mortgage services

Quicken Loans Mortgage Services Rapidly Expands Presence in Charlotte — Doubling Office Space in City

rich — Wed, 16 May 2012 02:09:16 +0000

CHARLOTTE, N.C., May 15, 2012 /PRNewswire/ – Quicken Loans Mortgage Services (QLMS), a division of Quicken Loans Inc., the nation’s largest online lender, today announced plans to add more than 75 team members by the end of 2012 to support its growing business needs.

QLMS, which provides mortgage services to community banks, credit unions and mortgage professionals across all 50 states, currently employs 150 team members and expects to expand beyond 200 by the end of the year.

The company currently works with more than 800 partner financial institutions and will surpass 1,000 partners, and $1 billion in monthly loan volume, by the end of 2012.

To facilitate its increasing production, QLMS will relocate its office to 6135 Park South Drive in Charlotte. The company expects to move into its new 20,000 square-foot office space, which is more than double its current location, by the end of June.

“We are growing very quickly – faster than even the most optimistic models we developed when we launched QLMS two years ago,” said Tod Highfield, Vice President of QLMS. “Right now we are in explosive growth mode, adding both partner financial institutions and team members. It is really a fun time to be part of this team – and we see continued opportunity ahead of us.”

While QLMS will be vacating its office at 1915 Rexford Road in Charlotte, Quicken Loans will be assuming the space. The company plans to hire approximately 50 Charlotte-based team members to mainly support the company’s loan underwriting needs.

“Quicken Loans is constantly on the watch for areas where we can expand and leverage great talent,” said Bill Emerson, CEO of Quicken Loans. “We were pleasantly surprised to find an amazing pool of very qualified mortgage operations folks in the Queen City to strengthen our underwriting team. Already familiar with Charlotte through QLMS, the decision to expand our footprint here was a no brainer.”

Quicken Loans is expected to begin hiring in Charlotte later this summer, with plans to have all 50 positions filled by the end of the year.

To apply to any QLMS or Quicken Loans position, please visit www.quickenloanscareers.com.

About Quicken Loans Mortgage Services:

Quicken Loans Mortgage Services (QLMS) is a division of Quicken Loans, the nation’s largest online mortgage lender, and the fourth largest home lender in the country. QLMS works exclusively with community banks, credit unions and select brokers to provide mortgage products without the need for the financial institutions to hire mortgage origination staff. The bank, credit union or broker maintains its relationship with its clients, and QLMS handles all aspects of the loan process.

About Quicken Loans Inc:
Quicken Loans Inc. is the nation’s largest online home lender and fourth largest retail lender. The company closed a record $30 billion in retail home loan volume across all 50 states in 2011. Quicken Loans generates loan production from five web centers located in Detroit, Ohio and Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked #1 in customer satisfaction among all home mortgage lenders in the United States by J.D. Power and Associates in 2010 and 2011. “QuickenLoans.com” has been named “Best of the Web” by Forbes and Money magazines. The company ranked in the Top 10 of FORTUNE magazine’s “100 Best Companies To Work For” in 2012 and has placed among the top-30 companies on FORTUNE’s list for the past nine years. It ranked in the Top-15 of Computerworld magazine’s “100 Best Places to Work In Technology” for seven years in a row, ranking #10 in 2011.

Quicken Loans was named #1 in the Detroit Free Press’ ‘Best Places to Work in Michigan’ List in 2010 and 2011. The company moved its headquarters and 3,700 of its more than 5,000 team members to downtown Detroit. Another 1,000 team members are expected to move to downtown Detroit in mid 2012. For more information about Quicken Loans, please visit us on the web at www.quickenloans.com, on Twitter at @QLnews, and on Facebook at www.facebook.com/QuickenLoans

Quicken Loans Mortgage Services Rapidly Expands Presence in Charlotte — Doubling Office Space in City

rich — Wed, 16 May 2012 02:09:16 +0000

The company currently works with more than 800 partner financial institutions and will surpass 1,000 partners, and $1 billion in monthly loan volume, by the end of 2012.

Quicken Loans is expected to begin hiring in Charlotte later this summer, with plans to have all 50 positions filled by the end of the year.

To apply to any QLMS or Quicken Loans position, please visit www.quickenloanscareers.com.

About Quicken Loans Mortgage Services:

Sears Financial expands offerings with the launch of mortgage services

rich — Wed, 16 May 2012 02:09:16 +0000

Accredited mortgage professionals and real estate sales representatives team up with Sears Financial to help Canadians buy, sell and finance their homes

TORONTO , May 15, 2012 /CNW/ – Sears Financial has announced a partnership with Mortgage Alliance and QV Realty Inc., expanding its real estate offering to introduce the Sears Financial Mortgage & Real Estate Referral Program to Canadians. The pilot program launches in Ontario and is expected to start rolling out nationally in 2013.

Whether Ontarians are looking for a new mortgage, or simply renewing an existing one, Accredited Mortgage Professionals from Mortgage Alliance source the best rates and mortgage products available in the market. With connections to some national banks, credit unions, and public and private lenders, the program tailors every financial solution to meet individual needs.

“Sears has been a trusted name for generations,” said Peter Kalen , Senior Vice-President, Sears Financial and Home Services. “We’re proud to now offer our customers the complete home ownership package – from finding their home with our real estate services to financing their mortgage.”

Sears Financial Mortgage Referral Services complements Sears Financial Real Estate Referral Services, which was launched in 2009. By working with Sears Certified Real Estate Agents from leading brokerages, Sears Financial Mortgage & Real Estate Referral Services ensure customers are paired with knowledgeable experts within their desired neighbourhood. Plus, customers will earn valuable Sears rewards, which add up to thousands of dollars that can be redeemed toward anything at Sears from furniture and major appliances to travel and more.

Customers who arrange their mortgage through Sears Financial will also benefit from extensive rewards. Customers who buy or sell their home with a Sears Certified Real Estate Agent receive up to 0.6 per cent of the purchase or sale price back in the form of Sears rewards, plus merchandise savings coupons. Based on an average resale home price in the Greater Toronto Area of $470,000 in 2012, that can amount to a value up to $3,800 .

To celebrate the launch of this program, Sears Financial is giving Ontario residents the chance to win one million Sears Club Points worth $10,000 in Sears rewards simply by entering online at www.searsfinancial.ca/mortgagecontest and signing up to receive additional information on the mortgage services. The contest will run until December 15, 2012 .

Visit www.searsfinancial.ca/welcomehome for full terms and conditions.

About Sears Financial Services

Sears Financial is the credit card, membership, loyalty points, insurance and telecommunications division of Sears Canada . For more information, please visit www.searsfinancial.ca.

About Sears Canada

Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 278 hometown dealer stores, 29 home services showrooms, over 1,500 catalogue and online merchandise pick-up locations, 105 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada’s most extensive general merchandise catalogue and offers shopping online at www.sears.ca.

Sears Financial expands offerings with the launch of mortgage services

rich — Wed, 16 May 2012 02:09:15 +0000

Accredited mortgage professionals and real estate sales representatives team up with Sears Financial to help Canadians buy, sell and finance their homes

Visit www.searsfinancial.ca/welcomehome for full terms and conditions.

About Sears Financial Services

Sears Financial is the credit card, membership, loyalty points, insurance and telecommunications division of Sears Canada . For more information, please visit www.searsfinancial.ca.

About Sears Canada

Quicken mortgage unit is hiring in Charlotte

rich — Wed, 16 May 2012 02:09:15 +0000

Quicken Loans Mortgage Services, which helps community banks and credit unions originate mortgages, announced Tuesday that it will hire 75 people by the end of the year and double its office space in Charlotte.

The new office, at 6135 Park South Drive, will have more than 20,000 square feet. The company, which currently employs 150, is expected to move in next month. Its previous office was at 1915 Rexford Road.

Hiring is expected to begin this summer. Fifty positions will be in Charlotte.

Quicken Loans Mortgage Services provides mortgages to community banks and credit unions so they don’t have to hire mortgage origination staffs. The company currently works with 800 institutions, and hopes to reach 1,000 by the end of the year, with $1 billion in monthly loan volume.

Quicken mortgage unit is hiring in Charlotte

rich — Wed, 16 May 2012 02:09:15 +0000

Hiring is expected to begin this summer. Fifty positions will be in Charlotte.

Mortgage deal cash is divvied

rich — Sat, 12 May 2012 07:41:09 +0000

About half of the $410 million flowing into California’s coffers from the national mortgage settlement with major banks will be pumped into the state’s housing counselors and legal services agencies that help struggling homeowners.

The funding is part of the plans disclosed Friday by state Atty. Gen. Kamala D. Harris for distributing the cash.

Harris, who helped negotiate the agreement with the nation’s five biggest banks, said she also plans to spend the rest of the money on reaching out to and educating homeowners stuck in the hardest-hit parts of the state; on further investigations and oversight of the settlement funds; and on helping borrowers who can’t stay in their homes.

“Homeowners who receive meaningful counseling are far more likely to avoid foreclosure,” said Shum Preston, a spokesman for Harris.

The cash the state received is part of $3.5 billion in total cash payments made to 49 states in the overall settlement with five of the nation’s biggest banks. The global settlement of accusations that the banks improperly or fraudulently foreclosed on homeowners provides $25 billion in aid to struggling borrowers.

“There are over half a million California households currently in the foreclosure pipeline, so we understand the importance of getting these funds into the communities where they’re needed and to the homeowners most affected by this crisis,” Preston said.

Community organizer Peggy Mears at the Alliance of Californians for Community Empowerment said funds need to go to African American and Latino families first because they were the hardest hit by the foreclosure crisis.

Mears said the money needed to go toward helping homeowners, not to filling the state’s budget deficit, as it has in other states.

“We need the highest levels of accountability for this money,” she said. “This settlement was for homeowners who were dealing with the foreclosure crisis.”

Housing counseling agencies across the U.S. have struggled in the face of the crisis, just as demand for their services has gone up.

The tough economy and a more competitive environment for nonprofits have hit counselors who provide foreclosure counseling, said Anna Lisa Biason, director of fund development for Neighborhood Housing Services of Orange County.

Counselors assist the borrowers who apply for the alphabet soup of federal and statewide programs available for them. Groups that advocate on behalf of homeowners in the state generally praised the planned use of the funds.

“Our concern has been that the funds would be used to help mitigate the effects of the crisis, and where that is possible, help people stay in their homes,” said Kevin Stein, director of the California Reinvestment Coalition. “All those pieces seem really important so that the agreement actually be enforced.”

A recent coalition survey of more than 70 housing counseling agencies in California found that 75% of them expect demand for their services to increase this year, while more than a third expect to have to cut back because of funding shortages.

“Demand is so strong, we are very excited to have money from this state AG settlement,” said Douglas Robinson, a spokesman for Neighborworks America, a national housing counseling association that has a number of branches in California. “California is one of the hardest-hit states.”

Salena Copeland, directing attorney for the Legal Aid Assn. of California, said that legal-aid lawyers who take cases for low-income borrowers have lost major funding sources.

“There is a huge number of Californians living in poverty,” Copeland said. “Having any funding at all to help support this critical safety net is very important.”

Patrick Dunlevy, directing attorney of Public Counsel’s Consumer Law Project, said the anticipated funding would be a big help.

“Housing counselors and legal services groups are in the best position to assess whether homeowners qualify for a loan modification and assist them in applying for one,” he said. “And legal services groups are in the best position to help middle-income families that have a legitimate basis for stopping a foreclosure remain in their homes.”

Taking into account a complex series of credits designed to encourage the banks to make payments to homeowners, California’s share of the settlement is expected to climb to as much as $18 billion.

About $8.9 billion will be used for principal write-downs for 250,000 troubled homeowners; $3.5 billion for forgiving missed mortgage payments and penalties for 32,000 borrowers; and $3.1 billion for forgiving debt of 23,000 borrowers who will be allowed to sell their homes for less than the mortgage amount.

alejandro.lazo@latimes.com

PHH Mortgage to Provide Private Label Mortgage Services to HSBC Bank USA; Relationship to Include Subservicing of $52 …

rich — Mon, 07 May 2012 13:20:00 +0000

MT. LAUREL, N.J.–(BUSINESS WIRE)–

PHH Mortgage Corporation (“PHH Mortgage”), a subsidiary of PHH Corporation (NYSE: PHH – News) (the “Company”), today announced it has entered into a strategic relationship to provide private label end-to-end mortgage origination services and loan servicing to HSBC Bank USA, N.A. (“HSBC”).

Under the terms of the agreements, PHH Mortgage will provide HSBC with mortgage origination processing services, as well as subservicing of HSBC’s $15.5 billion prime mortgage loan portfolio and $36.6 billion of loans serviced for third-party investors (both as of March 31, 2012). It is expected that approximately 400 employees from HSBC’s mortgage facility in Depew, New York, will transfer to PHH Mortgage, which plans to maintain operations in the area.

The agreement is effective immediately, and the conversion of operations is expected to be complete in the first quarter of 2013.

“We are excited to partner with a global financial brand like HSBC,” said Smriti Popenoe, Interim President of PHH Mortgage, “and we are pleased to welcome many HSBC employees to the PHH Mortgage team. This is an outstanding example of the commitment of our Private Label Services business to serving the nation’s leading financial institutions, regional banks, community banks and credit unions, and we look forward to a long-term, strategic relationship.”

“We’re thrilled and honored to welcome HSBC into our family of private label partnerships,” said Glen A. Messina, President and CEO of PHH Corporation, “and we thank them for their confidence in us. We are committed to delivering an exceptional mortgage experience to HSBC customers through our focus on operational excellence and customer service. This partnership demonstrates the strength of our franchise and our commitment to growing our private label mortgage platform.”

About PHH Mortgage

PHH Mortgage Corporation, a subsidiary of PHH Corporation (NYSE:PHH – News), provides cost-effective mortgage solutions for financial institutions, real estate brokers, and government agencies. PHH Mortgage provides full-service capabilities for originating, processing, closing and servicing mortgage loans, and is one of the top five originators of retail residential mortgages and one of the top 10 mortgage servicers in the United States¹. For more information, visit www.phhmortgagesolutions.com.

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation (NYSE: PHH – News) is a leading provider of business process management services for the mortgage and fleet industries. Its subsidiary, PHH Mortgage, is one of the top five retail originators of residential mortgages in the United States¹, and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. PHH has more than 5,000 employees dedicated to delivering premier customer service and providing value-added solutions to its clients. For additional information about PHH and its subsidiaries, please visit the Company’s website at www.phh.com.

HSBC Bank USA, N.A

HSBC Bank USA, National Association, with total assets of $210.3 billion as of 31 December 2011 (U.S. GAAP), serves around four million customers through its personal financial services, commercial banking, private banking, asset management, and global banking and markets segments. It currently operates more than 470 bank branches throughout the United States. There are over 370 in New York state as well as branches in Connecticut, Washington, D.C., Florida, New Jersey, Pennsylvania, Maryland, Virginia, California, Delaware, Illinois, Oregon and Washington State. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an indirect, wholly-owned subsidiary of HSBC North America Holdings Inc., one of the nation’s largest bank holding companies by assets. HSBC Bank USA, N.A. is a member of the FDIC.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking-statements are not based on historical facts but instead represent only the Company’s current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. Such statements may be identified by words such as “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.”

You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. You should consider the areas of risk described under the heading “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by the Company or its businesses generally. Such periodic reports are available in the “Investors” section of the Company’s website at http://www.phh.com and are also available at http://www.sec.gov. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, the Company undertakes no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.

Mortgage loan officer licensing has reduced choices for Ohio consumers

rich — Mon, 07 May 2012 06:30:36 +0000

CLEVELAND, Ohio — A decade ago, Ohio had an estimated 12,000 mortgage loan officers who didn’t work for banks. Now, there are fewer than 3,000.

The eye-popping decline started because, 10 years ago this month, Ohio began requiring loan officers to pass criminal background checks. That swept thousands out of the industry. The financial crisis of 2008-09 squeezed out thousands more.

The result: Consumers have fewer choices when shopping for a home loan and it may hurt them. Others say consumers are better protected because so many of the bad guys had to leave the business. And those who are left – including those at banks — must conform to stiff new layers of state and federal regulations.

Defining terms

Mortgage broker: Not a direct lender, but acts as a middleman, matching up borrower with lender.
Loan officer: Works for a broker or bank and deals directly with the borrower.
Mortgage bank: Not a traditional bank, but can fund its own mortgages before typically selling them.

Charles Bromley, director of the Ohio Fair Lending Coalition and a long-time critic of mortgage shenanigans, said some consumers were better off years ago when they had lots of lenders competing for their business. “Those days are over.”

The lending world got a little chaotic in the 1990s with the surge of mortgage brokers – who didn’t actually lend money but matched borrowers with underwriters. Because their money wasn’t on the line and many were after quick profits, there wasn’t much incentive to make sure the borrowers could afford the loan or were happy with the transaction later.

Government leaders in Cleveland and statewide started trying to crack down on unethical lending in the late 1990s, but the serious efforts started in 2001 and 2002 with local and federal laws aimed at curbing high-cost, deceptive lending.

Then the state started licensing the industry in May 2002. Under the law, any loan officer or broker not employed by a traditional bank has to pass competency tests and criminal background checks and disclose how their fees were computed. Those employed by banks were exempt. The law prohibits anyone who has been convicted of theft, forgery or financial crimes from getting a license. The Ohio Bankers League estimated that some 4,500 loan officers – 38 percent of the total — either didn’t qualify or didn’t apply.

Finally, under the massive regulatory reform of the last few years, loan officers – no matter who they work for — are now prohibited from getting compensated more if your loan is larger or how profitable it is for the lender. They must either be salaried or get a flat fee per loan. The bottom line: It’s no longer an overly lucrative vocation.

“Certainly, we can all agree the world has changed dramatically,” said Bob Niemi, deputy superintendent for consumer finance for the Ohio Department of Commerce. “What that means for Ohioians? There are certainly mortgage options out there, but we also know . . . the bad apples were addressed.”

Andy Neidus, branch manager at American Midwest Mortgage in Mayfield Heights and a 27-year veteran of the industry, said a house-cleaning of the industry was needed. But now, it’s a difficult place to work.

His income is only one-third of what it used to be five years ago and he often works five times as hard on every loan because the lenders providing the money have requirements that he says are sometimes overly stringent.

“I often feel like I’m swimming upstream, dodging logs, waiting for the next rule change in midstream,” he said. “A loan that should be easily approved today can easily be denied tomorrow if a lender changes the requirements before the loan closes.”

It doesn’t surprise Neidus that so many people – even ethical ones – have left the field. “I wouldn’t recommend the mortgage industry as a career choice for anyone — I even discouraged my son from going into this business,” he said. At 61 years old, he’s hoping to hang on and make a living until he retires. “I’ve been in this business for 27 years. It’s all I know.”

Bromley of Ohio Fair Lending said it’s unfortunate for consumers that more than half of the mortgage lending in this country is financed by four banks: Chase, Bank of America, Citicorp, Wells Fargo. “There are fewer choices for the consumer to get a better deal on a mortgage,” he said.

Historically, consumers could get more leniency and could negotiate fees and terms with a mortgage broker. Banks, on the other hand, have generally always been less flexible on terms and prices.

Michael VanBuskirk, president of the Ohio Bankers League, an industry association, said he’s surprised that more mortgage brokers haven’t gone out of business. But he believes consumers still have plenty of places where they can get a mortgage.

Myra White, a vice president and branch manager for Howard Hanna Real Estate Services, which operates its own mortgage company, said she thinks “it’s a positive thing” that most of the bad mortgage brokers and banks got driven out of business.

“You’re only dealing with institutions,” said White, who oversees the Shaker Heights office. “It may be tough on a consumer in the short term but better in the long run. I don’t see that the consumer has been hurt at all.”

The problem for many consumers is that standards have tightened so drastically. Lenders require higher credit scores, demand extensive documentation of income and assets and require information to be verified two and three times to prevent fraud.

In addition, standards for appraisals have tightened incredibly. This is the big issue hurting homebuyers, White said. “We’ve got to get this to ease up,” she said. “There has got to be a consumer response to this.”

Debbie Dye-Joyce, licensing supervisor for the Ohio Department of Commerce, said that everything with mortgage regulation is evolving. Besides the licensing required by the state, there is now the Nationwide Mortgage Licensing System, launched in 2008, aimed at every loan officer, regardless of whether they work for a traditional bank or other kind of mortgage operation. Registration with the NMLS became mandatory in Ohio in 2010.

Ohio officials believe they were on the leading edge of enforcement 10 years ago. “It certainly was an excellent first step,” Dye-Joyce said. “We’ve been evolving ever since.”

To reach this Plain Dealer reporter: tmurray@plaind.com
On Twitter: @TeresaMurray
On Facebook: www.facebook.com/PDMoneyMatters

CBA cuts 100 jobs on weak mortgage demand

rich — Mon, 07 May 2012 05:27:31 +0000

Commonwealth Bank will cut about 100 jobs in Melbourne as it makes changes to its mortgages business to deal with weak demand.

CBA said it would close its mortgage services processing site in Melbourne at the end of 2012, and move some of the processing services to interstate centres.

Banks have been culling staff numbers in a bid to shore up profits even as demand for many of their services shrinks. The annual pace of growth in home loans, for instance, has fallen to the lowest level since in 35 years.

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Some staff will be redeployed to other areas of CBA, including interstate, and the bank plans to open a new mortgages services retail office in Melbourne, and increase staff numbers in its mortgage services call centre, CBA said.

“Our priority remains to redeploy the majority of the staff who work in that centre and we have been successful in identifying alternative opportunities for many of our staff,” the bank said in a statement.

“We will continue to work our staff over the next six months.”

The changes to the Melbourne mortgage services operations are a result of improvements in CBA’s processes, fluctuating customer demands and the low industry growth in home loan volumes, the bank said.

In making the announcement, Commbank reiterated its pledge to avoid sending jobs outside Australia.

‘The Commonwealth Bank has have given a commitment to not moving any Australian jobs offshore and will continue to retain all call centre and operations processing functions within Australia,’’ said a spokesman for the bank.

CBA had 46,060 full-time equivalent staff in 2011.

AAP, with Chris Zappone, BusinessDay