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The New Hampshire Mortgage Bankers and Brokers Association voted unanimously to align their organization with the National Mortgage Broker’s Association beginning in 2007. The New Hampshire organization has long been a member of the National Mortgage Banker’s Association even though the composition of the state chapter includes both bankers and brokers. (more…)
Argent Mortgage, the wholesale and correspondent lending subsidiary of Ameriquest Mortgage Corporation, recently announced their new “80/20 SIVA†program. This loan program features 100% financing through a 2 loan transaction and provides stated income documentation for self-employed borrowers. The move is yet another in Argent’s recent (more…)
In an effort to make processing sub-prime loans easier and faster, First Franklin introduces their new “LITE†credit program. Essentially this program provides applicants (more…)
There’s no doubt that Realtors love a cash buyer. Does that sentiment hold true when the buyer is acquiring the Realtor’s employer? According to an article located on Realogy’s website at www.realogy.com the company has agreed to be acquired by Apollo Management in a $9 billion cash deal.  (more…)
J.D. Power and Associates released their results of a study of mortgage lenders and customer satisfaction. The 2006 Primary Mortgage Origination Study is based on responses from 4,115 consumers who originated a new mortgage in the previous nine months. The study was fielded between October and November 2006.
And the winner is? 
(more…)
In November 06, the Associated Press published an article with the headline “FTC Hits Telemarketers With $500k Fines” about mortgage company telemarketing. Apparently two Maryland-based companies were fined up to $500,000 to settle charges by the FTC that they called people on the Federal Do-not-call registry. What I found interesting was that the companies were also fined for “failing to pay to access the registry, as telemarketers are required to do”. (more…)
On December 1st, Sebring Capital closed down citing market conditions affecting sub-prime origination and securitization. The closing was a disappointment for the 10 year-old company according to Senior Vice-President Michael Waldron. “It was unexpected and unfortunate, and we pursued several different avenues in order to try to avoid this”. Their webpage indicates that all (more…)
Perhaps you have heard about Watters v. Wachovia, the suit going before the Supreme Court next week. You may have just rushed by the headlines, thinking this is just another case of a state trying to impose predatory lending laws on a financial institution. Let me give you 4 reasons why you should pay attention to this case and why you should care about the outcome: (more…)
When Washington Mutual(NYSE:WM) announced the closing of their correspondent lending division earlier this year it was part of the restructuring of their mortgage lending and portfolio servicing strategy. WAMU also sold about 1/3rd of it’s loan servicing portfolio, including all of their government loan servicing to Wells Fargo (NYSE:WFC).
But those who worried about the management team at Washington Mutual need worry no more. (more…)
