TD Bank Targets Purchase Loans

By Brad Finkelstein

TD Bank, Cherry Hill, N.J., has made a reputation through its marketing campaigns as "America's Most Convenient Bank." But what it is now looking to make a name in is in mortgage lending and to drum up more purchase loan business.

So the company is now running a contest over the next six weeks where the grand prize is up to $250,000 to pay off a mortgage.

The contest is open to TD Bank customers who apply for a purchase loan or refinance a mortgage in the bank's U.S. operating footprint between Maine and Florida.

Also included are existing mortgage customers who are automatically entered into the contest. As part of the contest, which ends on April 30, six weekly winners will get $2,500 each to help with their monthly mortgage payment.

Michael Copley, senior vice president in the retail lending division at TD Bank, said the contest is to build consumer awareness about the bank's mortgage business.

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What We're Hearing

By Paul Muolo

THIS JUST IN: Who says everyone in government hates brokers and would like to see the industry run out of town on a rail? (TARP overseer Betsy Warren doesn't count.) Late Friday, the Federal Housing Administration extended the deadline for brokerage firms to submit their audited financials until April 30. This means they won't have to shell out upwards of $15,000 (for the pricey accounting firms) to get an audit. FHA is working on a final rule that will effectively take them out of the broker approval process. It will then be up to wholesalers to police their brokers. Now, some you are probably thinking this: "My wholesaler is going to require an audit and it's going to cost me anyway." Good point. The update, written by National Mortgage News' Brian Collins is now up on our website. If you have an opinion about the issue comment at the end of this column or drop an email to: Paul.Muolo@SourceMedia.com...

Meanwhile, we've just learned that a trade group chief is working on a 'Recovery Fund' concept that, if adopted, might convince regulators to toss the Home Valuation Code of Conduct silliness overboard. We shall see. More on this story next week...