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| Last Updated |
Tuesday, December 30, 2008 |
11:33 AM |
Texas Time |
Latest Net Branch Headlines
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A Pennsylvania-based net branch operation has settled charges that its originators earned bigger fees and yield spread premiums on loans to minorities. However, most of a multi-million dollar judgment against the company will be suspended due its financial condition.
The Federal Trade Commission announced today that Gateway Funding Diversified Mortgage Services LP and general partner Gateway Funding Inc. agreed to settle the charges.
The Horsham-based firm allegedly charged blacks and Hispanics higher interest rates and bigger up-front fees than non-Hispanic whites.
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Mortgage brokers are being courted by growing net branch companies that promise to reduce administration, increase resources and give immediate access to government programs. One branching firm is promoting modification services while a branch of another firm is offering stated-income programs.
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Net Branch
1st Metropolitan Mortgage is a financially stable net branch
company partnering with top lenders nationwide.
www.1stMet.com
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A Washington-based lender is becoming a $1 billion player. Business is generated through mortgage brokers and net branches.
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Two net branch companies have stepped up efforts to recruit mortgage brokers and expand. While branch operations have traditionally focused on loan originations, at least one company has emerged that focuses on loss mitigation.
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At its peak, Ace Holding Co. operated retail and wholesale subsidiaries that originated more than $3 billion in mortgages annually and employed hundreds of employees at dozens of offices. But following a string a lawsuits and the collapse of its wholesale subsidiary, the company has now shut down its retail branch operations.
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The collapse of a New Jersey-based net branch has some branch managers considering a class action lawsuit. In a lawsuit by one of its wholesale lenders, the company is accused of submitting more than $2 million in fraudulent loans that resulted in more than $1 million in losses.
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An Oregon firm expects to more than double the nearly $700 million in loans it originated last year, while it plans to add 150 employees -- including some net branch employees. A positive atmosphere is behind much of the success.
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The business of mortgage branching has become a game of Monopoly, with some operations selling or shutting down as others continue to grow.
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A Texas bank has picked up eight CTX Mortgage Co. branches.
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Former executives of Carteret Mortgage Corp. met in December to discuss a strategy for survival. But the company's chief executive officer has decided to throw in the towel. While managers and originators are finding new homes, Carteret's CEO is done with the mortgage business.
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Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.
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