Wachovia Adding Mortgage Sales Jobs

  As part of its plan to expand retail business, the Charlotte, N.C.-based lender will hire over 750 loan officers during this year, Wachovia spokeswoman Jennifer Darwin told “We wanted to double our mortgage sales force, which we think will convert us into the top-third mortgage originator.” Wachovia’s volume of $58.2 billion in 2005...

Posted by November 28, 2017October 31, 2017

Rates Climb to Highest Level in Years

Rising 13 basis points from a week ago to the highest level since early September 5, 2003, the 30-year fixed-rate mortgage averaged 6.37%, Freddie Mac said its latest survey of 125 mortgage-lending companies, thrifts and commercial banks showed. A year ago, the average was 5.85%. Freddie’s updated outlook has the 30-year averaging 6.2% this quarter,...

Posted by November 26, 2017October 31, 2017

Ohio Mortgage Bill Drawing Fierce Support, Opposition

  Supporters of tougher mortgage-industry regulations scored a major victory last month when the Senate approved what they call the strongest anti-predatory lending bill to ever pass a chamber of the Ohio legislature. Advocates for consumers and the elderly hope the momentum continues in the House, which starts hearings on the bill this week. “Once...

Posted by November 24, 2017October 31, 2017

New Broker Growing Fast

Hoover, Ala.-based Sun Capital Inc. opened its doors seven months ago — originating just $200,000 in its first month with only three employees on the roster, founder Jerry Scarborough told in a phone interview. January’s loan production shot up to a reported $6.3 million, February’s was the same and projections for March exceed $7.5...

Posted by November 22, 2017October 31, 2017

Mortgage technology suit costs lender near $6 million

  Mortgage Technology Suit Costs Lender Near $6 MillionIMX Inc. was awarded the judgment against online mortgage originator LendingTree. But Charlotte, N.C.-based LendingTree, which didn’t respond to’s request for a statement, has indicated that it will ask the court to set aside the verdict and, if necessary, appeal. “IMX is extremely pleased with the...

Posted by November 20, 2017October 31, 2017

Mortgage Lead Tips

A key point that many people forget is that a lead is not a loan, it’s an interested person that you still have to sell on your services. With that in mind, here are some tips for getting the most out of your leads: 1) Remember that you’re talking to a person, not a piece...

Posted by November 18, 2017October 31, 2017

Mortgage Consolidations & Executive Shuffles

Sun National Bank, of Vineland, N.J., recently launched a residential mortgage subsidiary named Sun Home Loans Inc. and broadcasted its first podcast, which is designed to help consumers learn more about mortgages and the mortgage process. “Given New Jersey’s current housing environment, we wanted to give consumers a very focused approach to obtaining a mortgage...

Posted by November 16, 2017October 31, 2017

Lenders Question Benefit of State Regulations

  The study, from the Center for Responsible Lending, analyzed three-quarters of the loans originated in the subprime market (more than six million) from 1998 through 2004 and found that the states with the strongest laws (Massachusetts, New Jersey, New Mexico, New York, North Carolina, and West Virginia) had “the largest declines in loans with...

Posted by November 14, 2017October 31, 2017

IO Subprime Hybrids More Likely to Default

  Fitch Ratings announced it altered the risk factor for interest-only, subprime hybrid adjustable-rate mortgages because of high vulnerability to payment shock. In analyzing the payment shock potential for 2005 subprime IO and non-IO ARMs, Fitch said the payment increase at the rate reset is much higher than the increase from IO payments to principal...

Posted by November 12, 2017October 31, 2017

Home mortgage breaks: ‘Helper loans’ open

  The Marlborough-based trade association announced its sponsorship of the national Home Loan Payment Relief program yesterday at a State House press conference as part of the Massachusetts Credit Union Community Hope Initiative. The program offers qualified home buyers adjustable-rate mortgages at 1 percentage point below the market rate for three years. Subsequent adjustments are...

Posted by November 10, 2017October 31, 2017

CA Lender Buys FL Operation

  But first, General Electric recently announced it commenced a secondary public offering of approximately 71 million shares, at $32.75 each, of the Class A common stock of Genworth Financial Inc. Concurrently with the closing of the offering, Genworth also will repurchase 15 million shares of its Class B common stock directly from GE for...

Posted by November 8, 2017October 31, 2017

Broker Kills Broker

  “The read we got on him was that this was just not like him,” Bill Ridge, deputy police chief of the Portland, Maine, Police Department, told “He was very dedicated to his work and took making money very seriously.” Police finally found Robert Wagner on Feb. 22 — buried in a makeshift grave...

Posted by November 6, 2017October 31, 2017