Wells Fargo Plans Foray Into Warehouse Lending
San Francisco-based bank and mortgage lender Wells Fargo is reportedly looking to venture into warehouse lending, according to Bloomberg.
The paper, which cited two people familiar with the matter, said the business would be based out of Atlanta, and headed by Kenneth Lognan, who was acquired via the Wachovia merger.
Back in February, Wells chief John Stumpf said the bank had been out of the warehouse Read more
MBA Looks to Save Warehouse Lending
The Mortgage Bankers Association has proposed a solution to the warehouse lending shortage, which has pushed many smaller mortgage bankers to the brink despite the recent pickup in loan origination volume.
Warehouse lending, which provides short-term funding to smaller, independent mortgage bankers so they can compete with the likes of larger depository banks and lenders, has dwindled since the mortgage crisis took Read more
Subprime Lending Didn’t Increase Homeownership: Report
The subprime lending boom that took place from 2001 to 2006 did little to boost homeownership, according to a study conducted by the Federal Reserve Bank of St. Louis.
Instead, subprime loans served as little more than temporary bridge financing, as most were prepaid (via refinance or sale) or defaulted on within just a few years after origination.
“The termination rates of subprime mortgages that originated Read more
Texas FHA Lending Boom
Is the boom in FHA Lending a cause for concern? Nearly 20% of all new mortgages now insured by government agency. The Texas mortgage shakedown of the subprime mortgage industry and its fallout on conventional lenders has led to such a boom in business at the Federal Housing Administration that the agency is now insuring nearly one in five new residential mortgages, helping salvage some neighborhoods in some of Read more
Equifirst to Halt Lending Operations
Equifirst announced today that effective immediately, it will be ceasing lending operations.
Going forward, the Charlotte, North Carolina-based mortgage lender will no longer accept applications for “any type of Mortgage Loan product.”
“EquiFirst will continue to process any completed Mortgage Loan application and will notify the submitting Broker of the status of such Mortgage Loan application upon Read more
FHA Lending Projected to Be Big in 2009
Market research company iEmergent expects the FHA to be a major player in the mortgage market this year, according to their 2009 forecast released today.
The company currently forecasts 1.4 million owner-occupied FHA purchase loans in 2009, representing total purchase volume of $245.9 billion.
When you factor in refinance transactions, that number could be as high as $400 billion.
Part of the Read more
Chase Wholesale Lending Shut Down
Chase reportedly shuttered its flagging wholesale home loan division today, according to the Mortgage Lender Implode-o-Meter.
It is believed that 190 Account Executives were still employed in the lending unit nationwide, though it’s unclear how many will be affected by today’s news.
Chase is expected to hang on to its correspondent lending business, though it plans to shed about 25 percent of staff, Read more
Texas FHA Lending Boom
Is the boom in FHA Lending a cause for concern? Nearly 20% of all new mortgages now insured by government agency. The Texas mortgage shakedown of the subprime mortgage industry and its fallout on conventional lenders has led to such a boom in business at the Federal Housing Administration that the agency is now insuring nearly one in five new residential mortgages, helping salvage some neighborhoods in some of the nation’s battered real estate Read more
HSBC to Cease Wholesale, Correspondent Mortgage Lending
A took awhile, but it looks like HSBC has finally decided to throw in the towel, leaving very few mortgage lenders in the wholesale space.
The company announced today that it would cease both wholesale and correspondent mortgage lending effective immediately, as a result of, you guessed it, “unprecedented market conditions.”
HSBC will continue to process loans registered as of today, but all loans Read more