5 Ohio Mortgage-Related Businesses Raided
Federal prosecutors and law enforcement agencies have launched a crackdown on an alleged mortgage flipping scheme in Southwest Ohio.
Rates Leave Originators With Time for R&R
Long-term fixed mortgage rates rose for the second week in a row, according to secondary lender Freddie Mac.
California Firm Specializes in Funding Difficult Appraisals, Jumbos
Metrociti Mortgage LLC has finalized its test run of an upscale, high-end and unusual property financing division.
Mortgage Loan Complaints on Rise
Data recently released by a government agency suggest loan complaints are on the rise.
Freddie's July Busy, Liquidations OutPace Purchases
Secondary lender Freddie Mac showed a net loss of $15.8 billion in its total mortgage portfolio for July.
Houston Investors Agree to Settle With SEC
Fraud allegations against two Houston investors resulted in a settlement with the Securities and Exchange Commission.
Fed Reports Increased Demand for Residential Mortgages
Banks have seen increased demand for residential mortgages over the last three months, according to the Federal Reserve Board.
Wealthy CA Broker Sentenced for Molestation
A veteran California mortgage broker has been sentenced to nearly 15 years following his conviction on charges of molesting a young boy for years.
Do-Not-Fax Rule Partially Stayed
The Federal Communications Commission will allow businesses that have established relationships to continue faxing each other without written permission for now, the agency said.
MBA to Converge on San Diego
The Mortgage Bankers Association of America will hold its annual convention this fall in San Diego.
Apps Fall Farther
Pointing to last week's blackout as a possible contributor, the Mortgage Bankers Association of America reported another decrease in applications for mortgage financing for the week ended August 15.
Parseghian May Be Stripped of Freddie CEO Title, WSJ Says
Just a few months after his appointment, Freddie Mac is reportedly on the verge of removing its top executive.
British Lender to Use Lie Detector Tests on Insurance Claimants
A major British mortgage lender will be using lie detector tests on its customers who file insurance claims, according to media reports.
Fraud Mortgages Helped Launder Drug Money
A mortgage loan officer will serve nearly five years in federal prison for his role in a real estate fraud and drug money laundering scheme.
MBA Drops Its Forecast for Mortgage Originations
The Mortgage Bankers Association of America has revised its forecast for originations this year.
ABN AMRO Sets More Records
Another major lender set another major production record in July, the company said.
Capitol Commerce Collapses
Capitol Commerce Mortgage shut down Friday, stunning employees and brokers who were counting on loan closings.
Countrywide's CEO Comments on California Business Climate
California's laws are causing Countrywide to move employees to states more friendly to business, said Angelo R. Mozilo, the company's chief executive officer and chairman.
NY Blackout Knocks MBA Offline
The blackout that left millions of New Yorkers walking home in record heat Thursday was also responsible for knocking the Mortgage Bankers Association of America offline.
Mortgage Broker Turns Power Broker?
You've probably already heard about the actor, the porn star, the comedian and the columnist running for governor of the Golden State, but hey, it IS California, so none of that should be surprising.
Apps Fall, Rates Follow Suit
Fifteen-year fixed mortgage rates blinked this week, edging slightly downward after a relentless eight-week climb, Freddie Mac said.
OFHEO Seeks Comment on New Strategic Plan
The Office of Federal Housing Enterprise Oversight has released a draft of its strategic five-year plan (2003-2008).
Fannie Sets New Records
The mortgage portfolio for Fannie Mae ballooned during July, the company said.
MBAA and NAMB Ask For More Time on "Do Not Fax" Rule
The "Do not fax" rule enacted by the FCC may affect a broker's ability to fax rate information, according to the Mortgage Bankers Association of America
FTC Settles With Credit "Fixers"
Six Michigan-based defendants settled charges Monday leveled by the Federal Trade Commission and agreed to pay more than $1.15 million in consumer redress.
Phone Company Offers Mortgage Quotes
Monstermoving.com and SBC Communications have partnered in developing a new website aimed at assisting movers in the often frustrating process of picking up and settling down.
Mortgage-related Industries Make Fortune Mag's Latest List
Fortune's new list of "fastest growing companies" includes 10 mortgage-related entities.
Countrywide Financial Corporation reported a record level of activity last month.
Market Changes Drive Marketing Changes
Industry commentary by Dave Hershman: Altering Strategies For Changing Markets.
Freddie Issues Another Seller/Servicer Bulletin
Adjustable-rate mortgage data, race/ethnicity data and details about LoanProspector.com are among the items revised by Freddie Mac in its latest seller/servicer bulletin.
Activity Waxes, Rates Continue to Skyrocket
Mortgage application activity edged up for the week ended August 1, after two weeks of slowing down.
Condo Sales Skyrocket
Condominium and co-operative sales for the quarter stomped all over previous records, according to an industry organization.
Borrowers Using MI on the Rise
Private mortgage insurance was issued to 244,281 borrowers in June, according to an industry organization.
Principal Financial Reports Uptick in Loan Production
Quarterly production rose for another originator, the company said.
Government Releases Mortgage Info For 2002
Data recently released by a government agency reflects a rise in homeownership among all ethnic groups.
Fannie Revises Mortgage Production Forecast
The country's largest secondary lender revised its predictions for 2003's mortgage production volume.
Plenty of Upgrades
Recent RMBS ratings activity.
Financial Sector Continues Its Employment Growth
The financial sector continued to add jobs in July.
COFI Still Hot
Even as fixed mortgage rates head higher, one ARM index continues to fall.
Rates Soar While Apps Plummet
Mortgage rates continued their climb this week, with the 30-year fixed rate jumping 20 basis points, according to Freddie Mac.