Best Mortgage Franchise
Only one mortgage-related company is among America's 500 best franchise opportunities.
PHH Servicer Ratings Improved
PHH Mortgage Corp. got some good news from a major ratings agency.
Revised Appraisal Forms Performing Well
New residential appraisal forms are making it easier to detect mortgage fraud.
Schemes Borrowers Should Avoid
The nation's mortgage brokers have issued advice about how prospective borrowers can avoid predatory lending and other mortgage finance schemes.
Rates Ease, So Do Apps
The one-year adjustable rate mortgage led a decline in mortgage rates this week. But falling rates weren't enough to stimulate loan applications.
New Mortgage Spam Phrase Makes AOL Top 10
America Online Inc. has analyzed hundreds of billions of spam messages, and among the top ten phrases was one about mortgage application status.
Woman Wins Nearly $5 Million Verdict Against Ameriquest
An Oklahoma borrower, who claims Ameriquest Mortgage Co. ruined her credit because it didn't pay off mortgages in refinance transactions, has won the largest individual verdict ever obtained against the massive subprime company.
Nonprime Servicer's Rating Improved
A relatively new Colorado-based company saw its nonprime servicer ratings improved.
Pros, Cons of Annual Lead Contracts
A lead generation company offering one-year packages for a single upfront fee claims it can cut lead costs by as much as 90 percent. But at least one competitor questions the accountability that accompanies annual agreements.
Broker Bags Business By Cutting Out Realtors
A Houston mortgage broker has launched a campaign to attract customers by offering free real estate services.
FHA Loan Limit Raised
The Department of Housing and Urban Development has made higher FHA-loan limits official.
Company Used Fake Broker License
Massachusetts regulators have shut down an unlicensed mortgage broker who tried to use a fake letter from the state as verification of license approval.
Net Branch Adds Offices
One of the country's biggest brokers has expanded in three states.
Chicago Lenders Back in Business - For Now
A decision by Illinois regulators to delay implementation of new lending laws has, at least temporarily, halted plans by some mortgage brokers and title companies to stop doing business in parts of Chicago.
Laid Off Mortgage Employees Form New Company
Eighteen former employees of CUNA Mutual Mortgage Corp. have formed their own mortgage banking company in Middleton.
Broker Kills Partner
Something went terribly, fatally wrong for a pair longtime friends and mortgage brokerage partners from Colorado.
Fannie Business Holds
Fannie Mae volume edged up in November.
Best Mortgage Lenders
Ranking highest in a recent study of customer satisfaction during the mortgage origination process was a company known more for wholesale lending than retail.
FHA Appraisal Standards Eased
FHA appraisal standards have been eased to allow some minor defects on homes to remain in need of repair at funding.
Freddie Forecasts Rising Rates
Traffic slowed at mortgage shops as long- and short-term rates drifted apart heading into the holidays.
New Century to Acquire Warehouse Lender
New Century Financial Corp. will acquire an independent Texas-based residential warehouse lender.
Freddie Boosts Business
Freddie Mac boosted business purchases 16% during November.
WaMu Consolidates Prime, Subprime Units
Washington Mutual Inc. is realigning its subprime and warehouse lending units.
Solid 2005 Originations Won't Hold in '06
Mortgage debt grew at the fastest pace in a quarter century because of robust home equity lending and record home sales.
LO Steals Down Payment
Bruce and Martha Miles thought they were putting down $53,000 with a North Carolina mortgage loan officer to buy a new house.
ARM'd & Dangerous
A 42-page report from banking regulators warns about option ARMs -- especially those where a second mortgage was closed simultaneously. The report also suggests lenders be more prudent about handing out reduced-documentation loans.
West Coast Brokers See Increase in 40-Year Originations
As mortgage rates rise to 7% next year, 40-year fixed-rate mortgages will become more common in the Golden State, according to a recent survey of mortgage brokers.
Nebraska Nails License Violators
Nebraska officials charged two mortgage companies with violating the states revised licensing laws -- leaving one out of business.
Broker Running for PA Lieutenant Governor
A Philadelphia-area mortgage broker is running for lieutenant governor in Pennsylvania.
Lost Tapes With Private Data Found
Security personnel got an early Christmas present at ABN AMRO Mortgage Group Inc.
Most Diverse Mortgage Employers
Several mortgage-related companies were recently recognized as being among the most-diverse employers.
Florida First in Foreclosures
New foreclosure activity slowed from a year-high pace.
Chase Still Battling Poconos Homeowners
A settlement between Chase Manhattan Mortgage Corp. and borrowers who say they were duped into buying overpriced homes in the Poconos may be on the rocks.
Bank Buys Calif. Wholesaler
The Federal Reserve Board approved three banking mergers despite opposition to the transactions, while a North Carolina bank swallowed a growing mortgage wholesale lender.
Pricing Technology Aids Primary, Secondary Markets
One mortgage technology company claims its suite of office programs does the work of four secondary marketing employees.
Bank Goes Branch
A privately held national bank has launched a new net branch operation.
Correspondent Lender Fined for Phone Calls
Florida officials have taken legal action against a correspondent lender for telemarketing to prohibited phone numbers.
Scratch-and-Dent Loans Holding Up
Pools of problem loans have become more common in the residential mortgage-backed securities market and will likely continue to see improved performance, according to a new RMBS analysis.
Private Data on 2 Million Borrowers Lost
The personal data of about 2 million ABN AMRO Mortgage Group Inc. borrowers was lost by an overnight courier.
Rates, 1003s Down
Applications slipped as signs of contained inflation helped relax rates.
Citigroup Unit Stung by Chicago Gangs
When financial services giant Citigroup purchased Associates First Capital Corp. in 2000, it got more than one of the nation's largest subprime lenders.
Mortgage Co. Prepares to Thrive as Industry Slows
When the mortgage industry heads for a lull, one successful entrepreneur sees it as an opportunity to fine tune his sales teams, add innovative technology, and create an increasing presence while most competitors might sink back to a mere existence.
Citi Servicer Ratings Upgraded
Citigroup's conforming unit and subprime subsidiary are doing a better job servicing loans.
Mortgage Bankers Deliver Delinquency Data
Mortgage bankers reported higher delinquencies and lower foreclosures in the third quarter. But the figures, which don't yet fully account for the impact from the recent storms, may get worse.
Recent Fraud Losses Over $1/2 Billion
Losses to the mortgage industry have recently totaled more than $600 million, according to a new government report.
Lender to Pay LOs Base Plus Commission
Bypassing overtime issues arising over originators who don't earn the minimum required compensation, a national lender plans to pay its mortgage loan officers a base salary.
Monthly Declines Hit National City
National City Corp. reported its third consecutive monthly decline.
Ameriquest Settlement May Be Near
Ameriquest Mortgage Co. may settle charges brought on by 33 states and clear a path for the company's billionaire founder to take a job with the U.S. State Department.
Downey Fundings Contract
Downey Financial Corp.'s volume drifted down at for the third consecutive month.
Bank Goes Wholesale
Mortgage brokers will soon have a new wholesale lender with the launch of a new unit by a Washington, D.C.-area bank.
Calif. Broker Outsources Lead Generation
One of the country's biggest brokers is outsourcing its marketing and lead generation.
Predatory Lending Fueling Buckeye Foreclosures
With Ohio leading the nation in foreclosures, state legislators and the mortgage lending industry are locked in heated battle over how best to protect consumers.
PNC, First Horizon Ink Online HEL Deal
First Horizon National Corp. and PNC have negotiated a production agreement for home equity mortgages originated online.
PHH Mortgage Pays OT Fine
PHH Mortgage was fined for failing to pay overtime wages to 13 New Jersey workers, according to state officials.
Delinquent Borrowers Unaware of Options
Many delinquent borrowers needlessly lose their homes to foreclosure, according to a new report.
Recent mortgage-related corporate transactions include SunTrust's acquisition of bank branches located inside the stores of a global retail behemoth, Washington Mutual's sale of several Texas branches, and a capital infusion that will help one net branch operation scoop up more branches.
New Century Shifts Exec Responsibilities
New Century Mortgage Corp.'s president is stepping aside.
Broker Fined & Suspended Over Fake Disclosures, Overcharges
A Mississippi mortgage company has lost its license and been hit with hefty fine for what regulators call "severe" violations of the state's mortgage laws.
Killer Sales Presentations
A recent seminar in Troy, Mich., provided attendees with some solid suggestions for shaping up sales.
Best Mortgage Web Sites
A recent study of mortgage Web sites recognized a West Coast banking behemoth as having the best virtual real estate. The report's authors recommended several areas where lenders can improve their online operations.
More Than 25,000 FHA Louisiana Borrowers Delinquent
The delinquency rate of Federal Housing Administration-insured loans in the five states affected by Rita and Katrina exceeds 17 percent, with the Pelican State accounting for about half of it.
New Year to Bring Higher Rates
Application activity and rates jumped -- although rates are expected to rise at a slower pace than previously anticipated.
Reverse Cap Raised
Reverse mortgage borrowers will be able to access more equity following an increase in reverse loan limits.
November Numbers Narrower at New Century
Volume slipped for the third consecutive month at New Century Financial Corp.
3-Month Decline at Countrywide
Originations fell for the third consecutive month at Countrywide Financial Corp.
Subprime Performance to Worsen
As rates rise over the next year, Fitch Ratings sees subprime delinquencies rising.
Mortgage Entrepreneur Ranks High
The founder and chief executive of a Washington-based nonprime wholesale lender was one of three finalists for an award for the nation's top entrepreneur in financial services.
PNC Breathes New Life Into Mortgage Business
Five years after exiting the mortgage business, PNC Bank is jumping back into the game with a slew of new hires. The revived operations include retail and wholesale channels.
Washtenaw Mortgage Shuts Down
Rising interest rates were too much for Ann Arbor, Mich.-based Washtenaw Mortgage.
Broker Growth Fuels Georgia Fraud
No place has been hit harder by the rash of mortgage fraud sweeping the nation than Georgia.
AmNet Originations Off
Monthly production eased at American Mortgage Network, and its pipeline does not indicate an increase in the year's final month is likely.
Many Borrowers Mortgage Illiterate
Many purchase borrowers admittedly lack knowledge of mortgage products, according to a recent survey conducted by a private mortgage insurer.
MTA Highest in 4 Years
The Monthly Treasury Average increased for the 20th consecutive month in November.
More Hurricane Relief
Borrowers with Federal Housing Administration-insured loans are being encouraged not to abandon their hurricane-damaged properties.
Ellie, Calyx Settle
Two giants in mortgage origination technology have settled a lawsuit.
An Ohio wholesale lender has launched a 30-year home equity loan.
Diverse Mortgage Mergers
Among recent corporate transactions in the mortgage industry are announcements by two major mortgage insurers, the closing of a lead company acquisition and a small bank's triumph in getting government approval to acquire another despite accusations of discriminatory lending.
Wrong Borrowers Using Option ARMs, OCC Warns
The nation's banking regulator is concerned that the unqualified borrowers are beginning to utilize risky payment-option adjustable-rate mortgages with negative amortization.
Broker Thrives Using Technology
For the last ten years technology has helped one mortgage broker increase productivity; keeping him in the forefront when it comes to notable mortgage volume.
Countrywide Cutting CA, FL Jobs
Countrywide Home Loans will soon shut the doors to two offices -- a move that will result in approximately 300 layoffs in the Golden and Sunshine states.
More People Than Ever in Mortgage Lending
Mortgage employment kept chugging along in October -- reaching another all-time high.
COFI Rise Uninterrupted
The cost of funds index rose again -- this time to a new four-year high.
Rates, Apps Off
A slowdown in refinances, despite falling rates, dragged down overall mortgage activity.
Simple Steps for Sales Success
Traditionally our goals include achievement of production and monetary goals. And these are important. But more important is addressing the activities that will help you achieve your production success. All goals are achieved one step at a time. You must start with the activities that will help you to achieve your monetary goals.
Biggest Mortgage Advertiser to Hispanics
Of the 50 companies that were identified as the biggest advertisers to the Hispanic market, only one was mortgage-related.
NetBank Servicer Rating Downgraded
Profit pressures, poor customer service and management's slow response to internal auditing issues have diminished NetBank's ability to service loans, according to a major ratings agency.