Acoustic Home Loans, a nonprime wholesale lender based in Orange, Calif., has gone out of business.Acoustic, founded in 2002, said in a statement posted on its website that it was "no longer in business" as of April 14, but would "continue to process loans that are in approved status or better" until April 30. "Applications received after 4/13/2006 and loans that are not in approved status or better will be returned to the broker," Acoustic said. The company's website says Acoustic was the 27th-largest nonprime wholesale originator in the nation. A company spokesman could not be reached for further comment. Acoustic can be found on the Web at http://www.acoustichomeloans.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
8h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
9h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16