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Another lender is singing the mortgage blues and more mortgage brokers are scrambling. Nationstar Mortgage, the subprime unit of Fortress Investment Group LLC said it is no longer accepting new loan applications from brokers, a signal the lender is winding down operations.

Nationstar’s decision to stop all wholesale originations became effective on Friday, according to its Web site. Fortress was not available for comment. Nationstar is the latest in a series of U.S. lenders that have stopped taking loans from independent mortgage brokers, citing problems with underwriting quality and outright fraud.

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4 Responses

  1. Guido says:

    Unfortunately in a time of need, we aquired an equity loan with variable rate interest from Nationstar Mortgage, and have been taken to the cleaners by them. Our payments have increased almost 50 % since we took out the loan. I know companies have to make money, but this seems crazy to me. Even though the equity loan helped straighten out a few things, our credit rating didn’t improve enough to take advantage of a fixed interest loan with anyone. So we’re stuck with the origianl equity loan and it’s variable rate we can’t beat. How do we solve our problem?

  2. Madison says:

    It seems that according to the post from Teri, she is quite pleased with the current situation regarding Nationstar Mortgage. However, perhaps she does not realize the far-reaching impact to others who are in the financial services industries ie; title companies, appraisers, closing agents, support administration, IT, HR, Customer Service, etc. the list could go on.
    One can not blame the entire current situation on the lenders only, the borrower must take responsibility for their own decisions. If they had a (subprime) loan with Nationstar then one can assume that they were much less than “A” paper borrower. How did they come to the point of being a subprime borrower?
    Pay your bills! and prior to signing make sure you can pay the additional amount when the ARM resets, very elementary.
    While there are certainly unscupulous lenders who take advantage of borrower greed and ignorance, it is still the capitalism machine at work filling a demand for what the overextended public in its need for bigger, newer and more has created.

  3. Teri Kirkland says:

    Nationstar deserves anything they get!

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Timothy Blake and Jen provide the most detailed personal finance blog ever, covering major bank complaints, debt settlement scams, and the mortgage crisis. Use Super-Search to find anything, download from the document library and research 6-in-1 personal finance