Biggest Mortgage News in March
Subprime activity continued to dominate mortgage industry news during March, according to an analysis of traffic data from MortgageDaily.com.

The most-read story during the month was an article about FMF Capital LLC. The company's parent announced it would wind down the Southfield, Mich.-based lender. FMF was ranked among the top 400 fastest-growing private companies in the 24th annual Inc. 500 ranking, reflecting growth from 2001 to 2004. (www.mortgagedaily.com/ClosureFmf030907.asp)

A Tuscon, Ariz., account executive for Argent Mortgage provided a bright among an otherwise sour subprime sector. Diane Tucker won the title of Mrs. World at a contest held in the Russian Black Sea resort of Sochi. After she won the Mrs. America contest last year, Tucker told MortgageDaily.com, "I was in total shock; I couldn't believe it." (www.mortgagedaily.com/MrsWorld030907.asp)

Option One Mortgage Corp. did not meet the minimum $1 million quarterly net income for four consecutive quarters as required in covenants in eight of its committed warehouse facilities, according to a filing with the Securities and Exchange Commission. However, the Irvine, Calif.-based lender obtained waivers through April 27 from each of the creditors on Jan. 24. "We anticipate [Option One} will not meet this financial covenant at April 30, 2007," the filing said. (www.mortgagedaily.com/OptionOneProduction031407.asp)


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Most Popular March News
view these headlines on web

Subprime Wholesaler Winding Down
A company that recently ranked among America's fastest-growing private companies is calling it quits.

AE Crowned Mrs. World
An account executive for Argent Mortgage has been crowned Mrs. World 2007.
read news story

Option One Defaults on Covenants
Option One Mortgage Corp., which saw its quarterly originations fall, is operating with waivers from its warehouse lenders until April -- when the company hopes to obtain extensions.

Fremont Exiting Res Lending
A cease and desist order was disclosed by Fremont General Corp. -- which said it will exit subprime lending.

Mismanagement Kills Mortgage Firm
Arizona regulators are shutting down a mortgage company with over 80 branches because of extremely lax hiring practices, poor record keeping and incompetent management.

Ameriquest Consolidation
The parent of Ameriquest has laid off workers and consolidated operations across all business lines in order to survive the "very challenging" nonprime market.

LoanCity No More
LoanCity has closed down.

New Century Stops Taking Apps
New Century Financial Corp. has been unable to fund mortgage loans and has stopped accepting new applications.

Brokers Bcrraged with Bad News
More wholesale lenders -- including Countrywide Financial Corp. -- have advised mortgage brokers they are no longer interested in stated-income and 100 percent loan-to-value loans, according to correspondence reviewed by MortgageDaily.com.

Stated, 100% Programs Fading
Mortgage brokers say the recent subprime sector crunch has curtailed stated-income lending, reduced 100% loan-to-value products and increased underwriting problems.

Read the full text of these articles and many more at: www.MortgageDaily.com

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Thanks,
Sam Garcia
Publisher
www.MortgageDaily.com
Mortgage Industry News


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