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Cherry Creek Mortgage Co. is among the lenders picking up the pieces in a shattered mortgage industry. About one out of every 500 mortgages made nationally this quarter is coming through the independent lender, compared with one out of every 2,000 back in 2004. Cherry Creek Mortgage is on track to underwrite a record $3 billion in mortgages this year, compared with the $1.7 billion it has averaged the past few years. Through acquisitions and new hires, the independent mortgage lender has grown its staff from 400 to 500 and lends in 10 states. ...
The U.S. Justice Department is suing Rocket Mortgage for race discrimination after a Denver woman claimed that she was treated unfairly during the home appraisal process.
Customers of Castle & Cooke Mortgage could soon be eligible for restitution checks, courtesy of the Consumer Financial Protection Bureau. ; The Utah firm, which lends in Colorado and 21 other states, allegedly awarded 1,100 quarterly bonuses to 215 loan officers for steering customers into higher-cost loans, the CFPB said Thursday. ; That consumer-unfriendly practice was legal until April 2011, when the Federal Reserve prohibited linking compensation to loan terms, including the interest rate.
Private mortgage insurers are demanding larger down payments and higher credit scores and otherwise limiting the loans they will back in Colorado and elsewhere. ; The restrictions add another hurdle for borrowers, who increasingly need insurance because they can no longer borrow the 20 percent down payments that lenders require on conventional mortgages. ; “It will definitely mean fewer buyers because people don’t have any more money for down payments than they did a year ago,” said Ryan McMaken, a spokesman for the Colorado Division of Housing.
For just shy of a decade, serious mortgage delinquencies have consistently marched lower as the nation healed from the housing crisis. But now another crisis, the pandemic, is causing them to surge again, even in metro Denver, which has boasted one of the lowest delinquency rates in the country. “The national unemployment rate soared from a 50-year low in February 2020, to an 80-year high in April,” Frank Nothaft, chief economist at CoreLogic, said in comments accompanying the company’s Loan Performance Insights report. “With the sudden ...