Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Declining mortgage market forces lenders to outsource loan processing

« National Institutes of Health offer up to $35,000 annually for student loan repayments | Main | Mortgage lending drops to 3 year low »

August 30, 2005

Declining mortgage market forces lenders to outsource loan processing

New York based Astoria Financial Corporation will outsource its mortgage loan servicing business to Dovenmuehle Mortgage Inc. of Schaumburg, Illinois beginning coming December. Astoria expects about $2 million of annual pretax savings beginning in 2006.

"George Engelke, Astoria's chief executive, said: "This action was driven entirely by economics ... The number of loans we service has decreased over the past several years, thereby lowering operating efficiency."

Dovenmuehle Mortgage was founded in 1844 and is the oldest mortgage banking company in the Midwest.

From Reuters

Posted in Mortgages at August 30, 2005 11:53 AM

Email this entry to a friend

Welcome

Bad Credit Advisor online magazine provides daily news about credit, debt and mortgage. We aren't paid to mention specific deals or products. We cover what we think is interesting as industry professionals ourselves.

Information

About
Contact
Disclaimer

Syndicate

RSS 2.0 Feed