Servicing Business Becoming Unprofitable
The cost of servicing residential mortgages has gotten so out of hand that it is starting to make sense for some firms to get out of the business.
Costs associated servicing a performing mortgage are projected to increase between 25 percent and 50 percent compared to pre-crisis levels.
On non-performing loans, the costs are likely to more than double.
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California Bank Picks Up MetLife Production Employees
A California bank saw an opportunity to hire several dozen employees, including top producing loan originators, who work for MetLife Home Loans.
Citi Abandons Broker Business
Citigroup Inc.'s mortgage lending unit is getting out of wholesale lending.
Generating and Managing Mortgage Leads
In addition to residential mortgage leads, loan originators now have access to leads for commercial mortgages, loan modifications and the federal refinance program. One lead generation firm recently started offering exclusive leads and a lead-scoring engine, while another is guaranteeing quoted rates for prospective borrowers. Two other lead firms recently merged.
Week's Bank Failure Costs Exceed $600 Million
This week's bank failures -- including a financial institution with more than $1 billion in assets -- more than doubled the number of federally insured banks that have been shut down so far during 2012. Losses from the latest round of closings are projected to exceed $600 million.
1st Bank Failure in More than Month
It had been more than a month since a federally insured bank had failed. But that streak ended Friday with a trio of bank failures. Costs from one of the three banks are expected to exceed $200 million.
Opportunity Lurks in MetLife Shutdown
The decision to close down MetLife Home Loans is obviously a big blow to the thousands of employees who work at the company.
MetLife Texas Layoffs Exceed 800
More than 800 Texas employees will lose their jobs as a result of MetLife Inc.'s decision to close down its home-loan business.
LendingTree Negotiates New Warehouse Lines
Despite its planned exit from mortgage originations, LendingTree LLC has increased its warehouse lending capacity. It the second time that the company has recently scored a new line.
Employees Impacted by MetLife Move
The closing of MetLife Home Loans will result in 4,300 layoffs, and some of those layoffs are in Washington state.
