Friedman Billings Ramsey pulled the plug Friday on its subprime production division, First NLC Financial Services of Deerfield Beach, Fla., closing the company and letting most of its workers go. One executive there told MortgageWire that, "We were told today that that's it. Everyone is laid off." The executive, requesting anonymity, said First NLC was owned by FBR and Sun Capital Partners, a private investment firm that has offices in Boca Raton, Fla.; New York; London; and Tokyo. The company, he said, was only originating Fannie Mae loans of late. Asked why First NLC was closed, he said: "We couldn't sell our loans."
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
May 9 -
The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
May 9 -
Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
May 9 -
Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
May 9 -
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
May 9 -
The home purchase market right now is healthier than it was last year, said CEO Mat Ishbia, noting a 24% increase in volume over the recent period compared to Q1 2023.
May 9