Mortgage Industry Murder; Weekly wrap from MortgageDaily.com
DALLAS, Oct. 10 /PRNewswire/ — The most widely read mortgage-industry story during the past seven days told how drugs and alcohol led a newly married mortgage broker to kill his wife, according to traffic data from MortgageDaily.com, the dominant online news source for the mortgage industry. Police said the couple met on the job.
California’s governor signed a bill into law requiring criminal background checks for new financial lenders. Nevada regulators fined a Las Vegas broker $40,000 for unlicensed and high-risk mortgage investment ads. A new Maryland law requires loan officers for mortgage brokers to become licensed with the state.
Government employment data released Friday indicate more people than ever are working in mortgage lending. Despite record real estate finance jobs, hundreds of positions are being cut at the organization that processes and services mortgages for the country’s credit unions.
Although New Century reported record quarterly production, one stock research firm recommends shedding shares of the real estate investment trust — pointing to a deteriorating earnings outlook in its analysis.
A Washington-based loan lead provider released results of a survey it commissioned about the closing ratio on its leads. Problem is that the numbers touted are way off those previously reported in a similar survey for a competitor. Another provider of online mortgage leads announced it would convert from a flat monthly fee for its listings to a pay-per-click structure.
While coverage of mortgage fraud crime cases was sparse this past week, one company announced its new technology, which has already reduced credit card fraud significantly, helps lenders prevent mortgage fraud.
The second biggest bank in Hawaii agreed to pay as much as $2.45 million to settle a class action lawsuit filed over fees charged when their mortgages were paid.
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Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. More than a half million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliates, http://www.MortgageChronicle.com, a free mortgage industry publication; http://www.MobileMortgageNews.com, which provides trade news for portable devices; http://www.CloserBlog.com, with stories about selling more; and www.FraudBlogger.com, which chronicles mortgage fraud crime cases. Business Week magazine featured MortgageDaily.com in an article about its sensational news coverage.
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