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Plenty of Support, Opposition to Fannie/Freddie Bill
A bill supported by Republicans and mortgage bankers would tighten regulation of Fannie Mae and Freddie Mac -- which combined, manage around $4 trillion in mortgages. But the legislation is opposed by builders, Democrats and Fannie and Freddie -- which says provisions of the law "would jeopardize capital investments around the world."
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Former Executives of Failed Firm Going to Jail
In an abrupt about face, one of the former leaders of a failed South Carolina subprime lender has pleaded guilty to charges she deceived thousands of investors and now faces a long prison term.
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Strong Originations at NovaStar
With wholesale production accounting for most of its business, NovaStar Financial Inc. reported quarterly volume jumped to the second highest level ever.
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Mortgages Drive Loan Growth at Banks
Dallas led an increase in lending at most of the Federal Reserve District banks.
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Best Mortgage Web Sites
There is a new leader in online mortgage lending.
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Rates Creep Up, Apps Off
Applications waned as long-term rates stepped up to the highest level since May and the one-year ARM continued toward a three-year high.
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New IndyMac Bank Chief
IndyMac Bank has a new president.
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Riskiest Mortgage Markets
Mortgage lenders in two New England markets and four California areas have the greatest chance of worsening loan-to-values during the next two years.
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Fremont's Subprime Servicer Rating Improved
Improved technology and reporting amidst a rapidly growing servicing portfolio were some of the factors cited in an upgraded subprime servicer rating for Fremont Investment & Loan.
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Broker Sued by LOs Over OT, Minimum Wages
Loan officers in three states have sued an Indianapolis-based mortgage broker over allegations they were not paid minimum wage and overtime compensation.
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Biggest Mortgage Lenders
A preliminary MortgageDaily.com analysis of second quarter mortgage production has one lender ranking No. 1 in both total residential fundings and nonprime fundings.
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FHLB Volume Plunges
More mortgage partners don't necessarily mean more loan fundings for the Federal Home Loan Banks.
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Regulator Mandates GSE Fraud Reporting
Reporting mortgage fraud will become mandatory at Fannie Mae and Freddie Mac.
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Record RMBS Issuance Likely this Year
Driven by gains in Alt-A/B, subprime and home equity securitizations, issuance of nonagency residential mortgage-backed securities could reach another record this year. The story is different, however, for the government sponsored housing enterprises.
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Hispanics Targeted in Fraud Scheme
Two Pennsylvania men, a mortgage broker and a real estate agent, are going to federal prison for running a predatory lending scam that targeted poor Hispanic immigrants.
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Study Criticizes Costs of Internet, TV Mortgage Leads
Borrowers obtaining mortgages through TV or Internet lead generator channels end up paying more than those who go to their neighborhood lender, according to a new study by a homeowner watchdog group.
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New Index Focuses on Mortgage Sector
A new financial index that tracks the share prices of some major mortgage players will reportedly be used to make and hedge mortgage investments.
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1st Metro Acquisition Boosts Branches to 250
Two net branch operations hope their merger will capitalize on the back office strength of one and the sales leadership of the other.
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Freddie Purchases Way Up
After rising for four consecutive months, Freddie Mac's new business volume slipped in June. But quarterly activity soared.
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Broker Faces Prison Again
With a prison record because of mortgage fraud, a California man is accused of using a stolen identification to illegally broker loans.
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Strategic Sales
Once a relationship has been established with a prospect, observations by the salesperson should affect how the sales process is moved to a close.
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Mortgage Industry Deals
As a mortgage lender on one coast looks to grow through expansion of its subprime wholesale and correspondent businesses, a mortgage banker on the opposite coast sees opportunity in the Vietnamese community.
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New CitiMortgage President
CitiMortgage Inc. has named a new president to replace the chief it lost to a Seattle-based competitor.
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Subprime Wholesaler Adding KY Jobs
With its expansion into Kentucky, a Georgia-based subprime wholesale lender will more than double its staff.
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Cost of Servicing Declines
Less use of temporary labor was among the factors that led to a drop in the cost of servicing a residential real estate loan, according to the prominent mortgage trade association.
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Record RMBS Downgrades
Upgrades on residential mortgage-backed securities were "vigorous" during the second quarter, according to one ratings analyst. But her agency reports a record number of downgrades during the same period.
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30-year to Stay Below 5.7% in 2006
The average ARM neared a three-year high while the share of adjustable rates loans fell to a 16-month low. And the average 30-year fixed rate, which was up from last week, is projected by one economist to stay under 5.7% next year.
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Record Subprime Production at WaMu
Overall quarterly fundings increases at Washington Mutual Inc. were led by record subprime originations.
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Georgia Broker Loses License
Hiring a convicted felon has cost a Georgia mortgage broker its license.
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Best Online Customer Service
Out of a network of 12,000 mortgage companies, three were recognized as having the best online customer service.
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Korea Accuses Citibank of Predatory Lending
The subsidiary of an American banking giant has been accused of predatory lending. But what is unusual about these accusations is that the borrowers are not Americans.
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Golden West Originations Up
After falling for two consecutive quarters, Golden West Financial Corp. mortgage volume picked up steam.
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Fundings at Chase Climb
JPMorgan Chase & Co. improved loan originations 21% during the second quarter.
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SunTrust Sizzles
SunTrust Banks Inc. pushed quarterly mortgage volume to the highest level in almost two years.
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Lead Services Help Develop Realtor Relationships
A mortgage lead generation company is looking to help loan originators develop more and better Realtor relationships.
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Merger Driving Layoffs at Chase
The home equity lending division of Chase Home Finance will layoff hundreds of employees when it closes the doors to its Houston operation and downsizes a New York office.
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Ameriquest Settlement to Fund Urban Housing
In an agreement with Connecticut authorities, Ameriquest Mortgage Co. and four of its affiliates will pay over $7 million to settle allegations that it charged excessive fees on refinance loans and employed unlicensed loan officers. Much of that amount, however, will go toward funding housing for the poor.
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Business Surges at American Home
Fueled by gains from its wholesale unit, American Home Mortgage Investment Corp. surged to record quarterly production.
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Production at Wells Leaps
Wells Fargo & Co. boosted fundings about one-third during the second quarter, and a fat pipeline indicates volume may continue to increase.
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Fraud Climbing in SC, Midwest
South Carolina is fast becoming one of the states with the most mortgage fraud. And while many of states already known for fraud still place at or near the top, some new players emerge when fraud on just subprime lending is analyzed.
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Good News Turns Bad for Investors of Defunct Company
It is a classic "good news, bad news" scenario for investors of failed Florida mortgage lender Brasota Mortgage Co.
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Strong Quarter at First Horizon
Fundings for First Horizon National Corp. climbed to the highest level in almost two years. But the boost in business won't immediately impact earnings.
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Bank of America Originations Up
Quarterly production rose more than 20% to the highest level in a year for Bank of America Corp.
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CitiMortgage Production Jumps
Volume jumped at the prime-lending arm of Citigroup Inc., but company earnings painted a different picture.
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Future of Mortgage Banking Firm at Stake in Divorce Battle
Bryan Feldman walked into a Las Vegas branch office of American Equity Mortgage Inc. on June 30, ready for a tough, but exciting day at work.
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New Subprime Wholesaler, Lead Co. Merger Among Latest Deals
This week's mergers, acquisitions and corporate transactions include a deal that will improve service to large companies buying loan leads and another that will net mortgage brokers a new subprime wholesaler.
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New Century Balances Growth With Quality
New Century Financial Corp. has managed to maintain a stable credit quality portfolio while dramatically increasing volume over the past three years. But a Moody's Investors Service analysis suggests worsening delinquency for the subprime sector and a growing share of riskier loans in its portfolio leave the relatively young servicer facing challenges.
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National City Production Edges Up
National City Corp. managed to eke out slightly higher quarterly production.
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Women Dominant in Home Purchases Among Singles
While married couples are the single largest group of borrowers for purchase mortgages, recently released data indicate that among unmarried purchasers, women dominate men.
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Service Subdues Exaggerated Income
A California risk management services provider claims a new automated online service reduces fraud from fake income verifications.
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Decline in ARMs Fuels Overall Decline in Apps
While fewer loan applications were completed, the latest measure of mortgage activity indicated an even bigger decline in ARM applications -- which fell to their lowest level in over a year. Meanwhile, slowly rising rates are expected to remain tame.
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Fannie, Freddie Cautious with Hybrid, Subprime Purchases
Fannie Mae and Freddie Mac loan purchases have been falling because of greater competition from banks and other secondary investors and because they are less willing to buy increasingly popular riskier loans, according to a research paper by their regulator.
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Title Affiliate Arrangements Under Fire
Two title companies recently settled with HUD for alleged violations of mortgage rules -- including payment of hidden referral fees and paid kickbacks to sham businesses.
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Robust Lending Environment for Countrywide
In what appears to be an emerging trend, Countrywide Financial Corp. reported quarterly production soared from the prior period.
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Processor Stole, Used Applicants' IDs
Because of what they do, mortgage loan processors have access to a lot of personal information -- names, birthdates, Social Security numbers and more.
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Lender Faces Up to $80,000 in Do Not Call Fines
A Florida correspondent lender has joined a growing list of mortgage companies being sued for alleged "Do Not Call" violations.
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Originating A-Z
A loan originator turned author has written an Internet book he says will teach mortgage professionals everything they need to know about writing loans and succeeding in the mortgage business as a loan officer.
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Rates to Hold, Purchases to Rise
Rates will hover at their current levels until the end of the year, mortgage bankers forecast, and 2005 mortgage production will be better than last year and among the best three ever. But in an interesting twist, the share of adjustable rate loans will reverse direction.
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Countrywide Adding Arizona Employees
On its way to reaching its goal of becoming a 100,000-employee company, the country's largest originator plans to add several thousand jobs in the Grand Canyon State.
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Realtors Frustrated with Pre-Approval Letters
Pre-approval letters don't carry much value for some real estate agents -- who give little credibility to the Internet mortgage originators and brokers that provide them, according to a recent survey. But brokers, who may be saddled with more difficult loans, are often still the mortgage company of choice for agents handling subprime borrowers.
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WI Beefing Up Mortgage Licensing
New mortgage loan originators in Wisconsin will have to pass a competency test and criminal background check before receiving a state license under a recently enacted state law.
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Flagstar Fundings Edge Down
Quarterly mortgage fundings fell at Flagstar Bancorp Inc.
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Downpayment Assistance Programs Analyzed in Study
Inflated property values and high default rates on federally-insured loans were linked to seller-funded downpayment assistance programs in a study commissioned by the U.S. Department of Housing and Urban Development. But some groups believe an FHA zero downpayment program would alleviate such issues.
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Unlicensed CA Broker Steals Loan Proceeds
A California mortgage broker is accused of originating loans for World Savings Bank without a license -- then keeping borrowers' loan proceeds for himself.
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Accounting for FHLB Loans at Issue in Restatement
Problems accounting for loans originated through a Federal Home Loan Bank System program have left a Wisconsin bank restating its income and on the verge of having its stock delisted.
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The Price is Right
In the latest mortgage-related mergers, acquisitions and corporate deals, SunTrust Mortgage Inc. is looking to gain condo loan originations with the creation of a new financing company that will assist condo buyers.
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Freddie Enhances RMBS Disclosure
Freddie Mac will tell investors more about adjustable rate and hybrid loans backing residential mortgage-backed securities.
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$70.9 Million Mfg Housing Portfolio Trading Hands
Fleetwood Enterprises Inc. has found a buyer for its manufactured housing portfolio and expects to finalize the sale of its retail financing unit soon.
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New Century Originations Soar
Quarterly loan production soared to an all-time at New Century Financial Corp.
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Record Mortgage Jobs
The number of people working in real estate finance continued to increase -- again reaching a new milestone.
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Rates Worse, Apps Strengthen
Applications remained strong while rates headed upward -- a path they are expected to follow through the end of the year, according to the forecast of a prominent industry player.
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Serious HEL Delinquency Falling
Serious delinquency on home equity loans fell, fueled in part by high production in the sector. And while delinquency may eventually rise -- one ratings agency sees no signs of that happening anytime soon.
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PMI Protests Piggybacks
Using second mortgages in purchase transactions to avoid mortgage insurance is bad for the banking system, according to a study commissioned by one of the nations biggest mortgage insurers. The author suggests policy makers get involved.
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HUD Settles with KB Home Mortgage
In what the U.S. Department of Housing and Urban Development described as "the largest amount ever collected in the 30-year history of HUDs Mortgagee Review Board," KB Home Mortgage Co. has settled alleged FHA violations.
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Florida Waters Turn Hot for Michigan Broker
A Michigan-based mortgage company erroneously notified 1,000 Florida homeowners that they were delinquent on their property taxes -- posting the tax collector's name and mailing address in the letter.
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Simple Steps Strengthen Sales
Certain sales strategies can be used to improve the odds of developing a thriving sales career, according to one sales book, including redefining what it means to be a "salesperson."
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Upcoming Mortgage Industry Conferences
September kicks off a plethora of real estate finance conferences aimed at U.S. mortgage bankers, mortgage brokers and mortgage fraud personnel.
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Record IndyMac Production
Quarterly mortgage loan production surged again at IndyMac Bancorp Inc. -- maintaining a string of record quarters.
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Meltdown for Jumbo Fraud Suspect
A New Jersey woman arrested for her part in a jumbo mortgage fraud scheme threatened FBI agents with a butter knife as they arrested her, then rambled during a federal court appearance.
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Virtues of 100% FHA
Mortgage bankers told U.S. lawmakers last week that 100% FHA loans would help more minorities become homeowners. But at the same time, the group warned about downpayment assistance programs that are funded by sellers.
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Art of the Deals
Proceeds from one of the latest mortgage-related corporate transactions will provide much needed cash to one U.S. automaker.
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More Job Additions at HSBC
The U.S. mortgage subsidiary of London-based HSBC announced, again, employee additions in the Southeast. The new hires will support the servicing operation.
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Accusers Become Accused
After years of accusing mortgage lenders of wrongdoing, a class action law firm has itself been implicated in a criminal indictment.
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Lay the Groundwork, Then Ask for Sale
Asking for the business is an important part of the sales process. But before a salesperson can ask, some groundwork must be laid.
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Alt-B Wholesaler
A California wholesale lender anticipates it will double its loan volume by stepping into the nonprime lending arena. Among the new programs being offered are 100% loan-to-value stated income loans.
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LIBOR, COFI Continue Ascent
The 11th District Cost of Funds Index and the London Interbank Offering Rate continued climbing during the most recent month -- with each index at its highest level in a year.
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