Items Tagged with 'Prospect Mortgage Company'

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  • Prospect Mortgage fined $4.16 million for crisis-era FHA lending violations

    DOJ sanctions lender for two branches’ activities from 2007-2009
    While most of the country spent the early part of this week consumed by fireworks and consuming copious amounts of hot dogs and hamburgers, one mortgage lender found itself joining a list that includes Wells Fargo, Walter Investment, Freedom Mortgage, and many more. On Monday, the Justice Department announced Prospect Mortgage will pay more than $4 million to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with FHA standards.
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  • Hilco Real Estate Finance sold, rebrands as Jordan Capital Finance

    Will focus on “fix and flip” investors; offer lines of credit up to $5 million
    “Following such a successful first year and a half of lending, originating loans in approximately 20 states and rapid expansion of the operations, we decided that the time was right to carefully transition the company to a new capital partner that wanted to aggressively scale the business,” Hilco Real Estate CEO Neil Aaronson said.
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  • Metrocities Latest to Exit Mortgage Wholesale

    Metrocities Mortgage LLC, a national lender with a large presence in so-called "white-label originations," said Wednesday in an email to brokers that it has decided to exit third-party originations. "Based on current market conditions, Prospect Mortgage / Metrocities Mortgage, LLC, has elected to exit the Wholesale lending space," a letter to brokers read. "Today’s ratesheet will be the last ratesheet we publish." Calls to Metrocities officials for comment and verification of the email's contents were not immediately returned.
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  • Indymac Inks Deal to Sell Retail Residential Mortgage Business

    A company many in the industry probably haven't heard of is set to become one of the nation's largest independent retail mortgage operations -- almost overnight. How? By snapping up all of the retail mortgage branches of troubled Indymac Bancorp Inc. [stock IMB][/stock], which disclosed only only day earlier that it would exit substantially all of its mortgage origination activity.
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  • Bullish on Indymac: CEO Says Lender Has "Turned a Corner"

    Indymac Bancorp Inc. [stock IMB][/stock] CEO Michael Perry said yesterday that the Pasadena, Calif.-based thrift is likely to post better financial results when it reports first quarter earnings on May 12. In an email to employees announcing CFO Scott Keys' leave of absence due to an unknown medical condition, Perry wrote that "we have turned a corner and that our business is improving."
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