Accusations are flying at a financially troubled Pennsylvania-based mortgage company with 25 offices. The top executive has been ousted, creditors are being asked not to file litigation and the warehouse line is being closed. The company hopes to retain most of its branch managers, though some are defecting and others have closed shop.
Vanguard Mortgage & Title Inc., which had been unable to fund new loans after being put into a net funding situation due to its failure to pay interest on its lines-of-credit, will now get funding from Taylor, Bean & Whitaker Mortgage Corp.
Loans that already have closed loans will receive funding under the old warehouse line-of-credit, but Vanguard will have to rely on table funding for all new loans, MortgageDaily.com was told by the new chief executive officer, Thomas W. Nocito Jr.
Government originations have soared at a Utah-based branch operation this year. Another branch network has identified a New England office and its star originator as the best in the country.
Net Branch
1st Metropolitan Mortgage is a financially stable net branch
company partnering with top lenders nationwide. www.1stMet.com
A Colorado company is looking to hire as many as 70 new originators in a national expansion as it opens new branches and heads toward a top-10 reverse mortgage lender ranking this year.
Two Texas-based net branch companies boosted their branch counts, while a Utah-based branch operation enhanced its presence in the Lone Star State. Meanwhile, a North Carolina-based net branch sees a rising share of FHA business sustaining its activity.
As secondary market investors tighten conventional lending requirements and costs, government-insured programs are expanding to cover the shortfall -- with recent program changes benefiting a wider pool of borrowers. But these programs can only be tapped by approved mortgage lenders and brokers or by approved net branch correspondents who operate under strict arrangements.
Following a two-year acquisition and growth binge, a Las Vegas-based "branch consolidator" has halted business and is attempting to survive through a restructuring.
A number of net branch operations are still reporting growth. Among strengths recently touted by some of the companies were strong executive teams, aggressive secondary marketing departments and 100 percent commission programs.
Mortgage
Advertising
Reach mortgage brokers, mortgage executives and other
people in mortgage lending at
MortgageDaily.com -- a dominant online news source for
the real estate finance industry.
Mortgage ads available on specialty news sections, high-traffic
pages and mortgage newsletters. more
about advertising | purchase
ad online | ad
analysis | media
kit | ad
newsletter | e-mail
| 214.521.1300
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.
State Licensing Requirements Comprehensive table of licensing requirements by state, including licensing for companies, licensing for individual originators and education requirements. Created by the Washington, D.C.-based mortgage law firm of Weiner Brodsky Sidman Kider PC.
