Three Colorado mortgage brokers have settled claims of deceptive advertising, according to an announcement from the Colorado attorney general. The firms ran newspaper advertisements for option adjustable-rate mortgage programs with low teaser rates. The state claims that disclosures of true interest rates and other loan terms were either buried in the fine print or not included at all. (more…)
HSBC Mortgage Corp. closed its indirect lending channels, according to a statement from spokeswoman Kate Durham. The closure was effective on Nov. 28. "Unprecedented market conditions have made it necessary for HSBC Mortgage Corporation (USA) to cease Wholesale/Correspondent origination operations effective immediately," a senior management announcement stated. (more…)
In a filing with the Securities and Exchange Commission, Freddie Mac reported that JPMorgan Chase & Co. has asserted that it will not be responsible for Washington Mutual Bank’s existing and future obligations to repurchase mortgages. Freddie noted that WaMu and a JPMorgan subsidiary were responsible for 16 percent of its business this year. "We have informed JPMorgan Chase that we are unwilling to consent to it being successor servicer unless it assumes the Washington Mutual repurchase obligations," Freddie stated. (more…)
During the third quarter, Bank of America Corp. reported more residential production than any other lender, according to earnings data analyzed by MortgageDaily.com. Wells Fargo & Co. ranked No. 2., followed by JPMorgan Chase & Co. No. 4 was Citigroup, and No. 5 was Residential Capital LLC. (more…)