QuoteMeARate.com, a Houston-based net branch operator, closed its doors this week amid allegations of loan fraud, MortgageWire has learned. Company president Richard Barroso could not be reached for comment but a letter he sent to employees and net branch operators blames its problems on declining loan volumes and the cost of defending the company in a lawsuit. One net branch operator told MW that at one time QMRC had 600 franchisees. The operator, requesting her name not be used, said guards are now stationed at the front door of the company in Houston. (For more details see the Monday, April 3 issue of National Mortgage News.)
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18