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| Last Updated |
Thursday, December 04, 2008 |
06:42 PM |
Texas Time |
Latest Net Branch Headlines
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A Washington-based lender is becoming a $1 billion player. Business is generated through mortgage brokers and net branches.
NetMore America Inc. today reported approximately $100 million in loan originations during October.
Production has soared from just $14 million for all of 2007.
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Two net branch companies have stepped up efforts to recruit mortgage brokers and expand. While branch operations have traditionally focused on loan originations, at least one company has emerged that focuses on loss mitigation.
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Net Branch
1st Metropolitan Mortgage is a financially stable net branch
company partnering with top lenders nationwide.
www.1stMet.com
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At its peak, Ace Holding Co. operated retail and wholesale subsidiaries that originated more than $3 billion in mortgages annually and employed hundreds of employees at dozens of offices. But following a string a lawsuits and the collapse of its wholesale subsidiary, the company has now shut down its retail branch operations.
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The collapse of a New Jersey-based net branch has some branch managers considering a class action lawsuit. In a lawsuit by one of its wholesale lenders, the company is accused of submitting more than $2 million in fraudulent loans that resulted in more than $1 million in losses.
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An Oregon firm expects to more than double the nearly $700 million in loans it originated last year, while it plans to add 150 employees -- including some net branch employees. A positive atmosphere is behind much of the success.
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The business of mortgage branching has become a game of Monopoly, with some operations selling or shutting down as others continue to grow.
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A Texas bank has picked up eight CTX Mortgage Co. branches.
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Former executives of Carteret Mortgage Corp. met in December to discuss a strategy for survival. But the company's chief executive officer has decided to throw in the towel. While managers and originators are finding new homes, Carteret's CEO is done with the mortgage business.
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A mortgage lender with wholesale and net branch operations has added more than 100 employees this year and plans to add another hundred.
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A California-based company has eliminated its wholesale operation, converted from a mortgage banker to a mortgage broker and eliminated more than 70 branches. It hopes to emerge from bankruptcy with a new reverse mortgage strategy.
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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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Coverage of new and existing net branch operations. Programs, payouts and other details. Profiles of brokers and net branch lawsuits.
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