Closing Resource Center

A mortgage banking firm out of Northern California that was founded nearly four decades ago reportedly laid off all of its employees and ended lending operations. First California Mortgage Co. was originally founded in 1977. First Cal subsequently...

As mortgage loan originators completed fewer applications last week, the share of activity that was for a government mortgage fell to the lowest level in seven months. Prospective borrowers applied for a new home loan during the week ended May 25...

Recent concerns about churning mortgages to veterans that are securitized for the Government National Mortgage Association have been addressed by recently passed legislation. Last week, President Donald J. Trump signed into law S. 2155,...

After four years with Ocwen Financial Corp., the firm's chief financial officer is leaving. But Ocwen issued a statement reassuring investors about why he is resigning. In 2014, Michael R. Bourque Jr. replaced John V. Britti as the CFO of the West...

New business inched higher at the Federal Home Loan Mortgage Corp. As the company's book of business expanded, serious mortgage delinquency declined. When April 2018 was over, Freddie Mac's total mortgage portfolio stood at $2.1123 trillion --...

A mortgage banking firm started by three executives who successfully sold a prior home lender has stopped doing new business. Data from the Nationwide Multi-state Licensing System indicate that Irvine, California-based First Direct Lending LLC was...

Not only did the mortgage servicing portfolio grow at The Money Source Inc., but the number of people working for the home lender increased. Annual originations, including wholesale and correspondent, are likely to fall. The Melville, New...

A new scheme been uncovered where bogus businesses are being listed as the employer of prospective borrowers on home loan applications. Companies like Bridge Worldwide Financial, Elite Restaurant Management and Med Plus Medical Billing Services are...

In 2013, the Dodd-Frank Wall Street Reform and Consumer Protection Act introduced the qualified mortgage concept, which was designed to eliminate the market abuses that had led to the financial crisis a few years earlier. Like most crisis-induced...

It should be easier for you to get a mortgage now that President Donald Trump has signed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act -- legislation that will lift lending restrictions on community banks....