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| Last Updated |
Wednesday, November 18, 2009 |
06:14 PM |
Texas Time |
Latest Net Branch Headlines
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Mortgage education providers are lining up courses to help originators meet upcoming state requirements under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Allied Home Mortgage Capital Corp. and owners Jim and Kathy Hodge agreed to an Aug. 6 consent order with the Georgia Department of Banking and Finance. Cease-and-desist orders were rescinded as a result of the agreement.
The huge net branch operation allegedly operated with unlicensed originators, and the order requires the Houston-based firm to comply with the Georgia Fair Lending Act, O.C.G.A. 7-6A-1 et seq.
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In addition to one net branch, two wholesale lending operations and two credit unions that were closed down last week, nine banks failed on Friday.
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Net branch acquisitions are forecasted to increase.
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A mortgage banking firm with wholesale and branch operations saw annual originations exceed $1 billion. The company's chief is embracing high-quality mortgage brokers.
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A mortgage executive has been found to replace the spot left open by the new Federal Housing Administration Commissioner. A Texas-based net branch operation has hired an executive to recruit more branches, while the chairmen of two financial institutions and a commercial mortgage lender are stepping down.
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As several small firms announce big increases in loan originations, a number of companies are providing production support for fledging lending operations. One net branch has already exceeded last year's originations.
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Six firms have recently been busy expanding their branch networks, while a new net branch directory provides prospective brokers with information on more than two dozen net branch operations. The self-proclaimed biggest U.S. broker settled with Georgia regulators allegations of unlicensed originators.
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The government expects nearly $3.7 billion in losses from five financial institutions that failed Friday. No buyer was found for one of the failures -- leaving more than 200 employees without work. Several branches were caught up in the recent collapse of West Coast-based operation.
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Six of seven banks shut down by bank regulators Friday were owned by the same holding company, and all six were heavy in construction-and-land-development loans. The seventh was the first bank failure in New York in five years. Other recent casualties include three wholesale operations and a net branch network.
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An Arizona-based mortgage banker that shut down its wholesale channel three months ago has been acquired. The transaction adds a branch network and healthy lender relationships to a growing full-service mortgage operation.
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With the potential imposition of limitations on yield spread premiums and limitations imposed by the Home Valuation Code of Conduct, 1st Metropolitan Mortgage said now is the perfect time to evolve from a mortgage broker to a mortgage banker as it is acquired by a Dallas-based firm. Once the deal is done, 1st Metropolitan plans a recruitment campaign for mortgage brokers.
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