Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
                                                       
               
                       

Services Related to Top 10 Mortgage Companies: An Overview

                                       
       
                       

Top 10 Mortgage Companies: An Overview

                       

                                                                Many of the top mortgage companies have familiar names, but not all. When purchasing a loan it can be important to identify which companies are the main players in the mortgage lending business. The following companies hold the bulk of America's home loans.                        

                                               
                                                                       

Much of the inner workings of the mortgage industry remain a mystery. Most people believe that financial institutions use their own money to fund the loans that they service. While this is true for some of the loans sourced at these companies, most are in the business of packaging the loans and selling them on the secondary markets. They make their profits from the fees they collect from initiating the loan and on the service of it from month to month.

                                                                       

The loans these institutions do fund from their own money are usually those not traded as securities. Home mortgage loans not traded are sub-prime loans, mortgages for homes of people with 'less than perfect' credit, jumbo home mortgages, and other high-value home mortgages. These loans have more risk than their conventional counterparts and have higher margins as a result. Such loans are held by financial institutions because their higher risk also means they must be held by a more sound and sophisticated investor.

                                                                       

Top 10 According To Mortgage Bank Magazine (http://www.mortgagebankmagazine.com)

                                                                       

1. COUNTRYWIDE FINANCIAL CORP Total of Purchase Loans, $42,200,490,000, and Refinance Loans, $49,002,483,000

                                                                       

2. WELLS FARGO BANK Total of Purchase Loans, $34,526,107,000, and Refinance Loans, $41,766,664,000

                                                                       

3. BANK OF AMERICA Total of Purchase Loans, $20,091,938,000 and Refinance Loans, $38,171,154,000

                                                                       

4. WASHINGTON MUTUAL BANK FA Total of Purchase Loans, $14,457,275,000 and Refinance Loans, $34,826,884,000

                                                                       

5. JP MORGAN CHASE BANK Total of Purchase Loans, $11,126,545,000 and Refinance Loans, $24,172,327,000

                                                                       

6. WORLD SAVINGS BANK Total of Purchase Loans, $3,610,604,000 and Refinance Loans, $18,385,809,000

                                                                       

7. SUNTRUST MTG./SUNTRUST BANK Total of Purchase Loans, $8,687,454,000 and Refinance Loans, $9,392,690,000

                                                                       

8. CITIMORTGAGE/CITIBANK Total of Purchase Loans, $6,617,790,000 and Refinance Loans, $10,975,891,000

                                                                       

9. NEW CENTURY MORTGAGE Total of Purchase Loans, $8,139,892,000 and Refinance Loans, $8,885,123,000

                                                                       

10. PRIVATE LENDERS Total of Purchase Loans, $9,458,509,000 and Refinance Loans, $6,907,612,000

                                                                       

Private lenders often are sophisticated individual investors who are willing to take on the added risk of lending to sub-prime borrowers. They arrange for these placements through independent mortgage brokers. These same independent brokers handle much of the business for the above lenders.

                                                       
Quote 0 0
lying thru their teeth

The loans these institutions do fund from their own money are usually those not traded as securities. Home mortgage loans not traded are sub-prime loans, mortgages for homes of people with 'less than perfect' credit, jumbo home mortgages, and other high-value home mortgages. These loans have more risk than their conventional counterparts and have higher margins as a result. Such loans are held by financial institutions because their higher risk also means they must be held by a more sound and sophisticated investor.

Quote 0 0
Write a reply...