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| Last Updated |
Friday, August 20, 2010 |
06:41 PM |
Texas Time |
Latest Net Branch and Mortgage Branch Headlines
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Allied Home Mortgage Capital Corp. has agreed to settle allegations by the U.S. Department of Housing and Urban Development of billing discrepancies at its branches. The settlement by the self-proclaimed biggest mortgage broker follows the loss of FHA approval at one of its branches earlier this year and a scathing news story last month about the branch operator.
The agreement with HUD was disclosed today by Allied. The company will pay a civil money penalty of $38,000.
HUD reportedly alleged that the Houston-based company had not paid all of the operating costs for its branch offices.
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The U.S. Department of Housing and Urban Development has terminated the approval of more than 30 mortgagees. Among the terminations were branches of Allied Home Mortgage Capital Corp. and Gateway Funding Diversified Mortgage Services.
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On the heals of a scathing news story about alleged questionable practices, Allied Home Mortgage Capital Corp. -- which claims to be the country's biggest mortgage broker -- has hired a mortgage compliance manager.
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The founder of a defunct subprime wholesaler has found a new home providing mortgage services to small financial institutions. A recruiter for a huge branch operation has moved across town to help build a retail branch network for another firm. An executive vice president of the Federal Home Loan Mortgage Corp. has been dismissed.
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A newly launched branch program promises mortgage brokers the opportunity to operate as mortgage bankers and keep 100 percent of loan profits without any net worth requirements. Another company claims its program will still let originators earn overages despite potential new legislation prohibiting such fees for mortgage brokers. Meanwhile, a host of other firms announced new branches.
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Many of the recent management positions filled at mortgage companies have been sales, production or marketing executives. One fast-growing mortgage branching firm announced a new director of operations, and a billion-dollar loan originator has found a new home.
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The government withdrew Federal Housing Administration approval for a mortgagee that it claims originated FHA loans from branches that weren't legitimate using loan officers who were not employees. Another firm lost its approval because of fraud previously committed by its owner. Two other mortgagees were fined nearly $500,000.
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Four more defendants have been indicted in a mortgage fraud case against former branch managers of a mortgage firm that lost its Federal Housing Administration approval in January and subsequently halted new business.
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A growing mortgage lender and servicer announced an equity investment by a venture capital firm. During the last few years, the Indiana-based mortgage company has acquired two other companies, expanded its retail branch program and pushed headcount past 100.
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Annual originations improved by more than two-thirds at Fairway Independent Mortgage Corp. Two Massachusetts branches were credited with originating more than $0.4 billion.
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