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Misleading Radio Ads Leave Lender's License in Jeopardy
A South Florida mortgage lender whose owner has an extensive history in regulatory encounters may lose its license for engaging in predatory lending practices, including misleading advertisements. Some of the ads allegedly led listeners to believe negatively amortizing adjustable rate loans were fixed rate and fully amortizing.
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California Company Booted Out of Arkansas
An Arkansas securities commissioner has ordered an unlicensed California reverse lender to stop brokering mortgage loans within Arkansas.
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Rates, Purchase Apps Up
With more prospective home shoppers looking to buy a property, application activity for purchase money mortgages improved. And while rates have climbed for six consecutive weeks, an upcoming employment report and a speech antic
ipated by the Fed will mark their future direction.
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IndyMac Activity Up
Overall mortgage volume nudged up at IndyMac Bancorp Inc. -- driven by a wave of refinances.
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Mortgage Firm Ordered to Cease and Desist Deceptive Ad
The mailing that arrived in the homes of 50,000 California residents sure looked like a $1,000 check.
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Fundings Off at Cendant
Quarterly production fell 24% at the mortgage operating arm of Cendant Corp.
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SunTrust Fundings Up
Quarterly mortgage production inched up at SunTrust Banks Inc.
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ABN AMRO Activity Ascends
ABN AMRO Mortgage Group Inc.'s said it ended the quarter with a big jump in month-to-month production. The company also expects to maintain healthy levels of fundings during the coming months due to the new home buying season.
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Group Attacks Wells Fargo
Numerous members of a prominent anti-predatory lending organization will attend Wells Fargo & Co.'s annual shareholder meeting Tuesday to protest against alleged subprime predatory lending practices, and additionally propose a resolution to tie executives' multimillion-dollar pay with their efforts to end such acts.
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Government Sponsorship Should Benefit Consumers More, Fannie & Freddie Shareholders Less
Republicans and Democrats agreed last week that something had to change at Fannie Mae and Freddie Mac, but they differed when it came to the extent and gravity of problems at the governm
ent-sponsored enterprises.
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More Back Office Job Cuts Planned at National City
Mortgage-related jobs will be lost when the merger of two Ohio-based banking companies -- National City Corp. of Cleveland and Cincinnati-based Provident Financial Group Inc. -- is completed later this year, a top executive has acknowledged. However, jobs at National City's subprime unit are expected to increase.
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Option One Operations Reviewed
A leading ratings agency confirmed that the subprime lending arm of H&R Block has strong financials and efficient management of its business operations. According to the report, the majority of the company's business is originated from nearly 13,000 mortgage brokers.
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NAMB Conference Largest Ever
Mortgage brokers from across the country plan to converge in Utah this summer for the annual conference of the group's primary trade association. In addition to broker-owners, sessions will focus on loan originators and account executives.
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Chase Business Tumbles
Quarterly mortgage volume continued to decrease at JPMorgan Chase and is nearly half below the total a year ago.
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Purchases Soar at Freddie
Freddie Mac's new business rose for the first time in six months.
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Market Momentum Diminishes
In response to an improving economy, long-term rates spiked up for the fifth week in a row and mortgage application activity followed inversely. However, analysts suggest the data needs to remain at strong levels for more than a month to determine if a higher-than-anticipated rate environment will follow.
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Seniors Oppose Federal Predatory Laws
Consumer groups won't support a mortgage industry proposal to establish uniform national lending standards as long as preemption remains a key goal of the bill, a spokesman for AARP told mortgage bankers this week in Washington.
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NovaStar Faces SEC Inquiry, Shareholder Lawsuits
Subprime lender NovaStar Financial's legal woes continue to mount as the Kansas City-based company is facing an inquiry into its business practices from the Securities and Exchange Commission (SEC) as well as a spate of class action lawsuits from disgruntled shareholders.
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GreenPoint Activity Down
Mortgage production fell quarterly and year-over-year for GreenPoint Financial Corp.
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Golden West Refi's Still Going Strong, Driven by ARMs
While the refinance wave has long since subsided for most of the industry, the parent of World Savings reported strong refinance production in its most recent quarter. The company attributes the strength to the success of its ARM programs.
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Home Repairs, Cash Top Uses for Reverse Loans
Why do people borrow money on their homes through reverse mortgages?
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First Horizon Fundings Rise
The company formerly known as First Tennessee reported an increase in fundings.
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Production Down, Earnings Up at Wells
While mortgage volume dropped 8% for Wells Fargo & Co., the banking giant said it achieved eleven consecutive quarters of record profits.
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Business Off at WaMu; ARM Business Up
Washington Mutual Inc. reported continued decreased conforming mortgage volume, but a boost in subprime fundings. At the same time, the west coast-based bank reports adjustable rate mortgages are playing a bigger roll in the company's operations.
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Private Customer Data Stolen With Originator's Laptop
For the second time in less than four months, a computer containing confidential information about thousands of Wells Fargo Home Mortgage customers has been stolen.
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Fannie Purchases Up, Balance Sheet Delayed
Fannie Mae's monthly business volume broke a 6-month descending trend and rose 16%. Meanwhile, the company released Monday its first quarter financial results minus the balance sheet, which raised speculation that the behemoth was trying to delay bad news.
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Mitigate or Else
A proposed rule could triple the fines the government can seek against FHA servicers that fail to engage in loss mitigation techniques to assist troubled borrowers.
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REALTORS are Force In Political Mortgage Issues
When it comes to doling out cash to politicians, no special interest group in America has been more generous than the nation's REALTORS.
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Fitch Gives Nod to GMAC-RFC
The mortgage arm of one of the world's biggest automakers continues to maintain a strong staff and financials, according to a leading ratings agency.
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National City Conforming Production Down, Subprime Soars
A jump in originations at First Franklin enabled the subprime mortgage lender's parent company to report an increase in overall first quarter fundings.
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30-Year to Average 5.5% During 2nd Quarter
In reaction to continued financial news showing stronger-than-expected economic growth, rates inched up higher this week and refinancing activity showed further contraction. However, two industry economists suggested the economy will grow at a more modest pace and rates will come down from their present level.
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Rates to Reach 7% by 2006
Although housing demand will remain healthy, the nation's primary mortgage group said Wednesday that it expects mortgage volume to sink by more than half in 2006 from the all-time high reached last year.
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If Passed, Revised TIL Bill Would Require Federal Licensing by Brokers
The nation's largest mortgage groups called on Congress this week to scrap state and local laws against predatory lending, saying that a uniform federal framework would better protect borrowers from unscrupulous lenders and help foster competition within the industry. If the move is successful, mortgage brokers may be required to obtain federal licensing.
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Volume at Bank of America Bounces
Bank of America's quarter-over-quarter mortgage production jumped 30%, but fundings are still down compared to last year.
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Service Enables Freddie AU Approvals on Brokers' Web sites
A mortgage technology company recently announced it now offers an interface which enables an instant Freddie Mac AU approval for loan applicants using a lender's Web site. The service is also available to Freddie-approved wholesale lenders and brokers.
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NovaStar Shares Tank Following News Story
Shares of subprime lender NovaStar Financial took a sharp nosedive Monday after the company was slammed in a Wall Street Journal article.
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Regions to Cut 450 Mortgage Positions
The merger of two companies' mortgage operations will reportedly form one of the nation's top mortgage lenders, but over 400 mortgage jobs will be lost in the process.
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Flagstar Sees Jump in Production as Temporary
Although quarterly production rose for Flagstar Bancorp, it already expects a decline in the next quarter's numbers due
to a rising rate environment.
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Countrywide Fundings Soar
Monthly mortgage fundings increased by 39% for Coun
trywide Financial Corporation.
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Raising Capital for a Mortgage Operation
Driven by the desire to grow their businesses or eliminate yield spread premium disclosures on closing statements, many mortgage business owners are considering ways to acquire capital. It is a seductive notion, but those wizened by the experience caution anyone seeking capital to look carefully before they leap.
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How to Build a Successful Business
While some people begin dreaming as kids of building their own businesses one day, Jerry Schiano said it only occurred to him when he and some friends could not find a place they wanted to work in the fall of 1998.
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Credit Rescoring Can Increase Production
Credit scores are the cornerstone of most mortgage loan approvals. And while many loan originators prefer to service borrowers whose credit scores qualify them for a conforming loan, a good deal of applicants with nonconforming credit can immediately increase their scores by using rescoring services.
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Mixed Outlook for Rates, Apps Sag
Last week's news of a significant job growth spelled bad news for the mortgage market this week -- rates shot up to the highest level in four months and applications slipped for the third week in a row. However, the shakeup is tempered by rates that are still expected to average well below six percent this year, according to one industry economist.
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Ameriquest to Add Hundreds of California Positions
A national mortgage loan company said it will expand its staff by at least 600 throughout the year at one of its mortgage servicing sites. The announcement comes at a time when mortgage jobs are expected to fall.
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New Century to Convert to REIT
On the heels of announcements by other subprime mortgage lenders stating their intentions to convert to real estate investment trusts, one of the country's largest has said it will follow suit. In the same breath, the company said its production jumped more than a quarter from the prior month.
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Nevada Takes More Actions Against Originators
More loan originators have been nailed by the state of Nevada for unauthorized lending activities. The latest actions against four mortgage companies were taken as part of a crackdown on unlicensed lending and deceptive advertising.
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Parties at Odds Over Effect of High Cost Loan Ruling
Plaintiffs' attorneys and industry insiders are sharply at odds over the impact of an Illinois appellate court ruling last week that upheld a state law prohibiting mortgage lenders in the state from writing high-cost loans. The homeowners' attorneys say the court's ruling could affect thousands of homeowners while others dismiss that claim as exaggerated.
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Foreclosure Costs Outweigh Homeownership Benefits, Subprime Study Says
As conforming lenders have seen their production levels seesaw recently, subprime lenders have experienced consistency and growth. And while subprime mortgages make a home purchase possible for many borrowers that otherwise might not experience the American dream, a study by one group suggests the higher rate of foreclosures on these higher risk mortgages outweighs the benefit.
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Mortgage Jobs Jump, But Outlook Grim
Mortgage jobs increased in February, but a rebound in overall employment has rates on the rise. Estimates are as high as 75,000 layoffs in the mortgage employment segment through the end of next year.
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Citicorp Class Action Settlement Not Expected to Impact YSPs
Industry observers say a federal court's recent approval of a settlement in a class action suit involving yield spread premiums probably won't have much impact on mortgage brokers and wholesalers.
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Fannie Restatement Possible
Mortgage giant Fannie Mae may have to restate previously reported earnings because of accounting irregularities, federal regulators who are examining the congressionally chartered corporation's books said this week.
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Jackson Confirmed as HUD Secretary
Alphonso Jackson was confirmed late Wednesday as the secretary of Housing and Urban Development, despite threats by Senate Democrats to block his nomination unless the White House agreed exercise its power to appoint officials during Congressional recesses.
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Rates Hinge on Friday's Employment Numbers
Speculation of a strong employment report tomorrow bumped up mortgage rates for the second week in a row. While the report should determine whether rates will continue in this direction, mortgage applications are already showing signs of contraction.
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COFI Bounces
The 11th district cost of funds index continued its seesaw mode, rising from a 23-year historic low. The increase follows last week's report of a record low 1-year Treasury-indexed ARM average.
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Mortgage Brokers Lose NASD Licenses
NASD announced it suspended two mortgage brokers and filed a complaint against another for making unsuitable recommendations to customers -- allegedly urging the borrowers to use cashout proceeds to purchase investments.
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news about mortgage crimes

Jail Predicted for Psychic Accused of Mortgage Fraud
If Barber Clark was actually any good at what she used to do, she would have seen her legal problems coming.
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Equity Stripping Robs Delinquent Borrowers of Title
Minnesota state lawmakers and law enforcement are cracking down on a scam involving the reconveyance of foreclosed property known as "equity stripping."
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Buyers Deceived With Promises of Cash
For minority residents in Minneapolis, Minn., the offer sounded like just what they needed to buy their own home.
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Warehouse Lenders, Wholesalers Deceived by Network of Companies
So you went on a job interview for a position at a mortgage company. While the application process was cumbersome -- you had to provide a copy of your driver's license and signed tax forms along with your application -- you still hoped to get a call with an offer. Several months later, after you've gotten a job elsewhere and forgotten about the interview, you learn that you've recently closed on a home purchase that you didn't even know about.
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stories for loan originators

Building a Relationship With the Lead Prospect
Selling over the phone is very difficult -- especially if you are not very familiar with the prospect. When the prospect calls you, he or she is typically giving you the question that represents their most obvious desire, such as, What is your price or rate?
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More to Lead than Name, Rate & SS#
OK, you've researched seven different mortgage loan lead companies. You've compared the cost per lead, freshness, and exclusivity. You've even talked to other originators about the reputation of some of these lead providers. After making your choice, the prospects start rolling in. Now what?
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