Lenders have tightened underwriting standards across the board for both prime and subprime mortgages, especially loan-to-value ratios, according to a new survey of 2,800 mortgage brokers. Lenders’ response to current market conditions also... [Includes one graph]
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Revenue earned by major bank players in the mortgage servicing business from servicing activities for other investors plunged 34.81 percent in the first quarter of 2007 compared with 2006, according to a new Inside Mortgage Profitability... [Includes one chart]
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An effort to further modernize the subprime mortgage origination process looks to be afoot, with vendors offering lenders options to increase profitability in the troubled sector. Currently, most subprime mortgages are manually underwritten, but Overture...
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GreenPoint Mortgage recently became the latest company to lay off employees and shut offices due to tightened underwriting guidelines and subsequent reductions in volume in the Alt A sector. Meanwhile, Opteum has completed its exit from the origination business, and...
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Lehman Brothers Holdings is merging its subprime mortgage lending platform into its Alt A lending platform and eliminating about 400 jobs from its subprime unit, the Wall Street investment bank announced this week. Lehman Brothers subsidiary BNC Mortgage, an...
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The Mortgage Bankers Association is confident that modifications made to securitized subprime mortgages in an effort to curb rising foreclosures are consistent with current accounting standards. In a position paper submitted to the Financial Accounting Standards...
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The Mortgage Bankers Association is proposing to establish a national database to help prevent mortgage fraud.Lender Technologies Corp. a wholly owned MBA subsidiary, last week issued a request for information designed to develop a roster of technology vendors...
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