Mortgage Tech Demo Day

In a half-day format, technology companies will demo their platforms and answer questions. You can tune in for the whole demo day, or strategically drop in on sessions to learn about specific solutions.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

Road to the one-click mortgage

This white paper will outline how leveraging a credential-based data provider can save money for lenders, reduce friction for borrowers, speed time to close, and overall bring lenders one step closer to a one-click mortgage.


Lenders Direct Capital Corporation Closes; Cites ‘Lack of Investor Demand’


Lake Forest, Calif.-based Lenders Direct Capital Corporation is the lastest subprime operation to shut its doors, sources have confirmed to Housing Wire. CEO Michael McQuiggan cited the lack of investor demand for their loan products and the current state of the U.S. nonprime lending industry as factors in reaching the decision to cease wholesale originations. No word was given regarding loans already in the company’s pipeline. According to the Mortgage Bankers Association, LDCC originated 8,692 loans worth $1.23 billion during 2005, and ranked 197th on a list of the top 300 single-family home purchase loan originators. The company is the latest Merrill Lynch-associated operation to close up shop in recent weeks, as records obtained by Housing Wire show that LDCC operated under a master loan purchasing agreement with Merrill Lynch Mortgage Capital.

Industry rumors have been swirling for weeks regarding Merrill Lynch’s stance on funding future subprime orginations through third-party channels, with one source telling Housing Wire that Merrill Lynch is “closing off the subprime spigot,” while it simultaneously consolidates its future subprime fundings through its recently-acquired First Franklin unit. Merrill Lynch acquired First Franklin from National City Corporation earlier this year in a deal worth an estimated $1.3 billion. LDCC operated underwriting offices in its Lake Forest headquarters as well as in satellite offices in Frisco, TX and Bridgeville, PA. The company was licensed to lend in 30 states, including Arizona, California, Colorado, Connecticut, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Michigan, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Texas, Washington, Wisconsin, Wyoming and Virginia. LDDC made waves in the mortgage industry during its launch in 2003, when the company signed a marketing partnership with baseball slugger Reggie Jackson. The originator was one of the first to use sports marketing to drive consumer awareness of its products.

Don’t subscribe? Be sure to sign up today to get our free email updates delivered direct to your inbox!

Most Popular Articles

Are we back to a normal housing market?

Favorable demographics should keep the housing market ticking. But watch for home prices escalating out of control and rates moving up sharply, writes columnist Logan Mohtashami. HW+ Premium Content

Jul 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please