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Feud Among Fraudsters Leads to Murder
A murder in the Detroit suburbs has led to the breakup of an alleged mortgage scam that has been under investigation by federal authorities.
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Freddie Purchases Sink
Freddie Mac reported a significant decrease in O
ctober new business purchases.
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ABN AMRO Production Proceeds to Plummet
Loan fundings continued to decrease in October for a Dutch-banking subsidiary.
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Can of Worms
Freddie Mac's long-awaited financial restatement showed that in different periods through 2002, the mortgage giant underreported earnings by $5.0 billion. But, Freddie's accounting woes aren't over, as the company disclosed unexpectedly that it overstated income for 2001 and said it expects a volatile environment will ensue.
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Yacht Sold in Case Where Ginnie Suffered Single Biggest Loss
The luxury yacht that helped sink a $30 million fraudulent mortgage scheme in North Carolina has been sold by federal authorities over the Internet.
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Oregon Warns of Canadian Mortgage Scam
Homeowners are subject to a new phone scam involving a Canadian company that offers to refinance properties at low interest rates, Oregon state officials recently warned.
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30-year Struggles to Depart From 6%
Mortgage rates dropped almost by a quarter percentage and home loan applications bumped up.
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Tough Times Lead Loan Officer to Bank Robbery
The bills were piling up at the rented home of South Carolina mortgage loan officer James Lee Bowers.
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Bankruptcy Filings Highest Ever
The number of Americans seeking bankruptcy protection stands at its highest point ever, according to the Administrative Office of the U.S. Courts' quarterly report.
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Who Wants to Be a Wholesaler?
You've secured your warehouse line. You've got a solid production staff. You have great correspondent relationships in place. So what else do you need to know about running a mortgage wholesale business? Plenty, according to a pair of presenters at a recent Mortgage Bankers Association of America event.
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Record Rural Mortgage Production
USDA Rural Development said it guaranteed a record volume of single-family housing guarantee loans and has implemented various efforts to further increase homeownership among rural families.
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Sale of NY Bank Soured by Mortgage Operations
Losses in its mortgage unit that were fueled by rising interest rates have apparently stalled what was viewed as the pending sale of New York-based Staten Island Bancorp. Inc.
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30-Year Average Above 6%
As rates continued their upward path for the second consecutive week, refinance mortgage applications plunged.
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Fannie October Business Off by almost a Third
Business volume shrunk from its record level for one of the nation's secondary lenders.
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Flagstar Fundings Off
Following the path of other major industry lenders, mortgage production continued to fall at one of Michigan's largest banks.
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$29 Billion October Production at Countrywide
Production at Countrywide continued to decline in October.
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Mortgage Employment Down
The number of people employed in mortgage-related jobs fell by 1,000 to 422,000, according to a recent government employment report.
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E-LOAN, Wells Announce Layoffs
A forecast of falling refinances led an online lender to join a growing list of companies that have recently announced mortgage job cuts.
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Purchase Apps Surge
Mortgage rates nudged upward, while a jump in purchase applications overshadowed the waning refinance sector.
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Coloring Outside the Lines
One author and motivational speaker says that people in mortgage lending can be more successful by looking at the industry differently than they had before.
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More Than 20,000 Have Registered for MortgageDaily.com News
MortgageDaily.com's audience has grown 30% since May, as registered users now surpass the 20,000 mark.
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Elian Gonzalez Relatives' Home Among Properties Financed in Mortgage Broker Fraud Scheme
The Miami house purchased by relatives of Elian Gonzalez after the boy was snatched in a daring and infamous raid by federal agents is caught up in an alleged south Florida mortgage fraud ring.
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Competitive Pricing Drove Principal's Record Q3 Production
Despite record third quarter mortgage production, Principal Financial Group reported that earnings from the mortgage operation plunged by more than half.
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COFI Continues Contraction
The 11th District Cost of Funds Index continued its downward path as the ARM share of applications climbed to its highest point in years.
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Share of Cashouts Unchanged from 2nd Quarter, Freddie says
An analysis shows homeowners continued to refinance their mortgages primarily for low rates, not cash.
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Rates Dip
Rates improved somewhat, but applications continued their struggle to recover from their recent slump.
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CitiFinancial to Pick Up Florida-Based Finance Unit
Washington Mutual Inc. announced it has agreed to sell its consumer finance unit to Citigroup's CitiFinancial Credit Co.
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Saxon Settles Suit With Originators
They sat all day in cubicles, typing loan applications into computers, putting in more than 40 hours a week but not getting paid the overtime.
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Devil is in the Details
The FTC and HUD have filed a proposed settlement in their case against Fairbanks Capital for alleged unfair servicing practices in connection with subprime mortgage borrowers.
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Subprime Production up at Countrywide
Subprime production at Countrywide continued to defy it's overall fundings.
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New Century Fundings Down From Record September
After reaching record levels in September, loan volume decreased at New Century Financial Corporation.
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Record IndyMac Production
Pasadena, Calif.-based IndyMac reported record mortgage loan production helped third quarter net income soar to a record of its own.
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Increase in Appraisers Among VA Changes
The U.S. Department of Veterans Affairs said it intends to implement home loan program changes to better its services.
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Ginnie Securitizing VA Hybrids
Ginnie Mae is "poised" for a possible rate-climbing environment with its new hybrid ARM program, according to a company vice president.
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FHA Underwriting Innovation Due Out Soon
FHA Lending procedure updates and innovations will foster FHA mortgage originations and allow better business management, according to the Federal Housing Commissioner.
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Record $178 Billion FHA Production in fiscal 2003
Government-insured residential mortgages set a record in the fiscal year 2003.
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ABN AMRO Apartment Lending Off
Commercial loan fundings took a downturn along with total production for ABN AMRO Mortgage Group Inc.
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Multifamily Activity Drops as Overall Commercial Mortgage Production Edges Higher
The Mortgage Bankers Association of America reported that third quarter commercial mortgage volume inched up to a new record.
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$8.9 Billion in Apartments Loans Funded by FHA During Fiscal 2003
FHA insured a record volume of multifamily housing program loans in addition to making several changes to attempt retaining strength in this sector through 2004.
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Fundings Fall at Commercial Company
Third quarter loan volume slumped at PW Funding Inc.
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HUD Announces $153 Million FHA Loan Sale
Recent commercial mortgage transactions.
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Hotel CMBS Sector Outperforming Other Fixed Income Investments
Recent CMBS ratings news.
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