Hard Money Loans » Mortgage

Fairway: Yesterday, Today and Tomorrow

Real Estate Investor — Mon, 27 Jun 2011 14:59:41 +0000

When Steve Jacobs started Fairway Independent Mortgage in 1996, a life event prompted him to open the company in Wisconsin instead of Texas. The company has now grown to more than 1,000 employees. Fairway plans to continue its growth by maintaining a focus on purchase-money business.

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Default Strategies

Real Estate Investor — Fri, 24 Jun 2011 14:52:16 +0000

A study from Experian found that 47 percent of strategic defaulters opened a new mortgage during the six months prior their defaults. “This behavior further supports the evidence that these mortgage defaulters were doing so strategically,” the report said. In addition, around nine-in-10 strategic defaulters remained current on other obligations as much as a year past the default.

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Rising FHA Business to Fall

Real Estate Investor — Tue, 21 Jun 2011 14:53:38 +0000

Last month, the Federal Housing Administration endorsed over 2,500 more mortgages than in April. On a dollar-volume basis, production was up around $0.1 billion. Overall activity appears to be headed lower based on new applications, which were down more than a quarter in May.

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Merrill Must Face Class Action Over Mortgage Securities

Real Estate Investor — Tue, 21 Jun 2011 04:04:05 +0000

Bank of America Corp.’s Merrill Lynch unit must face a class-action suit on behalf of at least 1,800 investors over mortgage-backed securities, a federal judge ruled.

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Rates Edge Up, Activity Edges Down

Real Estate Investor — Sat, 18 Jun 2011 14:55:25 +0000

The conforming 30-year fixed-rate mortgage rose nearly 4 basis points this week. The 15-year mortgage was also higher. The increase in rates pulled new mortgage inquiries down 4 percent.

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Provident Production Plummets

Real Estate Investor — Sun, 12 Jun 2011 15:06:43 +0000

Volume plummeted by 62 percent between the fourth-quarter 2010 and the first-quarter 2011 at Provident Funding Associates LP. In comparison, an analysis by MortgageDaily.com of first-quarter production indicated that fundings at all U.S. lenders were down just 34 percent. Deterioration at Provident was twice as bad as the industry as a whole.

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Consumer News Publication Launches Amid Plunging Mortgage Rates

Real Estate Investor — Mon, 06 Jun 2011 14:53:56 +0000

The 30-year fixed rate has fallen each of the past eight weeks, according to the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com . Last week’s 30-year rate was the lowest this year. The launch of a new consumer mortgage news publication will help current and prospective borrowers take advantage of these low rates while giving them an improved understanding of available options and the mortgage process.

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Bankruptcies Retreat

Real Estate Investor — Fri, 03 Jun 2011 17:52:32 +0000

Bankruptcies filed by U.S. consumers during May tumbled 15 percent from the prior month, the American Bankruptcy Institute reported. Filings were down 19 percent from the same month last year. Chapter 13 filings retreated around 11 percent.

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Wholesaler, Bank Push 2011 Casualties to 65

Real Estate Investor — Tue, 31 May 2011 14:54:59 +0000

First Heritage Bank was closed Friday by the Washington Department of Financial Institutions. Sidus Financial LLC said that it was halting new lock requests from mortgage brokers and correspondent customers. Including banks and credit unions, the failure or closing of 65 mortgage-related operations have been tracked by MortgageDaily.com during 2011.

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YSPs At Issue in $1 Million Settlement

Real Estate Investor — Sat, 28 May 2011 14:52:48 +0000

A settlement in a class-action lawsuit will cost Fairway Independent Mortgage Corp. more than $1 million. At issue are alleged undisclosed yield spread premiums and claims of mortgage fraud by a Missouri originator. The lead plaintiffs claim that Fairway, as a mortgage broker, had a fiduciary duty to provide them with the least expensive loan and breached that duty by collecting yield spread premiums.

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