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Sears Mortgage Corp

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BUSINESS
January 15, 1993 | Ted Johnson / Special to the Times
Sears Mortgage Service Center: Sears Mortgage Corp. recently opened a service center in Irvine after signing a five-year lease at the 38 Executive Park building. The center--the mortgage originator's third in the nation--services customers in California and 10 other western states. Sears also has service centers near Chicago and Miami. Cheryl Hassoun will manage the 6,800-square-foot service center and its 27 employees.
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BUSINESS
January 15, 1993 | Ted Johnson / Special to the Times
Sears Mortgage Service Center: Sears Mortgage Corp. recently opened a service center in Irvine after signing a five-year lease at the 38 Executive Park building. The center--the mortgage originator's third in the nation--services customers in California and 10 other western states. Sears also has service centers near Chicago and Miami. Cheryl Hassoun will manage the 6,800-square-foot service center and its 27 employees.
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BUSINESS
May 12, 1993 | DAVID W. MYERS, TIMES STAFF WRITER
Sears, Roebuck & Co. said Tuesday that it will sell its Glendale-based savings bank and two related mortgage operations to PNC Bank Corp. for $328 million in cash. The sale is expected to make Pittsburgh-based PNC the fifth-largest mortgage lender in the nation. Analysts said the transaction was a new affirmation that Sears' longtime effort to build itself into a successful retail, banking and real estate giant has failed. Tuesday's deal represents "a good move for Sears," said N.
BUSINESS
August 13, 1993 | From Associated Press
Consumer activist Ralph Nader accused mortgage lenders in 16 cities Thursday of failing to adequately serve minority neighborhoods. A Nader-founded group, Essential Information Inc., studied Federal Reserve Board data on 1.25 million mortgage loan applications from 1990 and 1991. The information was reported to the board by each mortgage lender. The study found 62 lending patterns that it described as "worst case," meaning minority neighborhoods were excluded or inadequately served.
BUSINESS
October 15, 1987 | TOM FURLONG, Times Staff Writer
Sears Savings Bank plans to close all but one of its remaining 41 branch offices in California, a move that will result in the layoff of 460 workers, the financial institution said Wednesday. The 40 Sears Savings Bank offices affected by the closure are in Sears, Roebuck department stores throughout the state and are one element of the cluster of Sears companies that offers a potpourri of financial services to California customers.
REAL ESTATE
August 15, 1993 | KENNETH R. HARNEY, SPECIAL TO THE TIMES; Distributed by the Washington Post Writers Group. and
A commonplace practice by mortgage companies--one that consumers pay for but rarely hear about--is coming under attack by advocates of greater computerization of the home financing process. The practice is known as "overage." Essentially it means that when a mortgage loan officer quotes an interest rate or fees that are higher than those posted by the lender who will actually be funding the loan, the loan officer and his or her company get to pocket the difference.
BUSINESS
September 30, 1992 | JUBE SHIVER Jr., TIMES STAFF WRITER
Sears, Roebuck & Co.'s decision Tuesday to cut its ties to the Coldwell Banker Residential Group will likely attract bids from several financial services firms eager to profit from a combination of real estate and financial services, analysts said. Sears' decision to divest the residential unit and its Dean Witter Financial Services Group simply underscores the failure to integrate the different businesses under the retailing umbrella, real estate experts said. American Express Co.
BUSINESS
November 1, 1988 | BILL SING, Times Staff Writer
Sears, Roebuck & Co.'s announcement Monday that it will sell the commercial brokerage division of its Coldwell Banker real estate unit--part of an overall restructuring--solves a dilemma for the giant Chicago retailer.
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