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Wholesale Mortgage Lending News
Correspondent Lending & Wholesale Programs
mortgage broker news | secondary marketing news | make wholesale your home page | purchase ad
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Current Wholesale Lending Headlines
| Last Updated |
Wednesday, February 01, 2012 |
04:03 PM |
Texas Time |
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Citi Abandons Broker Business
Citigroup Inc.'s mortgage lending unit is getting out of wholesale lending.
The New York-based company said in a statement Wednesday that its CitiMortgage Inc. subsidiary will transition away from mortgage broker business.
The move was made only "after careful consideration."
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Wholesaler Growing Originations, Adding Staff
A wholesale mortgage lender operating from Michigan expects to increase originations by more than two thirds this year. The company is adding new products and recruiting more than a hundred people a year to help it meet the aggressive growth plans.
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Wholesalers Step Up Reverse Business
Third-party originators stepped up their monthly production of federally insured reverse mortgages, though the same couldn't be said for retail originators. But the improvement in wholesale was enough to offset the retail decline and push overall activity up.
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2011 Bank Failures On Track for 3-Year Low
After several consecutive weeks of no U.S. bank failures, regulators put an end to the streak. But this year will likely see fewer than a hundred bank failures -- the lowest level in three years. A wholesale lender has suspended new business and a reverse mortgage correspondent lender has restricted its purchases. |
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Wholesaler Launches Jumbo Product
A new jumbo product is being rolled out by a wholesale lender that claims to offer the only non-conforming product that can be closed within two weeks. The program is expected to result in higher originations for the wholesaler. |
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Another New Low for Wholesale HECM Lenders
After reaching the lowest level on record, the origination of federally insured reverse mortgages by wholesale lenders fell again. Even retail-originated business deteriorated.
Third-Party Lender Exits Massachusetts
A series of recent actions in the Commonwealth of Massachusetts seems to be sending a message to mortgage firms that they aren't welcome there, and at least one third-party lender is heeding the warning.
Former Subprime Executive to Head New Wholesaler
A new national wholesale lender is being led by an executive whose resume' includes senior executive positions at Encore Credit Corp. and New Century Financial Corp. The new company is recruiting a hundred employees.
Business Jumps by More than Half at Wholesaler
A wholesale lender that operates from Michigan saw quarterly loan production jump more than 58 percent. The company hopes to push lending even higher with new technology developed for its mortgage brokers.
Wholesale HECM Originations Reach Record Low
Government-insured reverse mortgages originated by wholesale lenders fell to the lowest level on record. Things have gotten so bad among reverse mortgage wholesalers that a company with less than a dozen monthly closings ranked among the five-biggest reverse mortgage wholesale lenders. But the retail channel saw a gain compared to a year earlier. |
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Mortgage Broker News | Originator Newsletter
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.
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Secondary Marketing News
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.
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Jumbo Mortgage News
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