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Mortgage Branch News
Net branches, Retail Branches and other Mortgage Branching Opportunities


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Last Updated Friday, August 20, 2010 06:41 PM Texas Time

Latest Net Branch and Mortgage Branch Headlines

Allied Settles Branch Billing Discrepancies with HUD

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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Net Branches Among 30 Mortgagees to Lose FHA Approval

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.

Allied Appoints Compliance Exec

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.

Mortgage Executive Chronicle

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.

The Mortgage Branch Pulse

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.

Mortgage Execs Recruited to Build Business

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.

FHA Claims Branches Not Legit

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.

Branch Managers Indicted

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.

Growing Firm Scores Venture Capital Investment

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.

Fairway Boasts Boosted Business

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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Mortgage Branch News | Net Branch | Mortgage Branch Directory
Coverage of new and existing net branch operations. Programs, payouts and other details. Profiles of brokers and net branch lawsuits.

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State Licensing Agencies
Table of licensing agencies by state, including contact and Web site information. Created with the help of Washington, D.C.-based mortgage law firm of Weiner Brodsky Sidman Kider PC.
State Licensing Requirements
Comprehensive table of licensing requirements by state, including licensing for companies, licensing for individual originators and education requirements. Created by the Washington, D.C.-based mortgage law firm of Weiner Brodsky Sidman Kider PC.