home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

FHA Wholesaler Seeks Brokers, Employees

Mid-Island hiring 100

August 29, 2008

By MortgageDaily.com staff

An FHA mortgage lender based in New York has launched a wholesale lending division and is adding employees.

The company, Mid-Island Mortgage Corp., announced Wednesday that it launched a new corporate wholesale division. The unit focuses solely on loans insured by the Federal Housing Administration.

"The goal of this new division is to provide sound, sober lending to an industry that has seen many of its revenue sources dry up," the Westbury, N.Y.-based company said in the statement.

Mid-Island has been around since 1959 and was approved by the U.S. Department of Housing and Urban Development to make FHA loans in 1960, a spokesman said today in a statement to MortgageDaily.com. The firm claims to be "New York's longest established mortgage banker."

Unlike other FHA wholesalers that require minimum credit scores of 580, Mid-Island said it has no minimum credit score and considers loans of all credit quality. Assets, credit and the secured property are all evaluated.

"We have used a common sense approach to underwriting for the past 50 years," the statement said. "Getting to the bottom of the borrowers repayment ability is something we specialize in. Sometimes this means taking extra steps to ensure we make a quality loan."

While the company wouldn't disclose its 2007 originations, it did say this year's production is expected to exceed last year's by 75 percent.

Mid-Island noted it is approved as a seller servicer with Fannie Mae and Ginnie Mae. Its servicing portfolio has grown 26 percent since December, and it retains mortgage servicing rights on 95 percent of the loans it originates.

Mid-Island has hired 88 employees during the past 12 month, bringing its current headcount to 120. Around 25 "heavy hitters" were hired from firms including Countrywide, New Century and GE Capital for its new wholesale operation.

Over the next 12 months, the lender expects to hire another 100 employees.

Mid-Island said it is licensed in 12 East Coast states.

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders