Servicing

Inlanta Mortgage, Waukesha, Wis., has purchased the assets and hired the employees of American Foundations MortgageBanc through a strategic agreement.

BB&T, which traditionally has kept a tight lock on its warehouse lending program, disclosed that it had $1.5 billion in commitments at June 30 with about half of that in the form of outstanding loans.

The Obama Administration isn't waiting until the Senate confirms a director to head the new Consumer Finance Protection Bureau to begin implementing "the most significant financial reform legislation since the Great Depression."

Lewis Ranieri — the co-inventor of the mortgage-backed security — and bond market maven Bill Gross are among a group of 12 speakers testifying next Tuesday at a Treasury forum on the future of the housing finance system, a discussion that will touch on what to do with Fannie Mae and Freddie Mac.

Triad Guaranty Inc., the Winston-Salem, N.C. mortgage insurer currently in run-off, made a $79 million net profit in the second quarter. But president and chief executive Ken Jones cautioned the profit was due to items unlikely to reoccur in the future and thus it is doubtful for Triad to report a similar level of profitability in the future, or any profits at all for that matter.

Property investors and owners eager to learn "What You Need to Know (But Nobody Will Tell You) About Buying Distressed Commercial Real Estate" filled the room at this recent seminar in New York.

Following a key committee vote, Sen. Sherrod Brown, D-Ohio, and Rep. Tim Ryan, D-Ohio, discussed critical legislation that would improve the livability of Ohio communities and direct federal assistance to communities with a high concentration of vacant and abandoned homes due to major population and job loss.

Unemployed homeowners in areas hard hit by the economic downturn may be eligible for zero-interest loans to make their mortgage payment for up to two years under a new foreclosure prevention program HUD will roll out in the weeks ahead.

Fannie Mae and Freddie Mac together sold 136,000 foreclosed single-family properties during the first half of this year, a 50% jump from the same six-month period in 2009.

Less competition and more work for the ones that are left. Problem is that many of the loan officers were classified as independent contractors when they did not meet the criteria under federal or state law. Especially in California.