Top mortgage bankers reported a solid increase in new loan production during the fourth quarter of 2009, but earnings declined slightly from the previous three-month period, according to a new Inside Mortgage Profitability analysis. A group of nine mortgage lenders reported an aggregate $2.443 billion in production-related profits for the fourth... [Includes one chart and one graph]
Read More
Officials at Quicken Loans say the company’s unique business platform has allowed the company to stay afloat and prosper during the worst financial storm ever to hit the mortgage financing and housing industries. “This platform provided ease, convenience and speed to consumers, who can literally apply for a purchase or a refi loan online and close with a local title company from...
Read More
In recent months, mortgage servicers have increasingly been trying to squeeze additional recoveries out of defaulting borrowers through the pursuit of deficiency judgments. Experts say rising loss severities due to lower proceeds on short sales or sales of real estate owned properties have been driving this upward trend. An analyst from...
Read More
The retreat of a number of top lenders from the wholesale broker market has created opportunities for smaller firms such as Connecticut-based Total Mortgage Services. The company originally planned to open a wholesale program in January, but the implementation of the new good-faith estimate form under the Real Estate Settlement Procedures Act was rougher than expected, said...
Read More
Bank of America is suing First American for allegedly improper title searches on some 5,500 home-equity loans that yielded $535 million in losses for the lending giant. In a suit filed in court in Charlotte, NC, the bank alleges that First American relied on borrowers to disclose information about liens on their properties, rather than conducting traditional, independent...
Read More
The mortgage finance industry continues to be wracked by escalating repurchase burdens, but originators may have more legal defense options available to them in their disputes with their purchasers than perhaps they realize, according to some legal experts. “The biggest trend we’re seeing, of course, is that there really is an acceleration of these [repurchase] demands being made...
Read More
Although some indicators point to a leveling off of the severe performance problems that have dogged the mortgage industry for three years, analysts at Standard & Poor’s say default rates in the non-prime market show no signs of letting up. “We think we haven’t reached a turning point in this credit cycle,” said S&P Managing Director Diane Westerback. Looking at the vintage prime...
Read More
Mission Hills Mortgage Bankers, a California-based mortgage bank, recently tapped eOriginal SmartSign for... Blueberry Systems recently introduced a version of its flagship product as a remotely hosted loan... Intelenet Global Services has partnered with SigniaDocs, Inc. to offer a comprehensive, scalable...
Read More