Rising Rates Expected to Reduce
Mortgage applications went up and the 30-year remained almost flat, but the one-year adjustable-rate mortgage reached a record low last week.
Principal Mortgage to Layoff 500
Principal Financial Group announced Wednesday that it will phase out its traditional residential mortgage loan operation by Feb. 28, laying off about 500 employees in 78 branch offices.
Production Up 1/3 From 2001 at First Horizon
First Horizon reported an increase in loan origination volume, fueled by the record refi rage of 2002.
Share of Cashouts Fall
Freddie Mac-owned loans saw a decrease in cash-outs during the fourth quarter, the mortgage mammoth announced.
Record Purchases for Freddie as Earnings Restated
Mortgage phenomenon Freddie Mac reported record mortgage purchases for 2002, a leader of the pack of companies that the busy year benefited. The company also announced that it will restate earnings upward.
World Savings Sees Record ARM Originations
Joining the companies that enjoyed 2002's mortgage deluge, Golden West Financial Corporation reported record loan originations during the year and the fourth quarter.
Originations Up 71% From 2001 at Wells
Wells Fargo & Company reported quarterly and yearly increases in mortgage loan production.
Production Falls From 2001 at Chase
JPMorgan Chase & Co. announced an increase in fourth quarter mortgage loan production, but 2002 as a whole proved to be a challenging year for the lender.
Record 2002 Production at ABN AMRO
ABN AMRO Mortgage Group, Inc. reported a record-breaking year in production, led by its wholesale lending branch.
Broker Lies on Stand in $67 Mil Mortgage Fraud Case
A group of mortgage brokers have been accused of using fraudulent loan packages to help a New York builder sell properties at artificially inflated prices.
Threat of War Pushes Mortgage Rates Down
Mortgage applications took another turn downward, while mortgage rates decreased a bit upon increased threat of war.
MBA Sees 6.5% Rates, Near Record Purchase Activity in 2003
The Mortgage Bankers Association of America released its "State of the Real Estate Finance Industry" report, which recaps all-things housing from 2002 and states expectations for this year.
Mortgage Payment on Scandalous Execs House Tops $100k
My, how the mighty have fallen. And if you were to buy a home owned by one of 2002's scandalous corporate executives, your monthly mortgage payment also would be mighty.
Record $33.1 Billion 2002 GreenPoint Production
GreenPoint Financial Corp. ended 2002 with record origination of exclusively "A" quality loans, the lender said.
MBA Forecasts $1.77 Trillion 2003 Production
Mortgage originations won't be enjoying the heyday they did in 2002, according to the latest mortgage finance forecast released by the Mortgage Bankers Association of America.
Rates to Hover at Current Levels, Freddie Economist Says
Mortgage rates and the mortgage application index remained almost unchanged this week but turned their faces in opposite, unfavorable directions.
BoA 2002 Net $9.25 Billion
Bank of America Corporation announced an increase in net income during the fourth quarter and released its mortgage banking income.
Record $848.9 Billion Business Volume During 2002 at Fannie
Fannie Mae announced 2002 totals and fourth quarter results Wednesday, showing off plenty of increases -- except in net income, where the mortgage giant took a fall.
SunTrust Reports 2002 Earnings
SunTrust Banks, Inc. reported an increase in its average loans for the fourth quarter, but reported a dip in net income.
Record $5.3 Billion Flagstar December Production
Flagstar Bancorp, Inc. announced another record-breaking quarter and month of mortgage loan originations.
407,000 Employed in Mortgage Lending
The mortgage industry continues to provide an increasing number of jobs in a time when general unemployment is high.
Countrywide 2002 Production 1/4 Trillion
Countrywide Financial Corporation announced personal-bests in total fundings during the fourth quarter and the month of December.
MortgageDaily.com Users Top 10,000
The number of registered MortgageDaily.com users has passed the ten grand mark, according to a user registration system implemented in August.
Rates Rise From Record Lows
Mortgage rates increased slightly from last week's all-time low, with mortgage applications responding to those record low rates.
30-day Q3 Delinquency Down 14 bps, 90's rise
Mortgage delinquency slowed during the third quarter and foreclosures remained flat, according to the National Delinquency Survey released Tuesday by the Mortgage Bankers Association of America (MBA). The MBA is also debuting a look at prime conventional delinquencies alone.
Less Stress, More Sales
Industry commentary by Dave Hershman
Quicken Settles Charges it Failed to Provide Adverse Action Notices
Quicken Loans, Inc. has agreed to settle charges from the Federal Trade Commission that the mortgage lender violated the Fair Credit Reporting Act, the FTC announced Dec. 30.
How Low Can They Go?
Mortgage rates hit their lowest level in 40 years this past week. However, a stock market rally and the lack of traders caused related Treasury yields to spike during the past couple days.
Bankers, Appraiser Accused in Builder Fraud Case
Two former bank executives and an appraiser have been accused of playing a role in a scheme where one of Cincinnati's largest builders allegedly used funds -- intended to pay off construction mortgages -- to cover bad checks.