Edwards Jones Mortgage LLC is closing down, and more than 200 employees are impacted. The mortgage lender stopped originating new home loans last month, while it plans to shut down next month. As a result of the company’s closing, Edward Jones Mortgage employees in Minnesota are being laid off. View full post on Mortgage Stories
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Over 200 Layoffs From Company Closing
February 14th, 2013 
davidguide 
Posted in Business Loans 
Tags: edward jones, home loans, Layoffs, mortgage lender, mortgage llc 
Comments OffFHA Endorsements Fall, Outstandings Grow
January 13th, 2013 davidguide Although the volume of mortgages insured by the government last month slowed, the portfolio of government-insured home loans continued to grow. The Federal Housing Administration endorsed 116,398 mortgages during November, according to monthly operational data. The total, which excluded the origination of home-equity conversion mortgages, was down from 126,877 home loans endorsed in October. A [...]
Posted in Business Loans Tags: federal housing administration, FHA, home equity conversion, home loans, operational data Comments OffBusiness Slows Heading Into Holidays
December 16th, 2012 davidguide With Christmas fast approaching, loan originators had rate locks on fewer loans this week. Refinance activity had the biggest impact on weekly activity, though conventional locks also significantly impacted the index. The U.S. Mortgage Market Index from Mortgage Daily for the week ended Dec. 14 was 192. An improvement to the data source has been [...]
Posted in Business Loans Tags: Business, christmas, conventional locks, Daily, dominant product, holidays, Index, loan originators, mortgage market, rate locks, Slows Comments OffOver A Dozen Mortgage Executives Recruited
November 14th, 2012 davidguide More than a dozen mortgage firms have named new senior and mid-level executives to lead their companies. Among the appointments are managers who worked for some of the nation’s biggest mortgage lenders. Former PHH Corp. chief financial officer Sandra E. Bell joined Prospect Mortgage LLC as its CFO earlier this month. Bell has almost 30 [...]
Posted in Business Loans Tags: asset, banker, Bell, chief operations officer, countrywide home loans, Former, greenlight financial services, investment, mortgage executives, nation, phh corp Comments OffClosing Rate Improves as Turnaround Slows
October 17th, 2012 davidguide While it is taking longer to close a home loan, the closing ratio has improved — especially on refinance transactions. It took 50 days to process and close a mortgage in September, lengthening from the 49-day turnaround the previous month and 41 days in the same month last year. The number of days to close [...]
Posted in Business Loans Tags: home, home loan, Improves, Loan, Mortgage, number, Slows, Turnaround Comments OffGuidance Issued on LO Comp Rule
August 18th, 2012 davidguide New rules on loan fees and interest rates have been proposed, while another proposal seeks to eliminate some of the disparity between bank and non-bank loan originators. In addition, changes are being proposed to the existing loan originator compensation rule that should alleviate some industry concerns. On mortgages where a mortgage broker or creditor pays [...]
Posted in Business Loans Tags: consumer protection act, disparity, industry concerns, Issued, loan originator, Mortgage, origination, origination points, prospective borrowers, protection, rule Comments OffNew Reverse Mortgage Leader Emerging
August 14th, 2012 davidguide Including government-insured and proprietary loans, reverse mortgage production grew during the latest month. The improvement hit both the retail and wholesale channels. With a new world order just around the corner for the sector, one company is poised to be the new leading originator. Retail originators were responsible for 54 percent of previously reported home-equity [...]
Posted in Business Loans Tags: conversion, Corner, equity conversion mortgage, federal housing administration, home equity conversion, home equity conversion mortgage, Housing, June, percent, Sector, wholesale channels Comments Off1-Year ARM Falls to Record Low
August 10th, 2012 davidguide A new record low was established for the one-year adjustable-rate mortgage this week. While the news wasn’t so good for fixed mortgage rates, fixed rates are positioned to fall in next week’s report. The discount for a 15-year loan has increased over the past seven days. View full post on Mortgage Stories
Posted in Business Loans Tags: adjustable rate mortgage, ARM, falls, fixed mortgage rates, Loan, Low, news, post, seven days, year adjustable rate mortgage Comments Off2 Depression-Era Institutions Succumb to Great Recession
August 6th, 2012 davidguide Another two depression-era financial institutions succumbed to the Great Recession. The latest bank failure was in Illinois. An additional institution was thrown into liquidation. The Illinois Department of Financial and Professional Regulation closed down Waukegan Savings Bank on Friday. brThe Waukegan, Ill., bank was established in 1924. As of the end of the first quarter, [...]
Quicken Unit is July’s Top Reverse Lender
August 2nd, 2012 davidguide Thanks to the exit of the most prominent reverse lender, government-insured reverse mortgage production took a dive last month. Quicken Loans Inc.’s reverse mortgage subsidiary emerged as last month’s biggest originator. The Federal Housing Administration endorsed 25 percent fewer home-equity conversion mortgages during July than it did in June. Last month’s HECM endorsements were down [...]
Posted in Business Loans Tags: dive, Federal, federal housing administration, home equity conversion, Housing, mortgage llc, mortgage production, percent, Quicken, Reverse, reverse mortgage Comments Off
