Richest Mortgage Moguls; Weekly wrap from MortgageDaily.com
DALLAS, Oct. 17 /PRNewswire/ — A story about the richest people in mortgage lending was the most popular this past week, according to MortgageDaily.com, the dominant online news source for the mortgage industry. The article was viewed more than any other during the past seven days.
A Brooklyn mortgage broker who has successfully grown into a wholesale mortgage banker was profiled. Success with secondary lending like his was reflected in a report indicating secondary marketing contributed the most to lenders’ bottom lines last year. One recent secondary transaction involved a $50 million deal been struck between a Nevada net branch organization and a California loan fund.
A survey found that even some top-ranking lenders need to diversify their product menu.
Four loan officers filed suit against an Ohio mortgage banker over unpaid minimum wages and overtime. But the originators are accused of theft.
Countrywide said it plans to increase its Tampa workforce by about 40 percent. Capital One Financial Corp. expects to add hundreds of mortgage production jobs in Kansas.
A 24-hour processing and closing service was announced for originators.
Some large mortgage lenders have begun offering higher conforming loan amounts in anticipation of the 2006 increase.
HUD announced that 100% FHA loans will be available to recent hurricane victims for residences anywhere in the country. HUD also released a revised 1003 loan application.
Impac Mortgage will buyback shares of its common stock, as shares of many mortgage companies continue to sag even as production soars.
After spending years soliciting a national sales seminar in real estate offices across the country and the last six working closely with loan officers, an author and sales coach created a program designed to assist originators in developing productive loan officer/Realtor relationships.
New and existing subscribers may read the full text of these stories at https://www.mortgagedaily.com/index.asp
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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