JPMorgan Chase & Co. is looking to add between 500 and 1,000 mortgage-servicing jobs in Ohio. The staff expansion will help the company deal with issues brought up in a recent settlement between the biggest mortgage servicers and federal regulators. But the jobs aren’t expected to last more than a couple years.
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The Five Star Data & Information Summit is being held in May at the Mandarin Oriental in Las Vegas. MISMO’s May 2011 Trimester Meeting is being held from May 23 to May 26 at the Monte Carlo Las Vegas Resort and Casino. The Global Technology Summit 2011 is set for May 15-17 at the Hard Rock Hotel & Casino in Las Vegas.
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The former chief executive officer of failed Taylor, Bean and Whitaker Mortgage Corp. faces up to five years in prison after pleading guilty in the massive fraud scheme. A New Jersey mortgage broker was sentenced to 30 months in prison for his role in a $25 million fraud scheme against PNC. The owner of Pacific Coast Mortgage was sentenced to 20 years behind bars.
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Western Springs National Bank and Trust was shut down by the Office of the Comptroller of the Currency on Friday. After that, the Nevada Financial Institutions Division took over Nevada Commerce Bank. Also on Friday, the National Credit Union Administration reported that Mission San Francisco Federal Credit Union was placed into liquidation.
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LendingTree LLC introduced the next generation of its loan marketplace, which promises to increase conversion rates. Recently launched PrecisionAds reportedly provide higher conversion rates because users choose lenders based on a comparative shopping session while never leaving the Web site where they first saw the ad. A new cost-per-lead lead-generation platform announced Tuesday by MobileLeads.com enables originators to buy live inquiries through wireless mobile devices.
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Aspen Financial Services faces at least the fifth investor lawsuit filed since 2008. The company is a hard-money lender. Aspen has moved to dismiss a lawsuit filed against it in January by an investor who is a Las Vegas attorney.
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CitiMortgage Inc. has agreed to a $2 million settlement in a class action, a news release said. A class action was filed in U.S. District Court for the Eastern District of Washington against EMC Mortgage Corp., Keller Rohrback LLP announced. Last September, Ohio’s attorney general said a motion to dismiss the state’s lawsuit against HomEq Servicing was denied.
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Sterling Edmunds Jr. has assumed the role of executive vice president — national sales and production manager at SunTrust Mortgage Inc. He was president and chief executive officer at the lender. The demotion is immediately effective.
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The Federal Reserve Board issued a final rule and requested comments for a second rule under Regulation Z that implements the Truth in Lending Act. Maine’s Bureaus of Financial Institutions and Consumer Credit Protection issued clarifying guidance regarding how licensees should meet their Maine Truth-in-Lending disclosure obligations. A ruling by the U.S. District Court for the District of Columbia against the Federal Trade Commission on the Red Flags Rule was overturned by the U.S. Circuit Court of Appeals.
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Reverse Mortgage Solutions Inc. announced it would expand into reverse mortgage originations. Business will be generated from a new retail channel. However, a correspondent channel has also been created.
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