Oklahoma City-based a la mode inc. has announced that it will defer all fees and payments for its thousands of clients in Louisiana, Mississippi, and Alabama who were victims of Hurricane Katrina for as long as necessary.The company, which has numerous clients in the affected areas, also announced that it has matched the August 30th Realtor Relief Foundation donation of $150,000 in cash, to be split equally among the disaster recovery operations of the state Realtor associations in the three states. The foundation was created to provide assistance for housing-related needs of victims of disasters like Katrina. "Katrina has been the worst disaster in history as far as the number of Realtors affected," said Steve Cook, vice president of public affairs at the National Association of Realtors. "Thousands of our members have lost their homes and will have a difficult time getting back on their feet." In addition, a la mode's founder and chairman, Dave Biggers, indicated that he will ask all the company's clients to donate to the American Red Cross through the a la mode website and will personally match the total contribution up to $250,000. Information on the a la mode and NAR hurricane relief efforts can be found online at http://www.alamode.com/katrina and http://www.realtor.org.
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The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
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NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
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Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
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The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
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Though the crimes occurred earlier this decade, they highlight how much easier it has become to create false documents today, given the rise of artificial intelligence.
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The "stay-put" economy, along with higher mortgage rates, is responsible for this shift where home equity and seconds have a 17.5% market share, Benutech found.
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