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| Last Updated |
Friday, April 20, 2012 |
01:37 PM |
Texas Time |
Latest Net Branch and Mortgage Branch Headlines
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Mortgage bankers are enhancing retail presence through the addition of local branches. While much of the activity involves employees recruited to work at a new branch, some firms instead recruit entire existing branches.
From Jan. 1 through March 31, Mortgage Daily tracked 27 mortgage-related business closings. Among the total were 16 FDIC-insured banks -- including some that weathered the Great Depression.
During the same period in 2011, there were 37 mortgage-related casualties.
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Thanks to fewer bank failures, mortgage-related casualties fell. If the trend continues, this year's count could land under a hundred for the first time since 2006.
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A mortgage branch operator launched just last year is hiring employees, recruiting new branches and expanding its operations center.
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A mortgage branch operator launched just last year is hiring employees, recruiting new branches and expanding its operations center.
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A private-money lender out of New York has vanished. It was also the end of the line for a Chicago bank and a net branch business in Michigan.
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A quarter of the nation's bank failures so far this year were institutions located in the state of Georgia. An investigation by Mortgage Daily found that nine net branch operators that had been recruiting during the past three years have virtually disappeared. Meanwhile, the number of correspondent casualties continued to climb.
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The ranks of mortgage loan originators grew by 3 percent during the final three months of last year. The growth came despite that one state suspended nearly a hundred originator licenses. Another state revoked the licenses of 15 companies.
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A $400 million bank was among two federally insured financial institution failures Friday, and no other firm was interested in acquiring the bank -- impacting a hundred mortgage branch managers that are part of a national branch acquisition business operated by the bank.
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Two midwest banks were closed by the national regulator of banking institutions, including one that was more than a century old. Meanwhile, a net branch operation that had previously touted a planned transition from mortgage broker to mortgage banker has since vanished.
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The founder of a company that has claimed the No. 1 reverse lending spot in Maryland, along with dozens of his loan officers, has been recruited by a growing New Jersey firm. It's the second such round of recruiting for the reverse lender since October. A southeast wholesale hub is additionally being established.
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