In its thirst to expand further into financial services, IBM recently agreed to buy blue-chip advisory firm Promontory Financial Group, but there are two units that “Big Blue” won’t be getting: Promontory MortgagePath LLC and Promontory Interfinancial. According to industry officials, both units will continue to be owned (at least in part) by PFG founder Eugene Ludwig, the former Comptroller of the Currency who started the firm in 2001. Promontory Interfinancial is considered...
Wells Fargo – no doubt – is taking it on the chin for its “account fabrication” scandal tied to credit cards and deposits, but so far the damage has yet to seep into its mortgage business in a major way, but reports suggest certain correspondents are balking at doing business with the megabank. Dave Akre, managing director of Five Oaks Investment Corp., said he knows some loan officers working for Wells correspondents who are no longer offering the megabank’s jumbo products “due to recent issues.” Those “issues,” he pointed out in an interview with Inside Mortgage Finance, involve...
Freddie Mac’s third-quarter MBS business was up 36.0 percent from the previous period, thanks to a whopping 43.6 percent jump in purchase-mortgage business…
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