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Last Updated Monday, June 08, 2009 09:48 AM Texas Time

Latest Net Branch Headlines

Lender Acquires Branch Operation

An Arizona-based mortgage banker that shut down its wholesale channel three months ago has been acquired. The transaction adds a branch network and healthy lender relationships to a growing full-service mortgage operation.

United Residential Lending LLC was acquired by National Asset Direct Inc. and iServe Mortgage Company Inc., a news release today said.

Terms of the acquisition weren't disclosed.

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1st Met Converting to Mortgage Banker

With the potential imposition of limitations on yield spread premiums and limitations imposed by the Home Valuation Code of Conduct, 1st Metropolitan Mortgage said now is the perfect time to evolve from a mortgage broker to a mortgage banker as it is acquired by a Dallas-based firm. Once the deal is done, 1st Metropolitan plans a recruitment campaign for mortgage brokers.

Net Branch
1st Metropolitan Mortgage is a financially stable net branch
company partnering with top lenders nationwide.
www.1stMet.com

Membership Grows at 'Net Lender'

Lenders One Mortgage Cooperative -- which acts as sort of a net branch for mortgage bankers -- reported continued growth in its membership.

1st Metropolitan Sale

As it closes branches, reduces headcount and battles litigation in three states, 1st Metropolitan Mortgage has agreed to be acquired by a Texas firm.

Lawsuits, Lawsuits, Lawsuits

A net branch operator has been ordered by a judge to pay more than $700,000 to a former vice president who claims she was sexually harassed then fired for complaining. Among several other pending mortgage-related cases are predatory lending actions, fraud lawsuits and appraisal litigation.

Net Branch Sued Over YSPs to Hispanics

A net branch firm based in California has been sued by the government over allegations that its originators charged higher yield-spread premiums to Hispanic borrowers. The 45-branch operation says it originates $2 billion annually.

2 Casualties Rise From Dead

The mortgage casualty list increased by at least one last week. But the bad news was more than offset by the resurrection of two prior casualties -- including one former net branch operation.

Westsound fails, Chase to continue warehouse lending



Resistance to FHA Forced Firm's Failure

A California mortgage company's refusal to handle government loan programs led to the defection of many of its branch managers and -- ultimately -- its failure. The company had tried to hang on to the dying jumbo market.

Another Warehouse Casualty

A branch operation that had ranked as the second biggest mortgage lender in San Diego collapsed following the loss of its warehouse lines-of-credit. Its chief has joined another net branch company. The failed firm is one of seven companies accused in a lawsuit of stealing mortgage leads from LendingTree.

LOS Daily

Among features being touted by developers of loan origination systems are easy management of digital supporting documents, built-in disclosure compliance and cloud computing. A net branch hopes a new LOS will help its branches operate better.


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Mortgage Broker News
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.

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Net Branch News
Coverage of new and existing net branch operations. Programs, payouts and other details. Profiles of brokers and net branch lawsuits.

State Licensing Agencies
Table of licensing agencies by state, including contact and Web site information. Created with the help of Washington, D.C.-based mortgage law firm of Weiner Brodsky Sidman Kider PC.
State Licensing Requirements
Comprehensive table of licensing requirements by state, including licensing for companies, licensing for individual originators and education requirements. Created by the Washington, D.C.-based mortgage law firm of Weiner Brodsky Sidman Kider PC.