For as long as we can remember Prism Mortgage, Chicago, has been a bread-and-butter retail lender. But all of that's about to change. Terry Rowland, who was recently hired away from Pedestal, has been charged with taking the retail giant into the wonderful world of wholesaling. Details aren't yet available on what exactly Prism will be doing in the wholesale arena, but stay tuned. (Prism, by the way, is a subsidiary of Royal Bank of Canada)
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Who would've figured? A lot has been written about the dot-com meltdown, but lo-and-behold "eTailer" Amazon.com earlier this week posted its first ever net profit. Can mortgage dot-coms E-LOAN and LendingTree be far behind?
The Federal Reserve's Open Market Committee is set to meet this week, but many Fed watchers think the central bank likely will not ease credit. Mortgage rates have been dropping a bit of late, and many industry officials, including Fannie Mae chairman Frank Raines think mortgages rates will stay in the 7% range the rest of the year...
Speaking of Frank Raines, the Fannie Mae head honcho is a member of the Washington Baseball Club, which is trying to bring major league baseball to the nation's capital. Frank is a D.C. resident and he, like many D.C. baseball fans wants a team in the capital, and not in the Virginia suburbs...
Freddie Mac has always been the 400-pound gorilla to Fannie's 600-pound gorilla. But the smaller primate had faster growth in terms of loan purchases last year: 129% to Fannie's very respectable 118%
it's like the salad days of the S&L crisis all over gain: last summer Superior Bank FSB failed, and now Hamilton Bancorp in Florida. Both had $1 billion-plus in assets. Meanwhile, the FDIC is trying to market Hamilton's loan portfolio which includes commercial real estate loans. Interested? Contact Cynthia Wilkins-Ware at FDIC...
Mortgage insurer United Guaranty, Greensboro, N.C. says it is offering a training course for bilingual loan officers. "The course was created to help United Guaranty's lenders/customers address home-buying issues for Hispanic home buyers," the MI says...
