Mortgage Tips

Simple mortgage tips to help you better prepare for the mortgage process and ideally save money on your mortgage.

E-trade Exits Wholesale Mortgage Business

September 17, 2007 No Comments »

In a press release sent out after market close, E-Trade Financial Corp. announced it would revise 2007 guidance and exit its wholesale mortgage lending business. According to the press release, “The Company will exit its wholesale mortgage operations and will ... Read More »

First Franklin Financial Layoffs

September 17, 2007 No Comments »

Merrill Lynch said it will cut jobs at its First Franklin Financial Corp. unit, the subprime lender it acquired late last year for $1.3 billion from National City, which has seen problems ever since. “First Franklin has been successful over ... Read More »

Northern Rock Ripe for Takeover Bid

September 17, 2007 No Comments »

After Northern Rock’s share price plummeted and depositors queued up to snatch their at-risk funds, larger banks began weighing the risk to scoop up the ailing mortgage lender at a serious discount. Lloyds TSB was asked by Northern Rock to ... Read More »

Ex Pro Wrestler Enters Mortgage Business

September 14, 2007 No Comments »

If you’ve ever watched “pro” wrestling, you’ve undoubtedly heard of Ric Flair, the undisputed king of flair, and an all time great in the eyes of thousands of adoring fans. Well, the man has somehow body-slammed his way into the ... Read More »

First Franklin Said to be Firing Staff

September 12, 2007 No Comments »

The message boards are on fire today with news of even more layoffs, or, ahem, firings. According to one poster over at Brokeroutpost.com, First Franklin is looking to fire half of its staff for non-performance. Apparently the mortgage lender set ... Read More »

Washington Mutual Closing Three Fulfillment Centers

September 12, 2007 No Comments »

I received word today that Washington Mutual Home Loans in the process of cutting more employees, and that the bank will be closing down three Loan Fulfillment Centers including one located in San Diego, CA and another in Anaheim, CA. ... Read More »

Struggling Lenders Carry Nasty Side Effects

September 11, 2007 No Comments »

As more mortgage lenders go belly-up, associated problems are beginning to rear their ugly heads. Such was the case when First Magnus Financial closed down, leaving employees without paychecks and healthcare, prompting ex-employees to launch the “Sue First Magnus Financial ... Read More »

Survey Reveals Major Problems in Wholesale Mortgage Industry

September 11, 2007 No Comments »

According to a survey conducted by Washington-based Campbell Communications, roughly 33% of home purchase closings originated by mortgage brokers in August were canceled. The survey of 1,744 mortgage brokers took place during the week of August 23-31, with its creators ... Read More »

LendingTree Cuts Option Arm and Bad Credit Ads

September 10, 2007 No Comments »

Mortgage offer aggregator LendingTree sent out an e-mail to affiliates today asking them to remove all advertising containing verbiage relating to option-arms, MTA loans and “bad credit”. The e-mail said that in recent weeks LendingTree had removed such lending rates/offers ... Read More »

Lowermybills Dancing Alien Ads Are Back!

September 10, 2007 No Comments »

Dancing aliens rejoice. The ads are back. Apparently dreams do come true sometimes. A few weeks ago, a blogger from the New York Times had commented that the silly dancing aliens, grooving silhouettes, and freaked out office worker advertisements had ... Read More »