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| Last Updated |
Monday, June 08, 2009 |
09:48 AM |
Texas Time |
Latest Net Branch Headlines
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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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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.
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Net Branch
1st Metropolitan Mortgage is a financially stable net branch
company partnering with top lenders nationwide.
www.1stMet.com
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Lenders One Mortgage Cooperative -- which acts as sort of a net branch for mortgage bankers -- reported continued growth in its membership.
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As it closes branches, reduces headcount and battles litigation in three states, 1st Metropolitan Mortgage has agreed to be acquired by a Texas firm.
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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.
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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.
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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.
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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.
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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.
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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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