Mortgage industry veteran Barry P. Epstein has been named to the newly created position of managing director of wholesale lending at American Business Financial Services Inc., Philadelphia.Mr. Epstein has more than 13 years of experience in building wholesale mortgage divisions, most recently as a principal of Rekaren Inc. (d/b/a We Fund Loans), a loan broker based in West Hills, Calif., ABFS said. He will be responsible for guiding the company's expanding broker origination efforts, including those of its Roseland, N.J.-based subsidiary, American Business Mortgage Services. ABFS can be found on the Web at http://www.abfsonline.com.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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