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BUSINESS
By American Banker | October 3, 1990
NEW YORK -- The four lead banks backing the proposed union buyout of UAL Corp. appear to be making progress in their effort to assemble a broad group of lenders to underwrite $2 billion in bank loans for the deal.Based on preliminary responses from some potential participants in the underwriting group, the bank loans have already been oversubscribed, said a banking source familiar with the situation.No commitments have been made as yet, and the preliminary responses have come from loan origination officials, who must take their recommendations to the credit policy committees of their banks.
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BUSINESS
By Steve Kilar and The Baltimore Sun | December 20, 2012
An Upper Marlboro mortgage broker has admitted to inflating her clients' incomes so that they would qualify for larger mortgage loans - a scheme that caused lenders to lose more than $1.3 million, officials said. Licensed mortgage broker and the owner of the Newgate Mortgage company, Shola Risikat Balogun, pleaded guilty Wednesday in federal court to conspiracy to commit wire fraud in connection with a plot she led to make money off loan origination fees, commissions and other premiums, according to a statement from the U.S. Attorney's Office for Maryland.
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NEWS
July 20, 1995
Bank of Annapolis adds vice presidentBank of Annapolis recently announced the expansion of its home loan department and added two new employees.David R. Chisholm of Edgewater has joined the bank as vice president and senior loan officer.Mr. Chisholm, a 20-year banking veteran, will be responsible for administration of the bank's loan origination functions and for business development and loan sales.Jo A. Scarselletta of Severna Park will bring 12 years of banking experience to her position as a loan origination assistant.
BUSINESS
By KEN HARNEY | December 28, 2008
With mortgage rates at historic lows - 4.75 percent from several lenders in mid-December - a new legal settlement from the Federal Trade Commission offers a cautionary note for consumers, especially if they are minorities: Watch out. The rates and fees you're quoted could violate federal law. In a settlement agreement with a national mortgage company, the FTC alleged that minority refinancers and home buyers were charged higher fees and rates than white...
NEWS
March 23, 1998
Excerpt from a Tuesday Miami Herald editorial:THE stakes are high in a dispute under way over federally guaranteed student loan interest rates. A reform scheduled to take effect on July 1 will change the way interest rates are calculated on student loans.Now some banks are balking. They have warned a House subcommittee that they'll quit offering such loans if the feds don't fix the law.The banks' critics responded by citing a recent Treasury Department study. It found that "banks are currently receiving profits on student loans in excess of a competitive target rate of return."
BUSINESS
By Art Wong and Art Wong,Knight-Ridder News Service | January 19, 1992
What are "garbage fees?" "Document fees?"As if the grab bag of mortgage loans isn't confusing enough, the escrow world has its own jargon. Here is a glossary of common lending and escrow terms.* Appraisal: An estimate of property value used by lenders to decide how much they will lend. A borrower pays about $250 for an appraisal.* Delivery fee: Charge for sending documents by messenger or express mail, typically $10 to $50.* Document fee: The cost of preparing a deed, deed of trust or other documents, typically $10 to $50.* Escrow: This is a final step in the sale of a home or refinancing.
BUSINESS
By Steve Kilar and The Baltimore Sun | December 20, 2012
An Upper Marlboro mortgage broker has admitted to inflating her clients' incomes so that they would qualify for larger mortgage loans - a scheme that caused lenders to lose more than $1.3 million, officials said. Licensed mortgage broker and the owner of the Newgate Mortgage company, Shola Risikat Balogun, pleaded guilty Wednesday in federal court to conspiracy to commit wire fraud in connection with a plot she led to make money off loan origination fees, commissions and other premiums, according to a statement from the U.S. Attorney's Office for Maryland.
BUSINESS
April 4, 1995
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: I refinanced the mortgage on a rental property. What settlement costs can I claim as a business expense and what do I have to amortize over the life of the loan or the life of the property?A: You should amortize over the life of the loan the refinancing costs related to securing the new loan. These may include attorney's fees and other fees in connection with the loan as opposed to the title.
BUSINESS
By KENNETH HARNEY | May 8, 2005
ONE OF THE MOST popular trends in the home-equity lending market is about to make a big splash in the primary home-loan arena: mortgages that carry no lender fees, no appraisal charges, no fees for credit report, loan origination, tax service, processing, document preparation, courier or other mind-numbing add-ons that buyers get hit with when they close on their loans. Big banks have been selling home-equity credit lines this way with booming success for the past two years. Now some of them are asking: Why not provide the same simplicity to homebuyers?
BUSINESS
By KEN HARNEY | December 28, 2008
With mortgage rates at historic lows - 4.75 percent from several lenders in mid-December - a new legal settlement from the Federal Trade Commission offers a cautionary note for consumers, especially if they are minorities: Watch out. The rates and fees you're quoted could violate federal law. In a settlement agreement with a national mortgage company, the FTC alleged that minority refinancers and home buyers were charged higher fees and rates than white...
BUSINESS
By HANAH CHO and HANAH CHO,SUN REPORTER | December 13, 2005
Bay Capital Corp., the Owings Mills mortgage company, has agreed to be acquired by Nationwide Financial Solutions Inc., a small financial products and services company in Tempe, Ariz. Bay Capital Corp., a privately held company founded in 2000, has 380 employees and posted revenue last year of $25 million on a loan-origination volume of more than $700 million. No layoffs or organizational changes are expected at Bay Capital and operations will remain in Owings Mills, said Jeff Hardy, Nationwide's general manager.
BUSINESS
By KENNETH HARNEY | May 8, 2005
ONE OF THE MOST popular trends in the home-equity lending market is about to make a big splash in the primary home-loan arena: mortgages that carry no lender fees, no appraisal charges, no fees for credit report, loan origination, tax service, processing, document preparation, courier or other mind-numbing add-ons that buyers get hit with when they close on their loans. Big banks have been selling home-equity credit lines this way with booming success for the past two years. Now some of them are asking: Why not provide the same simplicity to homebuyers?
NEWS
March 23, 1998
Excerpt from a Tuesday Miami Herald editorial:THE stakes are high in a dispute under way over federally guaranteed student loan interest rates. A reform scheduled to take effect on July 1 will change the way interest rates are calculated on student loans.Now some banks are balking. They have warned a House subcommittee that they'll quit offering such loans if the feds don't fix the law.The banks' critics responded by citing a recent Treasury Department study. It found that "banks are currently receiving profits on student loans in excess of a competitive target rate of return."
NEWS
July 20, 1995
Bank of Annapolis adds vice presidentBank of Annapolis recently announced the expansion of its home loan department and added two new employees.David R. Chisholm of Edgewater has joined the bank as vice president and senior loan officer.Mr. Chisholm, a 20-year banking veteran, will be responsible for administration of the bank's loan origination functions and for business development and loan sales.Jo A. Scarselletta of Severna Park will bring 12 years of banking experience to her position as a loan origination assistant.
BUSINESS
April 4, 1995
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: I refinanced the mortgage on a rental property. What settlement costs can I claim as a business expense and what do I have to amortize over the life of the loan or the life of the property?A: You should amortize over the life of the loan the refinancing costs related to securing the new loan. These may include attorney's fees and other fees in connection with the loan as opposed to the title.
BUSINESS
By Adele Evans and Adele Evans,Special to The Sun | March 5, 1995
John and Judith Jankens had hunted for a mortgage before, so when they planned to move they relished the option of shopping and applying for a loan in front of a computer screen.The couple, who live in a townhouse, went to Help-U-Sell Real Estate of Severna Park to look for a larger, detached home. With a few key strokes, a computer there listed a variety of loans and rates, crunched the Jankenses' financial information and processed a mortgage application. After 13 days, their one-year adjustable-rate mortgage was approved and they settled on their Pasadena home soon after.
BUSINESS
By Dian Hymer | January 9, 1994
What should I do if my loan application is turned down?There are two basic reasons why a loan might be denied: the appraisal on the property came in lower than the purchase price or the lender found something unacceptable in the buyer's financial documentation.A low appraisal can mean that the property sold for a higher price than it should have. If your purchase contract is contingent upon the property appraising for the purchase price, you may be able to terminate the contract without forfeiting your deposit.
BUSINESS
By Adele Evans and Adele Evans,Special to The Sun | March 5, 1995
John and Judith Jankens had hunted for a mortgage before, so when they planned to move they relished the option of shopping and applying for a loan in front of a computer screen.The couple, who live in a townhouse, went to Help-U-Sell Real Estate of Severna Park to look for a larger, detached home. With a few key strokes, a computer there listed a variety of loans and rates, crunched the Jankenses' financial information and processed a mortgage application. After 13 days, their one-year adjustable-rate mortgage was approved and they settled on their Pasadena home soon after.
BUSINESS
By Kenneth R. Harney | September 18, 1994
Washington -- The future shape of American home mortgage lending was put on display here for the first time on Sept. 9, and the odds are strong: Once you've seen, shopped and applied for a mortgage using a multilender computerized loan origination (CLO) system, you'll never want to go back to the past. Or to the present.In fact, you'll probably ask yourself: Why has the process of getting a mortgage -- the biggest single debt I may incur in my lifetime -- been stuck in the horse-and-buggy age for so long?
BUSINESS
By Dian Hymer | January 9, 1994
What should I do if my loan application is turned down?There are two basic reasons why a loan might be denied: the appraisal on the property came in lower than the purchase price or the lender found something unacceptable in the buyer's financial documentation.A low appraisal can mean that the property sold for a higher price than it should have. If your purchase contract is contingent upon the property appraising for the purchase price, you may be able to terminate the contract without forfeiting your deposit.
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