| Ad Authority Announces Free Marketing Initiative
SAN DIEGO, April 4 /PRNewswire/ -- In response to the recent implosion of the subprime mortgage market, Ad Authority has launched a free marketing initiative designed to assist both consumers and lenders through this period of uncertainty. For the rest of April, Ad Authority is offering qualifying subprime lenders the opportunity to receive leads at no cost as a means of keeping their pipelines full, as well as assisting consumers that are currently falling through the cracks of the system while financial companies are focused on ensuring their own survival. "Right now the mortgage industry is in a state of shock and the consequences are being felt in myriad ways. Mortgage companies have been forced to slash their marketing budgets which creates a cascade of effects," according to Ad Authority COO Ben Martin.
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.
Accredited, New Century Lead Slide in Mortgage Shares (Update4)
March 13 (Bloomberg) -- Accredited Home Lenders Holding Co. shares lost more than half their value and New Century Financial Corp. was delisted from the New York Stock Exchange after the mortgage lenders said they can't meet bankers' demands for cash. Accredited shares plunged 65 percent to $3.97 at 4 p.m., leading a decline in financial-services companies. The San Diego- based lender said in a statement today it must raise more money to buy back bad mortgages from investment banks. Bankers made the same demand on New Century this month, prompting analysts at Merrill Lynch & Co. and J.P. Morgan Securities Inc. to predict bankruptcy. Late payments on subprime loans reached a four-year high of 13.3 percent, the Mortgage Bankers Association said today, and foreclosures on all home loans rose to a record.
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