United Residential Lending (URL), a lending affiliate of National Asset Direct (NAD), will relocate its operations center to its new branch in San Diego. In June, NAD acquired URL, which offers a full line of FHA, agency and jumbo loan programs in 18 states. The maneuver allows National Asset Direct to provide clients with a broader range of mortgage services such as lending, refinancing, servicing and real estate disposition services.

Let's make it official: the scratch-and-dent business is dead -- for now. Between collossal losses at both C-BASS and Franklin Credit, it's become clear turning non-performing loans into re-performing loans isn't nearly the cakewalk it was a few years back.

The woes at Franklin Credit Management have hit Huntington Bancshares, Inc., a regional bank that said today that it will take a $300 million loss on its $1.5 billion exposure to the troubled scratch-and-dent mortgage operation. From the bank's press statement, comments by Thomas E. Hoaglin, chairman and CEO: