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Latest Mortgage News Headlines |
| Last Updated Wednesday, August 20, 2008, 09:50 AM Texas Time |
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California mortgage brokers have recognized a San Francisco broker as being the best in the state.
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While quarterly commercial mortgage production has tumbled from last year, volume has recently stabilized. Meanwhile, fundings for health care properties have soared. Commercial loan securitizations have all but disappeared, though commercial banks have recently begun picking up some of the slack. (Aug. 20)
Members of Congress are prodding servicers to hold off on foreclosures while new legislation is implemented, while a group of nonprofits is working to ensure foreclosure funds designated by the new law are put the highest and best use. In Chicago, the price of holding a vacant property rose, and the cost for foreclosure consultation from a Phoenix attorney fell. Two firms have automated the process of identifying foreclosure prospects and recommending solutions. (Aug. 19)
When New Hampshire regulators were given loan files for a routine examination of a mortgage brokerage, they became suspicious about missing documents. With a little more work, they found the missing documents in a shredding bin and reconstructed them only to find altered documents on loans from that state and from Massachusetts. In addition to fining the broker $400,000, they alerted Massachusetts regulators -- who then took their own actions. (Aug. 19)
Fannie Mae has followed Freddie Mac's lead on New York subprime mortgages. (Aug. 19)
A Florida-based company that helps servicers with real estate owned has added nearly 100 employees this year and has plans to add more. (Aug. 19)
A mortgage banking joint venture between a Colorado firm and a Kansas bank appeared to be weathering the financial markets storm until March, when the bank pulled the plug on the operation. Now the bank is being sued for millions of dollars by its former partners. (Aug. 19)
Wachovia Corp. plans to eliminate mortgage jobs in Pennsylvania. (Aug. 18)
A mortgage broker has pleaded guilty to helping a former executive of a Florida bank overcharge the banks borrowers. The two pocketed the difference while the bank wound up embroiled in lawsuits. (Aug. 18)
The volume of loans insured by the Federal Housing Administration has spiked this year, new data indicate. Two firms are helping mortgage companies that are struggling to understand and comply with recent changes to the FHA program while trying to keep up with increased activity. (Aug. 18)
A New York firm reports that it has brokered the successful sale of more than $6 billion in mortgage portfolios during the past year. (Aug. 18)
Hundreds of California employees were laid off earlier this month by Fremont Investment & Loan. (Aug. 18)
IndyMac Federal Bank FSB, which still employs many of the people who worked there before it was taken over by government regulators, is operating under the Federal Deposit Insurance Corporation with fewer capital restraints in an environment with higher morale than in its final days as an independent company. Fewer layoffs are currently planned as the FDIC is apparently managing the company under a strategy that seeks to preserve value in the company's business units as ongoing entities. (Aug. 15)
Bank of America Corp. has begun the painful process of eliminating 7,500 jobs in connection with its recent acquisition of Countrywide Financial Corp. The first round involved Illinois employees. (Aug. 15)
The market for impaired mortgages continues to grow as investors and servicers see opportunity to bring defaulted loans into a re-performing status. Other secondary marketing activity includes the development of warehouse lines for home-equity conversion mortgages. (Aug. 15)
More layoffs are planned at Citigroup Inc.'s warehouse lending unit. (Aug. 15)
A Residential Capital LLC unit is laying off employees in New Jersey. The latest job cuts bring to more than 6,000 the number of layoffs since last year. (Aug. 15)
An enhancement to one pricing engine exponentially improves the offering, the developer claims. In other technology news, a recent improvement to credit scoring brings authorized users back, while mortgage technology standards have taken a giant step forward. (Aug. 14)
NovaStar Financial Inc., which exited its mortgage production business in January, has invested in an appraisal business. (Aug. 14)
Oregon is taking action against four mortgage companies over allegations of mortgage fraud, incomplete licensing and inadequate supervision of originators. (Aug. 14)
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More layoffs are planned at Citigroup Inc.'s warehouse lending unit.
First Collateral Services Inc. has notified the state of California of 76 planned layoffs, according to Worker Adjustment and Retraining Notifications published by the state's Employment Development Department.
Companies are required to file WARN notices with state employment agencies at least 60 days prior to laying off at least 50 people. (Aug. 15)
In several lawsuits filed by an affiliate of Residential Capital LLC, loan correspondents are accused of failing to repurchase loans as required by the contracts they signed. In at least one case, the company is going after an individual who signed a personal guarantee.
Atlanta-based Bayrock Mortgage Corp. is being sued Residential Funding Company LLC over failing to honor nine repurchase demands for $1.5 million.
RFC claims that although Bayrock agreed to repurchase any defaulted loan even if it wasn't involved with potential mortgage fraud causing the default, the company has failed to repurchase the loans. (Aug. 14)
Bank of America Corp. has begun the painful process of eliminating 7,500 jobs in connection with its recent acquisition of Countrywide Financial Corp. The first round involved Illinois employees. (Aug. 15)
West Virginia has joined a host of other states suing Countrywide Financial Corp. (Aug. 13)
The company that claims to be the biggest privately held reverse mortgage originator sees more hiring ahead. (Aug. 11)
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