Countrywide Home Loans, Calabasas, Calif., funded $38 billion in mortgages during September, a 22% decline from the volume recorded in the same month last year.Meanwhile, its production of payment-option adjustable-rate mortgages once again took a dramatic plunge, according to the company. During the month, the nation's largest mortgage banker originated $4.3 billion in option ARMs, a 57% decline from that of September of last year. (In August Countrywide originated $5.4 billion in option ARMs, a 48% decline from the level of a year earlier.) Average daily mortgage applications totaled $2.8 billion, compared with $3 billion in September 2005. Last month the lender confirmed that it is cutting up to 10% of its "general and administrative" staff. Countrywide can be found online at http://www.countrywide.com.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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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