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January 2004 Archives


Mortgage Market Weakens
Mortgage application traffic dipped, while rates nudged up and will likely continue in this direction, according to industry analysts.
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Regulator Says E-Mortgage Still Years Off
A new study examines the challenges and chances of e-mortgage lending becoming an industrywide reality.
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Notary Fraud Leads to Foreclosures
A Pennsylvania man has been accused by state prosecutors of illegally notarizing mortgage documents in a scheme to dupe low-income homeowners into securing inflated home loans.
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Volume Off at Chase
Volume sank 45% at the mortgage lending arm of JP Morgan Chase & Co.
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Lost Customers Are Source of Business
Industry commentary
by Dave Hershman.
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Freddie's New Business Purchases Worst Since Summer '02
December new business purchases were the lowest of the past eighteen months for one of the nation's secondary mortgage lenders.
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First Horizon 4th Quarter Production Off by More Than Half
Quarterly volume plunged while annual figures soared for the mortgage lending arm of a financial holding company that may soon change its name.
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Jobs Cut at Fairbanks, WaMu
Two mortgage lending companies said they will layoff a combined 2,204 mortgage employees by the second quarter of the year.
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Drop In Refis Won't Curb Consumer Spending, Fed Says
Even though home mortgage refinancings will slow this year consumer spending won't suffer, according to a new study by the Federal Reserve Bank of New York.
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Purchase Apps at All-Time High as Rates Fall
Applications for purchase mortgages soared to record levels as prospective borrowers flocked to loan originators to lock in recently improved interest rates.
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Fundings Fall at WaMu
Following the path of some competitors, one Seattle-based banking behemoth reached an annual record, despite that volume fell in the last quarter of the year.
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Originations Ascend at ABN AMRO
The year ended on a good note for one Michigan-based lender that reported increased monthly production and an annual all-time high.
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December Volume Down at Fannie
Fannie Mae's December business volume resulted in the lowest monthly total of 2003, but yearly results shone bright.
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Wells Production Plummets
Fourth quarter originations resulted in a 55% slash for a San Francisco banking behemoth.
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SunTrust Fundings Sink
Quarterly mortgage production plunged 54% at SunTrust Banks Inc.
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Rates Tumble to Lowest Point Since Last Summer
Mortgage applications recovered somewhat, while slowed job growth pushed rates to the lowest level in more than six months, according to industry analysts.
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4th Quarter Production Plunges at BoA
Mortgage volume shrunk by more than half at a North Carolina-based retail and investment bank.
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Discrimination Against Whites Leads to Flagstar Settlement
A Michigan lender has settled charges that it charged fees differently to whites and nonwhites. However, unlike typical cases of this nature, it was the white borrowers that paid more.
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Successful Broker Facing 25 Years for Murder of Wife
On March 28th of last year Medford, Oregon, mortgage broker Ron Glick was supposed to sign the final papers in his divorce.
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Cougar Attack Won't Keep Originator From Biking
Despite that a mountain lion killed a man and severely injured a woman in a local protected riding area, one loan originator said he will continue bicycling the wildlife trails of southern California.
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Bad Management Led to Instafi.com Meltdown
The failure of two California-based mortgage lenders has aroused the scrutiny of state lawmakers.
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Flagstar Fundings Up
December mortgage volume stepped up for a Michigan-based banking institution and an annual record followed.
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Turnaround in Production for Countrywide
Joining the string of companies reporting annual record volume was Countrywide Financial Corp., which reported an increase in monthly volume after declining since July.
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7,500 Jobs Slashed From Mortgage Industry
The number of employees working in mortgage-related jobs sunk by 7,500, according to a recent government employment report.
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OCC Launches 'Preemptive' Strike
A federal agency has picked a fight with the New York Attorney General, consumer groups, and others with new regulations governing nationally chartered banks.
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Improving Mortgage Market Still Way Off Last Year's Level
While rates are almost unchanged from a year ago, applications are off way off last year's levels -- highlighting that the ride on the way down is nowhere near as good as it was on the way up.
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$10 Million Broker is MortgageDaily.com Icon of 2003
Mortgage broker Leif Thomsen is in for a big pay cut in 2004.
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ABN AMRO Volume Sinks in November
While monthly volume decreased by 25 percent for a Michigan-based banking subsidiary, 2003 loan production will set a new record.
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Best Mortgage Companies to Work For in 2003
Fortune's latest 100 Best Companies to Work For list included 12 mortgage-related entities.
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Jumbo RMBS Outlook Positive, Fitch Says
Recent RMBS ratings news.
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Meltdown at Metropolitan
It is hardly a happy new year for Metropolitan Mortgage & Securities, its shareholders, or policy holders.
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Monthly Payment on Candidate's Home Could Top $50k
Massachusetts Democrat John Kerry, trailing in polls and fundraising to party front-runner Howard Dean, has taken a $6.4 million mortgage against his $10 million Boston town home.
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COFI Tumbles 9 BPS
One index used in calculating periodic adjustments to variable rate loans continued its historic run in 2003.
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Mortgage Market Closes Out 2003
Mortgage application activity slowed over the Christmas holiday and although long-term rates nudged up, one industry analyst said the low inflation outlook will keep them low for some time.
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Subprime Strong at WaMu
Subprime and home equity production soared in 2003 at Washington Mutual Inc.
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Radian Takes Big Conseco Hit
Philadelphia-based mortgage insurer Radian Group Inc. is taking a big loss -- and a beating from the ratings agencies -- over a manufactured housing deal gone bad with bankrupt Conseco Finance Corp.
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$4.1 Billion in December Subprime, Home Equity Fundings at Countrywide
The subprime division of a Calabasas, Calif.-based lender announced milestone production.
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December Originations Up at New Century
New Century Financial Corp. announced increased monthly production while achieving record-breaking annual volume.
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Tennessee Study Says Minority Share of Subprime Loans Not Disproportionate
A new study found Tennessee subprime lending contributed significantly to the state's economy and defies previous reports that this type of lending is not concentrated in minority neighborhoods or within low-income groups.
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Report Says Predatory Lending Issues Mostly Resolved for RMBS Issuers, Servicers
Recent subprime RMBS ratings news.
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Las Vegas Lender Refutes FHA Terminations
One FHA lender is demanding clarification about recent HUD Credit Watch terminations.
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FHA 100% Slated
FHAs commissioner has indicated that the maximum loan-to-value on government-insured mortgages could increase later this year.
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FHA Scorecard Deadline May 1
Lenders will soon be required to use a new scorecard for FHA to insure mortgages that utilize automated underwriting.
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CTX Branch Among 15 Lenders to Lose FHA Approval
HUD terminated origination approval agreements for fifteen lenders, including a branch lender of a large Dallas-headquartered mortgage co
mpany.
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Financial Freedom Reports Production Increases
A Lehman Brothers Bank subsidiary announced it continues to remain the top reverse mortgage lender after reaching milestone loan production in 2
003.
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FHA Limit Upped
Following the recent increase to the conforming loan limit, the government-insured mortgage maximum has been raised.
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VA Loan Limit Bumped
Ginnie Mae now pools higher-limit home loans guaranteed by the Department of Veterans Affairs.

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Venture West Production Off
A Southern California firm reported a drop in quarterly mortgage production.
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Anatomy of a Failure
In mid-2003 Partners Mortgage Corp., a private commercial mortgage lender located on posh Mercer Island in Seattle, appeared to be in a strong financial position.
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Farmer Mac Fundings Flounder
The national secondary market lender for agricultural real estate loans reported decreased volume.
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Sinking Commercial Fundings at WaMu
Quarterly multifamily production sank at Washington Mutual Inc.
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Commercial Originations Collapsing at ABN AMRO
Although residential production finished the year off brightly for ABN AMRO Mortgage Group Inc., commercial volume did not follow suit.
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Multifamily Magic & More
Recent commercial mortgage transactions.
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Record 2003 Production at Bridger
A San Francisco-based commercial real estate conduit finished 2003 with milestone numbers
.
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Commercial Production Dives at ABN AMRO
Commercial loan volume shrunk by nearly half for ABN AMRO Mortgage Group Inc.
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AAA, AAa, & aaa
Recent CMBS ratings news.
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