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Top Mortgage News in August
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Broker's Business is Booming
A St. Louis mortgage broker, who is on track to increase his originations this year by nearly 40 percent, attributes his success to strategic networking.

Gary Bussard closed $23 million during the first six months of 2008, he told in a statement today.

The first-half activity has him on track to surpass his full-year 2007 production of $33 million by 39 percent.

While his recent activity is a far cry from the $80 million he said he personally originated in 2003 -- when U.S. mortgage production was a record $3.8 trillion, it was still enough for Bussard to reportedly earn a top-30 national ranking by one mortgage broker trade publication.

He founded Residential Mortgage Consultants in 1994.

The company was acquired by Envoy Mortgage 13 years later, and Bussard still manages it as a St. Louis branch today.
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Chase Eliminates Wholesale Jumbos
JPMorgan Chase & Co. is eliminating its non-agency products for mortgage brokers.

Chase Wholesale issued a bulletin today indicating it is suspending it non-agency products within the wholesale lending business.

The move impacts both fixed-rate and adjustable-rate mortgage programs.

Impacted product features include the super jumbo feature; non-agency premier program; non-agency Chase signature series streamline purchase, no cashout and cashout refinances currently available on market types 623, 603, 510, 516, 517, and 513; and non-agency LPMI currently available on market type 603.

Any remaining non-agency loans must be registered by Aug. 3 and delivered to underwriting by Aug. 31. The last day to close and fund non-agency loans is Sept. 15.
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Housing Bill Approved
Landmark housing legislation has made it through both houses of Congress and is now on its way to the president's desk.

Lender Dumps Brokers, Expands FHA Retail
A New York-based company is closing its wholesale operations as it steps up its retail government business.

Citi's Warehouse Unit Cuts More Jobs
More layoffs are planned at Citigroup Inc.'s warehouse lending unit.

Best Mortgage Broker
The group representing U.S. mortgage brokers has identified a VA broker as the country's best mortgage broker. Two commercial mortgage wholesalers were also recognized.

Housing Bill Now Law
President Bush has signed a massive housing bill into law. The legislation includes provisions for a stronger agency regulator, a first-time homebuyer tax credit and foreclosure assistance.

H.R. 3221 signed by President

Legislation Aims to Bring DPA Back
Just as seller-funded downpayment assistance appeared to be on its way out the door, new legislation has been introduced to bring it back.

Biggest Mortgage Lenders
A new company has emerged as the biggest U.S. mortgage lender.

Lawsuits Pile Up Against Countrywide
Countrywide Financial Corp. is facing its seventh lawsuit in three months. The latest action alleges overcharging, mortgage fraud and poor underwriting.

Broker's Business is Booming

Chase Eliminates Wholesale Jumbos

Read the full text of these articles and many more at:


Sam Garcia
Mortgage Industry News

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