November 2012

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LOCAL EDITION ORIGINATION FTC Act and the Fair Credit Reporting Act, the FTC stated in a recent press release. Equifax "failed to properly in- vestigate when it learned Direct Lending was violating Equifax's internal policies on prescreen- ing," according to the FTC. Equifax has agreed to pay 1,500 full-time employees in 65 offices across the country. "The acquisition is the $393,000. However, "Equifax did not—and does not—admit to any wrongdoing or violation of any law as part of this agreement," a spokesperson for Equifax told Additionally, Equifax said it "discontinued all business interactions with Direct Lending and its affiliates during the summer of 2011." The FTC alleges Direct Lending obtained prescreened lists without "permissible purpose," resold the reports "without disclosing to the consumer reporting agency that provided them who the end users would be," and "failing to employ appropriate measures to control access to sensitive consumer financial information." Direct Lending will pay $1.2 continuation of Sterne Agee's strategic plan to expand the products and services that Sterne Agee offers as a full-service financial company," said James S. Holbrook Jr., chairman and CEO of Sterne Agee. "Sterne Agee is very pleased to welcome FBC into its family of companies." "This acquisition was a perfect fit for FBC. It gives us the platform to expand more rapidly into new markets and keep our team together," said Sal A. Nunziata, FBC's chairman and co-CEO. "We are very excited to be able to offer our services to Sterne Agee's over 500 community bank clients." mortgage brokers and employees about the challenges facing newly returned vets and the homeownership opportunities available to those who wear the uniform. "The men and women who Its mission: to teach Fairway Thaxton added. "We should give 110 percent to these heroes." have served or who are currently serving in the U.S. military deserve our very best," Louise Thaxton, branch manager and director of the division responsible for the program, said in a statement. "Our military and their families sacrifice so much for our freedom, so the very least we can do as mortgage professionals is to go the extra mile with additional training." After taking the two-day crash course, specialists will undertake a 90-day coaching program with Fairway that offers instruction on how to correlate needs with mortgage lending policies. The company touted several million and has agreed not to use consumer reports "without a permissible purpose." Sterne Agee Acquires FBC Mortgage THE LENDER WILL BECOME A PART OF STERNE AGEE'S FAMILY OF COMPANIES, FOLLOWING THE CONCLUSION OF A PURCHASE DEAL BETWEEN THE TWO ORGANIZATIONS. FLORIDA // One of the nation's oldest privately owned financial services companies announced its acquisition of Florida-based residential mortgage lender FBC Mortgage, LLC. Sterne Agee Group, Inc., Firm Unveils Program to Help Brokers Help Vets FAIRWAY INDEPENDENT MORTGAGE HAS ROLLED OUT A NEW TRAINING PROGRAM FOR PROFESSIONALS WORKING TO ASSIST VETERANS IN NEED OF HOUSING. founded in Alabama in 1901, signed a definitive agreement to acquire FBC, a retail and wholesale loan originator. Combined, the entities will have 46 | THE M REPORT ARIZONA // Presidential candidates often fall over themselves praising vets, but now a mortgage company aims to help brokers better help these wounded warriors find homes. Tucson, Arizona-based benefits for vets who go through the program with Fairway, including competitive interest rates, 100 percent financing options, "flexible" credit requirements, and even the ability to do without monthly mortgage insurance. The announcement comes on the heels of a recent appearance by Thaxton at Fairway's third Boot Camp in Tucson, where the company, with help from the Boot Campaign and Military Warriors Support Foundation, presented a wounded veteran with a mortgage-free property donated by Bank of America. Bank of America presented U.S. Army veteran and Purple Heart recipient Eric Griego and wife Corie with the keys to a 1,500-square-foot three-bedroom home. According to the release, a V.I.P. Mortgage Unveils Employee Philosophy THE LENDER HAS REVEALED ITS "SHOOT FROM THE HEART" APPROACH TO SUPPORTING THE CHARITABLE EFFORTS OF ITS EMPLOYEES. ARIZONA // The Scottsdale, Arizona-based mortgage bank points to a number of charitable causes undertaken for its employees, including V.I.P.'s sponsorship of one employee's efforts to raise awareness for multiple sclerosis. The employee biked more than 150 miles through New Mexico, and the company contributed $1,000 to his fundraising efforts. V.I.P.'s Colorado Springs office has taken similar steps, raising more than $1,800 to assist juvenile diabetes research in support of an employee's son In addition, the Colorado Springs branch hosted a "Support Our Troops" drive in the spring, handing out corporate-sponsored custom T-shirts to donors. While V.I.P. has a history of reaching out, its employees also work to create solidarity within the company family. When one employee lost her hair in a battle with cancer, the company's founders, along with a number of colleagues, showed their support by shaving their heads. In a release, the company said its goal is to "make employees' passions and lives feel more valued and supported." "In five short years, V.I.P. has bullet passed through Griego's neck and entered his abdomen in October 2010. "It's important for mortgage Fairway Independent Mortgage Corp. recently announced that it planned to set up a "Boot Camp" training program. professionals to not only learn about the VA home loan prod- uct, but also learn the culture of active-duty military and the unique challenges they face," grown from two to more than 200 people, and company culture has been a key in solidifying em- ployees as a family," the release reads. "By supporting employees not only within the work arena, but in their other endeavors, one begins to feel part of the bigger picture, which leads to company loyalty and retention." SECONDARY MARKET ANALYTICS SERVICING ORIGINATION

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