The Wholesale Lending Division of Carrington Mortgage Services LLC has announced a new program offering 30-day loan closings for borrowers looking to purchase properties. Designed to significantly reduce closing times compared to industry averages, the new program applies to FHA and conventional purchase loans. Effective immediately, Carrington commits to process any qualifying loan from the time that a file is submitted to underwriting to the time that it funds within 30 calendar days, or the company will apply a closing credit to the loan at the time of closing.Click to continue

The Securities & Exchange Commission (SEC) has charged the senior-most executives at Thornburg Mortgage Inc. with hiding the company’s deteriorating financial condition at the onset of the financial crisis.Click to continue

Nationwide mortgage lender New Penn Financial LLC has announced the launch of its correspondent business channel that will buy non-agency loans from approved clients. Approved correspondents can offer New Penn’s non-agency portfolio loan products to their customers. The loans’ expanded guidelines enable more borrowers to qualify for financing—for example, those seeking jumbo loans or second homebuyers.Click to continue

TMS Funding, the wholesale residential lending channel of Total Mortgage Services LLC, has announced that it has launched a new flexible jumbo mortgage product into the wholesale marketplace. “This new jumbo mortgage product is further proof of TMS Funding’s commitment to the wholesale channel and the mortgage broker community,” said John Walsh, president of Total Mortgage Services LLC, the parent of Click to continue

Real Estate Mortgage Network Inc. (REMN) has announced the launch of its new consumer-direct lending division, officially doing business as FinanceMyHome.com online, to serve the needs of homebuyers who prefer the convenience of securing mortgages online. Headquartered in Dallas, Texas, FinanceMyHome.com is a consumer-direct platform to help qualified homebuyers secure a loan quickly and easily and at their own convenience.Click to continue

After posting a strong month-to-month sales gain in June, the Bay Area housing market took a breather in July as potential buyers and sellers watched the strange political show in Washington, D.C. and pondered a rising tide of dreary economic reports. Sales fell more than usual from June—especially for homes above $500,000—but edged higher than July last year, which was 2010’s first month to lose the full force of first-time homebuyer tax credits, a real estate information service reported.Click to continue

The Federal Reserve Board (FRB) has issued a final rule and requested public comment on a second rule under Regulation Z to revise the escrow account requirements for certain home mortgage loans. The revisions to the regulation, which implements the Truth-in-Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.Click to continue

Broward Bank of Commerce has announced the launch of its Residential Lending Unit. “Finding the right home mortgage—whether for a new purchase or refinance—is an important decision, especially in today’s turbulent economic times. The launch of the new Residential Lending Unit reflects the Bank's mission to be responsive to our customers' needs and fits our vision for strategic growth," explained Keith Costello, chief executive officer, Broward Bank of Commerce. Click to continue

John Walsh is the president of Total Mortgage Services LLC, an expanding mortgage banker based in Milford, Conn. Through its centralized business model, Total Mortgage Services is able to create significant efficiencies to both its origination and operational infrastructure, and pass the cost and time savings on to borrowers in the form of lower rates and better service. The company recently announced that it is entering the wholesale residential mortgage lending business.Click to continue