Lending

Mortgage rates end up high after starting the day higher

Mortgage rates started the day in bad state after a significant weakness in the bond market overnight. Treasury bond yields have risen by about 0.05%, and this type of move typically coincides with rising mortgage rates almost as much. Today was no exception. The average lender started with actual 30-year …

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Rocket Mortgage made $ 9.5 billion in profits in 2020

Rocket companies, the parent company of Mortgage Rocket, liquidated another $ 2.48 billion in profits during the fourth quarter, giving the the largest mortgage lender in the nation a total of $ 9.5 billion in profits for 2020. Rocket originated $ 107.2 billion in mortgages, with a net rate lockout …

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CFPB fine PHLoans $ 260,000 for targeted vets

A fourth mortgage company was hit with a consent order from the Bureau of Consumer Financial Protection for misleading advertising targeting military service members and veterans. PHLoans will pay $ 260,000 to resolve this issue. According to a CFPB press release, PHLoans, a California firm licensed as a mortgage broker …

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Otterbourg appoints James Cretella as president of the Alternative and Specialist Finance Practice Group

NEW YORK–(COMMERCIAL LINE) –PC Otterbourg announced today that James M. Cretella was appointed president of the company’s Alternative and Specialty Finance Practice Group. Member of the firm’s financial department, Mr. Cretella represents credit institutions, factoring companies and major financial institutions, as well as borrowers, in a variety of lending, factoring …

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