Credit Depot Corp., Gainesville, Fla., has announced that it has ceased its loan origination operations and will seek an accommodation with creditors to liquidate the company.The company said it intends to remain open for a period to honor its mortgage loan funding commitments and to liquidate its warehoused loan portfolio. No distributions are expected to be available for stockholders. Credit Depot said the action stemmed from its belief that "there will not be a significant improvement in sales margins in the depressed secondary subprime mortgage market in the near future, and that the company does not have the financial resources to continue its loan operations with negative cash flow." Credit Depot's sole business was originating mortgage loans. Credit Depot's website address is http://www.creditdepot.com.
-
Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
1h ago -
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
2h ago -
Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
3h ago -
The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
4h ago -
Fannie Mae's latest economic forecast no longer expects mortgage rates to go below 6% next year, and that is affecting its views on loan origination volume.
6h ago -
Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
10h ago