Fed Gives Nod to Citigroup's West Coast Thrift Acquisition
The Federal Reserve Board approved on Monday a request by Citigroup, Inc. to acquire Golden State Bancorp, Inc. and its savings subsidiary, California Federal Bank, both of San Francisco. But it's also keeping an eye on the lending practices of Citigroup's mortgage subsidiaries, in light of a recent record settlement and allegations of predatory practices.
Californians Busted for HUD Fraud
Several southern California individuals have been charged for defrauding lenders and the U.S. Department of Housing and Urban Development (HUD) of millions.
$137 Billion Q3 Purchases at Freddie
Freddie Mac announced third quarter results Wednesday, sporting hikes in its business volume, mortgage portfolio, and net operating income.
Cendant 3Q Production Up, Earnings Down
Cendant Corporation announced a boost in mortgage loan closings during the third quarter and a drop in earnings.
Countrywide CEO Interviews Former Pres
The Mortgage Bankers Association of America (MBA) kicked off its 89th annual convention and Expo with an interview of former President George H.W. Bush by Countrywide Credit Industries, Inc.'s chief executive officer.
Production Down From Q2 at World
Golden West Financial Corp. reported an increase in third quarter loan originations compared with last year. However, the third quarter figure is a slight decrease from second quarter 2002.
$9.7 Billion 3rd Quarter Production at GreenPoint
GreenPoint Financial Corp. reported increases in mortgage production during the third quarter.
More Earnings On The Horizon
First Horizon Home Loans announced Wednesday an increase in mortgage origination volume and record earnings for the third quarter.
Record Production at WaMu
Washington Mutual, Inc. reported record loan volume for the third quarter.
BoA Mortgage Banking Income Record $218 million
Bank of America Corporation announced a petite jump in net income in the third quarter driven by growth in consumer revenue from product lines including mortgages.
Production Down From 2001 at JPMorgan
JP Morgan Chase & Co. reported a healthy increase in originations from the prior quarter, but earnings and year-over-year production fell.
Refis Drive Wells Earnings
Wells Fargo & Company reported increases Wednesday in its third quarter earnings and production.
Billions & Trillions
Fannie Mae announced third quarter earnings Tuesday, reporting an increase in business volume.
Alonso vs. WaMu
A California judge stopped Washington Mutual Home Loans, Inc. on Oct. 8 from taking further action to foreclose on the home of a Yorba Linda family after a delinquent mortgage payment came up $51.56 short.
Behind The Music
Currently record low mortgage rates weren't always so low. Fixed rates have previously been more than 18 percent.
In its annual Great Divide 2002 analysis, the Association of Community Organizations for Reform Now (ACORN) found that minority applicants for conventional loans were rejected significantly more often than whites in 2001, but found both increases and decreases in rejection overall since 2000.
Feds Raid Mortgage Banker's Office
A New York mortgage banking firm has been accused by The Provident Bank of mortgage fraud.
Flagstar Bancorp, Inc. released record production figures for the month of September and reported a jump in rate lock commitments.
$25.3 Billion September Production at Countrywide
Countrywide Credit Industries, Inc. yet again reached an all-time high in production for the month ending Sept. 30, 2002, according to an announcement Tuesday.
Mortgage Jobs Jump
Employment numbers in the mortgage industry continued to rise in the month of September, according to the monthly employment report from the Bureau of Labor Statistics.
Freddie Nixes Georgia High Cost Loans
On the heels of a state anti-predatory lending act approval, Freddie Mac announced that it's revising its requirements for purchases of mortgages in Georgia.
Biggest Refi Wave From Here to Kingdom Come
Low mortgage rates have brought borrowers back to the closing table at a record pace. While it is the unknown that will drive interest rates during the upcoming months, rates don't appear to be headed up.
A Penny Saved and a Loan Denial
Key findings recently released from Fannie Mae's third annual Mortgage Focus study confirmed the best ways lenders can keep the cash and up the output -- by using automated underwriting. However, this comes on the cusp of a discrimination lawsuit based on the company's credit scoring system, which lenders must use if they want to sell their mortgages to Fannie.
In The Beginning
A good customer relationship begins with a good loan application. Taking better loan applications can lead to more income for a loan originator.
Broker Caught With Cocaine in Mortgage Fraud Raid
An Ohio mortgage broker, fleeing from a raid in a mortgage fraud case, was apprehended with cocaine -- unexpectedly turning a criminal fraud case into a drug case.
That's One Small Step for e-Kind
Online customers at Quicken Loans are now able to sign loan applications via their Web browser instead of installing software, downloading digital certificates, or waiting for the loan application package to be mailed to their homes, the company announced Monday.
Please Check One
Who's reading MortgageDaily.com? A new password system implemented at the mortgage industry news site has solved the mystery.
The average cost of funds during August for some western-based savings institutions fell for the second consecutive month, lingering near its lowest point in decades.