GMAC Mortgage LLC, Horsham, Pa., has been chosen to handle the interim subservicing for Loan Center of California Inc., a wholesale mortgage company specializing in nontraditional mortgage products.LCC, a privately held mortgage bank based in Suisun City, Calif., focuses on payment-option adjustable-rate mortgages linked to the monthly Treasury average or the London interbank offered rate, as well as on first- and second-lien alternative-A home loans originated in California. Ed Blanch, president and chief executive officer of LCC, said the company picked GMAC Mortgage for its "unique expertise in servicing alternative loan products." GMAC can be found online at http://www.gmacsolutions.com, and LCC can be found at http://www.rateprice.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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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 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24