Fortes Financial, Inc. announced Tuesday that the company has officially integrated five regional wholesale offices belonging to National City Mortgage Corp. under its umbrella.
The offices impacted are located in San Diego, Dallas, Chicago, Fredrick, Maryland, and Atlanta.
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Bank of America completed its acquisition of subprime lender Countrywide Financial Corp. on Tuesday—an action that makes BofA the nation’s largest mortgage originator and servicer.
The landmark merger has been solidified with a series of ground rules— namely BofA’s assertion that while it plans to offer an assortment of products, the company remains committed to the platform’s current policy of not originating subprime mortgages.
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For the third time in two weeks, a state Attorney General has filed suit against subprime lender Countrywide Financial Corp.
News of the suit arrives on the same day that Bank of America announced that it has completed its acquisition of Countrywide Financial Corp.
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CIT Group, Inc. announced Tuesday that the company will be selling its Home Lending business to Dallas, Texas-based private equity firm Lone Star Funds for $1.5 billion. As part of the transaction, the Dallas firm will be purchasing servicing centers in Marlton, New Jersey and Oklahoma City, Oklahoma, as well as $4.
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A new report from Fitch Ratings says an influx of real-estate owned (REO) properties has created a dilemma for residential mortgage-backed securities (RMBS) servicers who are forced to maintain the properties and who are at-risk of losing money because of lost values and a lagging real estate market.
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The state of Massachusetts continued to experience an increase in foreclosure deeds during the month of May, according to a new report from The Warren Group, which also is publisher of Banker & Tradesman.
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Process server management platform ProVest announced Monday that the company has opened a new office in Maryland that will help local attorneys and servicers meet the demands of new state legislation that requires private process servers to personally deliver a notice of foreclosure to homeowners in default before the process begins.
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Titanium Solutions, Inc., a company that provides mortgage servicing clients with a means and a network to contact homeowners, said Monday that Chief Executive Officer Todd Sibley was recently named a regional finalist for the Ernst & Young Entrepreneur of the Year Award in Utah.
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Southfield, Michigan-based law firm Peter M. Schneiderman & Associates, P.C. has changed its name to Schneiderman & Sherman, P.C., to reflect the appointment of Neil Sherman who is now a partner at the firm.
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Houston, Texas-based Hughes, Watters, Askanase, LLP, has announced the firm’s receipt of the 2007-2008 Summit Award—an honor that classifies the firm as a business that has obtained the highest of ratings in the areas of bankruptcy and foreclosure within the Fidelity National Default Solutions Attorney Network.
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Richmond, Virginia-based LandAmerica Financial Group, Inc., said Monday that in an effort to unify the company, the real estate transaction services provider has decided to merge its Transnation Title Insurance Co.
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Bellevue, Washington-based USA-Foreclosure.com, a free online service that lists foreclosure properties across the country, has watched its unique visitor traffic increase by 78-percent since the site’s launch in May of last year.
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Insurance giant American International Group, Inc. is the latest company to face significant financial losses because of ties the company’s insurance units have in the subprime lending sector, according to a news report from Bloomberg news.
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A new report from the California Association of Realtors (C.A.R.) reveals that home sales in the state experienced a positive 18.1-percent increase in May when compared to the same period a year ago, but home price declines persisted with the median price of a home now 35.
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First American Corp. is facing a class action lawsuit that alleges the company violated the Securities Exchange Act of 1934 by dispensing material misrepresentations to the market causing market prices to artificially inflate, according to a statement issued by Oklahoma City-based Federman & Sherwood, the law firm filing the suit.
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With Federal Housing Administration) loans now the latest rage in returning underserved borrowers to safer loan products, Des Moines, Iowa-based iEmergent has released a new series of demographic mortgage forecasting reports, so lenders have access to analytics that will help them find potential borrowers in certain markets who are looking for safe and affordable loan products.
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An anticipated final vote on a Senate Housing Bill that would provide an additional $300 billion for the support of more FHA-insured mortgage loans may not occur for several weeks, Bloomberg news quoted U.
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FIS Foreclosure Solutions, Inc., a division of FIS Default Solutions, recently named law firm Mackie, Wolf & Zientz, P.C. Rookie of the Year for 2008.
The Dallas-based law firm opened in late 2006 with the intent of offering comprehensive default legal services to the residential mortgage servicing sector.
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The same day that Countrywide Financial Corp. was slapped with lawsuits filed by two State Attorney Generals, Washington State Governor Chris Gregoire announced that her state plans to issue a $1 million fine against Countrywide for preying on minority borrowers, while also attempting to revoke the company’s license to conduct business in the Northwestern state.
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Bank of America’s (BofA) acquisition of Countrywide Financial Corp. will be completed on July 1, 2008, and followed by a series of job cuts that are expected to take place over the duration of the next two years.
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