News

1st Portfolio Lending changes name to WashingtonFirst Mortgage

Completes integration into WashingtonFirst Bank after acquisition finalized
WashingtonFirst Bankshares, the parent company of WashingtonFirst Bank, announced Monday that it is rebranding its wholly-owned residential mortgage lending subsidiary, 1st Portfolio Lending, as WashingtonFirst Mortgage.
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Texas court upholds MERS right to claim lien

Electronic registry countersued for its rights
Summit Residential Services acquired an interest in the subject property following a foreclosure sale conducted by a homeowner’s association — and moved to clear title. Summit was granted judgment in its favor; extinguishing a MERS lien. So, MERS countersued in April 2014, and won.
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Ditech shakes up management, combines leadership of originations and servicing

David Schneider will oversee both; Patricia Cook departs
When Walter Investment Management Corp. merged two of its well-known subsidiaries last year, Green Tree Servicing and Ditech Mortgage Corp, the company said that the mortgage servicing and originations businesses would be lead by David Schneider and Patricia Cook, respectively. But Monday, Walter Investment announced that Cook is leaving the company, effective immediately, and said that Schneider will be taking over both the servicing and originations operations.
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PRMI expands presence in Utah

Will open a new branch in its home state
Mortgage lender Primary Residential Mortgage Inc, announced the opening of its 14th branch located in Orem, Utah, and named three new executives to fulfill the company's growth plans.
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Quicken Loans Super Bowl ad strikes wrong nerve with Twitteratti and journalists

Why let the facts get in the way of fun?
In its first-ever Super Bowl commercial, Detroit-based Quicken Loans created a 60-second TV spot, which showcases Rocket Mortgage, its fully online mortgage. It aired to the massive audience, many of whom then promptly proceeded to fuel bombastic panic on Twitter, claiming that Rocket Mortgage will lead to the housing crisis redux.
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Is San Francisco in a housing bubble?

Fitch Ratings suggests Bay Area home prices are at 'unsupportable' level
San Francisco often ranks among the "hottest" housing markets due to its rapidly rising housing prices. But how hot is too hot? A new report from Fitch Ratings suggests that San Francisco is reaching that point, with the dreaded "b" word being thrown around now.
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