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| Last Updated |
Thursday, February 02, 2012 |
12:39 PM |
Texas Time |
Latest Net Branch and Mortgage Branch Headlines
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In the final three months of 2011, Fairway Independent Mortgage Corp. originated more loans than in any other quarter in its history. The company increased its staffing and plans to continue recruiting this year.
Residential originations totaled $1.3 billion during the fourth quarter at the Sun Prairie, Wis.-based company, according to a news release Thursday.
It was the biggest quarter ever for Fairway.
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New quarterly production at Primary Residential Mortgage Inc. was up by nearly a quarter, though annual originations eased. The company expanded its compliance management staff. PRMI sees growth exceeding 40 percent this year.
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Mortgage lawsuits, executive compensation and actions against government mortgage lenders were all subjects that were among Mortgage Daily's 10-biggest stories of 2011. The loan originator compensation rule was the topic of three of last year's blockbuster articles. But it was a story about top-selling loan originators that grabbed the most attention.
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A company operating from Georgia wants to become the eHarmony of net branching.
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Mortgage banking firms are scooping up local branches at a healthy pace, and at least three of the branch recruiting operations are based in Houston. More than a thousand branch locations have been added to the national registry during the most-recent quarter.
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A federal judge has granted Allied Home Mortgage Corp.'s motion for a preliminary injunction preventing its suspension as an approved Federal Housing Administration mortgagee. Allied successfully argued that the mortgagee that caused FHA losses was separate from the current operating entity and that its suspension would have consequences that can't be reversed.
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State regulators in Maryland have suspended Allied Home Mortgage Corp.'s license and asked the struggling firm to remove an online notice indicating that it expects to resume lending this week.
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In a lawsuit filed against the Department of Housing and Urban Development, Allied Home Mortgage Corp. -- which says it is "on the brink of collapse" -- claims that the entity which broke the rules on Federal Housing Administration loans is separate and distinct. In addition, any alleged shortcomings have been eliminated through a new operational entity which has exemplary performance.
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The nation's self-proclaimed biggest mortgage broker has halted new business. In addition, its bank account has been frozen -- leaving staff unable to work.
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Allied Home Mortgage Corp., which claims to be the "the nation's largest privately held mortgage banker and broker," has lost its ability to originate and securitize loans insured by the Federal Housing Administration and has been sued by the government over allegations of fraud. Claims on FHA loans funded by Allied are on track to exceed $1 billion. The company is accused of operating its offices as net branches in violation of FHA requirements.
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