TMS Funding, the wholesale residential lending platform of Total Mortgage Services LLC, has announced the hiring of Robin Buttner and Stephen Jaser as wholesale account executives. Buttner and Jaser are being hired to develop new business relationships and consult, educate, train and support high quality mortgage brokers in their respective markets.Read more

Total Mortgage Services LLC has announced that it has formally launched its wholesale residential mortgage lending platform, TMS Funding, in 17 states across the United States. TMS Funding, which will compliment Total Mortgage’s successful retail lending platform, will offer mortgage brokers greater choice, service, efficiency and some of the lowest mortgage rates available.Read more

Wells Fargo & Company has announced the restructuring of its Wells Fargo Financial division, including closing its 638 Wells Fargo Financial stores across the U.S. and exiting the origination of non-prime portfolio mortgage loans. The remaining consumer and commercial loan products offered through Wells Fargo Financial will be realigned with those offered by other Wells Fargo business units and will be available through Wells Fargo’s expanded network of community banking and home mortgage stores.Read more

Meridian Capital Group LLC, a commercial real estate finance and advisory firm, has announced the addition of Chad Johnson as a managing director in its commercial originations group. Johnson will be originating loans nationally. He will report to Marty Lanigan, senior managing director of origination and strategic initiatives, and will be working out of Meridian’s newly-formed office in Kansas City, Kan., as well as its headquarters in New York, N.Y.Read more

A new program for homeowners who are struggling to make their mortgage payments is finally giving relief to borrowers who are “upside down” in their homes. The WWWF program for Wachovia, Wells Fargo and World Savings borrowers, is designed to help homeowners sell their homes, even if they owe more than the home is worth.Read more

Wells Fargo & Company has announced that it has signed the second lien modification component of the Obama Administration's Home Affordable Modification Program (HAMP). The program will be offered to qualified Wells Fargo and Wachovia second lien mortgage customers who have completed their HAMP modifications on their first mortgage.Read more

In 2008, 2,877 different multifamily lenders provided a total of more than $88 billion in new financing for apartment buildings with five or more units, according to an annual report from the Mortgage Bankers Association (MBA). The 2008 dollar volume represents a 40 percent decline from 2007 levels. In terms of total dollar volume, the top five multifamily lenders in 2008 were PNC Real Estate, Wachovia, Wells Fargo Bank NA, Capmark Financial Group Inc., and Deutsche Bank Commercial Real Estate.Read more

The average time required to approve and close a loan has increased in 2009 compared with 2008, fueling a decline in overall customer satisfaction with primary mortgage lenders, according to the recently released J.D. Power and Associates 2009 Primary Mortgage Origination Satisfaction Study. The 2009 Primary Mortgage Origination Satisfaction Study is based on responses from more than 3,400 consumers who originated new mortgages within the previous 12 months. The study was fielded between July and August 2009.Read more

DartAppraisal.com, the Troy, Mich.-based provider of nationwide residential real estate valuations, has announced their integration to mortgage technology company FNC Inc., a pioneer in real estate collateral information technology. FNC's clients are among the largest mortgage industry lenders, including MetLife Bank, Union Bank, and Wachovia (a Wells Fargo company). Most recently, mortgage lenders turned to FNC platforms for help in complying with the Home Valuation Code of Conduct (HVCC).Read more

Nearly two dozen sub-prime firms are set to receive billions in taxpayer dollars through a federal government program designed to stem foreclosures. According to a new Center for Public Integrity analysis of public records, of the top 25 participants in the Home Affordable Modification Program (HAMP), at least 21 were heavily involved in the sub-prime lending industry. The majority specialized in servicing sub-prime loans, but several firms both serviced and originated the loans.Read more