Items Tagged with 'wholesaler'

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  • [Video] BRAWL 101: What is the fight all about?

    A breakdown of the arguments on both sides
    A group of mortgage brokers recently decided to stand up against the way things have always been in wholesale lending, thus creating BRAWL, Brokers Rallying Against Whole-tail Lending. Here’s a breakdown of what this fight is all about, and what each side is saying about the movement.
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  • Housing Finance: Where are they now?

    2013 filled with mergers, acquisitions, closings
    Over the past year, lenders shifted and realigned their businesses for shrinking profits, rising rates and heightened regulation as news headlines remained populated with announcements of mergers and acquisitions.
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  • EquiFirst Announces Job Cuts

    Subprime wholesaler Equifirst confirmed today that it will cut jobs amid what many expect to be long-term downturn in the non-conforming mortgage market. Per Bloomberg: Barclays Plc's EquiFirst subprime lending unit will cut jobs in the U.S., following rivals in firing staff amid rising defaults ...
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  • First Franklin Expands into Alt-A

    For many former subprime lending powerhouses these days, the name of the game is "get into Alt-A, quick!" -- and National Mortgage News is reporting this morning that First Franklin Financial Corp., recently purchased by Merrill Lynch, is doing just that: Subprime wholesaler First Franklin Financial Corp., San Jose, Calif., has entered the alternative-A market and plans to securitize the loans through its parent company, Merrill Lynch.
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  • ResMAE Files Chapter 11, Credit Suisse to Provide Lifeline

    ResMAE Mortgage Corporation announced early Tuesday that it has signed an asset purchase agreement with Credit Suisse, in which Credit Suisse will acquire certain assets of ResMAE. Concurrent with the signing, ResMAE said it had also voluntarily filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The asset purchase agreement is subject to bankruptcy court approval as well as additional conditions to closing, the company said. No additional details regarding the troubled subprime lender's deal with Credit Suisse was provided, although sources have told Housing Wire that Credit Suisse funded the subprime wholesaler's warehouse line.
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  • Subprime Wholesaler Touts Automated, Online Pricing System

    American Guardian Home Loans, a Calif.-based wholesale mortgage lender specializing in Alt-A and nonprime products, announced Thursday that it had launched an online pricing and pre-qualifying engine for its subprime and Alt-A loan programs. Called Guardian Quality, the engine pre-qualifies and prices a loan based on borrower's basic criteria such as property, loan credit and prepay and pricing information. “Pricing and pre-qualification engines are an ideal resource for brokers looking to serve their borrowers more effectively,� said Eva Morales, CEO and principal broker for Prodigal Mortgage Group. “Not only does the GQ Pricing and Pre-qualification engine give brokers the flexibility to make multiple programs available for their borrowers and look at all necessary loan guidelines, but they also result in increased loan volume.�
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  • Subprime Lender Mandalay Mortgage Latest to Shut Doors

    Subprime wholesaler Mandalay Mortgage is the latest in a growing line of lending operations to shut its doors this year, according to information obtained by Housing Wire. A notice on the company's website said the company has exited the non-prime wholesale business effective January 24th, and that loans already in the company's funding pipeline will be processed. No reason for the company's exit was provided, and phone calls were not returned prior to HW's press deadline.
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