(AP) A bank that has been offering special services for Muslims for two years has now formed a subsidiary to focus solely on the religious group. The Ann Arbor-based University Bank has created University Islamic Financial Corp. to offer Muslims home financing, deposit accounts and Islamic mutual fund shares. “The formation of the subsidiary allows [...]

The bond market turned upside down this week in a move that may end up costing many people more to buy a home. The phenomenon is called an inverted yield curve — when short term interest rates rise above long term rates — and it hasn’t happened for five years. What it could mean is [...]

Arkansas First Mortgage and Loan Inc. has opened at 734 MC 7002 in Flippin. The business is owned by Robert Redmond and offers customers mortgages for residential and commercial properties, refinancing and debt consolidation. Redmond said he has more than 20 years experience as the owner of a large insurance brokerage and have handled insurance [...]

(reuters) U.S. bank regulators issued proposed guidance on Tuesday telling mortgage lenders they should take caution with innovative new mortgage products that may strain the finances of borrowers and banks as interest rates rise. “While innovations in mortgage lending can benefit some consumers, the agencies are concerned that these practices can present unique risks that [...]

Federal mortgage backers Freddie Mac and Fannie Mae announced this week that they will increase the dollar amount on single family mortgage loans they will purchase on the secondary market from “retail” lenders starting January 1, 2006. The entities raised the loan cap from $359,650 to $417,000. The move assures that more loans will become [...]

If you are a loan officer or mortgage broker, and you are on the market for mortgage leads, you may want to consider buying them in “real time.” Real time leads or fresh leads are for loan officers looking for quality in a lead, as opposed to buying quantity, otherwise known as buying in bulk. [...]

(Reuters) – The U.S. credit-card industry is heading into a “perfect storm” as challenges loom that could trigger a radical reshaping of the business, a group of industry heavyweights told a conference on Tuesday. Competition from mortgage lenders, lawsuits over transaction fees, growing regulatory scrutiny about consumer disclosures and the almost universal elimination of annual [...]

Wachovia Corp and AmNet Mortgage, Inc. today jointly announced that the companies have signed a definitive agreement under which Wachovia will acquire AmNet Mortgage, the parent company of American Mortgage Network (AmNet), a nationwide residential mortgage banker, for a purchase price of $10.30 per share in cash. The approximate total value of the transaction (on [...]

Mortgage amortization is often a mystery to the consumer. After all, they oftentimes watch as loan officers whip out their calculators and spill out complicated numbers in record time. But most consumers, unless they work in an industry related to the home buying and mortgage lending process, do not understand how loans are amortized. That’s [...]

Commercial mortgage loans are used when purchasing structures such as office buildings, apartment complexes, health care facilities and retail outlets. Whether it’s a hi-rise tower or a family-owned restaurant, buyers typically need additional funding to complete the transaction. Commercial mortgages are what they pursue. Similar in many ways to residential loans, commercial mortgages require far [...]