Given the unprecedented changes in mortgage lending, it's reasonable, prudent and essential for all mortgage lenders to examine their business plans; joining a branching mortgage bank warrants consideration. For some brokers, the goal could be to just focus on sales and hope that the world we’ve all known will continue. This would be to not worry about the changes in U.S.Read more

Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by the Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA), and an issuer for Ginnie Mae, has announced it is expanding to accommodate current and future growth. The company is moving its Internet origination division, which is comprised of 50 employees, to an 18,000-sq. ft. building located in Providence, R.I.Read more

Ted Tozer has been sworn in as president of the Government National Mortgage Association (Ginnie Mae). Tozer will be responsible for ensuring Ginnie Mae safely guarantees the principal and interest payments on mortgage-backed securities (MBS) backed by loans insured or guaranteed by the FHA, VA, HUD's Office of Public and Indian Housing, and the USDA's Rural Development Housing & Community Facilities Programs. He is a graduate of Indiana University with a BA in accounting and finance.Read more

Newport, R.I.-based Embrace Home Loans recently organized and held an auction, in lieu of holding its annual sales meeting, to raise funds for Haiti. Raising more than $20,000, contributions will go towards Partners with Haiti to support Haitian orphanages. Embrace Home Loans is a prominent leader in the mortgage industry and a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and an issuer for Ginnie Mae.Read more

U.S. Housing & Urban Development (HUD) Secretary Shaun Donovan has unveiled the Department's fiscal year 2011 budget proposal, following President Barack Obama's presentation of his Administration-wide budget. The HUD budget focuses on fiscal discipline, creating jobs and builds on the administration's first year accomplishments by proposing reform in HUD's housing and community development programs to make them more streamlined, efficient, and accountable.Read more

Home Equity Conversion Mortgages (HECMs) and private reverse mortgages gave birth to a new asset class, but the sharp financial minds on Wall Street missed this seminal event for almost a decade. Then in 1998, Lehman Brothers tapped a young investment banker to start its reverse mortgage business, the first on Wall Street.Read more

The Federal Housing Administration’s Mortgagee Review Board (MRB) has immediately and permanently withdrew the FHA approval of Premium Capital Funding LLC, a Jericho, N.Y.-based lender doing business as TopDot Mortgage. Today’s action prevents TopDot from participating in FHA programs and seeks a monetary penalty of $674,000.Read more

Mortgage Delivery Specialists LLC (MDS) announces the acquisition of Mortgage Data Management Corporation’s (MDMC) Agency Delivery, Servicing Analysis and Staffing Services product lines. MDS principal, Kent Loehrke, will be joined by MDMC’s current employees Jason Eisendrath and Paul Raebel. Jason and Paul will be senior portfolio analysts for MDS. Doug Lackey, principal of MDMC, will act as managing director with MDS.Read more

By investing in communities the real estate finance industry has played a critical role in the American economy. The turmoil of the last couple of years in the industry has, however, threatened this critical responsibility.Read more

► The Sacramento Bee posted on Dec. 29: "Legislation Targets Predatory, Confusing Marketing of Reverse Mortgages:" Assembly Bills 329 and 260 aim to stop predatory lenders and unscrupulous mortgage brokers from using deceptive sales practices to take advantage of seniors seeking reverse mortgages and protect consumers of all ages shopping for more traditional mortgages. They targeted practices widely blamed for triggering the foreclosure crisis and subprime mortgage meltdown.Read more