Transnational Financial Network Inc., San Francisco, has announced the suspension of its wholesale mortgage lending operations and the closing of one of its retail mortgage offices.Transnational said its Campbell, Calif., office has been closed and the company's staff has been reduced "to a handful of senior people" who will continue its San Francisco retail operations. "The turmoil in the mortgage industry has made wholesale mortgage operations almost impossible," said Joseph Kristul, Transnational's chief executive officer. "Buyers of mortgages have ceased to fund broad categories of mortgages, often refusing to honor previous commitments to purchase mortgages that we have funded.... With our severely diminished capital base, we lack the resources to continue wholesale operations in this environment." The company can be found online at http://www.transnational.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25