Mortgage Tips

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

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 »

Decision One Layoffs

September 10, 2007 No Comments »

I’m hearing that Decision One, the non-conforming wholesale mortgage arm of HSBC, has possibly laid off a few hundred employees. A source “confirmed” the layoffs, informing me that the Phoenix sales center had been eliminated, and that several sales managers ... Read More »

Foreclosure Tax Burden

September 9, 2007 No Comments »

With the news of adjustable-rate mortgages due to reset and the continued threat of declining property values, the hot word on the street seems to be foreclosure. But before you give in to foreclosure, consider the tax implications, which if ... Read More »

Countrywide to Cut Up to 12,000 Jobs

September 7, 2007 No Comments »

Just saw this on CNBC; apparently the Wall St. Journal is reporting that Countrywide plans to cut 10,000 to 12,000 jobs in the next three months, or roughly 20% of its workforce, though the layoffs could be reduced if the ... Read More »

Wells Fargo Pep Rally Notes

September 6, 2007 No Comments »

Wells Fargo Home Mortgage held what seemed like a pep rally today in downtown Los Angeles to discuss the current state of affairs internally and industry-wide. The company told about 400 employees that it was well-positioned thanks to its deep ... Read More »

National City Laying Off 1,300, Suspending Broker Issued Loans

September 6, 2007 No Comments »

National City Corp. said today that it is laying off 1,300 employees in an effort to reduce the size of its decaying mortgage unit amid weakened demand. The lender said business had dropped significantly in the past six weeks, and ... Read More »