Originator Amstar Mortgage Corp., Houston, has laid off most of the staff at its corporate headquarters and its parent company said it will eventually divest the company to concentrate on more profitable ventures.In a statement, the company blamed large lenders that owe Amstar Mortgage substantial money but are now in or will need to seek bankruptcy protection. The statement also said Amstar is speaking with an unnamed company about managing its branches so service can be maintained. Amstar Mortgage has 116 branches, was licensed in 31 states and originated over $1 billion in loans a year.
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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