Mortgage Daily

Published On: November 14, 2005

Net Branch News from MortgageDaily.com

DALLAS, Nov. 14 /PRNewswire/ — A mortgage net branch operation was among the fastest growing private companies ranked by Inc. magazine recently, according to MortgageDaily.com, the dominant online news source for the mortgage industry.

Summit Mortgage was No. 46 on the 24th annual Inc. 500 ranking of the fastest-growing private companies. The Boston-based mortgage banker has had a 1,469% three-year growth rate.

Shearson Home Loans recently announced it inked an agreement to sell up to $50 million “A” and “Alt-A” mortgage loans to a fund managed by a Newport Beach, Calif.-based group. Las Vegas-based Shearson, which calls itself “a consolidator of the mortgage brokerage industry,” says 250 of its 300 employees are brokers.

The Nevada Mortgage Lending Division announced it issued a cease and desist order to Nancy Nash and Palace Worldwide Enterprises for advertising that they can provide mortgage loans, as well as investments in private mortgages with returns up to 16%. Nash used her affiliation as a licensed agent with net branch All Fund Mortgage to operate the investment scheme outside of All Fund, officials charge.

The definition of a Maryland mortgage originator now includes individuals who work at a net branch, directly contact prospective borrowers for the purpose of originating a mortgage, receive compensation on a percentage basis, and are authorized to accept a loan application on behalf of the lender, the Department of Labor, Licensing & Regulation recently said.

Superior Mortgage Corp. violated federal law by failing to provide reasonable security for sensitive customer data and falsely claiming it encrypted personal data submitted online, the FTC said in a recent announcement. The 40-branch company is barred from future deceptive claims and is required to establish data security procedures which will be reviewed by independent third-party auditors for a decade.

Read complete net branch news coverage at https://www.mortgagedaily.com/NetBranch.asp

About MortgageDaily.com
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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Source: MortgageDaily.com

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