First Horizon Home Loans, Irving, Texas, has decided to exit the subprime wholesale channel, citing razor-thin profit margins and low bids on loan pools."There's no money to be made from it," said Terry Renoux, president of consumer lending for the bank-owned company. About 60 to 65 workers are affected by the closure, which came on April 11. In 2006 First Horizon funded about $1.5 billion in subprime loans through wholesale and retail means. (For full details, see the April 16 issue of National Mortgage News.) The company is a subsidiary of First Tennessee National Corp., which can be found online at http://www.firsttennessee.com.
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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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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24