Wholesaler Boosts Lending Capacity
A Florida-based wholesale lender hopes a new $1.75 billion will help it expand its third-party originations.

Acquisition, Collapse & Regulatory Actions
A California credit union collapsed and an Ohio bank expanded its mortgage operations with the acquisition of another bank. Dozens of other financial institutions are dealing with a host of legal and regulatory actions, while a hard-money wholesale lender is streamlining operations with the help of a third party.

Sweeping Underwriting Changes at Chase
Chase has advised its correspondent lending customers of sweeping changes to income verifications, credit verifications and appraisal requirements. The company also outlined a number of red flags for potential mortgage fraud.

AIG Wholesale Lending Operation Done
The wholesale lending arm of American General Finance Inc. is calling it quits.

Corporate Ladders & Slides
IndyMac Bancorp Inc. is facing its third investor lawsuit in one week, while several other banks are facing orders from a federal banking regulator. Other recent corporate activity includes a name change for a wholesale reverse mortgage lender.

Commercial Broker Programs Accelerate
While nonprime wholesale lenders have become scarce, several commercial mortgage companies are touting programs for virtually any type of property with loan amounts ranging from $150,000 to $100 million. One commercial mortgage product is being touted with loan-to-values as high as 90 percent, and another program is available for land financing.

Digital Mortgage Universe Expands
A reverse loan origination system has been launched, while an LOS for standard mortgages has integrated hazard insurance functionality. Other mortgage technology advancements include the addition of an Alt-A wholesale lender to a loan search engine, the implementation of automated underwriting for commercial mortgages and a legal truce between two credit reporting companies that has led to a credit scoring collaboration.

Wachovia Advises Brokers of Phone Audits
Wachovia has notified mortgage brokers that it will contact prospective borrowers when packages are submitted for portfolio programs.

Tech Strategies and Mobile Innovations
Former executives of a failed top-15 lender are hoping a different technological strategy will increase the chances of success at a new wholesale lender they've launched. Other digital innovations include the integration of mortgage fraud prevention technology with automated underwriting systems and an expansion of banking services on wireless devices.