Preferred Financial Group Inc., a nationwide direct lender with a wholesale channel based in Burlingame, Calif., and Shearson Home Loans, a retail mortgage brokerage based in Las Vegas, have announced a partnership aimed at expanding their loan volume and offering a broader range of services.Shearson said finding a partner that could manage the banking side of the business was a key factor in its decision, while PFG said it was looking for a strong player in the residential mortgage market. "PFG Inc. is committed to technology, with a solid infrastructure that is capable of handling a loan volume of increasing capacity," said Michael Barron, Shearson's chairman and chief executive officer. "As Shearson continues to expand and open new branches, the business partnership with PFG Inc. enables us to grow faster and stronger, while exceeding the expectations of our clients." PFG offers Web-based technology, in-house underwriting, document preparation, funding, and closing processes. Its wholesale channel, WLO, can be found online at http://www.wloconnect.com, and Shearson can be found at http://www.shearsonhomeloans.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.
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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.
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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.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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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.
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