mortgage-info.us/lender_north_american_mortgage/ North American Mortgage Company Founded in 1948, North American Mortgage Company focused completely on home mortgage lending and was the nation’s ninth largest residential lender. At nearly every North American Mortgage Company office all loan processing, underwriting, and funding were done locally. This meant that the company’s customers dealt with mortgage veterans who were empowered to act on their behalf immediately. In 1997 Dime Bancorp, Inc. and North American Mortgage Company announced a definitive agreement for Dime to acquire North American, a mortgage banking company headquartered in Santa Rosa, California. North American Mortgage was taken over by Washington Mutual (WaMu) in 2002. With North American’s mortgage operations added to WaMu’s, the company had pro forma mortgage originations of $43 billion in the first quarter of 2002 (including WaMu’s other recent acquisitions). The companies serviced $512 billion in home loans on a pro forma basis. North American Mortgage is now part of the WaMu family. The financial giant Washington Mutual has a lot to offer. Whether it’s a home equity line of credit tied with easy access checks or a complex mortgage full of special conditions, WaMu can put together a loan package to fit the needs of virtually any customer. Loans offered by North American Mortgage Co. Whatever the customers’ life stage, WaMu has products and information to fit their lifestyle. Here are a few of their loan products: • Fixed Rate Mortgages • Low Down Payment Options • Low Documentation Loans • Traditional Adjustable Rate Mortgages • Option Adjustable Rate Mortgages • 100% Gift Down Payment Option • Home Equity Lines of Credit • Home Equity Loans • WaMu Equity Plus Loan Washington Mutual’s online tools make understanding the loan process much easier. Handy mortgage and planning calculators will give borrowers a heads up as to what they can afford and which type of loan is right for them. The potential borrower can pre-qualify online and begin the application process online, as well. WaMu supplies a list of all that is needed with regards to information and documentation when applying for a loan. Their website walks the client through the loan process and is sure to leave the client well informed. If the client decides a WaMu loan is for him/her, the application can be done by phone or in person, as well as online. Or if the client still has questions, one can send an email request for information. After the loan closes, WaMu’s online banking kicks in and the customer will be able to access all account information online. Alternately one can call the customer care line or even a WaMu loan consultant. This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states ============================================================================== NEW YORK--(BUSINESS WIRE)--Oct. 15, 1997--Dime Bancorp, Inc. (NYSE: DME) announced today that it had completed the acquisition of North American Mortgage Company. The acquisition makes Dime the eighth-largest originator of residential loans in the nation based on pro forma combined loan production in the first half of 1997 of almost $6 billion. A loan servicing portfolio of over $30 billion makes Dime now the 20th largest mortgage servicer in the U.S. Combining North Americans national loan production network and rapidly growing sub-prime origination business with Dimes mortgage banking operations is a major step towards completing our strategic objective of becoming a high-performance provider of mortgage and consumer financial products in selected markets throughout the country, said Lawrence J. Toal, Chief Executive Officer of Dime. Mr. Toal added, We are ahead of schedule in planning the integration of the operations of the two companies, and we anticipate completing the process within a matter of weeks. We are confident of achieving our cost savings targets quickly and, as previously announced, expect that the transaction will be accretive to earnings. Under the terms of the transaction, each share of North American common stock outstanding at the time of the closing has been converted into the right to receive 1.37 shares of Dime common stock. Based on the closing price of Dime common stock on October 14, 1997 of $24.00, each such share of North American has a value of $32.88. The transaction is being accounted for as a purchase and is tax-free to North American Mortgage Company shareholders. The Dime is a regional bank serving customers and businesses through 90 branches located throughout the greater New York metropolitan area. Dime also provides mortgage banking and consumer financial services in selected markets throughout the United States. Certain statements in Dimes press releases are forward-looking. These may be identified by the use of words or phrases such as believe, expect, anticipate, should, planned, estimated, and potential. These forward-looking statements are based on Dimes current expectations. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements. In order to comply with the terms of the safe harbor, Dime notes that a variety of factors could cause Dimes actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, and results of Dimes business include interest rate movements, competition form both financial and non-financial institutions, changes in applicable laws and regulations, the timing and occurrence (or non-occurrence) of transactions and events that may be subject to circumstances beyond Dimes control and general economic conditions. -0- Note: Dime Bancorp, Inc. plans to announce its earnings results for the quarter ended September 30, 1997, on October 16, 1997. CONTACT: Dime, New York Franklin L. Wright 212-326-6170 COPYRIGHT 1997 Business Wire No portion of this article can be reproduced without the express written permission from the copyright holder. Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company SAN DIEGO--(BUSINESS WIRE)--Sept. 10, 2002 American Mortgage Network (AmNet), a taxable REIT subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), announced today that it has opened a new regional center in Minneapolis, Minnesota to serve the specific needs of mortgage brokers. For the first six months of 2002, AmNet originated $953 million in mortgage loans. The Minneapolis center expects to employ an operations staff of thirty mortgage banking professionals. It is located at Interchange Tower, 600 South Highway 169, Suite 960, St. Louis Park, Minnesota 55426. The telephone number is 952-525-1111 and the fax number is 952-525-3187. Paige Olson has been appointed Production Manager. With more than thirteen years of experience in mortgage lending, Ms. Olson served as Wholesale Account Executive for Fleet/Washington Mutual. Previously, she worked for North American Mortgage Company, Minneapolis Financial, Countrywide Funding Corporation and Investors Savings. She was a top producer with both North American and Fleet. Ms. Olson can be contacted at polson@amnetmortgage. Dorian Anderson has been appointed Operations Manager. Previously, Ms. Anderson was Operations Manager for North American Mortgage Company where she managed staff and coordinated daily operations. She has a BA degree in Business Management and Administration from Hamline University and a Masters degree in Organizational Management from Concordia University. Ms. Anderson can be contacted at danderson@amnetmotgage. Michael Beck has been appointed Area Credit Manager. Before joining AmNet, Mr. Beck was a Contract Underwriter for GE Mortgage Insurance Company. He has also worked for PMI Mortgage Insurance, North American Mortgage Company and Countrywide Credit Industries, Inc. Mr. Beck can be reached at mbeck@amnetmortgage. In commenting on the opening of the new center, Ms. Olson said, The housing market in the Twin Cities continues to flourish. The local area has attracted a large number of new residents, driving up housing demand. People are still buying homes even as prices appreciate. For AmNet, there is an enormous opportunity to add value by offering enhanced customer service and quicker turnaround times for the broker community, especially during a period of high demand. AmNet also has regional centers in Ontario, California; Sacramento, California; San Diego, California; Denver, Colorado; New Haven, Connecticut; Atlanta, Georgia; and Portland, Oregon as well as satellite offices in Mission Viejo, California; Tampa, Florida; and Kirkland, Washington. AmNet is currently approved to do business in 36 states either by license or exemption. It expects to be approved to do business in 40 states by license or exemption by the end of 2002. About American Mortgage Network Headquartered in San Diego, California, American Mortgage Network is a taxable REIT subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet originates loans for the national mortgage broker community through its network of regional centers and over the Internet. For more information on AmNet, please visit amnetmortgage. About American Residential Investment Trust American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that had traditionally invested in subprime residential mortgage assets. The Company expects to complete the termination of its REIT status in January 2003. For more information on American Residential, please visit amerreit. Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding expected growth rates, the stability of the economy and interest rate levels, anticipated approval of state licenses and the timing of American Residentials REIT status termination. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to, the availability of financing for the origination of mortgage loans; general economic conditions; mortgage loan prepayment rates; credit losses; overall interest rates; the shape of the yield curve; the availability of suitable mortgage loans; the impact of leverage; the Companys liquidity position; and other risk factors outlined in American Residential Investment Trusts SEC reports thefreelibrary/American+Mortgage+Network+Opens+Regional+Center+in+Minneapolis,...-a091275702 thefreelibrary/Washington+Mutual+Purchases+the+National+Australia+Banks+U.S....-a080726958 Washington Mutual Purchases the National Australia Banks U.S. Mortgage Banking Operations; Agrees to Subservice the Nationals Mortgage Portfolio. SEATTLE & MELBOURNE, Australia--(BUSINESS WIRE)--Dec. 11, 2001 The National retains mortgage servicing rights for measured exit Washington Mutual, Inc. (NYSE: WM) today signed a definitive agreement to acquire for cash the operating assets of HomeSide Lending, Inc., the U.S. mortgage unit of the National Australia Bank Limited (the National) (ASX: NAB; NYSE: NAB). In addition, Washington Mutual will subservice HomeSides US$187.4 (A$363.9) billion mortgage servicing portfolio, representing approximately 2 million customers. The National will retain its financial interest in the mortgage servicing rights to be subserviced by Washington Mutual, the related hedges and certain other HomeSide assets and liabilities. The mortgage servicing rights will be in run-off mode and will continue to be managed by a National team assisted by external consultants including BlackRock and Cohane Rafferty Securities. Washington Mutual will acquire the HomeSide servicing technology and other corporate assets. The acquisition includes HomeSides wholesale, correspondent and consumer direct production channels and servicing sites in Jacksonville, Florida and San Antonio, Texas. Under the terms of the agreement, Washington Mutual will acquire US$1.9 (A$3.7) billion in HomeSide assets, including US$1.8 (A$3.5) billion of performing warehoused prime residential mortgage loans. Washington Mutual will pay a US$25 (A$49) million premium over the value of the acquired assets. The transaction is expected to be modestly accretive to Washington Mutuals 2002 earnings per share This acquisition is a logical next step in our continuing effort to build out our mortgage business, and it increases fee income without acquiring additional mortgage servicing rights, said Kerry Killinger, Washington Mutuals chairman, president and chief executive officer. It adds a technology platform to support a subservicing capability, while simultaneously increasing our loan servicing capacity and creating opportunities for greater efficiencies. Frank Cicutto, managing director and chief executive officer of the National Australia Bank said, This transaction is the result of an extensive and competitive sale process focused on three objectives - value, timing and transaction certainty. This is a good result; it provides the best solution and a measured way to exit the mortgage business in the U.S. Also, it is consistent with our previously announced intention to pursue a sale of HomeSide and concentrate on growing our core banking and wealth management franchises in Australia, the United Kingdom and New Zealand. This transaction allows us to move the mortgage servicing rights into run-off mode and take advantage of sale opportunities that may arise at a more opportune time in the market cycle. Moreover, we are pleased to be associated with the leading player in the U.S. mortgage market. Mr. Killinger said that Washington Mutual will begin integrating HomeSides technology and operational platform after fully integrating the Fleet Mortgage and Dime/North American Mortgage acquisitions, which the company expects to complete in 2002. Washington Mutual sees specific opportunities to leverage the HomeSide servicing technology and operations to complement and enhance Washington Mutuals servicing platform. Consistent with our previous acquisitions, we expect to find significant opportunities for HomeSide employees as they join Washington Mutual, added Craig S. Davis, president, Washington Mutual Home Loans & Insurance Services Group. We look forward to welcoming these valued employees to the Washington Mutual family. The transaction is anticipated to close in the first quarter of 2002, subject to customary closing conditions. Morgan Stanley and Heller Ehrman White & McAuliffe LLP represented Washington Mutual. The National Australia Bank was represented by Cohane Rafferty, Merrill Lynch and Sullivan & Cromwell. About the National Australia Bank Limited The National Australia Bank is an international financial services group, providing a comprehensive and integrated range of financial products and services across four continents and 15 countries. As of September 30, 2001, the Group had total assets of US$193 (A$375) billion with more than 8.2 million banking customers and 2.8 million wealth management clients. It is the largest financial services institution, by market capitalization, listed on the Australian Stock Exchange Limited and was listed as the 20th largest financial services company in the world by profitability in Fortune magazines July 2001 edition. Additional information on the National Australia Bank is available at national.au. About HomeSide Lending, Inc. HomeSide, ranked as one of the top ten largest residential mortgage lenders in the U.S., is the operating subsidiary of HomeSide International, Inc., a wholly owned subsidiary of the National Australia Bank (ASX: NAB; NYSE: NAB). Headquartered in Jacksonville, Florida, HomeSide has a servicing portfolio of approximately US$187.4 (A$363.9) billion, representing 2 million homeowners. Additional information about HomeSide is available at homeside. HomeSide Lending is an Equal Housing Lender. About Washington Mutual, Inc. With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At September 30, 2001, Washington Mutual and its subsidiaries had consolidated assets of US$223.6 (A$434.2) billion. Washington Mutual currently operates approximately 2,300 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutuals press releases are available at wamu. This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, (i) statements about the effect of the acquisition on our estimates of future financial results, (ii) statements about our plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, or words of similar meaning. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: -- delays or difficulties in the integration by Washington Mutual of the acquired business; -- interest rates may increase, which would adversely affect our gains on sales of loans; -- competition from other financial services companies in our markets; and -- the current economic slowdown may continue longer than anticipated, causing an adverse effect on credit quality and loan originations from the acquired business. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our reports filed with the SEC. All subsequent written and oral forward-looking statements concerning other matters attributable to either us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made. Note to editors: To listen to a brief pre-recorded message to investors from Kerry Killinger of Washington Mutual, please dial 800.925.1757 in the U.S. or 402.530.8065 for international callers. Washington Mutuals Acquisition of the Nationals U.S. Mortgage Banking Operations At-A-Glance Pricing: -- Washington Mutual will pay a US$25 (A$49) million premium over the value of the acquired assets. Washington Mutual acquires: -- Servicing technology platform -- Wholesale, correspondent and consumer direct production channels (wholesale $3.9 billion; correspondent $28.7 billion; consumer direct $1.5 billion in originations, YTD as of 9/30/01) -- Performing pipeline and warehouse mortgage loans -- Loan servicing sites in Jacksonville, Florida and San Antonio, Texas -- Related corporate assets -- Approximately 2,700 employees -- Right to subservice the Nationals US$187.4 (A$363.9) billion servicing portfolio of U.S. direct loans (as of 9/30/01) -- A right of first offer to acquire the Nationals mortgage servicing rights The National Australia Bank retains: -- Mortgage servicing rights and related hedges -- Debt financing and related hedges ---------------------------------------------------------------------- Summary of Assets and Liabilities Acquired By Washington Mutual ---------------------------------------------------------------------- As of 9/30/01 - US$ in Millions ---------------------------------------------------------------------- Assets: Mortgage Warehouse $ 1,815 Cash and Other Assets 96 Total Assets Acquired 1,911 Liabilities: Total Liabilities Assumed 16 Net Assets Acquired $ 1,895 ----------------------------------- --------------- 1997 U.S. Bancorp First Bank System, Inc. U.S. Bancorp U.S. Bancorp 1997 NationsBank Corp. Boatmens Bancshares NationsBank Corp. $9.6 Billion Bank of America 1997 Washington Mutual Great Western Financial Corporation Washington Mutual JPMorgan Chase 1997 First Union Corporation Signet Banking Corporation First Union Corporation Wells Fargo 1997 National City Corp. First of America Bank National City Corp. PNC Financial Services 1997 Banc One Corp. First USA Bank One Corp. JPMorgan Chase 1997 First Nationwide Bank California Federal Bank California Federal Bank $1.2 billion, 1st Nationwide rebranded as Cal Fed. Citibank 2001 Firstar Corporation U.S. Bancorp U.S. Bancorp U.S. Bancorp 2001 First Union Corp. Wachovia Wachovia Wells Fargo 2001 Fifth Third Bancorp Old Kent Financial Corp. Fifth Third Bancorp Fifth Third Bank 2001 Standard Federal Bank Michigan National Bank Standard Federal Bank Bank of America 2001 FleetBoston Financial Corp. Summit Bancorp FleetBoston Financial Corp. Bank of America 2002 Citigroup Golden State Bancorp Citigroup $5.8 billion Citigroup 2002 Washington Mutual Dime Bancorp, Inc. Washington Mutual JPMorgan Chase 2002 HSBC Holdings plc Household International, Inc. HSBC Bank USA HSBC Bank USA 2003 BB&T Corp. 1st Virginia Banks, Inc. BB&T Corp. BB&T 2003 M&T Bank Allfirst Bank M&T Bank M&T Bank 2004 New Haven Savings Bank Savings Bank of Manchester, Tolland Bank NewAlliance Bank NewAlliance Bank 2004 North Fork Bancorporation Inc. The Trust Company of New Jersey North Fork Bancorporation Inc. $726 Million Capital One Financial 2004 Bank of America Corp. FleetBoston Financial Corp. Bank of America Corp. $47 Billion Bank of America 2004 J.P. Morgan Chase & Co. Bank One JPMorgan Chase & Co. JPMorgan Chase & Co. 2004 Banco Popular Quaker City Bank Banco Popular Banco Popular 2004 Regions Financial Corporation Union Planters Corporation Regions Financial Corporation $5.9 Billion Regions Financial 2004 SunTrust National Commerce Financial SunTrust $6.98 Billion[14] SunTrust Banks 2004 Wachovia SouthTrust Wachovia $14.3 Billion Wells Fargo 2005 PNC Bank Riggs Bank PNC Bank $0.78 billion[15] PNC Financial Services 2005 Capital One Financial Corporation Hibernia National Bank Capital One Financial Corporation $4.9 Billion[16] Capital One Financial 2005 Bank of America MBNA Corporation Bank of America Card Services $35 Billion Bank of America 2006 Wachovia Westcorp Inc. (holding company for WFS Financial Inc and Western Financial Bank) Wachovia $3.91 Billion[17] Wells Fargo 2006 NewAlliance Bank Cornerstone Bank NewAlliance Bank NewAlliance Bank 2006 Capital One Financial Corporation North Fork Bank Capital One Financial Corporation $13.2 Billion[18] Capital One Financial 2006 Wachovia Golden West Financial Wachovia $25 Billion[19] Wells Fargo 2006 Regions Financial Corporation AmSouth Bancorporation Regions Financial Corporation $10 Billion Regions Financial 2007 Citizens Banking Corporation Republic Bancorp Citizens Republic Bancorp $1.048 Billion FirstMerit Bank ======================================================================== Friday, May 9, 2003 Forged money order payment scam cost lenders many millions US DOJ Press Release — May 9, 2003 CAMDEN - Seven were arrested in early morning raids today, taking down the main players in an organization that produced well over $10 million worth of fictitious money orders that appeared to be issued by the federal government, U.S. Attorney Christopher J. Christie announced. A 25-count Indictment unsealed with today’s arrests describes an elaborate fraud by a group of individuals working in the Camden and Atlantic City area who produced false money orders and submitted them as payment for mortgages, auto loans, and other personal items, such as tickets aboard the Concorde supersonic jet. The Indictment also describes the nine defendants as members of an organization known as the Al Moroccan Empire or Moors. As Moors, the defendants claimed that they were not subject to the laws of the United States. As the Indictment alleges, they regularly met to discuss the fraudulent scheme and ways to avoid law enforcement detection. The Indictment puts the fraud at $10 million, but Christie said, the total face value of the fraudulent money orders exceeds $50 million. Although not a part of this Indictment, some of the defendants and others associated with them retaliated against federal prosecutors, judges and others by filing liens and lawsuits against these individuals. The defendants did this after they became aware that they were under federal investigation. The Indictment alleges that between May 2000 and December 2001 the defendants, using the services of a commercial printer, created thousands of fictitious money orders that purported to be authorized by the U.S. Department of Transportation (DOT) and the U.S. Department of Treasury (Treasury). According to the Indictment, the defendants contrived a sophisticated scheme to make the bogus money orders appear to be legitimate securities of the DOT and Treasury. For example, as the Indictment alleges, the defendants cited various legal citations, such as the Uniform Commercial Code and Congressional enactments, to give the appearance of legal legitimacy. In many instances the defendants included written instructions on how to process the bogus money orders to create the impression that they had in fact been issued by the DOT and Treasury. The long-term investigation was a cooperative effort involving the FBI, Secret Service and the U.S. Department of Transportation, whose agents were all involved in today’s arrests.Charged in the Indictment were: William Oscar Harris, 60, a/k/a “Oscaro El Hari, Bey” of Atlantic City - Arrested today Reginald David Lundy, 71, a/k/a “Noble R. Dauud Lundi El, Bey,” of Gloucester Township - Arrested today. Reginald M. Wooten, 33, a/k/a “Noble R. Asanti, Ali,” of Camden - Fugitive. Arthur T. Outterbridge, 63, a/k/a “Arthor Tomas Ottobrice, Bey,” of Pleasantville - Arrested today. Robert McCurdy, 61, a/k/a “Al Ruberto Moor Core, Dey,” of Atlantic City - Arrested today Patricia A. Crisp, 48, a/k/a “Patria Ahna Cristos, Ali,” of Pleasantville - Arrested today Crystal V. Wooten, 30, a/k/a “Kris’taal, Ali” and “Kristin Young” of Camden - Fugitive. Lisa A. Brown, 39, a/k/a “El Iysah,” of Camden - Arrested today. Cesi Aquia El Binyamiyn, Bey, age unknown, of Philadelphia, PA - Arrested today. Lenders listed as victims are: Equity One, Inc North American Mortgage Co Ocwen Federal Bank, FSB mortgagefraud.squarespace/display/ShowJournal?moduleId=78225&categoryId=7136¤tPage=20
Posted on: Sun, 21 Dec 2014 15:39:53 +0000
Trending Topics
Recently Viewed Topics
© 2015