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Latest Mortgage Branch (Mortgage Net Branch) Headlines
Allied Settles Branch Billing Discrepancies with HUD
Allied Home Mortgage Capital Corp. has agreed to settle allegations by the U.S. Department of Housing and Urban Development of billing discrepancies at its branches. The settlement by the self-proclaimed biggest mortgage broker follows the loss of FHA approval at one of its branches earlier this year and a scathing news story last month about the branch operator.
The agreement with HUD was disclosed today by Allied. The company will pay a civil money penalty of $38,000.
HUD reportedly alleged that the Houston-based company had not paid all of the operating costs for its branch offices.
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Net Branches Among 30 Mortgagees to Lose FHA Approval
The U.S. Department of Housing and Urban Development has terminated the approval of more than 30 mortgagees. Among the terminations were branches of Allied Home Mortgage Capital Corp. and Gateway Funding Diversified Mortgage Services.
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Allied Appoints Compliance Exec
On the heals of a scathing news story about alleged questionable practices, Allied Home Mortgage Capital Corp. -- which claims to be the country's biggest mortgage broker -- has hired a mortgage compliance manager.
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Mortgage Executive Chronicle
The founder of a defunct subprime wholesaler has found a new home providing mortgage services to small financial institutions. A recruiter for a huge branch operation has moved across town to help build a retail branch network for another firm. An executive vice president of the Federal Home Loan Mortgage Corp. has been dismissed.
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The Mortgage Branch Pulse
A newly launched branch program promises mortgage brokers the opportunity to operate as mortgage bankers and keep 100 percent of loan profits without any net worth requirements. Another company claims its program will still let originators earn overages despite potential new legislation prohibiting such fees for mortgage brokers. Meanwhile, a host of other firms announced new branches.
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Mortgage Execs Recruited to Build Business
Many of the recent management positions filled at mortgage companies have been sales, production or marketing executives. One fast-growing mortgage branching firm announced a new director of operations, and a billion-dollar loan originator has found a new home.
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FHA Claims Branches Not Legit
The government withdrew Federal Housing Administration approval for a mortgagee that it claims originated FHA loans from branches that weren't legitimate using loan officers who were not employees. Another firm lost its approval because of fraud previously committed by its owner. Two other mortgagees were fined nearly $500,000.
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Branch Managers Indicted
Four more defendants have been indicted in a mortgage fraud case against former branch managers of a mortgage firm that lost its Federal Housing Administration approval in January and subsequently halted new business.
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Complete archives of Mortgage Branch (Mortgage Net Branch) news and stories
THE TRUTH ABOUT MORTGAGE BRANCHES (MORTGAGE NET BRANCHES):
Not all net branch opportunities and companies are created equally. It is true that trying to sort through all of the different types of companies and their offerings is a daunting task. You must determine which one is the best fit for your company and future goals. By the time you have landed on this page, you likely have learned that each company that is looking to attract branches is offering options ranging from Mortgage Net Branch to some version of a retail branch. How do you plan to figure this out and see through the flashy marketing materials to the true picture of each company? The answer is easy. We have already done it for you.
MBS has relationships with many of the top rated and soundly run Branching Mortgage Banks in the country. These branches have asked us to assist them in identifying highly qualified branches and have provided us with the profiles for those desired branches. When you call us, we can quickly identify which of those companies you may be a fit for. We will ask you to provide some basic information about the company, management and your production. We then get to work on identifying which one or two companies will be the best fit for you and will proceed with introductions to those mortgage banks.
The best part of all is that this is a service that we provide to you for FREE.
Contact the MBS team today to discuss the many Net Branch opportunities available today. For more information on your Mortgage Branch (Mortgage Net Branch) options, contact us now.
Still looking for more information on making the switch from mortgage broker to mortgage banker? View some of our resources:
Mortgage Broker to Mortgage Banker resource # 1
Simple information from MBS on mortgage branches (mortgage net branches). We can help you find the best Mortgage Branch (Mortgage Net Branch) solution for your company.
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