Thornburg Mortgage plans to grow its origination business despite a softer mortgage market by making a concerted effort to retain its current borrowers as they refinance, reported Joe Badal, senior vice president and chief lending officer. The firm implemented a...
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Bank of America has historically been a prime lender but it is now moving closer to its retail consumer base to expand its mortgage business. While the bank feels good about its product mix, it has done a lot of work over this year to bring to market loans that it can...
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The Mortgage Bankers Association predicted during its annual convention in Chicago this week that loan volumes will drop 19 percent this year to $2.46 trillion. That is still the fifth-highest amount on record, but the bad news is that the MBA expects...
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Mortgage banking profits plunged in 2005 to $258 per loan from $657 per loan in 2004, but it would have been much worse if not for the profitable contribution of servicing. Net secondary income rose last year, according to the recently released Mortgage Bankers Association’s...
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IndyMac’s servicing grew by 29.4 percent at the mid-year mark, the fastest rate recorded in a new analysis of the top 30 lenders and servicers by Inside Mortgage Profitability. The California-based IndyMac also had a... [Includes a one page chart]
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Many lenders saw record profits again last year, which translated into raises for most employees. Nearly 91 percent of thrift employees received a raise last year, according to a recent survey.America’s Community Bankers found that thrift employees’ base salaries...
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NetBank might have sold most of its mortgage servicing rights but that does not mean that the online lender is giving up on its mortgage business, said new CEO Steven Herbert. The firm sold a little over 70 percent of its MSR portfolio for $119 million...
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