We’ve only got a single source on this for now (working on more) so we’ll leave the name of this outfit blind until we can get some confirmation. ——– The word is a south-metro headquarted Mortgage lender (of the correspondent/broker ilk) with 9 local branches, and two in Wisconsin, has had their warehouse lines pulled, and cannot fund loans. Allegedly the company CFO was using one warehouse line to fund another (this is bad, see below.) 40 some odd loans scheduled to close today cannot fund, leaving the borrowers, some of whom were set to close on purchase transactions, in the lurch. For (more…)
Shearson Financial Network Inc. announced Thursday it has temporarily discontinued all operations. The company said it is considering alternatives to its present business model. The dramatic downturn for Shearson, which has previously referred to itself as "a consolidator of independent mortgage brokerages," follows two years of acquisitions and expansion. (more…)
Shore Mortgage announced it is seeking 100 new employees for its four locations throughout the Detroit area. Once filled, more than 400 people will work at the firm. Shore said it is "among the largest government guaranteed and insured mortgage originators locally in Michigan as well as nationwide." (more…)
Long term mortgage rates fell dramatically during the
week ended March 20 according to the Primary Mortgage Market Survey
released by Freddie Mac.
Activity in the applications area was way up. Volume
increased 48.1 percent on a…
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