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Mortgage Graveyard
Failed, Closed and Acquired Mortgage-Related Entities

troubled bank list | ailing banks

read about Mortgage Graveyard at FHFA | Wall Street Journal

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Latest Mortgage Graveyard Headlines
Last Updated Friday, May 24, 2013 02:28 PM Texas Time



Annual Activity

Former CEO of Failed Bank Convicted
A federal jury has reached a guilty verdict in the criminal case of the former chief executive officer of a failed bank. Also convicted were a former vice president of the bank, the CEO's son and a former customer of the bank.

When the Virginia State Corporation Commission closed Bank of the Commonwealth in September 2011, the Norfolk, Va., financial institution had $985 million in assets.

At the time, the Federal Deposit Insurance Corp. estimated that the cost to the Deposit Insurance Fund would be $268 million.

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Appraisers Go After Chase for Fees from Failed AMC
In January, Evaluation Solutions/ES Appraisal Services declared bankruptcy, leaving thousands of real estate appraisers, agents and brokers with unpaid invoices for work performed. With close to nine million dollars in unpaid invoices for appraisals and broker price opinions, it is the worst of a growing number of appraisal management company failures that have left appraisers stiffed and steaming.

Ally Discloses ResCap Settlement Amount
Ally Financial Inc. has unveiled the terms of its proposed settlement with creditors of its bankrupt former subsidiary, Residential Capital LLC.

AMC to Pay Some Appraisers Up Front
A new program from a national appraisal management company will enable appraisers to be paid when they do the inspection -- eliminating liability for mortgage lenders.

RESPA Violations Prove Costly for Bank, Builder
A Texas bank has been fined, and a Texas builder has agreed to a settlement over alleged violations of the Real Estate Settlement Procedures Act tied to joint ventures.

Settlement Relieves Ally of Mortgage Liabilities
A settlement reached with creditors of its former mortgage subsidiary will free Ally Financial Inc. from most of its mortgage liability to third parties.

More Bank Executives Headed to Prison
Whoever said that nobody has gone to jail for causing the financial crisis hasn't been following the numerous criminal cases against former executives of failed banks. Defendants are accused of a range of crimes including mortgage fraud, embezzlement and accounting fraud.

Failed Bank's Former President Indicted Last Year
Losses at one of last week's bank failures are expected to exceed 40 percent of its assets. The former president at the bank had been indicted for loan fraud that allegedly occurred while he was at the firm. Two other financial institutions are also no longer in business.

Acquisition Shakes Up CRE Servicer Standings
Two deals announced this week will create a new No. 3 servicer of commercial real estate loans and substantially reduce the CRE servicing portfolio of a mega-bank.

Nationstar Expanding
Nationstar Mortgage Holdings Inc. reported record originations, grew its mortgage servicing portfolio and expanded its workforce. Thanks to the acquisition of another lender as well as the purchase of additional mortgage servicing rights -- the outlook is for further growth.

Year Closed Acquired
2013 26 14
2012 83 27
2011 138 30
2010 211 42
2009 235 61
2008 127 47
2007 167 53
2006 32 24
2005 8 13
2004 10 13
2003 12 8
2002 13 3
2001 7 7
2000 12 0
1999 12 2
1998 3 4

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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.



Financial Regulation News | Regulatory Actions | Mortgage Regulations Table
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.



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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.




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Success Stories

March

United Shore Adding Hundreds of Employees
United Shore Financial Services LLC has already seen a rapid pace of growth, and plans are to continue expanding production and staffing.


Chicago Bank Becomes a Mortgage Player
A Chicago bank has been expanding its mortgage business and is now rivaling national players. The company has been aggressively recruiting new employees to keep pace with the growth.

Hundreds of Mortgage Jobs Coming to North Texas
North Texas will serve as the new dual headquarters for a relatively young California-based lender. The expansion is expected to create several hundred new jobs on top of hundred of other new employees the company has recently recruited.


December

Production, Staffing Growing at loanDepot.com
A recruiting campaign at loanDepot.com LLC is expected to help the nearly three-year-old company achieve a staffing milestone this month. Helping to drive the hirings is loan production that has grown to an annual run rate of more than $10 billion.


Mortgage Firms Recognized for Most Hirings
A ranking of small and mid-sized employers that are adding the most jobs to the U.S. economy includes several mortgage-related firms. The top-ranking lender specializes in mortgages for veterans.


AMC Sees More Growth Ahead
Growth at a fast-growing appraisal management company has been ongoing and looks likely to continue. A new product suite from the firm promises to help lenders do a better job reviewing their appraisal reports. The president of the company says today's automated valuations still fall far short of valuations determined by an appraiser.

November

Wholesaler Adding Over a Hundred Jobs in Q4
A wholesale mortgage lender headquartered in the Detroit area is hiring more than a hundred employees during the final three months of this year to help it keep pace with rapid growth in originations.

October

Mortgage Production Surges at United Shore
Residential loan production at United Shore Financial Services LLC continued at a torrid pace as the mortgage banker beefs up its staff to accommodate rapid growth.

July

Quicken Shatters Origination Record
Quarterly residential loan production at Quicken Loans Inc. blew past the online lender's prior all-time record to cement its standing as one of the nation's biggest originators of home loans. Quicken is hiring new employees as fast as it is increasing production.

Indiana Lender Reports Phenomenal Growth
With quarterly residential loan originations nearly tripling over the past year, an Indiana-based lender has moved to a bigger office to accommodate a growing staff. A recent investment by a private-equity firm will be used to increase third-party originations and acquire new branches.

California Company Growing and Hiring
A mortgage lender based in Southern California has moved to a new facility big enough to house a rapidly growing staff. The expansion follows the recent launch of a reverse mortgage business and a wholesale lending subsidiary.


June

Quicken Hiring Hundreds in Arizona
Hirings at a mortgage banker based in Michigan had already been brisk as annual originations increased by half last year. But now the company's recruiting campaign has gone into overdrive.

Michigan Lender Continues Expansion
Hirings at a mortgage banker based in Michigan had already been brisk as annual originations increased by half last year. But now the company's recruiting campaign has gone into overdrive.

Chicago Company Claims to be Country's Fastest Growing Lender
An Illinois firm proclaims that it is the fastest-growing U.S. mortgage company. Business at the corporation, which operates in most states, has more than doubled since 2006.


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