Quote of the Week
"The Texas mortgage banking market is holding up pretty well. Profit margins are still good for lenders. And we're starting to see some M&A activity."Chuck Klein, managing partner, Mortgage Banking Solutions, Woodway, Texas
Reprints
If you would like professionally prepared reprints of articles ... please contact Denise Petratos at 212-803-6557Today in Mortgages
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Industry Veteran Robbins Looking to Buy a Lender
National Mortgage News | July 30
John Robbins, who five years ago sold his nonbank mortgage firm to Wachovia at a nice profit, is looking to reenter the industry, according to officials familiar with his plans. (Photo: Bloomberg News)
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House Passes 'Slimmed Down' Version of FHA Reform
National Mortgage News | July 30
The House of Representatives quickly passed a slimmed-down FHA reform bill Friday that appears to be an attempt to make it easier for the Senate to pass legislation before the August recess.
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FDIC Sells $400MM of Tranches as Part of MBS Pilot
National Mortgage News | July 30
The Federal Deposit Insurance Corp. late Friday sold $400 million worth of securities as part of a pilot MBS aimed at clearing out billions of dollars of performing loans at receiverships.
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FICO Grades Continue to Drop
National Mortgage News | July 30 | Free with Registration
Almost 26% of consumers have FICO scores below 600, an increase from the past two years and a reading that indicates it could be next to impossible for these borrowers to get a new mortgage.
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FHA Volume Rises, Purchase Volume Dominates
National Mortgage News | July 30
Federal Housing Administration lenders originated $26.4 billon of single-family loans in June, an 18% increase from May, according to new figures released by the agency.
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Fannie MBS Issuance Clobbered but Late Payments Improve
National Mortgage News | July 30
Fannie Mae issued $40.2 billion of mortgage-backed securities in June, up 11% in May, but far below the $130 billion it issued in the same month a year ago during a major boom in refinancings.
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IMA Offering $1B in Servicing
National Mortgage News | July 30
Interactive Mortgage Advisors, Denver, is selling a $1 billion portfolio of Freddie Mac servicing rights but with one caveat: the seller will not offer any representations and warranties on the deal.
Editor's Choice
Nonbank Mortgage Lenders Grapple with Licensing Mess
National Mortgage News | July 30 | Free with Registration
As loan officers who don't meet the requirements drop out of the industry, the result could be a shortage of people to take applications — at a time when demand for refinancings is historically high.
Loan Closings Drag On and On at the Megabanks
National Mortgage News | July 29
Top-flight loan officers in search of job security have been fleeing the confines of nonbank lenders for the megabanks, in search of job security and a future. But it now appears some of these LOs are headed back to the nonbanks because the big boys take much too long to close a loan. What's at stake here, quite simply, is loan commissions. Not only are there reports of firms like Bank of America and Wells Fargo tightening the hatch on how much they pay in commissions, but because these lenders take so long to close a mortgage, some Realtors won't give certain branches referrals anymore.
MortgageStats
More News
- LPS: Fannie, Freddie Foreclosures Accelerating
- Industry, Consumers Want Ban on Home Transfer Fees
- Ohio CU in Pilot Involving Foreclosed Homes
- Rep. Kanjorski Looking for Way to Recoup GSE Bailouts
- Genworth Pares Losses at MI Unit
- Lawmakers Urge FHFA Appointment
- Record Low for 30-Year
- State Regulators Support CMBS Bill
- PMI's Loss Drops, but Still Disappoints
- Good Quarter for Stewart
- Capstead Cites GSE 'Buyouts' in Weaker Earnings
- Senate Committee Approves Three Fed Nominations
Other Voices
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Breadth of Bubble Stunned the Pros
National Mortgage News | July 26 | Free with Registration
Even asset managers who were predicting a decline in housing were stunned by the downturn that eventually ensnared corporate credit unions' balance sheets.
Blog of the Week
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Yes, John Robbins is Coming Back
What We're Hearing | July 30
THIS JUST IN: He's back. Or, perhaps, we should say he's trying to get back in. The "he" is John Robbins who everyone knows well for AmNet Mortgage of San Diego. He sold the nonbank to Wachovia in 2005 and is hunting for opportunities in Mortgageland. Late Friday he sent an e-mail to National Mortgage News confirming what we've been hearing for a few weeks: "Yes, I am looking to get back in the industry." More details to come as we get them...
- Loan Closings Drag On and On at the Megabanks
- Bank LOs Must Sign up with National Registry by Mid-2011
- Nonbank Mortgage Lenders Grapple with Licensing Mess
- In Cash Glut, Banks Try to Discourage New Deposits
- Fannie CEO Cites 'Highest' Quality Loans Ever for GSE
- Industry Wants Senate to Pass FHA Bill Before Adjournment
- How Much Can You Earn as an LO?
- GSEs' Credit Squeeze Pushing Loans to FHA
- Congress Set to Extend GSE Loan Limits at $729K
- RHS Program Gets the Green Light from Congress
- Loan Closings Drag On and On at the Megabanks
- Nonbank Mortgage Lenders Grapple with Licensing Mess
- A No Vote On Dodd-Frank Reform
- GSEs' Credit Squeeze Pushing Loans to FHA
- New York Superintendent of Banks Calls for More Servicer Supervision
- Technology Can Make All The Difference
- In Cash Glut, Banks Try to Discourage New Deposits
- Technology Can Play a Big Role in Restoring Liquidity
- Modest Recovery in Two Years?
- Jumbo Market Improves, As for Securitizations...
