2007 January · Mortgage News Review

GMAC Mortgage Adds Industry Veterans To Enhance Subservicing Team

9:56 am - January 31st, 2007

GMAC Mortgage, LLC, the nation’s second largest subservicer, has added two mortgage banking veterans to its servicing operation. Connie Miller will serve as director of contract administration, and Louis Glinn will serve as director of analytics and controls. (more…)

Heritage Capital Credit Corporation Announces Financial Guaranty Wrap

3:21 pm - January 30th, 2007

Heritage Capital Credit Corporation has recently announced that its subsidiary, Independent Capital Credit Corporation, will use a financial guarantee from a common controlled company, First Life Financial Corporation, to wrap its proprietary loan product, called the BCLOC. The BCLOC provides 100% financing for commercial real estate and provides borrowers the opportunity to build cash equity. (more…)

American Home Mortgage Announces Fourth Quarter and Full Year 2006 Results

5:11 pm - January 25th, 2007

American Home Mortgage Investment Corp. (NYSE: AHM) announced today results for the quarter and full year ended December 31, 2006. Earnings are $1.21 per diluted share for the fourth quarter and $4.96 for the full year 2006. Origination volumes are a record $15.5 billion for the fourth quarter and a record $58.9 billion for the full year 2006. Common stock dividend policy increased to $1.12 per share per quarter, or $4.48 per share on an annualized basis. 2007 earnings guidance is $5.40 to $5.70 per diluted share. (more…)

Option One Announces NEW 50 YEAR Term Loan Program

11:45 am - January 23rd, 2007

According to an email press release dated 1/23/2007, Option One Mortgage a subsidiary of H&R Block and a national sub-prime wholesale lender is introducing their new 50/30 loan program. This product features (more…)

First Franklin Releases Best Score Program

11:55 am - January 15th, 2007

First Franklin, a non-prime wholesale lender, announced the release of their newest mortgage program called the Best Score Program. For loans with more than one applicant, this loan features an ability to use the higher credit scoring borrower’s score to qualify for a home loan. (more…)

Should the Mortgage Industry Fear Maxine Waters?

9:57 pm - January 11th, 2007

Representative Maxine Waters (Dem-CA) is the incoming chairwoman for the Housing and Community Opportunity Subcommitte which is under the House Financial Services Committee. During a speech on Tuesday, she made a fairly boldÂ statement to the industry (more…)

Banco Popular to Exit Wholesale Sub-prime Lending in US

10:48 am - January 11th, 2007

According to an article that ran in Tuesday’s Los Angeles Times, the Puerto Rican based bank is closing their wholesale and retail mortgage lending operations in the United States. Citing increases in delinquent mortgage loan payments as the primary source, the move will result in the loss of over 600 jobs (more…)