Mortgage rates fell back near their record low levels on the heals of a weaker refinance boom. The fifteen year fixed rate continues to be an attractive program. Rates are expected to hover at their current levels.
Time To Harvest
In good or bad economic times, loan officers still seek the elusive "pre-qualified" leads. You may get a ton of leads from purchasing detailed lists or placing standard-written mortgage ads. But both of those methods are missing a critical component.
Billion July Production At ABN AMRO
ABN AMRO reported
record gains in its U.S. mortgage operations. Production continues
to be driven by the wholesale lending unit.
Countrywide Unit To Service Institutional
Countrywide Credit Industries, Inc. has formed a
new unit to provide coordinated services and product packages to
it's institutional customers. The unit will bring three of the
company's existing units under one management umbrella.
Hit All-Time High
Fueled by some of the lowest rates in more
than thirty years, mortgage loan applications reached their highest
level ever. As rates inched up this past week, some experts see
mortgage rates hanging at their current levels for a while.
Houston Hyatt To Host Net Branch
A Texas-based net branch company will hold its
third annual convention next month. The two government sponsored
housing enterprises will participate in the event.
3 Women Sentenced In Peoria Scam
Peoria, Illinois women have been sentenced for their involvement in
a mortgage loan scam where they defrauded a bank of $1.7 million in
a classic flip transaction scheme. Another defendant, an appraiser,
was sentenced earlier this month in the case.