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By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | June 17, 1992
Legg Mason Inc. plunged further into commercial mortgage banking yesterday, announcing it had purchased the $1.6 billion mortgage-servicing division of Chevy Chase-based B. F. Saul Co."The addition of B. F. Saul Co.'s commercial mortgage division is a good strategic fit for Legg Mason," said Raymond A. Mason, the company's chairman. "We are able both to increase our mortgage-servicing portfolio and add strong new mortgage-banking capabilities in the Virginia and Washington, D.C., area.""The transaction is the sale of servicing rights to the loans, not the loans themselves," said Peter Sellwood, a B. F. Saul vice president who will become executive vice president of Legg Mason's mortgage-banking operation.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 14, 2013
First Mariner Bancorp blamed rising interest rates and a slowdown in refinancings for its $1.48 million second quarter loss. On a per share basis, the Baltimore-based parent of 1 s t Mariner Bank, lost 8 cents in the quarter ended June 30. For the April-to-June period a year ago, First Mariner earned $5.67 million, or 30 cents per share. "Our results this quarter were dampened by rising long term interest rates, which slowed refinancings and overall revenue from our mortgage banking operations as compared to the second quarter of 2012," interim CEO Mark A. Keidel said in a statement.
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BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | June 17, 1992
Legg Mason Inc. plunged further into commercial mortgage banking yesterday, announcing it had purchased the $1.6 billion mortgage-servicing division of Chevy Chase-based B. F. Saul Co."The addition of B. F. Saul Co.'s commercial mortgage division is a good strategic fit for Legg Mason," said Raymond A. Mason, the company's chairman."We are able both to increase our mortgage-servicing portfolio and add strong new mortgage-banking capabilities in the Virginia and Washington, D.C., area.""The transaction is the sale of servicing rights to the loans, not the loans themselves," said Peter Sellwood, a B. F. Saul vice president who will become executive vice president of Legg Mason's mortgage-banking operation.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 31, 2013
First Mariner Bancorp reported Thursday it earned about $1.6 million in the fourth quarter, the fourth quarter in a row that the Baltimore parent of 1 s t Mariner Bank posted a profit. First Mariner Bancorp reported Thursday that it earned about $1.6 million in the fourth quarter thanks largely to its mortgage business, making this the fourth quarter in a row that the Baltimore parent of 1st Mariner Bank posted a profit. For the corresponding quarter a year ago, First Mariner lost nearly $4 million.
BUSINESS
By David Conn and David Conn,Staff Writer | April 9, 1993
MNC Financial Inc. said yesterday that it plans to sell its mortgage banking subsidiary, the Maryland National Mortgage Corp., which employs 300 workers in Baltimore and 500 throughout the state.MNC did not place a price on the unit yesterday, but several analysts who follow the industry estimated that the company could bring more than $50 million."The sale of the company in its entirety is in the best interests of the shareholders and provides what we believe is the best possible job security for MNMC employees," Frank P. Bramble, MNC's president and chief executive, said in a statement.
NEWS
By Sean Somerville and Sean Somerville,SUN STAFF | November 12, 1996
PHH Corp., founded in Baltimore 50 years ago by Duane L. Peterson, Richard M. Heather and Harley W. Howell, grew from a small partnership that managed company cars into one of the world's leading companies in automobile fleet management, corporate relocations and mortgage banking.The founders worked in a partnership until 1954, when they formed the corporation of Peterson, Howell & Heather Inc., then called PH&H. During the 1950s, the company formed divisions in Canada and the United Kingdom.
NEWS
March 14, 2007
Columbia Bank promotes Kuhns Dave Kuhns has been promoted to group vice president, retail lending and mortgage banking, at Columbia Bank. He will assume day-to-day management and operations of retail lending and mortgage banking, which includes promoting new business opportunities, overseeing customer service procedures and managing the activities of the lending and mortgage banking teams. Kuhns, of Sykesville, was formerly vice president and branch manager of the Ellicott City branch.
BUSINESS
BY A SUN STAFF WRITER | April 19, 2000
First Mariner Bancorp reported yesterday that its profit fell 74.6 percent in the first quarter, primarily because of the costs associated with the expansion of the bank's mortgage banking subsidiary. The parent of First Mariner Bank made $51,069 during the three months that ended March 31, or 2 cents per share. This compared with a profit of $201,537, or 6 cents a share, in the comparable period of 1999. First Mariner Mortgage Corp., the bank's mortgage banking subsidiary, added six offices during the second half of last year, according to Joseph A. Cicero, First Mariner's president.
BUSINESS
By David Conn and David Conn,Staff Writer | September 17, 1992
Provident Bankshares Corp. said yesterday that it plans to buy a Philadelphia-based mortgage company that last year originated nearly $260 million in home mortgages. At the same time, the Baltimore company said it set up a separate subsidiary to handle all mortgage-related activities.The acquisition of Consolidated Mortgage Corp. is not expected to be completed until Provident receives a license to conduct mortgage banking in Pennsylvania and New Jersey, where the five Consolidated Mortgage offices are located, according to Harold H. Johnson III, chief financial officer of Provident Bankshares.
BUSINESS
December 1, 1992
PHH Corp.This Hunt Valley-based company reported improved earnings for its second quarter and credited the improvement partly to the growth of its mortgage banking business.Robert D. Kunisch, the company's chairman and chief executive, also credited the improvement on "companywide efforts to manage costs."He noted that the company's mortgage servicing portfolio exceeds $9 billion and grew by $1 billion for the second consecutive quarter.While the mortgage business remains a promising area for PHH, said Gene Truett, head of investor relations, the servicing portfolio cannot continue to grow at the same rate, partly because of the slow decline in demand for mortgage refinancing.
BUSINESS
By Steve Kilar and The Baltimore Sun | December 4, 2012
Cal Ripken Jr., former Baltimore Oriole and baseball Hall of Famer, has agreed to be the spokesman for mortgage lender NewDay USA LLC, the company announced Tuesday. "In addition to serving as spokesperson for NewDay USA's philanthropic activities, Ripken will headline outreach campaigns in local communities that focus on career development, employee recruitment and NewDay USA University, a state-of-the-art educational initiative designed to prepare current employees and new recruits for successful careers in mortgage banking," the firm said in a statement.
BUSINESS
By New York Times News Service | January 11, 2008
Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis, is negotiating a sale to Bank of America, according to people briefed on the matter, a move that would rescue it from an increasingly uncertain future. As the nation's largest mortgage lender, Countrywide helped fuel the housing boom by offering loans to high-risk borrowers. But as home prices began dropping last year and borrower defaults soared, Countrywide's lending practices came under the spotlight of legislators, regulators and consumer advocates.
NEWS
March 14, 2007
Columbia Bank promotes Kuhns Dave Kuhns has been promoted to group vice president, retail lending and mortgage banking, at Columbia Bank. He will assume day-to-day management and operations of retail lending and mortgage banking, which includes promoting new business opportunities, overseeing customer service procedures and managing the activities of the lending and mortgage banking teams. Kuhns, of Sykesville, was formerly vice president and branch manager of the Ellicott City branch.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Columnist | January 3, 2007
Whether the country will suffer a recession this year is an open question. (I still say no. Others - notably New York University economist Nouriel Roubini - disagree.) But the answer regarding Maryland is beyond dispute. Fortified by continued defense spending, health care growth and - yes - construction, this state will increase output and avoid a slump even if the nation doesn't. It probably won't be a boom year. The housing slowdown will see to that. But Maryland should expect continued moderate employment growth, decent credit availability and acquisitive consumers.
BUSINESS
By Tami Luhby and Tami Luhby,Newsday | December 24, 2006
If you are falling behind in your mortgage payments, the first thing you should do is pick up the phone. "A lot of times it's just a matter of telling your story to the bank," said Jonathan Pinard, president of the Empire State Mortgage Bankers Association of New York. "But a lot of people avoid making that phone call." Some people worry the bank will immediately foreclose, while others think their lender won't notice, experts said. Many don't want to admit to themselves - or others - that they can't handle their bills.
BUSINESS
By Dow Jones News Service | September 14, 2003
Just as the final nail was about to be driven into the mortgage-refinancing coffin, homeowners again are scrambling to take advantage of still relatively low interest rates. After declining 80 percent from its all-time high set in late May, the Mortgage Bankers Association's refinance index bounced in the week that ended Sept. 5, increasing 45.5 percent. The increase in the index followed nine weeks of declines. The seasonally adjusted index tracks the number of refinancing applications.
BUSINESS
By Leslie Cauley | May 16, 1991
Legg Mason Inc. said yesterday that it has an agreement in principle to acquire a New York-based mortgage banking firm, Dorman & Wilson, by the end of May.Terms of the agreement were not disclosed.Raymond A. Mason, chairman and chief executive officer of the Baltimore-based brokerage firm, said the acquisition will "complement and strengthen the activities of our other real estate businesses.""Dorman & Wilson is a major factor in the servicing of commercial mortgages, a stable and profitable segment of the mortgage banking business," Mr. Mason said in a prepared statement announcing the acquisition.
NEWS
By Frederick N. Rasmussen and Frederick N. Rasmussen,SUN STAFF | May 10, 2003
Albert Keidel Jr., a retired Rouse Co. vice president and chief financial officer who was a key player in the development of Columbia, Cross Keys and a number of nationally known projects, died Sunday of heart failure at his winter home in Key Largo, Fla. He was 91. Mr. Keidel was born in Blue Ridge Summit, Pa., the son of Dr. Albert Keidel, a world-renowned medical specialist at Johns Hopkins Hospital. Raised on Greenway in Guilford, Mr. Keidel was a 1929 graduate of St. Paul's School in Concord, N.H., and earned his bachelor's degree in electrical engineering from Princeton University in 1933.
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