Mortgages

 

LO Busted for Reverse Mortgage Fraud - Fri 23 Jun 2017
A loan officer who originates reverse mortgages has been charged with committing mortgage fraud and not completing promised home repairs.

Mark Steven Diamond is a loan originator who has offices in Illinois. He also handles home repairs for homeowners who were solicited by Cynthia Wallace.

Diamond's customer prospects are homeowners between 62 and 97 years old. Diamond went after clients who had the most equity in their homes.


Mortgage Lending Forecasted to Fall After Q2 Peak - Fri 23 Jun 2017
After peaking during the current quarterly period, single-family loan production is projected to retreat for the foreseeable future.

During the three months ended June 30, 2017, U.S. residential loan originations are expected total $512 billion, the biggest quarter of the year.

New mortgage volume is then expected to decline to $469 billion in the third quarter and $377 billion in the final-three months of the year.


Quicken Loans Founder Wealthiest in Michigan - Fri 23 Jun 2017
The founder and owner of Detroit-based Quicken Loans Inc. has been ranked as the richest person in the state of Michigan.

Dan Gilbert has an estimated net worth of nearly $6 billion, according to Forbes.com's latest rankings of the richest individuals in every state.

In addition to Quicken -- Gilbert is the majority owner of the Cleveland Cavaliers, has over 100 business and real estate ventures, and owns more than 90 Detroit properties.


South, West Drive Up U.S. Home Sales - Fri 23 Jun 2017
A surge in new home sales in the South and the West was enough to offset a plunge in residential sales in the Northeast and Midwest.

On a preliminary basis, the sale of 58,000 new, privately owned, single-family houses were completed during all of May 2017.

New home sales edged up from an upwardly revised 57,000 the one month prior and an upwardly revised 53,000 one year prior.


Top Latino Mortgage Originator Is At PrimeLending - Fri 23 Jun 2017
The latest ranking of Latino mortgage originators is out, and PrimeLending is the employer of the No. 1 producer. The overall group nudged up annual lending.

Production for the country's 250 top-producing Latino loan originators amounted to 33,345 loans with an aggregate principal balance of $8.19 billion in 2016.

That was stronger than during the preceding year, when the top-250 Latino originators generated 32,783 in single-family loan closings for $8.107 billion.


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