Fifth Third Closing Wholesale Division
Just months after cutting back its wholesale lending business, Fifth Third Mortgage is closing down the entire wholesale division. The current regulatory environment was cited.
Ocwen Unit Drives Reverse Mortgage Production Higher
For the second consecutive month, lenders lifted production of federally insured reverse mortgages higher. Ocwen Financial Corp.'s subsidiary was responsible for the improvement.
Lennar Closing Wholesale Unit
Lennar Corp.'s wholesale lending business is calling it quits, bringing to four the number of wholesalers that have closed down this year. Among other recent mortgage-related casualties were two banks, one credit union and a mortgage trade group.
Risk of Mortgage Fraud Declines
Lenders faced less risk of mortgage fraud during the final three months of 2013. But on multi-unit properties, borrowers were over three times more likely to lie about occupancy than on single-unit transactions.
Mobile Mortgage Solutions
As mobile usage continues to surge, several mortgage service providers, as well as a wholesale lender and an appraisal management company, are cranking out new mobile applications. But a bank study cautions users about mobile risks.
Wholesale Leads Decline in Reverse Mortgages
|Bank Failures Fall to 6-Year Low
The rate of bank failures in 2013 slowed to the lowest level in six years, helping to drive down overall mortgage-related casualties by more than a quarter. Several wholesale lenders have recently closed down.
The latest monthly report on reverse mortgage production was worse, and a 17 percent drop in wholesale originations was responsible for much of the deterioration.
The Wholesale Mortgage Business
Wholesale providers of home loans are expanding their territories, improving their technology and polishing their brands as they seek to garner a bigger share of the mortgage broker market.
Originations, Servicing and Staffing Up at Stonegate
Stonegate Mortgage Corp. is the only residential originator yet to report a gain in quarterly business. The lender also increased its servicing portfolio and expanded its staffing. Recent acquisitions fueled the growth.