Small Mortgage Firms Joining Bigger Companies

Posted on October 26, 2009
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National Residential Mortgage was launched as a subsidiary of First Arizona Savings FSB, an announcement said. "In this changing regulatory environment, it is also essential to have a national charter with regulatory preemption," an executive of the new firm stated. American Eagle Mortgage has become part of Mortgage Network Inc., according to a press release. "Recent changes in the industry, brought on by new regulations and restrictions, have been making it increasingly difficult for independent mortgage bankers and brokers to offer loans with competitive rates," the statement said. Olympic Northwest Mortgage is in the process of transitioning to Network Mortgage Services, according to a statement. "We had two choices; keep doing what we were doing and risk going under or become part of a larger, stronger operation," an Olympic owner said in the statement.

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