No one in the mortgage industry expects that subprime lending will revive much unless it’s the subprime of yesteryear where equity was a key factor in determining whether a borrower should get a loan. The handful of subprime (“hard money,” call it what you will) lenders active today require hefty down payments in the range of 30 percent. The most successful subprime lender in terms of money raised is Citadel Loan Servicing of Irvine, CA, the brainchild of Dan Perl, which raised ... [Includes three briefs]
Mortgage income reported in bank call reports includes earnings from production, loan sales and net servicing results, so industry profits are not tied exclusively to new lending.
Joel Tillett and five other former employees were indicted in May on federal charges they conspired to defraud mortgage lenders by submitting loan applications that contained false information.
Many mortgage firms are hoping that a huge surge in purchase-money deals will compensate greatly for the declining refi market and that layoffs at their shops will be avoided.
A title insurance firm is taking a close look at due diligence provider Allonhill. Meanwhile, mergers and acquisitions in the residential finance industry could explode.
The the most powerful consumer regulator in the nation raised concerns about aligning the definitions of 'qualified residential mortgage' and 'qualified mortgage.'
The agency watchdog wants HUD to pursue civil remedies against The Lending Company and impose fines for incorrectly certifying that mortgages were eligible for FHA insurance.
Warehouse lending executives say they are seeing their nonbank clients earn less money this summer, but noted that profits are still strong by historical levels.
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