokerage has been arrested for allegedly using another broker's license to get wholesalers to fund fake loans that used fraudulent information she stole from prospective borrowers.
FHA Production Plunges
Federal Housing Administration-insured loan originations took a dive during the most recent fiscal year.
Top Technology Innovators
Several mortgage-related entities were recognized for their innovative use of technology -- with five in the running for the information technology project of the year.
Wholesaler, Net Branch Strike Alliance
A Nevada net branch operation and a Silicon Valley wholesaler have announced an alliance that pairs up secondary marketing capability with growing production.
Credit Report, Doc Prep Fees Land Lender in Litigation
A Baltimore, Md.-based company has been accused in a class-action lawsuit of charging excessive and illegal fees in connection with second-mortgage loans.
Production Nudges Down at Downey
Fundings edged down for the second month at Downey Financial Corp.
Mortgage Industry Can Do More to Prevent Fraud
Dallas -- Mortgage bankers meeting in Texas for an educational conference were joined by the FBI in a discussion about mortgage fraud and how to prevent it.
Maximizing Mortgage Marketing
Maximum synergy is the process of getting the most done out of the least amount of work. And there are many ways of applying this process that can help increase sales volume with minimal effort, according to one sales book.
Wells & Wachovia?
Capital infusions, foreign investments and share repurchases are all among the latest deals going down in the mortgage industry. But speculation about a possible merger between Wells Fargo and Wachovia is the most intriguing.
Appraisal Alterations Lead to License Suspension
Kansas state banking officials recently ordered the revocation of a Missouri-based mortgage company's license and a $235,000 fine for alleged fraudulent loan activity.
Servicer Cutting Reverse Staff
A servicing company owned by EDS will exit the reverse mortgage business and, in the process, layoff more than 40% of its staff.
PHH Production Positive
PHH Mortgage saw its best quarterly loan originations since last year. But the parent company's chief says the next quarter's results will be challenging.
Rates, Purchase Apps Climb
Inflations worries pushed rates higher, yet more purchase-money loan shoppers were in the market.
First Advantage Buying Lead Co.
First Advantage Corp. is on a buying spree, with its latest $150 million acquisition giving it a majority interest in a lead-generating company.
SunTrust Posts Record Fundings
Quarterly mortgage production reached a milestone at SunTrust Bank Inc.
New Fannie CFO, $10 Billion Error Announced
The misapplication of accounting principals at Fannie Mae may wind up reducing last year's earnings by more than $10 billion.
Supervisor's Comments at Issue in Lawsuit Against E-LOAN
A San Francisco-area online lender is being sued for anti-gay and anti-ethnic statements allegedly made by a company supervisor.
|Originator Runs for Florida Office
A Florida mortgage originator hopes to win a local commission seat and faces an attorney who has been fired on The Apprentice.
Credit Reporters, Credit Unions Among Mergers
Many of the nation's credit unions will start using the same mortgage company used by many of the nation's Realtors.
Impac Originations Up
Impac Mortgage Holdings Inc. managed better production and earnings in the third quarter.
NetBank Delays Financials
NetBank Inc. warned investors it would delay issuing financials because of $13 million in conforming mortgage loans with irregularities.
Record MortgageIT Volume
As the pace of Mortgage IT Holdings Inc. quarterly originations soared to another record, it claims to rank among the top 20 originators. But it doesn't expect to maintain the pace for the remainder of the year.
Record Originations at NovaStar
NovaStar Financial Inc. grew quarterly production to the highest-level ever but expects a "seasonal" decrease in the last quarter of the year.
American Home Shares Undervalued
An investment research firm says it has identified American Home Mortgage Corp. as an investment opportunity.
FHLB Mortgage Acquisitions Ascend
Mortgage loans funded through the Federal Home Loan Banks' program jumped in the third quarter.
Freddie Revises Restatement
Freddie Mac will restate 2005 net income by $220 million.
18th Consecutive MTA Increase
The Monthly Treasury Average continued climbing in October.
Countrywide Continues Decline
Monthly originations eased at Countrywide Financial Corp. and appear to be headed lower.
AmNet Fundings Headed Lower
Monthly volume was nearly double the level a year ago, American Mortgage Network reported. But production is headed lower based on pipeline activity.
Fed Reports Weaker Mortgage Demand
The financing of home purchases slowed during the latest quarter, according to a government survey of bank loan officers.
5 Steps to Reduce Privacy Breaches
Mortgage bankers can take five steps to reduce the chance that the private borrower information they collect and maintain will be breached, according to a white paper from the group's trade association.
Mortgage Servicer Sued Over Privacy Breaches
Financial information for 200,000 people, including 60,000 with active mortgages, has been stolen from a Texas-based loan servicer -- landing the company in court.
Lead Companies Consolidate
A publicly traded mortgage lead provider has agreed to pay more than $5 million to acquire a California-based loan lead company.
A Woman's Prerogative
Marketing to women today is altogether different than yesterday. It's time to adjust the promotional efforts and the mind set of salespeople to fit the psychological schematic of today's contemporary woman, according to one marketing book that says women are responsible for 85 percent of all consumer-buying decisions.
FHA Cashouts Increased
FHA lenders and originators can now offer cashouts up to 95%.
FED Suspends Loan Officer
The Federal Reserve Board recently suspended a loan officer who was charged with fraud committed while working at another bank.
National City Consolidates Employees
National City Mortgage has implemented a consolidation plan, and wholesale lending employee changes are apparently leading the way.
Mortgage Jobs Set New Record
Rising rates have not held mortgage lenders and brokers back from employing more people than ever.
ARMs Lead Jump in Rates
Applications waned while stronger-than-expected economic data fueled a jump to the highest rates in years.
Fastest Growing Private Mortgage Companies
The fastest growing mortgage-related private entities include a wholesaler, a net branch company and a lead company. The top ranked company has grown more than 5,000% in the past three years.
Lead Co Adding 350 Jobs
A mortgage lead provider's expansion into the Pacific Northwest will create hundreds of job opportunities.
Foreclosure Discounts Vary by Market
A new study by a mortgage vending giant found lenders in some markets regularly accept much deeper discounts when selling foreclosed properties than others.
CPAs to Originate
A Connecticut mortgage company is recruiting certified public accountants and other financial professionals to originate mortgages.
Cashout activity in the third quarter maintained its pace and is expected to continue in high demand amidst falling refinance volume and rising rates.
Accredited Home Lenders Holding Co. pushed production and earnings to a record during the third quarter.
COFI at Highest Level Since 2001
The cost of funds index continued its unrelenting ascent.
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