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BUSINESS
November 28, 1999
Ryland Mortgage Co. has selected Countrywide Home Loans Inc. to service loans made by Ryland."We have chosen the firm that we consider to be the top servicer of mortgage loans in the country as our business partner," said Dan Schreiner, president of Ryland Mortgage Co."This partnership will enable us to better serve our homebuyers with a number of additional services and expanded programs."By logging onto www.countrywide.com, Ryland customers will be able to get payment history, payment status, make mortgage payments online and communicate with a servicing specialist through Countrywide's Internet home page.
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BUSINESS
November 28, 1999
Ryland Mortgage Co. has selected Countrywide Home Loans Inc. to service loans made by Ryland."We have chosen the firm that we consider to be the top servicer of mortgage loans in the country as our business partner," said Dan Schreiner, president of Ryland Mortgage Co."This partnership will enable us to better serve our homebuyers with a number of additional services and expanded programs."By logging onto www.countrywide.com, Ryland customers will be able to get payment history, payment status, make mortgage payments online and communicate with a servicing specialist through Countrywide's Internet home page.
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BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | May 8, 1997
A federal grand jury in Florida returned a six-count indictment yesterday against the Ryland Group Inc.'s mortgage subsidiary, charging the company and three current and former officers with fraud.If convicted on all counts, Ryland Mortgage Corp. could receive a fine of $1.5 million, stemming from charges that it defrauded the Resolution Trust Corp. during 1992, when it serviced thousands of loans held by the federal agency created to oversee failed thrifts.The indictment, the culmination of nearly two years of investigation by the U.S. Attorney's Office and the Federal Deposit Insurance Corp.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | August 1, 1998
The Ryland Group Inc. announced yesterday that it will pay $8.7 million in fines, restitution and interest to resolve felony charges that its mortgage subsidiary defrauded the federal government.Under an agreement with the U.S. attorney's office in Jacksonville, Fla., Ryland Mortgage Co. admitted to two counts of "impeding the functions" of the U.S. Resolution Trust Corp., when the unit of the Columbia-based homebuilder worked as a loan servicer in 1993.Ryland, which at one time serviced nearly $4 billion worth of RTC loans, had been set to go to trial Oct. 13 on the charges.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | February 29, 1996
A former loan processor for Ryland Mortgage Co. who says the lender fired her for refusing to falsify and alter documents to approve mortgages is seeking more than $5 million in damages.Kellie D. Nau, who worked in the Lutherville branch for two years through last April, filed suit Monday in Baltimore County Circuit Court against the lender and its branch manager, Deborah L. Brothers.Ms. Nau contends that the branch manager and other employees altered, falsified and completely fabricated documents, such as explanations of credit histories, employment verification and tax returns, to push through potentially troubled loans -- usually without the applicants' knowledge.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | August 18, 1995
A federal grand jury is investigating the alleged misappropriation of roughly $3 million in Resolution Trust Corp. loans by officers of the mortgage subsidiary of Ryland Group Inc.The investigation involves alleged overpayments and financial discrepancies during a period in 1992 after Ryland Mortgage Corp. became the first authorized servicer of RTC loans packaged as mortgage-backed securities.That year, Ryland Mortgage transferred $2.2 billion in RTC loans to its loan servicing portfolio, according to company data.
BUSINESS
September 25, 1994
Nothing-down loans offered by RylandRyland Mortgage Co. is offering a no-down-payment loan program for buyers of Ryland homes.Ryland Mortgage -- which said it is concentrating on promoting the sale of Ryland homes, not just originating loans for any homebuyer -- hopes to attract those with high income but little money in the bank."
BUSINESS
January 7, 1993
Airline drops simplified faresAmerican Airlines Chairman Robert Crandall said yesterday that the air carrier has abandoned its highly publicized efforts to introduce a simplified fare structure because it was a money-losing venture.Speaking to the Professional Convention Management Association, Mr. Crandall said the "value pricing" plan introduced last spring cost American between $200 million and $300 million.Mutual funds barely beat marketMutual funds squeaked ahead of the stock market in the final quarter of 1992 and for the full year, but the single-digit returns they provided investors were unusually small, an authoritative survey said.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | April 12, 1995
The Ryland Group Inc. agreed yesterday to sell its mortgage-backed securities division to Norwest Bank Minnesota for $47 million as part of the Columbia-based company's strategy of focusing on its core homebuilding operations.The sale of the institutional financial services division, which as of March 31 had a portfolio of $43 billion, is expected to close by September."Clearly this [division] was a strong contributor to our bottom line, but with our renewed focus on homebuilding, we believe we can put some pretty good numbers on the board," said Michael Mangan, a Ryland executive vice president and the company's chief financial officer.
NEWS
February 3, 1994
BUSINESS PEOPLEMilles is appointed hospital staff presidentDr. Gary A. Milles, an Ellicott City internist, has been elected president of the professional staff at Howard County General Hospital.As president, he will oversee the hospital's 487-member medical and dental staff, preside at general staff and medical-executive committee meetings, serve as an ex-officio member of all clinical departments and medical staff committees.Dr. Milles also will serve on the hospital's board of trustees.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | May 8, 1997
A federal grand jury in Florida returned a six-count indictment yesterday against the Ryland Group Inc.'s mortgage subsidiary, charging the company and three current and former officers with fraud.If convicted on all counts, Ryland Mortgage Corp. could receive a fine of $1.5 million, stemming from charges that it defrauded the Resolution Trust Corp. during 1992, when it serviced thousands of loans held by the federal agency created to oversee failed thrifts.The indictment, the culmination of nearly two years of investigation by the U.S. Attorney's Office and the Federal Deposit Insurance Corp.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | February 29, 1996
A former loan processor for Ryland Mortgage Co. who says the lender fired her for refusing to falsify and alter documents to approve mortgages is seeking more than $5 million in damages.Kellie D. Nau, who worked in the Lutherville branch for two years through last April, filed suit Monday in Baltimore County Circuit Court against the lender and its branch manager, Deborah L. Brothers.Ms. Nau contends that the branch manager and other employees altered, falsified and completely fabricated documents, such as explanations of credit histories, employment verification and tax returns, to push through potentially troubled loans -- usually without the applicants' knowledge.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | February 8, 1996
Crestar Financial Corp.'s mortgage unit said yesterday that it has signed a definitive agreement to acquire Ryland Funding Group, the wholesale mortgage banking operation of Columbia-based Ryland Group Inc.'s mortgage subsidiary.The deal, which is expected to close June 1, gives Crestar Mortgage Corp. a larger book of business, and offices in Reston, Va.; Denver; Oak Brook, Ill.; and Laguna Hills, Calif.Crestar said it will pay cash for the unit, but declined to disclose how much."The combination of Ryland Mortgage Co.'s wholesale business with Crestar will broaden Crestar's product lines and create a truly national presence, servicing mortgage brokers in over 40 states," said Marc C. Smith, president of Crestar Mortgage.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | August 18, 1995
A federal grand jury is investigating the alleged misappropriation of roughly $3 million in Resolution Trust Corp. loans by officers of the mortgage subsidiary of Ryland Group Inc.The investigation involves alleged overpayments and financial discrepancies during a period in 1992 after Ryland Mortgage Corp. became the first authorized servicer of RTC loans packaged as mortgage-backed securities.That year, Ryland Mortgage transferred $2.2 billion in RTC loans to its loan servicing portfolio, according to company data.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | April 12, 1995
The Ryland Group Inc. agreed yesterday to sell its mortgage-backed securities division to Norwest Bank Minnesota for $47 million as part of the Columbia-based company's strategy of focusing on its core homebuilding operations.The sale of the institutional financial services division, which as of March 31 had a portfolio of $43 billion, is expected to close by September."Clearly this [division] was a strong contributor to our bottom line, but with our renewed focus on homebuilding, we believe we can put some pretty good numbers on the board," said Michael Mangan, a Ryland executive vice president and the company's chief financial officer.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | February 3, 1995
The Ryland Group Inc. yesterday reported significantly improved 1994 earnings, despite continued interest rate increases that hurt its fourth-quarter performance and are likely to depress the Columbia-based homebuilder's income growth in the coming year.For the 12 months that ended Dec. 31, Ryland generated net income of $24.46 million, or $1.42 a share, on revenue of $1.64 billion. In 1993, the company lost $2.7 million, or 34 cents a share, on revenue of $1.5 billion.But only $2.3 million, or 11 cents a share, of last year's profits came in the fourth quarter, as higher interest rates dampened buyers' ability to afford new houses and the amount of new mortgage business for the company.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | August 1, 1998
The Ryland Group Inc. announced yesterday that it will pay $8.7 million in fines, restitution and interest to resolve felony charges that its mortgage subsidiary defrauded the federal government.Under an agreement with the U.S. attorney's office in Jacksonville, Fla., Ryland Mortgage Co. admitted to two counts of "impeding the functions" of the U.S. Resolution Trust Corp., when the unit of the Columbia-based homebuilder worked as a loan servicer in 1993.Ryland, which at one time serviced nearly $4 billion worth of RTC loans, had been set to go to trial Oct. 13 on the charges.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | July 29, 1994
Ryland Group Inc. said yesterday its second-quarter earnings rose 32 percent, but the company's profit margins still lag industry standards, a leading analyst says.R. Chad Dreier, Ryland's new chief executive, said the company was encouraged by improvements in its homebuilding business, but he said that many of the reforms he's instituted haven't been in place long enough to improve profits."We have a long way to go yet," Mr. Dreier said. "You are going to see more [improvement] next year."
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | October 21, 1994
In an effort to further focus on its core homebuilding business, the Ryland Group Inc. is considering selling its institutional financial services division, the company announced yesterday.The division maintains a portfolio in excess of $46 billion, ranking the Columbia-based firm as one of the nation's largest private-issuers of mortgage-backed securities, which include real estate mortgage investment conduits, builder bonds and pass-through securities.But the Ryland Mortgage Co. subsidiary, despite having issued $43 billion in mortgage-backed securities since its formation in 1982, doesn't generate large revenues and earnings for the parent company.
BUSINESS
September 25, 1994
Nothing-down loans offered by RylandRyland Mortgage Co. is offering a no-down-payment loan program for buyers of Ryland homes.Ryland Mortgage -- which said it is concentrating on promoting the sale of Ryland homes, not just originating loans for any homebuyer -- hopes to attract those with high income but little money in the bank."
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