Mortgage brokers who haven't fled the industry or been forced out are in survival mode. They're coping with little or no business as the economy slows, accusations that they're to blame for the mortgage meltdown, stricter lending standards and the threat of new regulations. Efforts to persuade would-be customers that they're ethical and helpful abound. "The general consensus is we're all holding on by our fingernails," says Melbourne, Fla., mortgage broker Ritch Workman, whose 21-employee company closed an estimated $35 million worth of home loans in 2007, compared with $100 million in 2005,...
Lockton Insurance Brokers' S.F. office thrives in tough market
The Business Review
The Business Review
Spencer Brown Almost on a daily basis, we hear about a large defection, says local CEO McDonough. LLC's San Francisco outpost sees itself as an upstart, even though it's a branch of a decades-old Kansas City brokerage giant. The Bay Area...
Residential brokers hopeful about increased housing activity
The Business Review
The Business Review
Dennis G. Hendricks Summerhill Homes acquired the Echelon townhome development in Palo Alto from Standard Pacific Homes in a distressed sale precipitated by the housing bust. SummerHill executives Robert Freed, CEO, left and Cheryl OConnor vice...
Oakland sues dozens of major financial firms and muni bond brokers
The Business Review
The Business Review
The city of Oakland Wednesday sued several national financial services firms and municipal bond brokers, alleging the companies conspired to fix prices and give cities artificially low prices on guaranteed investment contracts, which cities use to...
Broker accused of stealing mortgage payments
Philadelphia Daily News
Philadelphia Daily News
By Kathleen Brady Shea Inquirer Staff Writer A Delaware County couple had to put their wedding on hold after losing two properties at the hands of a disbarred lawyer turned mortgage broker, authorities said. Joseph James Scafidi, 53, of Warminster, a...
St George cuts brokers' commissions
The Australian
The Australian
ST GEORGE Bank will cut commissions to mortgage brokers that don't sell an agreed percentage of the bank's mortgages. Australia's fifth largest bank said it made the move to offset the cost of higher wholesale borrowing rates caused by the global...

