LAGUNA BEACH, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Mortgage Daily, an online source of news and data for the mortgage industry, has been sold by Sam Garcia. The transaction took place more than two decades after he founded the first online-only mortgage trade news publication.
Mortgage Daily was founded by Garcia and two information technology professionals in 1998 as “MortgageDaily.com.” It began as an email newsletter that Garcia sent to his colleagues in real estate finance. The newsletter included headlines and links to free online news stories by other news outlets about mortgages. A website was developed, and Garcia eventually began writing news stories himself. In 2000, Garcia went full-time as a news publisher and subsequently acquired 100 percent interest in the business. At the time, Mortgage Daily was the only online-only news publication for the mortgage industry.
At the turn of the century, Mortgage Daily was covering a significant amount of mortgage fraud criminal cases. As the coverage expanded, national news publications took notice – with USA Today citing MortgageDaily.com in a story about a Las Vegas scheme and Business Week magazine publishing a story about Mortgage Daily’s sensational mortgage fraud headlines.
Eventually, Mortgage Daily began tracking news statistics about a variety of industry metrics, including loan originations by the largest lenders. In January 2008 when Bank of America acquired Countrywide Financial, a story on the front page of the New York Times cited Mortgage Daily’s ranking of Countrywide as the biggest U.S. home lender.
“The journey from what was just an idea in 1998 to a 20-year career was colorful, insightful and inspiring,” Garcia said. “My time running Mortgage Daily enabled me to learn the news business, work with an incredible array of exceptional employees and journalists, and develop long-term relationships with a wide spectrum of leaders in the industry.”
During his time overseeing daily operations, Garcia had a front-row seat to record loan originations in 2003, the financial crisis in 2008, and the subsequent implementation of the Dodd-Frank act.
“It has been a ride that I wouldn’t have missed for the world,” Garcia added.
No details have been provided about the terms of the sale or the acquirer.
About Mortgage Daily
Founded in 1998 by mortgage industry veteran Sam Garcia, Mortgage Daily is an online source of mortgage news and mortgage statistics for the mortgage industry. Visit Mortgage Daily at www.MortgageDaily.com.
About Sam Garcia
Sam Garcia is a media veteran who provides professional services as a publicist to leading businesses in the mortgage industry. He founded the first online-only mortgage trade news publication, Mortgage Daily, in 1998, and sold it in 2021. Before moving full-time into the news business, Mr. Garcia spent two decades in the mortgage industry primarily in third-party originations for non-agency loans.
Contact
samgarciaemail@gmail.com
Source
Mortgage Daily