| Major home lender files for bankruptcy
LOS ANGELES - New Century Financial Corp., once the nations second-largest provider of home loans to high-risk borrowers, filed for bankruptcy protection on Monday, the victim of its own financial missteps as well as pressures felt by its rival lenders. "The Chapter 11 process provides the best means for selling our servicing and loan origination operations to financially sound parties," president and chief executive Brad A. Morrice said in a statement. The company made the move after exploring a variety of possible ways to stay in business, he said. Subprime loans target borrowers with low credit scores. The mortgages carry relatively high interest rates but can also offer low initial payments. "Relatively lax lending standards were by no means limited to subprime lenders, and problems could easily spread to the broader banking sector," he said CIT Group and Greenwich Capital Financial Products Inc.
Uniwest Mortgage Prices Loans Quicker with Lender E-Source Products
TAMPA, Fla.--(BUSINESS WIRE)--Lender E-Source (Vista, Calif.), which provides loan guidelines and automated loan pricing to mortgage professionals, announced today at the Mortgage Bankers Association's National Technology in Mortgage Banking Conference & Expo that San Diego-based Uniwest Mortgage Corporation has successfully implemented its suite of loan guidelines and automated loan-pricing products. The implementation of Lender E-Source's products is expected to improve employees' productivity by saving the time needed to locate and price loan products. Uniwest Mortgage managers selected Lender E-Source's Loan Library, Electronic Loan Finder and Pricing Express, because the software offered a simple interface, responsive searches and a streamlined workflow. Pricing Express, used in conjunction with the Loan Library and Electronic Loan Finder, posts the fully adjusted price of loan products - with current rate and product information - from all the investors offered by Uniwest Mortgage.
Mortgage Express launches new self-cert mortgages for those buying ...
Mortgage Express has announced the launch of a range of fixed-rate self-certification mortgages, following a reprice within this category of mortgages, which may be of interest to would-be first time home buyers.As a result of the lender's decision to reprice its range of self-certification mortgages - which are available to both repeat purchasers and first time home buyers - Mortgage Express is now offering a two-year fixed product with an interest rate of 5.99 per cent.To find out more about this mortgage and other mortgages for first time buyers, click here."The variable income of many self-cert customers means fixed-rate mortgages can be a very attractive option," said Andrew Gerber, head of self-cert mortgages at Mortgage Express."Our highly competitive products enable customers to obtain peace of mind by locking into a fixed rate mortgage with a best buy rate," he added.Available with a loan-to-value of up to 90 per cent, the mortgage attracts an arrangement fee of 999.Mortgage Express offers a range of mortgages, including lifetime and buy-to-let options.
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