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Mortgage Industry News Headlines
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Last Updated Friday, January 20, 2006 05:05 PM CST
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Baltimore Beats Real Estate Bandits
More than 100 defendants were sentenced last year as part of a concerted effort by federal prosecutors to stifle property flipping and appraisal scams that had been rampant in entire neighborhoods. "We still have some open investigations," a spokeswoman, who handles mortgage fraud for the U.S. attorney's office in Maryland, told MortgageDaily.com. "But the volume is going down. We hope we're one of the reasons" for the decline.
Citi Business Off
In the fourth quarter, originations totaled $35.7 billion, slipping from the third quarter, CitiMortgage's parent said Friday. The level, however, is above the level during the last three-month period of 2004.
Broker Adding 100 NY Jobs
MEM Financial Solutions sealed a deal to purchase a building in Schenectady, N.Y., that will serve as its new headquarters, according to a recent announcement. The new base location will enable it to boost its total staff by 150 percent, a company spokesman told MortgageDaily.com.
Best Managed Mortgage Companies
Forbes magazine recently released its Platinum 400, also known as the list of America's Best Big Companies. Forbes recognized M&T Bank as the best-managed company in the banking industry. With a 17.0% five-year return, the parent of M&T Mortgage ranked 225 amongst all companies and eighth within banking companies.
Quarterly Fundings Tumble at First Horizon
Fourth quarter mortgage originations of $8.0 billion plunged from the prior three-month period, according to First Horizon National's latest earnings announcement. However, production was slightly better than in the same period for 2004.
Rates, Apps Improve
Refinance requests rose 10% for the second consecutive week in the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey. The 30-year fixed-rate mortgage average slid from last week to 6.10%, according to Freddie Mac's latest survey of 125 mortgage-lending thrift, commercial banks and companies.
Volume at Wachovia Wanes
Fourth quarter loan production of $15.2 billion came in below the previous quarter, according to Wachovia Corp.'s latest supplemental earnings statement. The latest period was well above the total during the the fourth quarter 2004.
Bank Unloads Long-Term Portfolio
Northwest Bancorp Inc. said Wednesday it expects an after-tax gain from a $383 million secondary sale. The proceeds from the sale will be reinvested in "other types of assets that will most likely have slightly lower average yields but much shorter average lives."
Chase Fundings Fall
Fourth quarter originations totaled $44.0 billion, falling from the prior quarter, Chase Home Finance's parent JPMorgan Chase & Co. said in its financial supplemental report Wednesday. The latest fundings aren't far off the fourth quarter 2004.
Freddie Buys e-Mortgage
Freddie Mac acquired an electronic mortgage from Wells Fargo Home Mortgage, according to an announcement today. "Today's announcement shows the potential time and financial savings that eMortgages can provide to America's borrowers and lenders," a Freddie executive said in the statement.
Lead Co. Looking for Partner
American Money Network LLC is seeking a strategic partner to expand its loan lead business, according to an announcement today. "As a small private company we are limited in our ability to secure sizable Web media contracts with the major portals," said the company's founder in the statement.
Subprime Casualties
American Mortgage Network no longer takes applications for subprime loans, according to a company spokeswoman. Market conditions prompted the decision, which will result in 94 layoffs.
Volume Drifts Down at Downey
Fourth quarter fundings were $3.1 billion, down from the prior quarter, according to an announcement today from Downey Financial Corp. Compared to a year ago, production is off by one-third.
Credit Agency Settles Charges of Sloppy Merged Reports
The FTC alleges Far West Credit Inc. violated the Fair Credit Reporting Act and the FTC Act by not following reasonable procedures to assure the accuracy of the information in the consumer reports it sold to mortgage companies, according to an announcement Tuesday. Far West will pay $120,000 in civil penalties to settle the charges.
Lender Sued Over Inflated Appraisal
The state's highest court has ruled that a West Virginia woman should be allowed to present evidence that the home loan she received from Washtenaw Mortgage was based on an inflated appraisal. The borrower's attorney said the case brings together almost all of the elements of predatory lending -- broker bait and switch, inflated appraisals and an abusive yield spread premium.
National City Production Down
National City Corp. reported fourth quarter originations for sale totaled $16.4 billion, plunging from the third quarter and falling from the same period a year prior. Volume of $74.7 billion in 2005 nudged down 7% from the prior year, according to the mortgage banker's supplemental data report today.
Wells Ends 2005 With Bang
Fourth quarter originations of $113 billion grew from the previous three-month period and the level a year earlier, according to Wells Fargo & Co.s' earnings announcement today. The quarter was the best of the year.
Selling to Women
Marketing to women today takes a bit of finesse, a dependable post-sale process and a lot of integrity, according to Marketing To Women: How to Understand, Reach, and Increase Your Share of the World's Largest Market Segment. Research reportedly showed that women put "more weight on warranties, guarantees, and customer support hot lines."
Mortgage Branker
Branker Connect, a partnership designed to help "brokers achieve the benefits of becoming a mortgage banker, without the risks," was launched last week, according to an announcement. Branker also targets brokers who have already migrated into the banking arena but are having difficulty achieving successful results.
Net Branch Originator Entertains Audiences
Flexibility in the mortgage business has enabled Screen Actor's Guild member Paul Wheeler to appear in a music video, appear in a print ad for Metropolitan Life and to play rhythm guitar and sing in his classic rock band, Lost in Place. Wheeler said he works out of his home quite often as a loan originator for New Jersey net branch company, and conducts a lot of business over the phone. "I make my own schedule, it's flexible," he told MortgageDaily.com.
Servicer Adding 150 Jobs
Aurora Loan Services had considered moving its mortgage servicing facility to Colorado. But a deal approved by the Scottsbluff City Council that will pay Aurora $1.8 million over the next three years was enough to convince the servicer to stay amid plans to add 150 new employees.
Several Banking, Mortgage Technology Deals
Penn Bancshares recently received an approval order by the Federal Reserve Board to acquire almost 25 percent of the voting shares of Harvest Community Bank. Shareholders of TD Banknorth Inc. and Hudson United Bancorp approved the merger of the two companies, according to a press release Tuesday. On Friday, private mortgage insurer Mortgage Guaranty Insurance Corp. said it acquired "the top provider of websites for mortgage brokers in the mortgage industry."
Nonprime Wholesaler Launched
HomeView Lending Inc. has started business as a mortgage wholesale lender. The Calif.-based company will serve the subprime, Alt-A and option ARM markets, the company's founder told MortgageDaily.com. "People are attracted to the energy of a startup," he said.
South Drives Foreclosure Spike
Foreclosure.com announced Wednesday that 24,124 U.S. residential properties joined the foreclosure list last month, more than in November. The South, which includes Florida, Georgia, North Carolina and Texas, led the country with a 9 percent increase in inventory and a 17.4 upturn in new foreclosures, a Foreclosure.com spokeswoman told MortgageDaily.com in an e-mailed statement.
REIT to Acquire Mortgage Banker
American Home Mortgage Investment Corp. will acquire Waterfield Financial Corp. from Union Federal Bank of Indianapolis, according to a statement today. The deal, to be priced at the book value of Waterfield's net assets, is expected to be done this month.
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