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Business at Freddie Falls
One of the country's secondary mortgage lenders reported a 17% decrease in January purchases.
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Apps Edge Up
The lack of good or bad financial news kept rates and application activity
quiet.
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ABN AMRO Monthly Production Down to $3.4 Billion
Monthly volume tumbled by 38% for ABN AMRO Mortgage Group Inc.

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Option One Activity Off
Volume decreased for the subprime-lending arm of H&R Block Inc.
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Processor's Murder Linked to Affair, Suicide
On the night of Dec. 29, Russian immigrant Faina "Fay" Zonis was late returning home from her job at Lighthouse Realty Funding, the Philadelphia-area firm where she worked as a mortgage processor.
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Subprime Share of Mortgage Market to Rise
While refinance activity is slowing and total originations are expected to deflate by half this year, industry predictions point towards a higher demand for subprime loans.
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Greenspan Says: ARMs
When Alan Greenspan speaks, people listen. And while many of his statements are hard to decipher, some comments he made Monday were a little more clear; the choice of an ARM over a fixed rate can save individual borrowers thousands of dollars.
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WaMu to Add 250 Retail Stores, Including Some Originator Positions
Following a number of announcements about layoffs by the thousands, Washington Mutual has one bit of good news.
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12 Brokers Become One
Commercial brokers located in twelve states have joined forces to create a national mortgage banking firm.
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Mortgage Market Strengthens
After three weeks of decreasing activity, applications finally reacted positively to favorable rates -- which reached seven month lows because of the outlook for inflation.
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S&P Sees Bright Outlook for Subprime
Recent subprime ratings news c
overage.
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Wells to Add 100 L.A. Loan Consultants
With the opening of six new mortgage centers, a mortgage banking behemoth will buck the current declining trend in mortgage employment.
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National City, GreenPoint in Acquisition Deals
As one multibillion dollar mortgage producer announces it will gobble up an Ohio-based bank, another plans to be gobbled up itself.
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70 Cendant Employees Treated for Food Poisoning
For the second time in two years employees at a Cendant Mortgage gathering were stricken by illness.
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NY Vs First Horizon
An Irving, Texas-based mortgage company was sued by the state of New York for allegedly threatening a borrower with foreclosure after overcharging him by more than $25,000. The case is a challenge to the OCCs preemptive authority.
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So Much Power in the Hands of So Few
Fannie and Freddie operate under special rules not afforded to other private enterprises, including billions of dollars in tax breaks and exemptions. And they wield power on Capitol Hill, spending millions of dollars annually promoting, wining, and dining the members of Congress who set those rules. Yet both have never before been under such scrutiny as they are right now.
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Service Offers Renters Online Credit History
One company sees big opportunity in creating electronic rental payment histories that would impact a consumer's credit score.
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Mortgage Lender Takes $500k Hit Over Language Issues
An Oregon jury voted to award a Spanish-speaking couple $545,000 in damages after finding they were defrauded by signing loan documents they could not read.
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95% LTV on Manufactured Housing
The manufactured housing industry breathed a sigh of relief as LTVs for the offsite-built structures shot up 5% for some lenders.
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Fundings Fall at Countrywide
After finishing the year on an uptick in monthly volume, January fundings fell by 19% for one large mortgage lender.
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9.5 Million Loans Underwritten by Loan Prospector in 2003
One of the country's secondary lenders says its technology helped underwrite 2.6 percent of the mortgage industry's loans in 2003.
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WaMu Suing IndyMac
Two of the nation's largest mortgage lenders are in a $50 million court fight.
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December Production Off at New Century
Monthly volume decreased for one of the nation's biggest sub
prime lenders.
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$139 Billion in Cashouts During 2003
An analysis by Freddie Mac shows fewer homeowners that are refinancing are doing so primarily for lower mortgage rates.
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Mortgage Jobs Continue to Take Pounding
The government's latest employment report showed that more than 5,000 jobs were cut from the mortgage industry.
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Rates Hinge on Friday's Employment Report, Economist Says
The direction of rates and applications did not change much after the Federal Reserve Board's announcement last week, but the release of a government report Friday might generate some movement.
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Originations at Cendant Sink
Quarterly production shrunk by nearly half for the mortgage subsidiary of a company that holds the national franchise of some the country's biggest names in real estate.
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GMAC Top Commercial Servicer
A Philadelphia-headquartered holding company continued to overshadow the competition -- remaining the top contender in an industry ranking of multifamily and commercial loan servicers for
2003.
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Commercial Lending Sizzling
Following a year of record mortgage production, demand for commercial and multifamily loans shows no signs of waning, according to two industry reports.
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Trade Secrets Lawsuit Prompted By Hiring of Former Employees
A West Virginia mortgage and financial services company is defending itself against charges of stealing trade secrets from a competitor.
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IndyMac Reports Lower Fundings
Fourth quarter levels of subprime and home equity production decreased for a Pasadena, Calif.-based bank.
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Production Off at Impac
Quarterly volume decreased for the mortgage operations unit of Impac Mortgage Holdings Inc.
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COFI Ends Historic Run
After declining for 17 consecutive months, one index for adjustable-rate mortgages rose.
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news about mortgage crimes

Convicted Fraudster Does It Again
Police, the FBI and a Florida regulator are investigating how a man already convicted of mortgage fraud was able to pull off a whole new scam that involved at least 21 properties and $2.7 million in mortgage loans.
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Equity Skimming Fraud
While fraud cases usually involve a conspiring originator or a bribed appraiser, one government special agent recently talked about another kind of mortgage fr
aud.
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Trouble, Alaskan Style
The former owner of a bankrupt Anchorage mortgage company has settled for thousands of dollars with the Alaska consumer protection office over allegations of unfair business practices and fraud claims.
click here to read article

Sister Pressured to Take Fall for Brother in Fraud Case
Its sounds like an episode of The Sopranos.
click here to read article

stories for loan originators

Traditional Advertising Not Always Best Way to Reach Many Groups
Reaching some ethnic groups is a potential gold mine for originators. However, one of the top U.S. mortgage economists says traditional forms of communication must be replaced with more unconventional media.
click here to read article

Commercial Originator Talks About Secrets to Success
Smart loan talk is not sufficient to obtain financing in today's credit market; the real solution lies in the written presentation, touts one commercial originator.
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How To Be Successful at Originating
Industry commentary by Dave Hershman
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Customer Satisfaction Low For Mortgage Brokers
A recent study by an international consulting firm revealed that customer satisfaction in mortgage lending ranked relatively low among financial services -- with mortgage brokers ranking especially low.
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