A New Mexico man has been arrested on charges of defrauding 16 victims, including several military members, through a wraparound mortgage scheme, according to local police. So reports the El Paso Times.

In an attempt to stabilize the financial markets, The Federal Reserve cut interest rates to zero and said it would purchase $700 billion in Treasury bonds, mortgage-backed securities and other securities. So reports The Hill. 

Orchard, a real estate startup that plans to launch mortgage services soon, is bearing fruit in the form of new functionality for its home search portal. So reports TechCrunch.

Robyn from Oklahoma asks: Rates are down and I am getting a lot of calls from previous clients that want to refinance. Unfortunately, the market seems to be very competitive and I am losing deals to other loan officers. Should I move to a company that is more competitive?