A California-based company has eliminated its wholesale operation, converted from a mortgage banker to a mortgage broker and eliminated more than 70 branches. It hopes to emerge from bankruptcy with a new reverse mortgage strategy.
EquiPoint Financial Network is fighting to survive a Chapter 11 bankruptcy filing. It has fled the wholesale business and is trying to re-emerge as a broker concentrating on reverse mortgages.
"We're making moves to survive," EquiPoint President Bruce Barnes told MortgageDaily.com.
After seven years in his job, the president and chief executive officer of the Mortgage Bankers Association is leaving. Taking his place will be the former CEO of a net branch operation that collapsed early last year.
Net Branch
1st Metropolitan Mortgage is a financially stable net branch
company partnering with top lenders nationwide. www.1stMet.com
Accusations are flying at a financially troubled Pennsylvania-based mortgage company with 25 offices. The top executive has been ousted, creditors are being asked not to file litigation and the warehouse line is being closed. The company hopes to retain most of its branch managers, though some are defecting and others have closed shop.
Government originations have soared at a Utah-based branch operation this year. Another branch network has identified a New England office and its star originator as the best in the country.
A Colorado company is looking to hire as many as 70 new originators in a national expansion as it opens new branches and heads toward a top-10 reverse mortgage lender ranking this year.
Two Texas-based net branch companies boosted their branch counts, while a Utah-based branch operation enhanced its presence in the Lone Star State. Meanwhile, a North Carolina-based net branch sees a rising share of FHA business sustaining its activity.
As secondary market investors tighten conventional lending requirements and costs, government-insured programs are expanding to cover the shortfall -- with recent program changes benefiting a wider pool of borrowers. But these programs can only be tapped by approved mortgage lenders and brokers or by approved net branch correspondents who operate under strict arrangements.
Mortgage
Advertising
Reach mortgage brokers, mortgage executives and other
people in mortgage lending at
MortgageDaily.com -- a dominant online news source for
the real estate finance industry.
Mortgage ads available on specialty news sections, high-traffic
pages and mortgage newsletters. more
about advertising | purchase
ad online | ad
analysis | media
kit | ad
newsletter | e-mail
| 214.521.1300
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.
State Licensing Requirements Comprehensive table of licensing requirements by state, including licensing for companies, licensing for individual originators and education requirements. Created by the Washington, D.C.-based mortgage law firm of Weiner Brodsky Sidman Kider PC.
