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Posts Tagged ‘c amp’

Castle and Cooke Deny Wrongdoing

July 25th, 2013 Comments off

Updating a story MHProNews posted earlier today about allegations by the Consumer Financial Protection Bureau (CFPB) that Castle & Cooke Mortgage of Salt Lake City made illegal incentive payments to loan officers, the president of C & C denied the charges and is seeking to resolve the issue. “We don’t compensate loan officers based on the terms of a loan and we are not motivated to upsell,” Matthew Pineda said to American Banker. “The company has been cooperating with the CFPB in its investigation for more than a year, and anticipates an amicable resolution in this complex regulatory matter,” according to a statement the lender issued. As nationalmortgagenews informs MHProNews, the CFPB filed suit in U.S. District Court in Salt Lake July 23.

(Image credit: texaslendingtoday)

CFPB Sues Lender for Violating Compensation Rule

July 25th, 2013 Comments off

A mortgage lender is being sued by the Consumer Financial Protection Bureau (CFPB) for allegedly paying bonuses to loan originators that charged consumers higher interest rates in violation of the loan officer compensation rule. The 85th largest lender in the country, Castle and Cooke Mortgage LLC of Salt Lake City is said to have paid 150 loan officers quarterly bonuses ranging from $6,100 to $8,700 for leading borrowers into higher-priced loans. The Bureau

 

says loan officers who did not charge higher rates did not receive bonuses, and that 1,100 of the loans were illegal. According to what MHProNews has learned from nationalmortgagenews, C&C originated $332 million in loans in the first quarter. The lawsuit seeks restitution and civil penalties, and specifically cites company president Matthew Pineda and senior vice president Buck Hawkins. “We are taking action against the type of practices that precipitated the financial crisis,” said CFPB director Richard Cordray.

(Photo credit: top, ABCNews; bottom, HousingWire)

WalMartgages?

December 6th, 2012 Comments off

Nationalmortgaenews tells MHProNews in a survey of 681 respondents by Carlisle & Gallagher (C&G) of Charlotte, NC in Sept., 48 percent would feel comfortable with a mortgage from PayPal, and 33 percent with WalMart. 81 percent are satisfied with banks, 56 percent are weary of the length of time required to process an app, 32 percent complain of having difficulty communicating with their lender, and 31 percent are unable to track the status of the app. C&G’s Doug Hautop says consumers are driven by three things—price, service and trust. Although neither WalMart nor PayPal offer mortgages, WalMart is partnering with AmEx to offer a card-based checking checking account. Costco Wholesale began partnering with banks in 2011 to offer mortgages online.

(Image credit: andyenstallblog)

New Entry in Catastrophic Housing

April 23rd, 2012 Comments off

SunHerald tells MHProNews.com a New Orleans firm has developed a structural steel-insulated paneled dwelling to house survivors of catastrophes. Designed with 22 solar panels so it can generate its own electricity, and with a water cachement system that can hold 6,000 gallons, the modular home can function independently of disaster-damaged utilities. The 1,100 square foot modular has two bedrooms and two bathrooms, can withstand 165 mph winds, and could be used as a permanent home. The cement fibreboard outer walls resist moisture, and while the solar panels are designed to handle the home’s electrical needs, it can also be fitted with a turbine for windy areas. The windows are covered with a snap-on mesh that can withstand a board hurled at 90 mph. General contractor C.G. Minor, with C & G Construction, says the house is shipped in pieces and can be assembled in 14 weeks. Neither a price nor a photo of the home was available at press time.

(Photo credit: Permatherm—steel paneled home)