Citing the subprime mortgage crisis, MortgageBrokers.com Holdings Inc., Toronto, has announced the suspension of plans to enter the U.S. mortgage market.The company said it would suspend the plans "until such time as the full economic effect of the current market turmoil is known." MortgageBrokers.com said the U.S. downturn will prevent it from reaching previous revenue projections for this year, and that the fallout from the crisis has affected the performance of its Canadian operations. The company reported that it had increased its national sales force of mortgage agents from 247 to 307 in the third quarter, but that the ramp-up of newly recruited agents "has been slower than expected." The mortgage brand and technology firm can be found online at http://www.mortgagebrokers.com.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22