The Merrill Lynch-owned First Franklin Financial Corp., San Jose, Calif., has cut an undisclosed number of jobs, a company spokesman has confirmed to MortgageWire.The spokesman for the subprime lender said he could not elaborate much, except to say that "We have adjusted our staffing levels." In the second quarter, First Franklin funded $5.3 billion in loans, ranking second nationwide, according to the Quarterly Data Report. Its second-quarter volume fell 21% compared with that of the same quarter last year.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
7h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
7h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
8h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
10h ago -
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.
April 25 -
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.
April 25