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Mortgage Industry News Headlines
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Last Updated Friday, February 10, 2006 02:55 PM CST
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New Mexicans Complain
New Mexico's Attorney General released the top-ten list of businesses categories with the most complaints filed during 2005. Placing fourth on the list was "small loans and mortgage lending," according to the announcement.
NovaStar Delays Financial Announcement
NovaStar Financial Inc. issued an announcement that it will delay an announcement about earnings results and an investor conference call. "The company has decided to obtain legal opinions to further support certain tax positions," NovaStar said in the announcement Thursday.
Enjoy the Job, Sell More
One sales book reviewed by MortgageDaily.com takes an in-depth look at the psychological factors involved in selling and how to overcome the emotional obstacles that most salespeople find detrimental to their career. Finding pleasure in selling is one key to mastering the sales process, according to the book. Of the many ways to accomplish this, the book says, making the realization that "selling makes the world go round" is step one. Step two is to act like the successful salesperson one hopes to become until it becomes reality.
Subprime Unit Consolidated
ComUnity Lending announced Thursday the consolidation of its CreditFlex Funding offices and staff into its larger operations. "This is not a reflection on CreditFlex's success -- in fact, the division was very successful in developing new business in the nonprime lending arena for us," a ComUnity executive said in the announcement.
Alt-A to $3 Million
LoanCity recently announced it expanded its Alt-A program by increasing loan limits to $3 million for first mortgages. "Our enhanced Alt-A program addresses the market demand for larger loan sizes for both first and seconds and gives brokers the flexibility and the pricing they'll need to do business in a more competitive environment," LoanCity's chief executive said in the written statement.
Current Rates to Hold All Year
The 30-year fixed-rate mortgage averaged 6.24%, edging up from a week ago, the latest Freddie Mac Primary Mortgage Market Survey reportedly showed. Freddie's chief economist said he sees the 30-year "ending the year at about 6.3 percent."
WaMu Fundings Wane
Washington Mutual Inc.'s fourth quarter residential fundings totaled $59.5 billion, down from the prior quarter, according to its earnings release. Full-year 2005 fundings were off 2% from the previous year, the Seattle-based thrift said.
Community Bankers Expand Online
The percentage of bankers accepting applications online jumped to 37 percent, according to a survey by America's Community Bankers. Those who said they could render decisions online grew to 17 percent, while 1 percent offered online closings.
Countrywide Starts 2006 Down
January volume of $32.6 billion was less than the prior month, according to an announcement today from Countrywide Financial Corp. Fundings are higher, however, than a year ago.
Full Service Fraud Forms
A Cleveland accountant was selling bogus documents for $75 to $300 used to obtain mortgages, according to the U.S. Attorney's office. He has been charged along with 15 others, including his wife, in a 79-count federal indictment. He is also one of the founders of a Cleveland-area mosque and Islamic school.
Credit Quality to Retreat
The January 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices reflected the responses of 56 domestic banks, the Federal Reserve announced today. On net, the share of domestic banks reporting weaker demand for mortgages to purchase homes was "a notably larger net fraction than in the October survey."
Waterfield Shedding Hundreds of Jobs
Waterfield Mortgage Co. recently announced it will close its mortgage operations centers in Lakewood, Colo., Phoenix, Ariz., and Oak Brook, Ill, and its operations center in Fort Wayne, Ind., by the end of this quarter. The closings will result in the elimination of about 850 mortgage employees companywide, a spokeswoman told MortgageDaily.com.
Bulk Originations Surpass Traditional Fundings
Primary insurance written by members of the Mortgage Insurance Companies of America on newly originated one-to-four family conventional mortgages totaled $26.7 billion in December, according to an announcement. Of the month's total, bulk volume represented just over half, or $13.9 billion. It is unprecedented for bulk volume to outweigh traditional volume, an MICA spokesman said.
Share of Cashouts Climbs
Freddie Mac announced its fourth quarter refinance review reflected 80 percent of the refinance loans it owns had cashout of at least 5 percent of the original mortgage. The share is above the third quarter and the comparable period a year earlier.
Bush Budget Boosts FHA's Appeal
The Bush administration's 2007 budget states it will provide $100 million in HUD funding to assist low-income families with the down payment and closing costs for first-time buyers. The budget would also provide $45 million in funding for Housing Counseling coordinated through HUD and associated organizations to help 600,000 families obtain homeownership and avoid default, according to the analysis.
Allied Expands
Allied Home Mortgage Capital Corp. announced it added eight offices accross the country, according to announcements Friday. Two of the new offices are in cities it previously did not have a presence in.
Worst TIL Violators in 2005
The Federal Trade Commission released its annual roundup of enforcement actions related to the Truth in Lending Act, among other laws. In one of two mortgage-related settlements the commission entered last year the operators of a mortgage company and a group of Colorado-based mortgage brokers violated TILA and Regulation Z by promising consumers a "no-fee," low-interest loan following a process of multiple refinances.
RMBS Performance Outlook
Standard & Poor's said an improved outlook was conveyed at last week's annual American Securitization Forum in Las Vegas. An S&P credit analyst says she has started to see the effect that negative amortizing features can have on a transaction, specifically by way of increased subordinate bond sizes.
ABN AMRO Originations Abate
Volume of $10.9 billion in the last quarter of 2005 fell from the third quarter, ABN AMRO Mortgage Group Inc. announced. In all of 2005, ABN AMRO funded less than the previous year.
Wells Sued for Damaged Credit
A California couple said in a lawsuit that after their home was "red-tagged because of land instability" in 2001 and declared uninhabitable, the house was condemned and the couple obtained a forbearance from Freddie Mac releasing them from having to make payments. But, in court documents, the couple says that in spite of numerous entreaties and written proof of the tragic occurrence, Wells Fargo, the mortgage servicer, reported them as delinquent and eventually in default of their mortgage payments, blemishing what they say was spotless credit.
WaMu, New Century Make Moves
Washington Mutual Inc. said it is planning to open between 150 to 200 new retail banking stores this year to the network of 2,140 as of yearend 2006. New Century Warehouse Corp.'s parent announced it paid about $10 million for certain assets and assumption of certain related liabilities of Access Lending Corp.
Countrywide Rolls Out Lot Financing
Countrywide Home Loans Inc. recently announced it will finance lot purchases for properties that will either be owner-occupied or used as a second home. The program is being offered through all of its divisions, including wholesale and correspondent channels, a spokeswoman told MortgageDaily.com.
Mixed SunTrust Results
With $13.2 billion in mortgages closed in the last quarter of 2005, SunTrust Bank Inc. did not sustain the record set in the third quarter, according to figures e-mailed by a SunTrust spokesman. But overall 2005 production soared above the prior year's fundings.
Servicing Portfolio for Sale
Interactive Mortgage Advisors announced it is brokering a $40 million offering of Fannie Mae and Freddie Mac bulk servicing rights. The offering has a Feb. 15, 2006, bid deadline.
How to Improve Internet Lead Conversions
Steven Kropper recently told MortgageDaily.com that when prospects typically hit Web sites, they aren't ready to buy and it might be too early to contact them. "Incubate them and find a way to figure out when they move into the buy zone," he advised.
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