Email this pagePrint Archive - 2006
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MPP Efforts in Limbo
January 2, 2006After one year on the job, the top regulator of the Federal Home Loan Bank System has not outlined a formal policy with respect to the bank's mortgage purchase programs. (Read More)
No 2006 Boom Seen
January 2, 2006It won't be the best of times, but it won't be the worst either. (Read More)
'Tale of the Tape' Comes Out Well in End
January 2, 2006A computer tape containing data on the some two million residential mortgage customers of ABN Amro Mortgage Group Inc. here has been found. The tape disappeared as it was being shipped to a credit bureau. (Read More)
Residential Jumbo Lenders in Q3 2005
January 2, 2006(part 1 of 2) Rk Organization Name Location 1 Wells Fargo Home Mortgage San Francisco, CA 2 Countrywide Financial Corp. Calabasas, CA 3 Washington Mutual Seattle, WA 4 Bank of America Charlotte, NC 5 CitiMortgage, Inc. O'Fallon, MO 6 Chase Home Finance Iselin, NJ 7 IndyMac Bancorp, Inc. Pasadena, CA 8 Aurora Loan Services, Inc. Aurora, CO 9 SunTrust Mortgage, Inc. Richmond, VA 10 PHH Mortgage/Cendant Mt. Laurel, NJ 11 American Home Mtg. Investment Melville, NY 12 GMAC-RFC Minneapolis, MN 13 GreenPoint Mortgage Funding Novato, CA 14 National City Mortgage Miamisburg, OH 15 GMAC Residential Holdings Horsham, PA 16 ABN Amro Mortgage Ann Arbor, MI 17 First Horizon Home Loans Irving, TX 18 Impac Funding Corporation Newport Beach, CA 19 Downey Savings & Loan Assn. Newport Beach, CA 20 Wachovia Charlotte, NC 21 Credit Suisse First Boston New York, NY 22 B.F. Saul Mtg./Chevy Chase Bank Bethesda, MD 23 Branch Banking & Trust Co. Wilson, NC 24 Thornburg Mortgage, Inc. Sante Fe, NM 25 American Mortgage Network San Diego, CA (part 2 of 2) *Jumbo # Loans Avg Size Rk Q3 2005 Q3 2005 of Jumbo 1 $27,128 50,323 $539,078 2 $24,000 42,540 $564,175 3 $17,359 26,052 $666,321 4 $9,688 15,112 $641,080 5 $9,332 20,002 $466,553 6 $8,414 13,286 $633,298 7 $7,227 13,438 $537,803 8 $4,627 8,263 $559,966 9 $4,563 8,843 $516,001 10 $4,375 6,801 $643,288 11 $4,108 7,012 $585,853 12 $3,675 8,632 $425,741 13 $3,420 9,386 $364,372 14 $3,002 5,576 $538,379 15 $2,820 7,936 $355,343 16 $2,797 5,322 $525,560 17 $2,749 4,702 $584,645 18 $2,733 5,162 $529,446 19 $2,161 6,100 $354,262 20 $2,156 3,503 $615,472 21 $2,021 3,658 $552,488 22 $1,477 3,219 $458,838 23 $1,283 2,801 $458,051 24 $1,124 1,126 $998,224 25 $885 2,314 $382,455 Totals: $153,124 281,109 $544,714 Note: Results may be incomplete because some lenders would not provide jumbo volumes. Jumbo loans exceed the Fannie Mae/Freddie Mac loan limit $359,650. * dollars in millions. (E) Estimate. (Read More)
Commercial And MF Grow
January 2, 2006Commercial and multifamily mortgage debt outstanding continues to grow, as real estate continues to hold investors' fancy, reaching the $2.5 trillion mark for the third quarter. (Read More)
$11.5B for Katrina Rebuilding
January 2, 2006Congress has passed a $29 billion hurricane disaster assistance package that includes $11.5 billion in Community Development Block Grant funds to help the Gulf Coast states rebuild communities and housing stock. (Read More)
November Home Sales Weaken
January 2, 2006Economists are predicting a slowdown in home sales in 2006 but recent reports show a slowdown is already taking hold. (Read More)
IO, Option ARM Guidance Comments Deadline is Feb. 27
January 2, 2006Federal regulators are seeking industry comment before issuing tough underwriting guidance on interest-only and payment-option ARMs that could have a chilling impact on the mortgage and housing markets. (Read More)
Fannie Cuts ARM Servicing Fee
January 2, 2006Fannie Mae has reduced its minimum servicing fee on adjustable-rate mortgages to 25 basis points and it is willing to go to a lower fee on a negotiated basis. (Read More)
TRIA Extension for Two Years
January 2, 2006Congress passed an extension of the federal terrorism re-insurance program so that commercial property owners can continue to obtain terrorism insurance for the next two years. (Read More)
Downgrade for Salomon MBS
January 2, 2006Class B-4 of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificates, series 1997-HUD1, has been downgraded from CC to C by Fitch. (Read More)
Editorial: A New Start
January 2, 2006The outlook for the mortgage business for 2006 kind of depends on whether you're the glass-half-empty or glass-half-full type of person. (Read More)
Open Forum: The Real Housing Bubble
January 2, 2006Mr. Retsinas, president of the Joint Center for Housing Studies at Harvard University, has contributed a commentary on the housing bubble, which is presented as our Open Forum. (Read More)
Economic Indicators Point (Mostly) Positive as Year Comes to End
January 2, 2006The most recent economic indicators released last week showed that the economy was moving ahead nicely, with unemployment moderate, home sales strong, mortgage rates affordable and consumer confidence on a steady upswing. The only bump in the road appears to be the bond market, which is signaling a recession on the horizon, with a flat and slightly negative yield curve, and uncertainty about the direction of the Federal Reserve under incoming chairman Ben Bernanke. (Read More)
Lenders Can Learn Borrowers' Misconceptions About Foreclosure
January 2, 2006Finding a solution to settle delinquent mortgage accounts could help lower the foreclosure rate in struggling markets across the country. A recent Freddie Mac/Roper Public Affairs and Media survey exposed the myths and misconceptions that borrowers have when their mortgage accounts become delinquent. (Read More)
FHA Limits Rise Now Official
January 2, 2006The Department of Housing and Urban Development made it official last week, raising the limit on government-insured mortgages in 2006 to $362,790 in 88 high-cost markets, including 26 counties in California alone. The 2005 maximum was $312,895. (Read More)
Downgrades for SASCO MBS
January 2, 2006Three classes of Structured Asset Securities Corp. residential mortgage-backed securities have been downgraded by Fitch Ratings. (Read More)
Global Sees Technology as a Growth Tool in '06
January 2, 2006In its first two years of operation, Global Branch Solutions here has accumulated 4,000 brokers and 400 branches, establishing itself as one of the top five net branches and plans to continue its growth path into the future by using technology as a differentiator. (Read More)
MILA Launches AVM-Approved
January 2, 2006Many have waited with bated breath for the acceptance of automated valuation models as a replacement for live appraisals. The wait is over as MILA has officially introduced an AVM-accepted loan product. (Read More)
Toll Brothers Looks for New Opportunities in Land Investment
January 2, 2006Toll Brothers, a builder of luxury homes for the upper-middle-class borrower with an income of $150,000-$200,000, buys land in places where there is opportunity to reinvest. (Read More)
Builder, Engineer Target Louisiana
January 2, 2006National homebuilder KB Home and The Shaw Group Inc., an engineering and construction company, will form a joint venture, KB Home/Shaw Louisiana LLC, to provide permanent housing and increased economic development to Louisiana in the aftermath of the two devastating hurricanes in the state. (Read More)
Fitch Says Scratch and Dent Deals Are 'Not Your Father's MBS'
January 2, 2006Scratch-and-dent transactions, which are becoming more commonplace in the U.S. residential mortgage-backed securities arena, have generally performed up to expectations, according to Fitch Ratings. (Read More)
Model Provisions
January 2, 2006The American Securitization Forum has issued model contractual provisions that issuers of mortgage-backed securities can use with their existing loan purchase and servicing agreements to facilitate compliance with new registration, disclosure and reporting requirements that go into effect on Jan. 1 under Regulation AB. (Read More)
Pass Throughs Cut
January 2, 2006Three classes of an Affiliate of Entertainment Properties Trust commercial mortgage pass-through certificates, series 2003-EPR, have been downgraded by Moody's Investors Service. (Read More)
Four Downgrades
January 2, 2006Four classes of J.P. Morgan Commercial Mortgage Finance Corp. commercial mortgage pass-through certificates, series 2000-C10, have been downgraded by Moody's Investors Service. (Read More)
Comerica: Detroit Economy Woes May Affect Local Housing Market
January 2, 2006The local economy here could steadily decrease before it sees the modest gains the rest of the country is experiencing. The Motor City has received unwanted attention for having one of the worst local economies in the country. Businesses, including the mortgage industry, have been affected by the downturn of profits in the auto industry. (Read More)
Many See Relatively Favorable Chances for 2006 Originations
January 2, 2006Interest rates and conditions in the housing market in 2006 - as at any time - are likely to determine what the primary origination market's volumes will be like next year. (Read More)
More Data Break Notification Laws Are Possible
January 2, 2006At least 22 states have enacted data break notification laws in 2005, and Jeffrey Marston, a partner with Lotstein Buckman LLP here, says more such laws are likely to be passed in 2006. (Read More)
Watch for Inverted Curve
January 2, 2006The shape of the yield curve is a notable factor likely to affect the fate of the secondary/securitized mortgage market next year. (Read More)
One Expert Says A Correction May Be in the Works for CMBS
January 2, 2006The commercial real estate market has been going full speed ahead in 2005, and at least one source expects that the market is due for a correction in 2006. (Read More)
Challenges Facing Affordable Housing Not Just Limited to Finance
January 2, 2006In times of increasing costs and decreasing federal and private funds, the affordable housing industry today faces the challenge of securing long-term affordability while connecting housing with financial education and community development. (Read More)
HUD: No Improvement in Affordability Seen for Past Ten Years
January 2, 2006Housing affordability in the country has not improved over the past 10 years, as over 5 million low-income households continue to pay "excessive rent or live in substandard conditions," according to HUD. (Read More)
National City Has Low-Mod
January 2, 2006National City Mortgage Corp. is increasing its programs here to open more Motor City doors to a diverse group of borrowers. (Read More)
Construction Loans May Add More Growth to 2006 CMBS Totals
January 2, 2006Construction loans could be making it to the capital markets as early as 2006, fueling further growth in the commercial mortgage-backed securities market, according to panelists at a "Realshare" structured finance conference here. (Read More)
FHLB-Des Moines Head to Quit
January 2, 2006The Federal Home Loan Bank of Des Moines said that Patrick Conway, the president and chief executive of the troubled bank, has stepped down and will retire. (Read More)
Old Republic Sets Payout of Special Dividend and Stock Split
January 2, 2006Old Republic International Corp.'s board of directors has decided to pay a special year-end cash dividend of $1 per share of common stock while also engaging in a 25% stock split. (Read More)
Impac Postpones Dividend Decision
January 2, 2006Impac Mortgage Holdings has delayed a meeting to decide its fourth-quarter dividend plans until Jan. 5. (Read More)
NYMT Declares Dividend
January 2, 2006New York Mortgage Trust, a mortgage REIT that owns and manages a leveraged portfolio of residential mortgage securities as well as a mortgage origination business, will pay a cash dividend of $0.21 per share to stockholders of record as of Jan. 6. The dividend will be payable on Jan. 26. (Read More)
Technology Trends: Making the Cut
January 2, 2006In the mortgage industry technology comes and goes. Take for example cumbersome legacy systems that force the user into doing business the way the system and not the user dictates, or toolkits that have very flashy technology but can't scale to accommodate large lenders with multiple channels. (Read More)
E-Mortgages Become Mainstream in 2006?
January 2, 2006The road to electronic mortgages has been in the works for some time, and some pioneers have actually been traveling on that road for years. Lenders like Navy Federal Credit Union, 1st Advantage, Ohio Savings and others have been selling e-mortgages on a flow basis to Fannie Mae ever since the government-sponsored enterprise first published its e-mortgage specifications. (Read More)
Automated Underwriting Extends to Designer Loan Products
January 2, 2006With volume expected to shrink and interest rates to hit 7%, more lenders are tackling the nonconforming space as a growth vehicle. The problem is that exceptions have to be made in order to float these loans, which means manual underwriting or does it? (Read More)
People
January 2, 2006ARIZONA Scottsdale-First National Bank of Arizona has promoted David Vicari to vice president area sales manager for the wholesale division's Michigan and Indiana territories. (Read More)
Mixed Outlook for Performance
January 2, 2006Most economists see an economy that is gaining strength as we move into 2006, but despite strong job and income growth, there are signs that home loan delinquency rates may face upward pressure. (Read More)
Mortgage Industry Equity Composite
January 2, 2006MIEC Index: 160.3 Change: 0.1 (part 1 of 2) Company 12/15/2005 12/29/2005 Wkly. % Chg. (Read More)
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January 9, 2006
ABN Amro In Big FHA Settlement
January 9, 2006ABN Amro Mortgage Group has agreed to pay a record $41 million, settling charges that company employees falsified certifications in regard to 28,000 loans insured by the Federal Housing Administration. (Read More)
Freddie Now Almost As Big
January 9, 2006For years Freddie Mac has always been regarded as the "little brother" of Fannie Mae, but those days appeared to be numbered. (Read More)
Freddie Mac, Fannie Mae's 'Little Brother'
January 9, 2006($ in Billions) GSE Portfolio at Portfolio at Percentage GSE's Current Name 11/05 12/04 Change Market Capitalization Fannie Mae $715.5 $904.5 (21%) $47.23 Freddie Mac $692.7 $653.6 (6%) $45.05 Totals $1,408.2 $1,558.1 (10%) $92.28 Notes: Portfolio represents on-balance sheet assets only. A percentage change figure in parenthesis indicates a decline in assets. Market capitalization is calculated by multiplying a company's share price by the number of outstanding shares. (Read More)
Alt-A Volumes Strong
January 9, 2006Mortgage bankers originated $122 billion worth of alt-A loans in the third quarter, an 81% gain from the same period a year earlier. (Read More)
Top Alt-A Lenders in Q3 05
January 9, 2006(Dollars in Millions) (part 1 of 2) Rk Organization Name 1 Aurora Loan Services, Inc. (AA) (1) 2 IndyMac Bancorp, Inc. (Read More)
Freddie Has E-Loan Specs
January 9, 2006After much ado, Freddie Mac has published its long-awaited electronic mortgage specifications to let the industry know what type of e-mortgages they're prepared to buy. Now both Fannie Mae and Freddie Mac are open for business on e-mortgages. (Read More)
Ney Denies Wrongdoing
January 9, 2006Rep. Bob Ney, R-Ohio, chairman of the Housing Subcommittee, has denied all wrongdoing in regard to his relationship with scandal-plagued lobbyist Jack Abramoff. (Read More)
Illinois Postpones 'Predatory' Database Pilot
January 9, 2006The Illinois Department of Financial and Professional Regulation has issued an emergency rule delaying the effective date of the predatory lending database pilot program. (Read More)
New NovaStar CEO Loves AEs
January 9, 2006The new president and chief executive of NovaStar Mortgage Inc., David A. Pazgan, brings to the job an appreciation of the account executives who work in the trenches. After all, he started with the company as one of them. (Read More)
Bear Stearns Unit Scrutinized by FTC
January 9, 2006The Federal Trade Commission has launched a preliminary investigation into the residential servicing practices of EMC Mortgage Corp. to see if the firm is violating consumer protection laws. (Read More)
FHA Raises Repair Cost Limit to $35,000 with Streamlined 203(k)
January 9, 2006The Federal Housing Administration has enhanced its newly introduced "streamlined" 203(k) program so that borrowers can obtain up to $35,000 for repairs when they refinance or purchase a home. (Read More)
Editorial: Emerging Wealth
January 9, 2006It's pretty much a truism that any growth in the mortgage business over the next several years will come from underserved communities like immigrants and low-mods. Helping these communities build assets through homeownership seems pretty much a no-brainer. Or is it? (Read More)
Open Forum: Neg Am a Regulatory Concern
January 9, 2006Excerpts of Mr. Dugan's recent remarks before the Consumer Federation of America in Washington are presented as our Open Forum. (Read More)
Rate Hike May Pressure ARMs, But Subprime Opportunities Grow
January 9, 2006The Federal Reserve Board last week released the minutes of its Dec. 13 meeting, and the bond market was given no real new information to gauge the future direction of short-term interest rates, according to Stephen Stanley, chief economist at RBS Greenwich Capital. However, an influential economic report released late last week affirms the view of most economists that the Fed will raise interest rates at its next meeting. (Read More)
FIS Adds Marketing Tool to MSP
January 9, 2006Fidelity Information Services has partnered with XSell LLC to provide XSell's customer service marketing solution to companies using Fidelity's Mortgage Servicing Package. (Read More)
First American's CFO Dies
January 9, 2006Thomas A. Klemens, the senior executive vice president and chief financial officer of The First American Corp. here, died on Jan. 3. (Read More)
Fitch Formalizes Rating Policy for Construction Loans
January 9, 2006In a sign that construction loans are moving closer to Wall Street, at least one major rating agency, Fitch Ratings, has come out with a formal rating methodology on commercial real estate construction loan-backed securitizations. (Read More)
Wells Tops List for Small Business
January 9, 2006Wells Fargo & Co. is boasting of its small business lending success across the country and in the Midwest. The company recently gained attention as the top Small Business Aministration lender in the United States. (Read More)
Flagstar Bank Pursues Expansion in Midwest and South
January 9, 2006Flagstar Bank is getting a jump-start on business in the new year by implementing its branch expansion plan in the Midwest and the South. Over the past month, the Detroit area's fourth-largest lender has opened five new locations. Building more branches could give the Troy, Mich.-based bank a boost in name recognition among consumers and could potentially help the bank gain more loan originations in both regions. (Read More)
High LTV Deal Removed from Watch
January 9, 2006Class B-2 of Empire Funding Home Loan Owner Trust, series 1998-1, has been removed from Rating Watch Negative by Fitch Ratings. (Read More)
Title Firms Dispute CA Study
January 9, 2006The California Land Title Association is fighting back against a study issued by California insurance commissioner John Garamendi, which declares there is no competition for title insurance in California. (Read More)
Net Branches Unite to Squelch Risk Associated with Broker Fraud
January 9, 2006In a shrinking market the instances of fraud are typically on the rise, especially when it comes to broker fraud. In order to combat broker fraud, 12 net branches have joined forces to establish the Coalition Against Broker Fraud, which will create its own broker registry to alert the industry about those brokers that have or are actively engaging in illegal activity. (Read More)
Study Says Education Is Key to Serving Asian Home Buyers
January 9, 2006Financial education appears to be one of the main factors keeping Asian-Americans out of the housing market, according to "Homeward Bound: An In-depth Look at Asian Homebuyers in the United States," a Freddie Mac focus-group-based report. (Read More)
Roundup: Pennsylvania Bank Unloads $24 Million of MBS
January 9, 2006The Legacy Bank here has restructured its securities portfolio by selling $24 million of mortgage-backed securities. (Read More)
Ace Classes Downgraded
January 9, 2006Classes M-4, M-5 and M-6 of Ace Securities Corp. asset-backed securities, series 2003-FM1, have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
CSFB Deal Downgraded
January 9, 2006Seven classes in four CSFB Mortgage Securities Corp. mortgage-backed certificate transactions have been downgraded by Fitch Ratings. (Read More)
DLJ Class Downgraded
January 9, 2006Class B4 of DLJ Mortgage Acceptance Corp. residential mortgage pass-through certificates, series 1993-19, has been downgraded from B to CC by Fitch Ratings. (Read More)
Despite Slowdown, REIT Stocks Still Beat Market
January 9, 2006Despite posting the smallest gain in three years, the REIT sector's 8.3% total return in 2005 exceeded the performance of the overall stock market for the sixth year in a row, according to the National Association of Real Estate Investment Trusts. (Read More)
...But Analyst Favors REIT Debt
January 9, 2006Analysts at CreditSights think that REIT debt makes a better choice than REIT stock investments right now. (Read More)
People
January 9, 2006CALIFORNIA Irvine-Mavent Inc. has promoted Angela Cheek to vice president. (Read More)
Zacks Says Sell This Mortgage Stock
January 9, 2006Zacks.com, a division of Zacks Investment Research, has placed MFA Mortgage Investments on the company's "stocks to sell now" list. (Read More)
Creditwatch For 35
January 9, 2006Standard & Poor's Ratings Services has placed its ratings on 35 classes from 18 U.S. synthetic collateralized debt obligation deals on CreditWatch with negative implications. (Read More)
Downgrade To CCC
January 9, 2006Class BF-4 of Salomon Brothers Mortgage Securities VII mortgage pass-through certificates, series 2001-UP2 group 1, has been downgraded from B to CCC by Fitch Ratings. (Read More)
Fitch Downgrades
January 9, 2006Two classes of Structured Asset Security Corp. Amortizing Residential Collateral Trust, series ARC 2001-BC5, have been downgraded by Fitch Ratings. (Read More)
Construction Financing for AH
January 9, 2006A coalition of some of the country's largest financial institutions have joined affordable housing lender Century Housing, Culver City, Calif., in providing up to $100 million of affordable construction and permanent financing through the Century Community Lending Co. (Read More)
Publicly traded Subprime and Alt-A Related Firms
January 9, 2006B&C Stock Price Index: 204.0 Change: 5.4 (part 1 of 2) Company 52 wk/lo 52 wk/hi 1/5/2006 Aames (AIC) 5.36 11.48 6.61 Delta Financial Corp (DFC) 6.41 10.09 8.36 HSBC Holding (HBC) 77.23 85.99 82.63 IMPAC Mortgage Holdings (IMH) (1) 9.00 23.49 10.11 Accredited Home Lenders (LEND) 31.36 51.70 48.85 New Century (NEW) 30.22 61.63 38.48 Novastar (NFI) 25.27 48.60 29.83 Ocwen (OCN)(2) 6.38 9.25 8.78 Saxon Capital (SAX) 9.19 23.69 11.75 Transnational Finl Network I (TFN) 0.30 0.80 0.37 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) 2% 23% na Delta Financial Corp (DFC) 18% 30% na HSBC Holding (HBC) 3% 7% na IMPAC Mortgage Holdings (IMH) (1) 6% 12% na Accredited Home Lenders (LEND) -2% 56% na New Century (NEW) 5% 27% na Novastar (NFI) 5% 18% na Ocwen (OCN)(2) 0% 38% na Saxon Capital (SAX) 3% 28% na Transnational Finl Network I (TFN) 6% 23% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (Read More)
GMAC Commercial Deal Not Done
January 9, 2006The sale of GMAC Commercial was expected to close by the end of 2005 but New Year's came and went and still no deal. (Read More)
Mortgage Industry Equity Composite
January 9, 2006MIEC Index: 163.8 Change: 3.5 (part 1 of 2) Company 12/29/2006 1/5/2006 Wkly. (Read More)
CA Gets Reprieve On 'Do Not Fax'
January 9, 2006Mortgage wholesalers who do business with broker offices in California have a reprieve of sorts from a tough new do-not-fax law that was scheduled to go into effect in this state on Jan. 1. (Read More)
Ohio's Top Court Looks at Local Laws
January 9, 2006The Ohio Supreme Court recently heard oral arguments in AFSA v. Cleveland, which could help determine the validity of municipal ordinances in the state of Ohio. (Read More)
Luminent to Diversify Loan Portfolio
January 9, 2006Luminent Mortgage Capital, a real estate investment trust that invests in mortgage-backed securities, said it will be repositioning its Spread Portfolio, including a sale of some portion of this portfolio. (Read More)
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January 16, 2006
Layoffs Sign of Times?
January 16, 2006Nonconforming wholesaler ECC Capital Corp. here has trimmed 27% of its staff and consolidated seven processing centers down to three in an effort to trim costs. (Read More)
Fannie Boosts ADC Loan
January 16, 2006Fannie Mae is moving ever closer to making a market in construction lending, saying its routine involvement could help bring housing to within the reach of more people. (Read More)
M&T's Earnings Rise 12% in 2005
January 16, 2006M&T Bank Corp. here saw its earnings rise 12% to $6.73 per share in 2005, and net income rose 8% to $782 million for the year. (Read More)
Top Residential 2nd Lien Lenders in Q3 '05
January 16, 2006($ in Millions) (part 1 of 2) Rk Organization Name Location 1 Bank of America Charlotte, NC 2 Chase Home Finance Iselin, NJ 3 Countrywide Financial Corp. Calabasas, CA 4 CitiMortgage, Inc. O'Fallon, MO 5 Washington Mutual Seattle, WA 6 Wells Fargo Home Mortgage San Francisco, CA 7 National City Bank Cleveland, OH 8 GMAC Residential Holdings (1) Horsham, PA 9 HSBC Mortgage Services/Household Charlotte, NC 10 Wachovia Charlotte, NC 11 First Horizon Home Loans Irving, TX 12 ABN Amro Mortgage Ann Arbor, MI 13 PHH Mortgage Mt. Laurel, NJ 14 GreenPoint Mortgage Funding Novato, CA 15 GMAC-RFC (1) Minneapolis, MN 16 IndyMac Bancorp, Inc. Pasadena, CA 17 New Century Financial Corp. (BC) Irvine, CA 18 WMC Mortgage Corp. (BC) Woodland Hills, CA 19 American Home Mtg. Investment Melville, NY 20 First Franklin Financial (BC) San Jose, CA (part 2 of 2) 2nds Funded % Rk in Q3 '05 in Q3 '04 Chg. (Read More)
MDA Beefs Up Tech Presence
January 16, 2006MacDonald, Dettwiler and Associates Ltd. here has made an aggressive play to extend its footprint in the mortgage space by acquiring MindBox, with the future plan to create synergies between MindBox, DataQuick and its other holdings. Beyond the synergies, MDA will continue on an acquisition path in the mortgage space going forward. (Read More)
AHM Expects Profit Squeeze
January 16, 2006A secondary market squeeze will have an impact on fourth-quarter profits at American Home Mortgage Investment Corp. here. (Read More)
Wachovia Interested in GMAC Residential?
January 16, 2006Banking giant Wachovia Corp. here is the latest name to surface in the bidding sweepstakes for Residential Capital Corp., the holding company for GMAC Residential and its affiliates. (Read More)
Four Leave BPA to Start Own Firm
January 16, 2006Four top managers have left Boston Portfolio Advisors, Fort Lauderdale, Fla., to start their own consulting firm and will compete against their former employer, National Mortgage News has learned. (Read More)
Meritage Sees Growth in Sales Volume
January 16, 2006Meritage Homes Corp. closed a total of 9,406 homes in 2005 with a value of $3 billion, up 49% over 2004, the homebuilder reported. (Read More)
Regulators Urge Banks to Upgrade CRE Risk Management
January 16, 2006Federal regulators are warning banks and thrifts with high concentrations of commercial real estate loans to increase their risk management practices and to make sure they are holding enough capital. (Read More)
Editorial: A New Legacy
January 16, 2006Today is the day set aside to mark the birthday of a great American, Dr. Martin Luther King. It's obvious how his legacy of equality and nondiscrimination applies to the mortgage industry, but might there not be a new legacy as well? (Read More)
Open Forum: Proposals to Revise Basel I
January 16, 2006Excerpts of Gov. Bies remarks at the recent Standard & Poor's North American Financial Institutions Conference in New York are presented as our Open Forum. (Read More)
Foreign Investors to Make 2006 MBS Investing Interesting
January 16, 2006This year may see an increase in the amount of MBS purchases by Asian investors and a resurgence of demand from traditional players - Freddie Mac and Fannie Mae - according to a new outlook report from RBS Greenwich Capital. After making their presence felt in the plain-vanilla agency market for some time, 2006 should see Asian investors being interested in a broader array of mortgage securities assets, including hybrid ARMs and other securities issued by non-agency players. (Read More)
Deal Backed by Vacation Loans
January 16, 2006Bluegreen Corp., Boca Raton, Fla., has completed a $203.8 million private offering of securities backed by vacation ownership receivables, the company's largest securitization to date. The securities were issued by BXG Receivables Note Trust 2005-A and Bluegreen said it will continue to service the loans collateralizing the securities. (Read More)
Firms Rebalancing Loan Portfolios
January 16, 2006Balance sheet restructuring is the name of the game in the new year as two bank holding companies and one mortgage real estate investment trust will conduct or have conducted a series of transactions to accomplish that goal. (Read More)
Bundling Saves PA Lenders in Excess of $30 a Loan in Hard Costs
January 16, 2006Prime Alliance, a consortium of Fannie Mae, Dexma and about 70% of the credit union space has developed a bundling strategy that is saving its members over $30 a loan in hard costs and offering seamless integration into the core system, which saves in labor, human error and time as well. (Read More)
Dispute Arises about Credit for MISMO E-Mortgage Guideline
January 16, 2006The Mortgage Industry Standards Maintenance Organization here published its eMortgage Guide in October, which detailed the process flow for e-mortgages and their legal validity. The chapter on e-disclosures has been called into question because one vendor is claiming responsibility for creating it, which is not the policy of MISMO or any standards organization that carries a mandate to be both open and nonproprietary. (Read More)
Will HUD Ask Congress for a Higher, National FHA Loan Limit?
January 16, 2006Federal housing officials may finally be ready to enter the longstanding effort to raise Federal Housing Administration loan limits. (Read More)
AFN Names Hawkins As Operations Chief
January 16, 2006The American Legal & Financial Network, which offers legal counsel, collateral services and technology solutions to the financial and real estate industries, has promoted Stacie Hawkins to the new position of operations director. (Read More)
Study Finds Buyers Start Their Planning Earlier than Thought
January 16, 2006New homebuyers start their research much earlier and take far longer to sign a contract than builders tend to think, according to new research introduced here last week. (Read More)
Rural Housing Service Vows to Keep a Local Presence
January 16, 2006Unlike Uncle Sam's other housing agencies, the Department of Agriculture's Rural Housing Services has no intention of consolidating its local offices. (Read More)
Roundup: Farmer Mac Offers $500 Million of Notes in Latest Deal
January 16, 2006The Federal Agricultural Mortgage Corp. has offered $500 million of guaranteed notes by a newly created 2006 notes trust. (Read More)
Fitch Rates Construction Loans
January 16, 2006Fitch Ratings has released a formal rating methodology on commercial real estate construction loan pools, declaring itself the first major rating agency to do so. (Read More)
ABSC Deal Downgraded
January 16, 2006Classes M-3 and M-4 from Asset-Backed Securities Corp. mortgage-pass through certificates series 2002-HE3 have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Saxon Deal Downgraded
January 16, 2006Class BF-1 of Saxon Asset Securities Trust, series 1999-5, has been downgraded from B-minus to CCC by Fitch Ratings. (Read More)
HUD Earmarks Funding for Elderly, Disabled
January 16, 2006The Department of Housing and Urban Development has pledged to invest $710 million in affordable housing assistance earmarked for senior citizens and people with disabilities. (Read More)
Mortgages a Strength for Bear, But 'Headwinds' Now Pose Threat
January 16, 2006Bear Stearns topped estimates in 2005, and strength in the mortgage securities field helped the company beat estimates for earnings, according to a stock analysis firm. (Read More)
Impac Will Cut 4th Q Dividend
January 16, 2006Impac Mortgage Holdings has cut its dividend, citing significant pressure on profit margins as a result of interest rate conditions. (Read More)
Home Equity Lending: Good Times For Now: Special Report
January 16, 2006Home-equity lenders have been doing very well in the last few years as home prices have gone up and up, seemingly in defiance of gravity. This has induced all sorts of product enhancements and developments as lenders continue to tap into this niche. The question is how long will this niche continue to be a cash cow for mortgage lenders and vendors. Is the home-equity balloon going to be punctured anytime soon? (Read More)
Secured Funding Going Down e-Mortgage Path
January 16, 2006On the heels of bringing Joe Lindsay on as Chief Information Officer, Secured Funding has set forth an initiative that would allow them to do completely electronic Home Equity Lines Of Credits and second mortgages. (Read More)
National City Processor Kit Aids HE Lending
January 16, 2006National City Home Equity, Cleveland, has developed a loan processor toolkit available throughout the country to help brokers and their processors grow their business. (Read More)
Moody's: HE Delinquency Trend Could Portend Beginning of Reversal
January 16, 2006The latest Home Equity Index Composite, maintained by Moody's Investors Service, New York, shows both great news and only-good news with the declining rate of U.S. home-equity sector charge-offs and seriously delinquent home loans. (Read More)
Fiserv to Enhance MortgageServ
January 16, 2006Fiserv Lending Solutions is looking to take its MortgageServ loan servicing system to the next level by enabling it to support loans that are not solely real estate-related. (Read More)
Argent Hybrid Loan Product Enables Lower Initial Payments
January 16, 2006Wholesale lender Argent Mortgage Co. is offering a fully amortized 40/30 loan program that helps make homeownership more affordable and less risky to homebuyers, all the while enabling them to consistently build equity on their house. (Read More)
Selected 30-Year Fixed-Rate Prepayments
January 16, 2006(For December Period) Cpn Year WAC Fctr Dec05 Nov05 Fannie Mae 5.50 2005 5.99 .948 8.1 8.3 Fannie Mae 5.50 2004 5.93 .765 14.3 16.0 Fannie Mae 5.50 2003 5.93 .557 14.9 17.0 Freddie Mac 5.50 2005 5.94 .950 7.2 7.9 Freddie Mac 5.50 2004 5.92 .782 13.7 15.0 Freddie Mac 5.50 2003 5.93 .579 13.7 16.4 (c) 2006 National Mortgage News and SourceMedia, Inc. All Rights Reserved. (Read More)
Prepays Hit Five Year Low Point
January 16, 2006Prepayment rates for 30-year mortgages in Fannie Mae mortgage-backed securities fell by only 10% in December despite a 28-basis-point rise in mortgage rates, but the aggregate speed was the lowest in five years, according to Bear Stearns & Co. (Read More)
NHC Looks to Revitalize Housing Role
January 16, 2006The National Housing Conference is celebrating its 75th anniversary this year and reasserting its role in shaping national housing policies. (Read More)
Regulations Put Focus on Fraud
January 16, 2006Record-setting mortgage securitization volume, coupled with new SEC regulations that put additional emphasis on due diligence, will force lenders and servicers to step up fraud detection and prevention efforts, according to Pro-Teck Services. (Read More)
People
January 16, 2006CALIFORNIA San Jose-Bonnie Cotta, most recently manager of American Home Mortgage's Campbell, Calif., office, has been promoted to co-district manager of the company's 14 Northern California branches from Salinas to Susanville. (Read More)
Housing Could Turn into Also-Ran
January 16, 2006Like Pogo, the erstwhile cartoon alligator who once said, "I have met the enemy and he is us," the housing business is worried that its Achilles heel could prove to be its own success. (Read More)
Top Residential 2nd Lien Servicers at 9-30-05
January 16, 2006($ in Millions) (part 1 of 2) Rk Organization Name Location 1 Chase Home Finance Iselin, NJ 2 Bank of America Charlotte, NC 3 Wells Fargo Home Mortgage San Francisco, CA 4 Countrywide Financial Corp. Calabasas, CA 5 CitiMortgage, Inc. (1) O'Fallon, MO 6 National City Bank Cleveland, OH 7 Washington Mutual Seattle, WA 8 GMAC Residential Holdings Horsham, PA 9 ABN Amro Mortgage Ann Arbor, MI 10 HSBC Mortgage Services/Household (BC) (2) Charlotte, NC 11 Branch Banking & Trust Co. Wilson, NC 12 PHH Mortgage Mt. Laurel, NJ 13 Navy FCU Merrifield, VA 14 Homecomings Financial Minneapolis, MN 15 CitiFinancial (BC) (1) Baltimore, MD 16 HSBC Mortgage Corp. USA (2) Depew, NY 17 GreenPoint Mortgage Funding Novato, CA 18 New Century Financial Corp. (BC) Irvine, CA 19 IndyMac Bancorp, Inc. Pasadena, CA 20 National City Home Loan (BC) Pittsburgh, PA 21 Aurora Loan Services, Inc. Aurora, CO 22 Litton Loan Servicing Inc. (BC) Houston, TX 23 Mortgage Lenders Network, USA (BC) Middletown, CT 24 Homeq Servicing Corp. (BC) North Highlands, CA 25 SunTrust Mortgage, Inc. Richmond, VA (part 2 of 2) 2nd Serviced % Rk at 9/30/05 at 9/30/04 Change 1 $72,660 $58,862 23% 2 $68,354 $54,163 26% 3 $57,491 na na 4 $53,743 $39,412 36% 5 $29,729 $14,907 99% 6 $28,131 $20,587 37% 7 $15,742 $20,847 -24% 8 $14,573 $8,972 62% 9 $9,490 $9,070 5% 10 $6,465 na na 11 $4,938 na na 12 $4,536 $4,970 -9% 13 $3,960 $1,646 141% 14 $3,898 $4,082 -5% 15 $3,835 $4,683 -18% 16 $3,470 $2,645 31% 17 $2,946 $4,527 -35% 18 $2,700 na na 19 $2,635 na na 20 $2,362 $1,520 55% 21 $2,035 $1,181 72% 22 $1,968 na na 23 $1,773 $1,273 39% 24 $1,751 $2,576 -32% 25 $1,645 $876 88% Top 25 Totals: $400,829 $256,799 56% Note: Results may be incomplete because some firms would not disclose seconds serviced. When NMN/QDR surveys lenders it asks for a combined HELOC and HEL servicing figure. (1) These Citi firms are affiliates. (2) These HSBC firms are affiliates. (BC) Firm is a subprime specialist. (Read More)
Chicago FHLB Gives AH Awards
January 16, 2006The Chicago Federal Home Loan Bank ended 2005 by boasting of its affordable housing awards. The bank awarded $14.2 million in affordable housing grants to various organizations and lending institutions within and outside the Chicago area. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
January 16, 2006B&C Stock Price Index: 208.0 Change: 4.0 (part 1 of 2) Company 52 wk/lo 52 wk/hi 1/12/2006 Aames (AIC) 5.36 11.48 6.92 Delta Financial Corp (DFC) 6.41 10.09 8.45 HSBC Holding (HBC) 77.23 85.99 84.28 IMPAC Mortgage Holdings (IMH) 9.00 23.49 9.29 Accredited Home Lenders (LEND 31.36 51.70 50.00 New Century (NEW) 30.22 61.63 39.18 Novastar (NFI) 25.27 48.60 30.64 Ocwen (OCN)(2) 6.38 9.21 9.22 Saxon Capital (SAX) 9.19 23.53 12.28 Transnational Finl Network I 0.30 0.80 0.39 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) 5% 29% na Delta Financial Corp (DFC) 1% 32% na HSBC Holding (HBC) 2% 9% na IMPAC Mortgage Holdings (IMH) -8% 3% na Accredited Home Lenders (LEND 2% 59% na New Century (NEW) 2% 30% na Novastar (NFI) 3% 21% na Ocwen (OCN)(2) 5% 45% na Saxon Capital (SAX) 5% 34% na Transnational Finl Network I 5% 30% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (Read More)
Mortgage Industry Equity Composite
January 16, 2006MIEC Index: 167.0 Change: 3.2 (part 1 of 2) Company 1/5/2006 1/12/2006 Wkly. (Read More)
Del Mar Makes E-Delivery to Investors
January 16, 2006On the heels of Freddie Mac publishing its electronic mortgage standards, Del Mar Database is moving to make it easier for its clients to electronically deliver docs to investors. (Read More)
Group Urges Consistency on CRA
January 16, 2006The federal banking regulators need to be more consistent in allocating Community Reinvestment Act credit to depository institutions that are providing assistance to areas and persons impacted by Hurricanes Katrina and Rita, according to one community development group. (Read More)
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January 23, 2006
Industry Spotlight: David Pressly Jr.
January 23, 2006David Pressly Jr., a former mayor of Statesville, N.C., and head of the Pressly Development Co., has been elected president of the 220,000-member National Association of Home Builders. Elected to serve with the Charlotte area builder were: Brian Catalde of Paragon Communities, Playa del Rey, Calif., acts as first vice president; Sandy Dunn of B.J. Builders, Point Pleasant, W. Va., is vice president/treasurer, and Joe Robson, a builder from Tulsa, Okla, serves as vice president/secretary. (Read More)
Wells Hits $1 Trillion
January 23, 2006Wells Fargo Home Mortgage here has passed the $1 trillion mark in housing receivables, joining an exclusive club that includes itself and Countrywide Home Loans. (Read More)
Wells vs. CFC - Servicing
January 23, 2006($ in Billions) Servicer Servicing Subservicing Total 12/05 Growth Name exclud. subser. Contracts Servicing From 12/04 Countrywide $1,082 $30 $1,111 33% Wells Fargo $989 $27 $1,016 22% Advantage: $93 $3 $95 11% Notes: Figures as of December 31, 2005. (Read More)
Citi Buying $19B Servicing
January 23, 2006Citigroup has agreed to purchase $19 billion in residential servicing rights from Waterfield Mortgage, Ft. Wayne, Ind., investment banking officials told National Mortgage News. (Read More)
Waterfield Mortgage - By The numbers
January 23, 2006($ in Millions) Servicing portfolio $19,317 # of units serviced 147,122 Production in last quarter $2,047 Annualized production $8,188 % of wholesale/corres. 55% Buyer of its production American Home Buyer of its servicing Citigroup (*) Notes: (*) Unconfirmed Source: NMN/Quarterly Data Report. Questions? Email: Paul.Muolo
BofA Provides Brokers E-Incentives
January 23, 2006The value of e-mortgages in dollars and cents has always been a bone of contention, but lenders like Bank of America are shedding some light on this quandary. Specifically, BofA is giving qualified brokers 25 basis points for those that transact with them electronically. (Read More)
VA Volumes at Lowest in 20 Years
January 23, 2006Originations of VA guaranteed loans declined by 44% in fiscal year 2005 to the lowest level in 20 years, according to Department of Veterans Affairs. (Read More)
Comptroller Lets Banks Tiptoe into Real Estate
January 23, 2006The Comptroller of the Currency has given two national banks the green light to develop commercial properties adjacent to their headquarters that will include hotels and condominium units. (Read More)
Some Oppose Fannie's ADC Plans
January 23, 2006Fannie Mae's decision to expand its role in the construction lending business is not being well received by some mortgage groups that view the government sponsored enterprise as an unfair competitor. (Read More)
Providian Deal Helps WaMu Buck Margin Trend
January 23, 2006Despite tough competition in the home loan business, Washington Mutual saw its net interest margin increase in the fourth quarter from the third quarter. (Read More)
Editorial: Mission Creep?
January 23, 2006Is Fannie Mae's decision to make acquisition, development and construction lending a permanent part of its business a legitimate move into a complementary area or a blatant example of mission creep, as some analysts have argued? (Read More)
Open Forum: End GSEs' Perpetual Charters
January 23, 2006Resident fellow at the American Enterprise Institute and former president and CEO of the Federal Home Loan Bank of Chicago. (Read More)
Look to Agency Callable Debt as Alternative to Fixed-Rate MBS
January 23, 2006The fixed-rate agency MBS market is a mainstay for most fixed-income investors, but mortgage strategists at UBS recently suggested that investors may do better to shy away from 30-year and 15-year paper issued by Freddie Mac and Fannie Mae, and put their money to work with those companies' debt instruments. Specifically, UBS said in a report issued recently that on a relative value basis after considering convexity and duration, the current market for investing in callable agency debt issued by the GSEs is an opportunity on an option-adjusted basis, compared to fixed-rate agency MBS. (Read More)
JPMorgan Chase Sees Sharp Rise in Earnings
January 23, 2006JPMorgan Chase earned $2.7 billion, or $0.76 per share, in the fourth quarter, up almost 62% from the last quarter of 2004 despite mixed results from mortgage-related activity and investments. (Read More)
Regulators Hail Launch of XBRL
January 23, 2006When hurricanes and downturns in real estate prices raise risk-management issues for banks, the feedback will come much quicker with universal adoption of the new Bank Call Reporting System that just saw its first quarter of use. (Read More)
Mortgage Cadence Tries to Capture New Market
January 23, 2006Mortgage Cadence has released its new Mortgage Cadence Symphony ASP model for small and mid-sized lenders. Mortgage Cadence also will use the new product to enter the broker market for the first time and offer this product as an alternative to broker POS mainstays like Point and Encompass In today's market many smaller lenders are looking to outsource their technology needs as evidenced by recent partnerships between companies like Dexma and First American, E-OPS and Ellie Mae, and others. The positive to outsourcing core processes by linking to a First American or Ellie Mae is that there is little to no need to have an in-house IT department and at the same time the cost of originating a loan is drastically decreased. However, there is also a loss of control because core processes are being done by others and not by the users' own processors. (Read More)
Experts See Little Risk of Real Estate Downturn
January 23, 2006Housing in general and especially commercial mortgage markets remain robust even though the so-called housing bubble will continue to slowly deflate in some areas, while near-term increases in interest rates and energy prices may trigger an increase in default and foreclosure risk among single-family, low-income households, experts said. (Read More)
Commercial Transactions
January 23, 2006* Vornado Realty Trust has acquired the Warner Building, a 560,000 sq. foot Washington, D.C., property in which it already has a 5% interest, for about $319 million, including the assumption of a $136 million mortgage at 7.8%. (Read More)
Sandler Drops GSE Coverage
January 23, 2006Investment banking firm Sandler O'Neill has dropped coverage of Fannie Mae and Freddie Mac due to what it calls a "realignment" of the companies it covers. (Read More)
U.S. Bancorp Hits Record Earnings
January 23, 2006U.S. Bancorp earned a record $1.14 billion, or $0.62 per diluted share, in the fourth quarter of last year, and mortgage banking success helped fuel the company's 10% increase in earnings. (Read More)
Brookfield Expects to Beat Earnings Target
January 23, 2006Brookfield Homes Corp., which is scheduled to release fourth-quarter and full-year results on Feb. 2, said it expects to "slightly exceed" the high end of its previously announced 2005 earnings guidance. (Read More)
Builders See Remodeling Demand
January 23, 2006When it comes to remodeling, the Baby Boom generation will keep on booming. And they'll be followed by spendthrifts known as GenXers. (Read More)
Construction Opportunities Opening in Mexico
January 23, 2006American and Mexican construction interests signed a partnership agreement here last week aimed at opening up trade channels between the two countries. (Read More)
Expert Predicts 'Mega-Builder' Will Exceed 100,000 Units
January 23, 2006Within the next five to seven years, a single "mega-builder" will cross the 100,000-unit-a-year threshold, a financial consultant who has had a hand in creating many of the nation's largest home building firms predicted earlier this month. (Read More)
Conduit Borrowers Sometimes Dissatisfied with Service Levels
January 23, 2006A survey of commercial mortgage borrowers commissioned by the Mortgage Bankers Association and the Commercial Mortgage Securities Association finds that commercial mortgage-backed securities conduit borrowers are the least satisfied with their borrowing experience overall. (Read More)
Roundup: New Index Will Focus on Home Equity ABS Transactions
January 23, 2006CDS IndexCo. LLC and Markit Group Ltd., both based here, have announced the launch of ABX.HE, a synthetic ABS index of U.S. home equity asset-backed securities. (Read More)
C-BASS Deal on Watch
January 23, 2006Classes B-1 and B-2 from Credit Based Asset Servicing and Securitization LLC series 2000-CB4, a mortgage loan securitization, have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
First Union CMBS Downgraded
January 23, 2006Two classes of First Union National Bank-Bank of America Commercial Mortgage Trust pass-through certificates, series 2001-C1, have been downgraded by Fitch Ratings. (Read More)
GMAC CMBS Downgraded
January 23, 2006Three classes of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 2001-C1, have been downgraded by Fitch Ratings. (Read More)
Long Beach Deal Downgraded
January 23, 2006Eight classes from Long Beach Mortgage Loan Trust, series 2002-2, have been downgraded by Fitch Ratings. (Read More)
Wells Fargo Expects Consumer Spending on Housing to Decline
January 23, 2006Wells Fargo is predicting steady economic growth for local economies in markets across the country this year, but for the housing market the rollercoaster ride is just beginning. (Read More)
Bank One Opens Branches in MI
January 23, 2006J.P. Morgan Chase-owned Bank One is teaming up with one-stop shopping retail giant Meijer to open 23 new full-service branches in Detroit and Grand Rapids by the end of 2006. The lender could boost its Michigan residential mortgage customers since mortgage services will be among the full range of services offered at the new locations. (Read More)
Home Depot Offers Construction Loans
January 23, 2006The Home Depot has launched the Home Depot SPEC Construction Loan program, which will offer loans of up to $2 million provided by IndyMac Bank, available through all of its 1,767 U.S. stores. (Read More)
ABN Amro Credits Employees for High Customer Marks
January 23, 2006ABN Amro Mortgage Group Inc. here is crediting its employees for its top ranking among 13 national lenders by JD Power and Associates. (Read More)
National City Sees Turnaround
January 23, 2006National City Corporation earned $2 billion in 2005, and the company believes that its mortgage banking business is poised to rebound. (Read More)
High Housing Costs Keep Low-Income Americans in Apartments
January 23, 2006High housing costs, especially in many of the country's largest metropolitan areas, are a primary source of concern that drives low-income Americans when it comes to making choices not only on homebuying vs. renting, but for securing a better education for their children and other social consequences. (Read More)
People
January 23, 2006DISTRICT OF COLUMBIA Washington-Powell Goldstein LLP said that Jeffrey P. Marston has joined the firm as a partner in the real estate practice in the firm's Washington office. (Read More)
Inverted Curve Not a Problem
January 23, 2006The inverted yield curve will have no big effect on the mortgage market, said Mortgage Bankers Association chief economist Doug Duncan. The bond market, he said, believes the Federal Reserve Board has inflation contained. (Read More)
Mortgage Earnings Dip at Wells Fargo
January 23, 2006Wells Fargo reported record annual earnings last year, but the company's mortgage operation was not a key driver of growth in 2005. (Read More)
Subprime Co. Out of Correspondent
January 23, 2006Non-conforming loan giant Aegis Mortgage Corp., here has closed its correspondent lending division, industry officials have told National Mortgage News. (Read More)
MGIC Buys Myers Internet Firm
January 23, 2006Mortgage Guaranty Insurance Corp. here has acquired Myers Internet Inc., San Jose, Calif. Terms of the deal were not disclosed. (Read More)
ECC Capital EVP Takes a New Job
January 23, 2006ECC Capital Corp., here said its executive vice president and chief operating officer Steven Szpytek has resigned to take a production job at a subsidiary. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
January 23, 2006B&C Stock Price Index: 205.1 Change: -2.9 (part 1 of 2) Company 52 wk/lo 52 wk/hi 1/19/2006 Aames (AIC) 5.36 11.40 6.54 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 85.99 84.07 IMPAC Mortgage Holdings (IMH) (1) 8.44 23.49 8.76 Accredited Home Lenders (LEND) 31.36 51.70 47.23 New Century (NEW) 30.22 61.63 37.94 Novastar (NFI) 25.27 48.00 31.84 Ocwen (OCN)(2) 6.38 9.43 9.41 Saxon Capital (SAX) 9.19 23.53 11.99 Transnational Finl Network I (TFN) 0.30 0.80 0.38 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) -5% 22% na Delta Financial Corp (DFC) 6% 40% na HSBC Holding (HBC) 0% 9% na IMPAC Mortgage Holdings (IMH) (1) -6% 4% na Accredited Home Lenders (LEND) -6% 51% na New Century (NEW) -3% 26% na Novastar (NFI) 4% 26% na Ocwen (OCN)(2) 2% 47% na Saxon Capital (SAX) -2% 30% na Transnational Finl Network I (TFN) -3% 27% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (Read More)
Higher Card Minimums Hit Borrowers
January 23, 2006Over the next 24 months, subprime borrowers will be facing increasing mortgage and credit card payments, which could spell trouble for borrowers and lenders, according to a Wall Street research firm. (Read More)
Mortgage Industry Equity Composite
January 23, 2006MIEC Index: 161.9 Change: -5.1 (part 1 of 2) Company 1/12/2006 1/19/2006 Wkly. (Read More)
FBR Identifies 56 Problem B/C MSAs
January 23, 2006Friedman Billings Ramsey has identified 56 metropolitan statistical areas (MSAs) that have persistently high default rates on subprime and 'alt-A' loans. (Read More)
Ney to Keep Housing Chair
January 23, 2006Rep. Bob Ney, R-Ohio, has stepped down as chairman of the House Administration Committee because of allegations about his links to a lobbying scandal, but will continue to chair a housing subcommittee. (Read More)
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January 30, 2006
ACC Paying $325M to Borrowers
January 30, 2006After months of negotiation, subprime giant Ameriquest Mortgage has agreed to pay $325 million to settle claims with 49 states that the company engaged in abusive lending practices. (Read More)
The Three-Day Mortgage?
January 30, 2006As the market shifts away from refinances to more first mortgages, the loan process will become more labor intensive, as first mortgages are more complex, require more documentation, etc. However, the market is also more competitive so more lenders are looking to technology to further shrink the process, but the question is can technology streamline the loan cycle further or is that just a fantasy? (Read More)
Largest 'Abusive' Lending Settlements
January 30, 2006Lender Amount of Product Date of Name Settlement Niche Settlement Household Finance $484 mm subprime December 2002 ACC/Ameriquest $325 mm subprime January 2006 Associates/Citigroup $225 mm subprime September 2002 FAMCO/First Alliance $60 mm subprime December 2002 Totals: $1,094 mm Notes: The settlements were often multi-state in nature and were negotiated with state attorney generals and the Federal Trade Commission. mm = millions. (Read More)
WaMu Moving Jobs Overseas
January 30, 2006With its acquisition of Providian Financial, Washington Mutual has gained one thing that may worry its rank and file employees: expertise in overseas outsourcing. (Read More)
Irwin Heads for the Exits
January 30, 2006Irwin Financial Corp. here is fielding offers for its conventional mortgage banking affiliate, which ranks 35th among residential funders. (Read More)
For Sale: Irwin Mortgage - Key Statistics
January 30, 2006Production through Sept. 30 $8.7 billion Production rank 35th % of production that is retail 8% % of production that is wholesale 38% % of production that is corres. 54% Fixed-rate production 90% # of branches 47 # of states lends in 26 Servicing portfolio $23.7 billion # of loans serviced 178,750 Notes: reflects residential activity only. (Read More)
Freddie Buys Katrina Bonds
January 30, 2006In order to promote homeownership and recovery efforts in Mississippi's Hurricane Katrina disaster areas, Freddie Mac is purchasing $40 million in Mississippi Home Corp. bonds that will be used to finance mortgages with a 5.61% interest rate for an estimated 350 borrowers. The move marks the first installment on Freddie Mac's commitment to fund up to $1 billion in below-market rate mortgages for storm recovery in Mississippi and Louisiana. (Read More)
N.J. Bill Would Require Use of Certified Mail for Loan Transfers
January 30, 2006The New Jersey Assembly is currently considering legislation that would require residential mortgage lenders and servicers who sell, assign or transfer mortgage loans to notify borrowers by certified mail of such transfers. (Read More)
Risk Based Pricing Proposed for FHA
January 30, 2006A legislative proposal that would allow the Federal Housing Administration to use risk-based pricing is expected to be included in the president's fiscal year 2007 budget. (Read More)
Promotion Spotlight: Todd Luhtanen
January 30, 2006Todd Luhtanen, vice president and chief technology officer at Livonia, Mich.-based origination vendor Dynatek, has been promoted to president and chief technology officer. Jack Luhtanen will continue in his role at Dynatek as company CEO and maintain his active daily involvement in company operations. Jack Luhtanen and Todd Luhtanen, together with Linda Luhtanen, established Dynatek in 1986. (Read More)
Syron Defends Freddie Mac's Risk Management
January 30, 2006Freddie Mac's business model does not require rapid portfolio growth and its giant mortgage portfolio should not be singled out by critics as a "special source of systemic risk," according to its chief executive. (Read More)
Editorial: Still a Problem
January 30, 2006The subprime mortgage industry still has a big problem. It's one thing to point to bad apples and fringe players as the source of the perception that subprime lending and predatory lending are synonymous. But if that's the case, why is it the biggest players that get flagged? (Read More)
Open Forum: Housing Needs Still Growing
January 30, 2006Excerpts of Mr. Mudd's recent remarks before the National Association of Home Builders in Orlando, Fla., are presented as our Open Forum. (Read More)
MBS Demand Could Benefit From Slowdown in Housing Market
January 30, 2006Recent economic indicators point to a cooling housing market and a stronger economy with the prospect of higher mortgage rates in 2006, factors that may help improve investors' MBS returns over that of a lackluster 2005. (Read More)
Golden West Sees Record ARM Originations Despite Tough Market
January 30, 2006Although 2005 wasn't a record-breaking year for the loan origination industry, Golden West managed to exceed its previous milestone. (Read More)
Citi's Earnings Rise on Gain
January 30, 2006Citigroup, the nation's largest bank holding company, said that its fourth-quarter earnings grew 30% from a year earlier, despite a decline in income from its consumer group. (Read More)
New Appraiser Group Dedicated to Fighting 'Unfair Competition'
January 30, 2006The Appraisal Advocacy Coalition, a nonprofit group "dedicated to protecting real estate appraisers from unfair competition," made its debut at the a la mode winter convention here. (Read More)
Lenders Optimistic About '06 Prospects
January 30, 2006A survey conducted by BNTouch, a database management company here, surprisingly found that three-quarters of the respondents said 2006 will be a better year than 2005 for the mortgage industry. (Read More)
Fannie Mae Keeps Dividend at $0.26
January 30, 2006Fannie Mae declared a first-quarter dividend on its common stock of $0.26 per share, unchanged from the fourth quarter. Based on the company's closing share price of $54.10 on Jan. 25, that creates a dividend yield of 2%. (Read More)
FBR Downgrades Fannie's Shares
January 30, 2006Friedman Billings Ramsey has downgraded Fannie Mae's stock to "underperform" and dropped its price target because the mortgage giant might be stuck with higher capital requirements and slower portfolio growth. (Read More)
Dexma and Prime Alliance Experience 34% Increase in Volume
January 30, 2006Dexma handled nearly one million unique loans or about $150 billion in loan volume for its clients, which includes distribution partners such as Prime Alliance Solutions, lenders including First Horizon Home Loans, U.S. Bank Home Mortgage and E*Trade Financial, and real estate companies such as Weichert Financial Services. (Read More)
DPS Enhances Direct-Docs Online
January 30, 2006Metro Detroit-based mortgage technology provider Document Processing Systems is refurbishing its Direct-Docs online system. The new additions to the software - including audit mode, a transaction history record keeping method - could draw more lenders to the product since the loan closing processes is completely electronic. (Read More)
Portellus Lets Lenders Try Out Its New Product
January 30, 2006Given the consolidation in the technology market, it's hard for new vendors to gain footing, but Portellus Inc. has launched what it calls the Customer Readiness Lab so users can see firsthand that the software delivers on all its claims. (Read More)
Advectis Enhances Pipeline Tool
January 30, 2006In an effort to make its product even more "intelligent," Advectis has added action sets to drive events automatically without any human intervention and reporting functionality to allow for better pipeline management. (Read More)
Less Money Flowing to CRE
January 30, 2006The flow of investment capital into the U.S. commercial real estate sector, which has pushed up property values in recent years, is likely to slow down in 2006, according to the University of Southern California Lusk Center for Real Estate. (Read More)
HSBC Becomes Fannie DU Lender
January 30, 2006HSBC Bank USA has been approved to become a Fannie Mae Delegated Underwriting and Servicing lender. This will enable the bank, the United States unit of HSBC Bank, to expand its multifamily financing solutions. (Read More)
Sizeler Considers Strategic Options
January 30, 2006Sizeler Property Investors is exploring a possible sale of the company. (Read More)
People
January 30, 2006CALIFORNIA Brea-ResMAE Mortgage Corp. has named Bonnie Kerivan as senior vice president, chief credit officer. (Read More)
Flagstar's Home Loan Origination Volume Dips in Fourth Quarter
January 30, 2006Metro Detroit's No. 4 mortgage lender took a dip in its loan production for the fourth quarter of 2005. The Troy, Mich.-based Flagstar closed $6.1 billion in loans, down $3.1 billion from $9.2 billion in loans closed during the fourth quarter of 2004. That's also a $2.7 billion drop from $8.8 billion closed in the third quarter of 2005. (Read More)
Wachovia Posts Solid 2005 Results
January 30, 2006Wachovia Corp. achieved record earnings of $6.64 billion, or $4.19 per share, last year, marking the fourth consecutive year of double-digit earnings growth. Moreover, the bank's mortgage unit turned in stronger performance compared to a year earlier as well. (Read More)
'Yield Curve Will be Flat for 2 Years'
January 30, 2006Profit margins in the conventional market have been razor thin the past year and if lenders are betting on an improvement in the yield curve, they'd better think again. The Mortgage Bankers Association predicted last week that the yield curve - the difference between short- and long-term rates - will be relatively flat the next two years. (Read More)
Administration Nixes Baker's Idea
January 30, 2006The Bush administration will not support the creation of a new government corporation to finance and oversee the reconstruction of New Orleans and other parts of Louisiana hit hard by Hurricane Katrina. (Read More)
Sen. Seeks Insurance Reform
January 30, 2006Senate Banking Committee chairman Richard Shelby, R-Ala., is calling for a major restructuring of the National Flood Insurance Program, and part of the reforms will likely put the onus on lenders to make sure homeowners don't drop their flood insurance. (Read More)
Broker Violations Next Up for States?
January 30, 2006Iowa attorney general Tom Miller, who headed the Ameriquest Mortgage investigation, is vowing that states might next tackle the origination practices of loan brokers. (Read More)
Mortgage Industry Equity Composite
January 30, 2006MIEC Index: 160.4 Change: -1.6 (part 1 of 2) Company 1/19/2006 1/26/2006 Wkly. (Read More)
Republic Sees Stronger Earnings
January 30, 2006Republic Bancorp Inc. here reported a 6% increase in 2005 year-end earnings at $0.90 per share compared to $0.85 EPS in 2004, which company executives said resulted almost equally from all of its three business lines: mortgage, retail and commercial banking. (Read More)
Bankruptcy Blip a Problem for BoA
January 30, 2006Despite reaching an earnings record for last year, Bank of America saw its fourth-quarter results clipped by a surge in bankruptcies. (Read More)
WA Brokers Support Licensing
January 30, 2006The Washington Association of Mortgage Brokers is taking a public stance to support what it calls a crucial, pending legislative initiative that involves loan officer licensing and expanded examination authority by the Department of Financial Institutions in Washington. (Read More)
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February 6, 2006
Volumes Decent, But Margins Sink
February 6, 2006Fourth-quarter production volumes were decent, but lenders - both prime and nonprime alike - suffered from a major case of the profit margin blues. (Read More)
Residential Originators in Q4 2005 (Sample)
February 6, 2006($ in Millions) (part 1 of 2) Organization Name Location America First CU Riverdale, UT Branch Banking & Trust Co. Wilson, NC Carteret Mortgage Corp. Centerville, VA Fidelity Bank Wichita, KS First Republic Bank San Francisco, CA GreenPoint Mortgage Funding Novato, CA Guardian Mortgage Co., Inc. Richardson, TX Homecomings Financial Minneapolis, MN HomeStreet Bank Seattle, WA M & T Mortgage Buffalo, NY National City Mortgage Miamisburg, OH No Red Tape Mortgage Sherman Oaks, CA PFF Bank & Trust Rancho Cucamonga, CA Platinum Direct Funding Rolling Meadows, IL Republic Bancorp Inc. Owosso, MI Ridgewood Savings Bank Ridgewood, NY Silver State Mortgage Henderson, NV SunTrust Mortgage, Inc. Richmond, VA U.S. Bank Home Mortgage Bloomington, MN Washington Mutual Seattle, WA (part 2 of 2) Origination Volume % Organization Name Q4 '05 Q4 '04 Chg. (Read More)
Mozilo: Countrywide May Be Buyer Now
February 6, 2006For years, Countrywide Financial Corp. has prided itself on its "organic growth" strategy, which has created the nation's largest mortgage lender despite a historical aversion to acquisitions. (Read More)
CMBS Market: Strong
February 6, 2006Coming off of a record year in issuance of commercial mortgage-backed securities, analysts on Wall Street, credit rating agencies and investors expect that 2006 will be another strong volume year for the sector, with most expecting more than $150 billion of net new product to enter this year. (Read More)
MBA: Big Drop In Refinancing
February 6, 2006MBA chief economist Douglas Duncan said in the association's recent long-term economic forecast that core inflation is likely to edge higher this year, but that it will remain contained. (Read More)
How Much of an 'Asset' is Servicing?
February 6, 2006($ in Millions) Company Asset Value of Serv. Residential Serv. Value Name Rights at 12/31/05 Servicing Portfolio in basis pts. (Read More)
Argent, Aurora Trim Jobs
February 6, 2006Two of the nation's largest nonprime funders - Argent Mortgage and Aurora Loan Services - have cut close to 1,000 workers in the past 10 days. (Read More)
Executive Changes for 2 Top Subprime Lenders
February 6, 2006A pair of the nation's largest subprime lenders is making changes in their executive suites. (Read More)
MGIC Promotes Patrick Sinks to President & COO
February 6, 2006MGIC Investment Corp. here has named Patrick Sinks as its new president and chief operating officer. Curt Culver will remain with the company as chairman and chief executive. (Read More)
Editorial: America Makes Mortgages
February 6, 2006We were saddened to see Ford Motor Co. follow the suit of General Motors recently and announce the slashing of tens of thousands of jobs and the closing of multiple plants in the United States. (Read More)
Open Forum: Strengthening the Program
February 6, 2006Excerpts of Mr. Maurstad's recent testimony before the Senate Banking Committee are presented as our Open Forum. (Read More)
Short Duration Investors Can Find Value in Jumbo Hybrid MBS
February 6, 2006Total rate of return investors who are looking for short-duration value in the MBS market may want to take a look at purchasing jumbo hybrid ARMs vs. agency hybrid ARMs, according to a new report out of Countrywide Securities Corp. (Read More)
After Strong '05, Experts See Generally Sound Prospects for REITs
February 6, 2006As the real estate sector continued to hold investor interest, REITs turned in a total return of 8.3% for 2005, going by the NAREIT Composite Index, outperforming other market benchmarks for the sixth year in a row. (Read More)
Pru Sees Lower Realty Returns
February 6, 2006As commercial properties appreciate at a slower pace this year, total returns from real estate investments will begin a slight decline in 2006, Prudential Real Estate Investors expects. (Read More)
Commercial Transactions
February 6, 2006* Greenwich Capital Financial Products has provided Thomas Properties Group with $130 million in mortgage financing, at a fixed-rate of 5.67%, interest-only for the first five years, secured by its 41-story office building. (Read More)
PwC Survey Finds Downtown Office Vacancies Declined Widely in '05
February 6, 2006Vacancy rates in office markets nationwide continue to decline, while debt and equity capital continue to flow into the commercial real estate sector, according to a PricewaterhouseCoopers fourth-quarter 2005 real estate investor survey. (Read More)
Kennedy Wilson Eyes Apartment Deals
February 6, 2006Kennedy Wilson, a real estate investment company, expects to invest $400 million in apartment property purchases this year, together with Kenedix, a Japanese real estate company. (Read More)
Roundup: NREIS Adds to Team
February 6, 2006National Real Estate Information Services has expanded its commercial services team and begun marketing its commercial services nationwide. (Read More)
MuniMae Reduces Workforce
February 6, 2006MuniMae, a multifamily lender and investment manager, has reorganized the company, resulting in an 8% reduction in its workforce. (Read More)
Related Becomes CharterMac
February 6, 2006Related Capital Company, an affiliate of multifamily lender CharterMac, has been renamed CharterMac Capital. (Read More)
Suitors Are Lining Up for TCT
February 6, 2006Following an earlier acquisition offer last December, which is awaiting shareholder approval, the Town and Country Trust has reported a second acquisition proposal from Oriole Partnership, a partnership formed by Essex Property Trust, a California-based multifamily real estate investment trust, and AEW Capital Management. (Read More)
BB&T Will Shun Eminent Domain
February 6, 2006BB&T Corp. has decided not to lend to commercial developers that plan to build on land taken away from private citizens using the principle of eminent domain. (Read More)
Commercial Transactions
February 6, 2006* GMAC Institutional Advisors has acquired a 216,904 sq. foot, Hollywood, Calif., multifamily property for $48.460 million in floating-rate interim funding provided by GMACCM. (Read More)
Lenders Market to 'Unbanked'
February 6, 2006During the past few years underserved low-income minority markets have become attractive to a growing number of housing investors. Furthermore, financial institutions appear to be on the lookout for new business among the unbanked, or "the new frontier" of underserved customers. (Read More)
YouthBuild Renovates Housing
February 6, 2006The Department of Housing and Urban Development has earmarked $58 million in grants as part of HUD's YouthBuild program that offers job training and continuing education opportunities to an estimated 4,300 low-income young people. (Read More)
CD Group Targets Preservation
February 6, 2006A group of 167 financial institutions nationally have launched Opportunity Finance Network, a new organization established to help leverage community development capital in underserved areas starting with a $4 billion campaign that includes anti-predatory lending efforts, the preservation of affordable housing units and disaster relief assistance. (Read More)
Value of Commercial Mortgage Market Equal to 15% of GDP
February 6, 2006Commercial mortgage loans outstanding now represent a record 15% of gross domestic product, and this record is likely to be broken soon, causing concern for Moody's Investors Service. (Read More)
Fannie Gets Listing Reprieve from NYSE
February 6, 2006Fannie Mae, which had been in danger of being delisted by the New York Stock Exchange, has received a reprieve. (Read More)
TrueClose Aids Processors with LOS Enhancements
February 6, 2006Loan processing is typically a time-consuming, tedious process that involves a large amount of paper pushing. TrueClose here hopes to change that with version 1.6, as processors no longer have to manage physical paper files, given that the solution is Web-based. (Read More)
IndyMac Cites Big Gain in Lending Market Share
February 6, 2006IndyMac Bancorp said it produced $18 billion of mortgage loans in the fourth quarter, pushing its market share up 72% from one year earlier. (Read More)
Flagstar Sees Lower Earnings in 2005
February 6, 2006Flagstar Bancorp Inc., whose residential loan portfolio is heavily dependant upon borrowers from the economically strapped Detroit area, reported lower net earnings for the fourth quarter of 2005 and for its year-end results. (Read More)
'Gradual' Rise Helps CarrAmerica
February 6, 2006CarrAmerica, one of the early office REITs to post fourth-quarter results, has shown continued improvement in the company's operating portfolio. (Read More)
Record Earnings for GM's Mortgage Operations
February 6, 2006While auto giant General Motors continues to struggle, its mortgage division ripped the ball off the cover in 2005, posting record earnings. (Read More)
North Fork Sees Big Earnings Gain
February 6, 2006With year-end net income of $949 million, compared to $553 million in 2004, North Fork Bank said it has been right on target during 2005 featuring a 27% annualized growth in commercial loans, a 54% decline in total nonperforming assets on a linked quarter basis and a net interest margin of 3.62%, or 10 basis points better than the third quarter of 2005. (Read More)
California Builders Anticipate Slowdown in Home Construction
February 6, 2006The California Building Industry Association projects that housing production will drop slightly this year to between 185,000 and 205,000 homes, condominiums and apartments statewide. CBIA chief economist Alan Nevin said he expects single-family production to decline from 2005 levels but believes multifamily starts are likely to increase slightly this year. (Read More)
Job Losses Foreshadow Higher Foreclosure Rate for Midwest
February 6, 2006The future for the Midwest doesn't look too bright as industry insiders forecast a likely rise in 2006 foreclosures for the economically challenged region and the rest of the United States. Michigan is among states in the Midwest with the worst outlook. Detroit's regional economy continues to take a dive as home appreciation is almost nonexistent and jobs in the once-vibrant auto industry continue to decline here. (Read More)
Freddie Prices a $3 Billion REMIC
February 6, 2006Freddie Mac has priced Reference REMIC R-004, Class AL, a $3.0 billion issue of real estate mortgage investment conduit securities. (Read More)
National City Eyes Cap Markets
February 6, 2006National City Corp. here has formed a Structured Products Group in its Capital Markets Division that will include a Mortgage Capital Markets Group. (Read More)
Roundup: Deal Is Downgraded
February 6, 2006Two classes of Banc of America Large Loan Inc.'s series 2003-BBA2 have been downgraded and the ratings have been removed from Rating Watch Negative by Fitch Ratings. (Read More)
Delinquencies Pass 40%
February 6, 2006Class B3 of CWMBS (IndyMac) Inc. mortgage pass-through certificates, series 2000-H (RAST 2000-A8), has been downgraded from B to CCC by Fitch Ratings. (Read More)
DLJ Deal Downgraded
February 6, 2006Class B-4 of DLJ Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1995-CF2, has been downgraded from B to CCC by Fitch Ratings. (Read More)
Eastman CDO Downgraded
February 6, 2006Class B-1 notes issued by Eastman Hill Funding I Ltd., a collateralized debt obligation partly composed of residential mortgage-backed securities, have been downgraded from B to CCC by Fitch Ratings. (Read More)
Losses Rise in Deal
February 6, 2006Two classes of Fremont Home Loan Trust's residential mortgage-backed certificates, series 2002-1, have been downgraded by Fitch Ratings. (Read More)
RASC HE Classes Weaken
February 6, 2006Six classes from two Residential Asset Securities Corp. home equity transactions have been downgraded by Fitch Ratings. (Read More)
Lower Issuance in 2006
February 6, 2006Issuance of U.S. private-label residential mortgage-backed securities will decline this year but remain strong enough to record the market's second-best year, Standard & Poor's Ratings Services is forecasting. (Read More)
American Home's Earnings Squeezed as Production Margins Shrink
February 6, 2006As expected, the fourth-quarter earnings for American Home Mortgage Investment Corp. here were affected by low gain-on-sale margins and writedowns of asset-carrying values. (Read More)
Credit Agency Agrees to Pay Fine
February 6, 2006Consumer reporting agency Far West Credit Inc. in Salt Lake City will pay $120,000 to settle Federal Trade Commission charges that the company violated federal law when it did not follow reasonable procedures to assure the accuracy of the information in the consumer reports it sold to mortgage companies. (Read More)
Michigan Regulators Take Aim at Problem of Home Loan Fraud
February 6, 2006Fraudsters hoping to squeeze cash from the mortgage industry in the midst of Michigan's economic struggles may soon have a harder time initiating scams. The Michigan Office of Financial Insurance Services is restructuring its offices so that more fraudsters are eliminated from the mortgage industry in Michigan. (Read More)
Builders Are Regaining Some of Their Optimism
February 6, 2006A drop in mortgage rates and a rise in consumer confidence helped to stabilize the confidence and market expectations of single-family homebuilders, according to the latest National Association of Home Builders and Wells Fargo Housing Market Index. (Read More)
Lenders Gearing Up For 'Oasis' in Phoenix
February 6, 2006In recent years, servicing executives have weathered more storms than they care to remember. A prolonged refinancing boom, with the refinancing share of loan applications sometimes exceeding 70%, meant loan servicers had to manage massive portfolio churning and declining values for mortgage servicing rights. (Read More)
Phoenix Plays Host to Servicing Executives
February 6, 2006For the first time, the Mortgage Bankers Association is taking its annual loan administration conference to Arizona's Paradise Valley. (Read More)
Freddie Helps Servicers Monitor Past Due Loans
February 6, 2006Freddie Mac is adding tools to its software suite for servicers that are managing defaulted loans, hoping to make it even easier for lenders to monitor their own compliance with Freddie Mac's requirements and guidelines. (Read More)
Fidelity Boards Over 2.2 Million Loans
February 6, 2006Fidelity Information Services, a division of Fidelity National Financial, said it boarded more than 2.2 million loans onto its Mortgage Servicing Package in 2005 using its electronic loan interface tool. That was a 10% increase in loans boarded from 2004. (Read More)
MBA Forms Industry Think Tank
February 6, 2006The Mortgage Bankers Association has named members to its recently created industry think tank, Council to Shape Change. (Read More)
Risk of Defaults Could Be Rising
February 6, 2006While economists are generally optimistic about the pace of economic growth this year, some who follow the housing market still expect to see an increase in mortgage defaults. (Read More)
Phoenix Touted for Security
February 6, 2006Anational trade magazine servicing the insurance industry has ranked Phoenix as the second-safest major U.S. city in which to conduct business based on its low susceptibility to major disruptions from extreme weather, earthquakes and terrorism. (Read More)
Renting a Car Gets a Bit Easier
February 6, 2006A $285 million rental car center has opened just west of Phoenix's Sky Harbor International Airport, near 16th Street and Buckeye Road. (Read More)
Events in Phoenix During Convention
February 6, 2006Numerous cultural and sporting events coincide with the MBA's annual mortgage servicing conference in Phoenix. The Greater Phoenix Convention and Visitors Bureau's website (www.phoenixcvb.com) includes a calendar of some activities that may be of interest. Here's a highlight of some of the offerings: * The Phoenix Symphony, with guest conductor Carlos Miguel Prieto joining the husband and wife team of Misha and Cipa Dichter, will perform Mozart's Double Piano Concerto. The Latin music of Revueltas and Falla is also part of the concert. Tickets are $20 to $32. The performance is at 3 p.m., Sunday, Feb. 12, at Symphony Hall at Second and Adams Streets. For more information, call (602) 495-1999. (Read More)
Convention Center Expanding
February 6, 2006If you notice some scaffolding around the Phoenix Civic Plaza, don't be surprised. The convention center is in the midst of an impressive expansion project. (Read More)
Keynoter Focuses on Creativity
February 6, 2006Marcus Buckingham, a senior consultant with the Gallup Organization and the co-author of several best selling business motivational books, has distinguished himself at "helping executives tap their strengths and think creatively," according to Business Week. (Read More)
People
February 6, 2006CALIFORNIA Irvine-New Century Financial Corp. said that Joseph F. Eckroth, hired in July 2005 as senior vice president and chief information officer, has been promoted to executive vice president of New Century Financial Corp. and chief operating officer of New Century Mortgage Corp. (Read More)
Countrywide Misses Wall St. Target
February 6, 2006On the surface, Countrywide just closed out a pretty good year. Earnings per share were up 13% in 2005 from 2004, and fourth-quarter earnings were up 69% from the fourth quarter of 2004. (Read More)
Residential Originators in Q4 2005 (Sample)
February 6, 2006($ in Millions) (part 1 of 2) Organization Name Location National City Mortgage Miamisburg, OH No Red Tape Mortgage Sherman Oaks, CA PFF Bank & Trust Rancho Cucamonga, CA Platinum Direct Funding Rolling Meadows, IL Republic Bancorp Inc. Owosso, MI Ridgewood Savings Bank Ridgewood, NY Silver State Mortgage Henderson, NV SunTrust Mortgage, Inc. Richmond, VA U.S. Bank Home Mortgage Bloomington, MN Washington Mutual Seattle, WA (part 2 of 2) Origination Volume % Q4 '05 Q4 '04 Chg. (Read More)
Second Look at Baker Plan?
February 6, 2006Three Republican governors of Louisiana are urging President Bush to take a "second look" at a bill that would create a Louisiana Recovery Corp. to assist for rebuilding New Orleans and other areas of the state devastated by Hurricane Katrina. (Read More)
Mortgage Industry Equity Composite
February 6, 2006MIEC Index: 158.4 Change: -2.0 (part 1 of 2) Company 1/26/2005 2/2/2006 Wkly. (Read More)
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February 13, 2006
Deutsche in the Hunt for Subprime
February 13, 2006Deutsche Bank has caught Wall Street's fever for subprime lending and is in the hunt for a production franchise - preferably non-retail - investment banking officials told National Mortgage News. (Read More)
The Residential REFI Picture: 2002 - 2005
February 13, 2006($ in Billions) The % of Res. Loan Prod. Purchase Refi Year That are Refis in Year Volume Volume 2005 (p) 50.0% $3,000 $1,500 $1,500 2004 52.8% $2,790 $1,317 $1,473 2003 71.3% $3,904 $1,121 $2,783 2002 66.4% $2,787 $937 $1,850 Notes: Percentage change numbers have been rounded. (p) Preliminary figure prepared by NMN. (Read More)
Administration Worried about FHA Risk
February 13, 2006The Bush administration has serious concerns about the performance of the Federal Housing Administration single-family program, but it still is proposing to give the agency the authority to charge risk-based mortgage insurance premiums and press for other legislative reforms to help the struggling program. (Read More)
Katrina Still on Servicers' Minds
February 13, 2006With the end of moratoriums on starting foreclosure action looming large, lenders gathering in Phoenix for the industry's annual mortgage servicing conference have a lot of decisions to make with regard to the management of loans affected by Hurricane Katrina. (Read More)
Freddie Holdings/Purchases 2005-2004
February 13, 2006($ in Millions) (part 1 of 2) Year/ Total Retained PCs Held in Port. Growth Month Portfolio Portfolio Rate(1) 5-Jan $646,925 $349,124 8.20% Feb $654,182 $353,475 5.90% Mar $656,720 $350,390 0.40% Apr $662,063 $348,399 10.80% May $668,137 $346,867 11.60% Jun $665,003 $336,233 3.90% July $660,035 $329,925 2.20% Aug $677,764 $338,505 11.50% Sept $684,530 $341,505 18.40% Oct $678,178 $339,455 11.90% Nov $692,758 $349,657 16.40% Dec $710,017 $361,324 18.90% Total $710,017 $361,324 10.00% 4-Jan $640,660 $388,471 12.50% Feb $638,034 $382,916 -0.20% Mar $636,595 $376,563 -2.40% Apr $632,482 $370,182 -4.90% May $634,895 $371,239 10.90% June $645,185 $374,238 12.60% July $656,342 $378,689 9.20% Aug $661,358 $378,001 1.40% Sept $660,713 $373,392 1.90% Oct $660,301 $373,031 3.80% Nov $656,982 $365,781 -0.40% Dec $653,641 $357,172 3.70% Total $653,641 $357,172 4.00% (part 2 of 2) Year/ Sing-Fam. Total Mort. Mort. PC Month Delinquen.(2) Purch.(3) Issuance 5-Jan 0.24% $35,888 $26,135 Feb 0.24% $36,600 $25,081 Mar 0.22% $39,077 $25,912 Apr 0.22% $48,541 $32,043 May 0.21% $50,025 $33,654 Jun 0.21% $47,954 $29,917 July 0.22% $41,889 $28,633 Aug 0.22% $62,279 $40,883 Sept 0.22% $62,543 $43,002 Oct 0.23% $45,481 $34,986 Nov 0.29% $52,902 $37,837 Dec na $58,753 $39,784 Total na $581,932 $397,867 4-Jan 0.27% $36,916 $31,653 Feb 0.27% $33,808 $26,368 Mar 0.25% $43,055 $32,651 Apr 0.24% $48,299 $38,219 May 0.23% $50,671 $41,778 June 0.23% $53,283 $39,022 July 0.23% $44,758 $30,709 Aug 0.23% $37,765 $23,461 Sept 0.23% $35,199 $23,586 Oct 0.24% $34,392 $26,541 Nov 0.24% $34,606 $23,207 Dec 0.24% $41,882 $27,953 Total na $494,634 $365,148 Notes: (1) Portfolio growth rate is an annualized rate. (2) No PMI included. (3) Preliminary. (Read More)
Technology Aids Offshore Moves
February 13, 2006As the market becomes more complex, lenders are looking toward globalization or offshoring to cut costs. Technology is an enabler that has made this process easier at GMAC Commercial Mortgage. (Read More)
Acoustic's CEO Departs amid B&C Challenges
February 13, 2006Frank Curry, president and co-founder of Acoustic Home Loans here, has left the company as it struggles to get its costs in line amid a tough operating environment. (Read More)
Fannie's Mudd Earns $13 MM
February 13, 2006Daniel Mudd, the man in charge of fixing Fannie Mae's $12 billion accounting scandal, earned about $13 million in compensation last year, according to an 8K statement the mortgage giant filed with the Securities and Exchange Commission. (Read More)
Community Bankers Are Optimistic about Growing Loan Volume
February 13, 2006Over 75% of community bankers believe they will be able to increase their single-family originations this year or at least maintain 2005 production levels, according to a survey by America's Community Bankers. (Read More)
Fed Is Focused On Underwriting
February 13, 2006Residential funders have been making "stated income" mortgages for years, but the Federal Reserve is starting to have concerns about banks that originate loans without the borrower providing proof of income. (Read More)
Editorial: On Your Game
February 13, 2006Tech-savvy lenders and mortgage technology vendors will need to be especially on their game this year, maximizing efficiency in an originations environment that the Mortgage Bankers Association predicts will be off 20% from 2005. (Read More)
Open Forum: Tough Choices for Housing
February 13, 2006Secretary Jackson's remarks before the U.S. Conference of Mayors Winter Meeting in Washington are presented as our Open Forum. (Read More)
Peeling Back Subprime IO Mortgages Reveals Some Opportunities
February 13, 2006With recent economic news showing that the U.S. economy is in a steady growth phase, and the Federal Reserve signaling that higher interest rates are a possibility, more consumers are going to look to interest-only mortgages to sustain housing affordability, especially in the subprime IO sector, and it's with these non-agency MBS products that investors may find value. (Read More)
Americorp Chooses GMAC for Subservicing
February 13, 2006GMAC Mortgage Corp. will handle interim subservicing for Americorp Credit Corp.'s first mortgages and closed-end second mortgages. (Read More)
MERS Prevails In NY Lawsuit
February 13, 2006In a nod to the legitimacy of MERS, the Appellate Division of the Supreme Court of New York on Dec. 19, 2005 issued a unanimous 4-0 decision that requires county clerks to record all mortgages, assignments and discharges naming MERS as the mortgagee or as nominee for a lending institution (in the matter of MERSCORP Inc. et al. v. Edward P. Romaine et al. 2005 NY Slip Op 09728). (Read More)
Lenders Embrace Service-Oriented Architecture
February 13, 2006Service-oriented architecture is high on the minds of most mortgage professionals looking to streamline and become more technologically flexible going forward, but when going down this path lenders need to know that it isn't a big-bang strategy. (Read More)
eAppraiseIT Buys Network Company
February 13, 2006eAppraiseIT is expanding its appraiser network and OCC compliance coverage with the acquisition of Network Appraisal Services, Kalamazoo, Mich. Terms of the transaction were not disclosed. (Read More)
Penn. Leads Way Toward E-Notary Standards
February 13, 2006During the mortgage process there are several documents that have to be notarized. GTE Federal Credit Union told NMN that this is the main hindrance of electronic mortgage adoption, but Pennsylvania has moved to change the landscape by enacting an e-notary system that it hopes will be the basis of a forthcoming national standard. (Read More)
Remend Offering Default Workspace
February 13, 2006Remend here has released what it calls the first integrated vendor management solution that allows servicers to centrally connect and manage their processes, orders, service levels and vendor relationships across the default functions. (Read More)
Economists See Good Prospects for CRE Loans
February 13, 2006Coming off a strong 2005, two industry economists believe that the good times will continue for commercial mortgage lenders in 2006. (Read More)
Commercial Real Estate Lending Volume Shatters Records in '05
February 13, 2006Originations of commercial and multifamily loans were 48% higher in 2005, compared to 2004, the Mortgage Bankers Association reports. Fourth-quarter 2005 originations were also 16% higher than third-quarter originations, and the highest ever recorded in the trade association's quarterly survey, according to the MBA. (Read More)
Wachovia Claims Top Servicer Spot
February 13, 2006Wachovia has overtaken GMAC Commercial as the largest commercial mortgage servicer, as of December 2005, going by the Mortgage Bankers Association's rankings of top commercial and multifamily mortgage loan servicers by volume. (Read More)
Lenders See Low Noncompliance with Insurance Requirement
February 13, 2006Lenders are not lax in making sure borrowers get flood insurance when buying a home in a flood plain, according to the Mortgage Bankers Association. (Read More)
MBA Seeking NFIP Rescue
February 13, 2006The Mortgage Bankers Association has asked Congress to increase the borrowing authority of the National Flood Insurance Program, which for the first time in two decades has seen its reserves depleted as a result of major hurricanes in 2005. (Read More)
Roundup: Freddie Expects Flat Yield Curve to Persist in 2006
February 13, 2006Freddie Mac sees a flat yield curve as a great opportunity to expand its mortgage-backed securitization business and invest in fixed-rate mortgages for its portfolio. (Read More)
Lockhart for ofheo job?
February 13, 2006The White House is considering former investment banker James B. Lockhart III, deputy commissioner of the Social Security Administration, to head the Office of Federal Housing Enterprise Oversight, National Mortgage News has learned. (Read More)
AmNet's Volume rises
February 13, 2006Wholesale lender American Mortgage Network here, a wholly owned subsidiary of Wachovia Bank, said that it funded $14.9 billion in mortgages for the year ending Dec. 31, 2005, compared to $9 billion in 2004, an increase of 65%. (Read More)
EOP Earns $19 Million
February 13, 2006Equity Office Properties Trust has reported net income of $19 million (earnings per share of $0.02) for the fourth quarter of 2005, compared to fourth-quarter 2004 net income of $61.3 million (EPS of $0.15). (Read More)
Equity Residential Earns $215 MM
February 13, 2006Equity Residential has reported net income of $215.2 million (earnings per share of $0.74) for the fourth quarter of 2005, compared to net income of $137.5 million (EPS of $0.48) for the fourth quarter of 2004. (Read More)
Rekon Technologies Gains Client
February 13, 2006After gaining a second top 10 servicer as a client for its electronic recording system, Rekon Technologies, a Pasadena, Calif.-based software provider for lien release and reconveyance preparation, is getting ready to play with the big boys. (Read More)
Franklin Hurt by Nonperforming Finance Loan
February 13, 2006Franklin Bank Corp., a thrift holding company here, said its performance in the fourth quarter of 2005 was adversely impacted by a $5.8 million nonperforming mortgage banker finance loan. The company did not identify the borrower, which it said has ceased operations and that federal authorities are investigating for possible fraud and other claims. (Read More)
Summit Faces Charge on Debt
February 13, 2006Summit Financial Group here plans to recognize $1.5 million of impairment in the fourth quarter relating to its $5.7 million investment in certain preferred stock of Fannie Mae and Freddie Mac. (Read More)
NetBank's Mortgage Operation Sees an $18 MM Loss in 2005
February 13, 2006The mortgage business lost nearly $18 million on a pretax basis for NetBank Inc. here during 2005, the company said. (Read More)
Fidelity's FIS Deal Becomes Official
February 13, 2006Fidelity National Financial and Centergy have closed on their merger agreement between Fidelity National Information Services, or FIS, and Certegy. (Read More)
Union Trust Expands NYC Housing Investment Commitment
February 13, 2006AFL-CIO Housing Investment Trust and AFL-CIO Building Investment Trust said they surpassed their five-year $750 million goal and are now launching phase two of their New York initiative, which includes $250 million in financing to construct and rehabilitate multifamily housing in the five boroughs and $150 million in commercial real estate funds. (Read More)
Hispanic Ownership Rate Exceeds 50%
February 13, 2006The homeownership rate for Hispanics finally hit a record 50% in the fourth quarter, while the homeownership rate for blacks declined to 48%, according to the U.S. Census Bureau. (Read More)
Freddie Teams with Lenders, Agents to Serve Asian Americans
February 13, 2006Freddie Mac has teamed up with the Asian Real Estate Association of America, lenders, insurers and housing counseling organizations to facilitate homeownership in Asian-American communities in Chicago, Houston and Southern California through an initiative that addresses "language and cultural barriers, lack of knowledge about the homebuying process and other challenges" as identified by recent research data. (Read More)
Online Foreclosure Sales Firm Sees Weakening in Home Prices
February 13, 2006Pacific Coast housing markets were slowing, with price declines in some formerly hot markets in California, and that foreclosure activity was poised to increase. Because in the gradual shift in the market towards a buyer's market in this sector, defaults are expected to rise, according to investment advisory firm Foreclosures.com. (Read More)
Two Law Firms Receive Awards
February 13, 2006The American Legal and Financial Network said two member firms recently received awards at the recent mortgage services attorneys summit in Anaheim, Calif. (Read More)
AFN Offers Online Property Records
February 13, 2006The American Legal and Financial Network, a nonprofit organization, offering legal, collateral product services and technology solutions to the financial and real estate industries, has formed an affinity relationship with CourthouseDirect.com to offer nationwide property records to the financial services industry. (Read More)
NAMB Postpones Launch of Western Conference
February 13, 2006A potential battle of the mortgage broker industry trade shows has been averted as the National Association of Mortgage Brokers apparently has come to some sort of understanding with the group behind the Western Regional Mortgage Lenders Conference. (Read More)
Title Firm Marks 60th Anniversary
February 13, 2006Informative Research, an independent mortgage credit reporting agency, celebrates 60 years of mortgage credit reporting in 2006. Informative Research was founded in 1946 to provide research services aimed at reducing the risk faced by the banking and lending community. (Read More)
DRI Sees Default Work Rising
February 13, 2006While economists are generally optimistic about the pace of economic growth this year, some who follow the housing market still expect to see an increase in mortgage defaults. (Read More)
Orion to Give Away iPod Nano
February 13, 2006Orion Financial Group, a document services provider, said it plans to "turn up the volume" at this year's Mortgage Bankers Association's National Mortgage Servicing Conference in Phoenix this week by giving away an iPod. (Read More)
Agency Offers Confidential Counseling
February 13, 2006The Homeownership Preservation Foundation here is addressing a rising wave of foreclosures nationally through a public service campaign that offers free and confidential advice from HUD-certified counseling agencies for all, while highlighting the needs of minorities and Hurricane Katrina victims. (Read More)
MDO Still Growing at Strong Clip
February 13, 2006The growth of mortgage debt outstanding - the best measure of the size of the mortgage servicing market - is expected to slow down this year. (Read More)
LandAmerica Offers Tax Service
February 13, 2006LandAmerica Financial Group, a provider of real estate transaction services, has introduced Total Tax Solutions, a customized real estate tax processing system for mortgage lenders. The new system integrates tax service data with the lender's current servicing system data, providing a single Web-based interface for all tax-related processing. (Read More)
Survey Sees Weakening of Credit Conditions
February 13, 2006A survey of credit professionals showed a "worrisome" downward trend in sentiment in January, according to the National Association of Credit Management. (Read More)
Servicers Ranked by # of Loans Serviced at 12/31/05 (Sample)
February 13, 2006(part 1 of 2) Organization Name Location America First CU Riverdale, UT American Home Mtg. Investment Melville, NY Astoria FS & LA Lake Success, NY Branch Banking & Trust Co. Wilson, NC CDC Mortgage Capital, Inc. New York, NY Cenlar FSB Ewing, NJ Charter One Bank Cleveland, OH Colonial Savings, F.A. Fort Worth, TX Fidelity Bank Wichita, KS First Republic Bank San Francisco, CA Flagstar Bank, FSB Troy, MI Graystone Mortgage Corporation Sudbury, MA GreenPoint Mortgage Funding Novato, CA Guardian Mortgage Co., Inc. Richardson, TX Hibernia National Bank Baton Rouge, LA HomeStreet Bank Seattle, WA Huntington Mortgage Columbus, OH LoanCare Servicing Center Inc. Norfolk, VA M & T Mortgage Buffalo, NY No Red Tape Mortgage Sherman Oaks, CA NVR Mortgage Finance, Inc. Pittsburgh, PA PFF Bank & Trust Rancho Cucamonga, CA Plymouth Savings Bank Middleboro, MA Ridgewood Savings Bank Ridgewood, NY Security Savings Mtg. Corp. Canton, OH Sovereign Bank, FSB Rosemont, PA SunTrust Mortgage, Inc. Richmond, VA U.S. Bank Home Mortgage Bloomington, MN VNB Mortgage Services Wayne, NJ Wachovia/First Union Mtg. Charlotte, NC (part 2 of 2) Number of Loans Serviced % Organization Name 12/31/2005 12/31/2004 change America First CU 8,028 7,841 2% American Home Mtg. Investment 158,281 104,841 51% Astoria FS & LA 48,225 51,143 -6% Branch Banking & Trust Co. 761,291 742,478 3% CDC Mortgage Capital, Inc. 18,244 20,542 -11% Cenlar FSB 270,000 270,000 0% Charter One Bank 280,200 289,882 -3% Colonial Savings, F.A. 89,349 89,010 0% Fidelity Bank 27,437 32,654 -16% First Republic Bank 9,419 8,561 10% Flagstar Bank, FSB 292,239 273,958 7% Graystone Mortgage Corporation 19,200 17,761 8% GreenPoint Mortgage Funding 289,304 286,698 1% Guardian Mortgage Co., Inc. 18,432 19,338 -5% Hibernia National Bank 20,265 107,436 -81% HomeStreet Bank 32,714 29,995 9% Huntington Mortgage 87,027 81,711 7% LoanCare Servicing Center Inc. 67,694 42,156 61% M & T Mortgage 169,218 171,616 -1% No Red Tape Mortgage 5,993 3,236 85% NVR Mortgage Finance, Inc. 941 947 -1% PFF Bank & Trust 10,557 10,954 -4% Plymouth Savings Bank 21,679 18,422 18% Ridgewood Savings Bank 7,382 7,566 -2% Security Savings Mtg. Corp. 18,952 18,772 1% Sovereign Bank, FSB 118,000 93,193 27% SunTrust Mortgage, Inc. 733,657 591,650 24% U.S. Bank Home Mortgage 725,306 685,279 6% VNB Mortgage Services 26,213 27,496 -5% Wachovia/First Union Mtg. 215,423 108,294 99% Notes: Firms listed alphabetically. This is a sample table ONLY. Mortgage Servicing News is still compiling 4Q 2005 results. Want to participate in this survey? Send an email to the address below. (Read More)
First American Expands Offshoring
February 13, 2006The First American Corp., the nation's largest data provider, has named J. Gregory Harrington as president of First American International Services Group. (Read More)
Experian Launches Collections Tool
February 13, 2006In an effort to help financial services organizations collect on large volumes of uncollected debt, Experian, a global information solutions provider, has launched a product called Collection Triggers. (Read More)
Fidelity National Completes Record Year-End Loan Processing
February 13, 2006Fidelity National Information Services said it completed a successful year-end processing for loans on its servicing automation system on Jan. 1. All daily, month-end, quarter-end and year-end processing was completed and balanced by 5:00 p.m. that day, the company said. (Read More)
Kaulkin Selling FAMS Subsidiary
February 13, 2006Kaulkin Ginsberg Co. has sold Financial Asset Management Systems Inc., an accounts receivable management company, to management and American Capital Strategies Ltd. (Read More)
Highlights for the 2006 National Mortgage Servicing Conference
February 13, 2006Wednesday, February 15, 2006 7:00 p.m. (Read More)
People
February 13, 2006CALIFORNIA Newport Beach-Impac Mortgage Holdings Inc. has promoted Gregory Davis to senior vice president, director of national sales for Impac's residential correspondent and wholesale platforms. (Read More)
Lenders Rankled by Ginnie Proposal
February 13, 2006The Bush administration is proposing to charge a one-time 6 basis point upfront fee on each single-family and multifamily Ginnie Mae securitization to pay for certain administrative expenses. (Read More)
White House Still Wants Reins on GSEs
February 13, 2006In its new fiscal budget, the Bush White House is sticking to its guns in regard to shrinking the size of Fannie Mae and Freddie Mac. (Read More)
TCF Bank Expands into Arizona
February 13, 2006TCF National Bank is launching out into new territory by building retail branches in Arizona. The bank that operates primarily in the Midwest, is heading southwest in search of new retail customers and loan originations in the Phoenix area. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
February 13, 2006B&C Stock Price Index: 206.2 Change: -5.6 (part 1 of 2) Company 52 wk/lo 52 wk/hi 2/9/2006 Aames (AIC) 5.36 10.35 6.00 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 85.99 82.62 IMPAC Mortgage Holdings (IMH) (1) 7.56 22.32 7.80 Accredited Home Lenders (LEND) 31.36 54.94 51.10 New Century (NEW) 30.22 54.20 38.98 Novastar (NFI) 25.27 42.55 31.32 Ocwen (OCN)(2) 6.38 10.15 9.97 Saxon Capital (SAX) 9.19 19.05 11.25 Transnational Finl Network I (TFN) 0.26 0.80 0.41 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) -6% 12% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) 0% 7% na IMPAC Mortgage Holdings (IMH) (1) -11% 3% na Accredited Home Lenders (LEND) -3% 63% na New Century (NEW) -7% 29% na Novastar (NFI) -1% 24% na Ocwen (OCN)(2) 0% 56% na Saxon Capital (SAX) -5% 22% na Transnational Finl Network I (TFN) 24% 58% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (Read More)
Mortgage Industry Equity Composite
February 13, 2006MIEC Index: 155.0 Change: -3.4 (part 1 of 2) Company 2/2/2006 2/9/2006 Wkly. (Read More)
Freddie Gearing Up for B&C Deals
February 13, 2006Freddie Mac is gearing up to purchase subprime loans directly from originators and plans to unveil a new securitization program, possibly by year-end. (Read More)
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February 20, 2006
WaMu Cuts Workforce
February 20, 2006Slapped sober by weaker profit margins and declining originations, mortgage bankers of all stripes are engaging in a mini-tsunami of cost cuts the likes that haven't been seen since the doldrums of 2000. (Read More)
Top Home Funders - YTD 2005
February 20, 2006($ in Millions) Rk Organization Name 1 Countrywide Financial Corp. (Read More)
E-Closing Return on Investment Defined
February 20, 2006The Mortgage Bankers Association and the Mortgage Industry Standards Maintenance Organization have sought to add some clarity to the unknown: electronic closing return on investment. (Read More)
New Subprime IPO on the Way
February 20, 2006Subprime lender People's Choice Financial Corp. here is undergoing an audit in preparation for an initial public offering, a spokesman for the company told National Mortgage News. (Read More)
RESPA Reform Coming Soon?
February 20, 2006The Department of Housing and Urban Development is continuing its work on reforming the Real Estate Settlement Procedures Act and expects to share its views with the industry this spring, a top department official told National Mortgage News. (Read More)
GSE Portfolio Too Big?
February 20, 2006In his maiden voyage before Congress, newly minted Federal Reserve chairman Ben Bernanke voiced his concerns about the size and risk profile of Fannie Mae and Freddie Mac. (Read More)
More Housing Capital Needed
February 20, 2006Over the next two decades, the mortgage industry will need to attract something in the range of $6 trillion to $8 trillion of new capital to finance the housing needs of a rapidly expanding population, MBA chairman Regina Lowrie told attendees at the association's annual mortgage servicing conference here. (Read More)
Large Private Mortgage Insurance Firms See Increase in Activity
February 20, 2006Only because of a huge increase in bulk primary insurance written, the nation's private mortgage insurance firms wrote slightly more business in 2005 than they did in 2004. (Read More)
Group Pushes Hard for Licensing Requirements
February 20, 2006The National Alliance of Independent Mortgage Bankers says it will push for legislation this year requiring all loan officers - mortgage bankers and brokers alike - to be licensed. (Read More)
NAREIT and FTSE Join Forces
February 20, 2006In a bid to make investment in real estate investment trusts more attractive, especially to institutional capital, the National Association of Real Estate Investment Trusts has tied up with index provider FTSE Group. (Read More)
Editorial: The Litmus Test
February 20, 2006The Real Estate Settlement Procedures Act remains a bafflement to loan originators. Still, they can benefit from some good advice proffered to them at a recent industry meeting. (Read More)
Open Forum: Freddie Housing Goals on Track
February 20, 2006Excerpts of Mr. McQuade's prepared remarks at the recent Citigroup Financial Services Conference in New York are presented as our Open Forum. (Read More)
Ginnie Mae Supply Set to Bounce Back, but Watch the Ricochet
February 20, 2006Long a staple of investors who wanted to own pristine credit, Ginnie Mae securities, backed by the full faith and credit of the U.S. government, have traded pretty rich compared to their conventional MBS counterparts. But the technical factors that have created the environment of the past few years are changing, according to a deep dive into the product by UBS researchers. (Read More)
Selected 30-Year Fixed-Rate Prepayments
February 20, 2006(For January Period) Cpn Year WAC Fctr Jan '06 Dec '05 Fannie Mae 5.50 2005 5.99 .944 7.0 8.1 Fannie Mae 5.50 2004 5.93 .756 11.4 14.3 Freddie Mac 5.50 2005 5.95 .948 5.8 7.2 Freddie Mac 5.50 2004 5.92 .774 10.3 13.7 Source: Bear Stearns & Co. (Read More)
30-Year Fixed Speeds Decline
February 20, 2006Prepayment rates on 30-year fixed-rate agency mortgages fell 23% in January, chiefly as a result of a seasonal slowdown in housing turnover and refinancing activity over the holiday season, according to Bear Stearns & Co. (Read More)
LandAmerica Earnings Error
February 20, 2006Correcting an accounting error initially created in 1999 has improved the results of LandAmerica Financial Group in every year from 2000 on, except in 2002. (Read More)
OPIC Whets Investor Appetite in Sub-Sahara African Market
February 20, 2006The U.S. Overseas Private Investment Corp. is holding a housing conference in South Africa this May so that U.S. investors can come and see that there are profitable opportunities to build and finance housing in Sub-Sahara African countries. (Read More)
Acquisition Establishes New Third Largest Canadian Originator
February 20, 2006In a deal that will make it Canada's second-largest originator in the mortgage broker channel and third-largest overall, Scotiabank here has agreed to acquire Maple Financial Group Inc. and its subsidiary Maple Trust Co. (Read More)
Small Balance Market Heats Up
February 20, 2006The small balance loan market, which has gained steam in the last few years, continues to heat up and attract new entrants, including residential brokers, it emerged at a panel session on small loans at the Mortgage Bankers Association's commercial real estate finance convention here. (Read More)
Bids Increase for TCT Acquisition
February 20, 2006The battle for the acquisition of the multifamily real estate investment trust the Town and Country Trust continues to heat up, with both Magazine Acquisition and Oriole Partnership hiking up their bids. (Read More)
Commercial Transactions
February 20, 2006* Greenwich Capital Financial Products has provided Thomas Properties Group a $130 million mortgage - at 5.67%, IO for the first five years - backed by a downtown Philadelphia 1.8 million sq. foot office and retail property. (Read More)
Freddie Mac Surpasses Record
February 20, 2006Freddie Mac has closed $26.2 billion in multifamily business transactions for 2005, a 10% increase over 2004 volume of $23.8 billion. (Read More)
Fannie Emphasizes Small MF Loans
February 20, 2006Fannie Mae's multifamily investments for 2005 touched $25.6 billion, making 2005 the second-best year for the company, Fannie Mae said at the Mortgage Bankers Association's commercial real estate finance convention here. (Read More)
Fourth-Quarter 'Less Negative than Feared' Says CreditSights
February 20, 2006For financial institutions trying to cope with a flat yield curve and a potential slowdown in loan demand, year-end 2005 financial results were less painful than some had expected. (Read More)
'Tougher Act' for Fed on the Way
February 20, 2006Concern about rising mortgage rates, inflationary pressure and home price appreciation have led analysts at CreditSights to assign an "underweight" recommendation to the homebuilding sector's bonds. (Read More)
Document Services: From Docs To Data
February 20, 2006Now that several investors have published electronic mortgage standards, there is going to be greater momentum to move toward a completely electronic mortgage environment. Last year, imaging was a big trend as many lenders look to go paperless, but these recent developments will allow them to go even further. (Read More)
Doc Specialist Helps Mortgage Brokers Transition to Bankers
February 20, 2006Suwanee, Ga.-based Global Equity Lending is a $2.7 billion residential retail lender transitioning from mortgage broker to mortgage banker and projecting 2006 origination volume to reach $3.5 billion. The lender has doubled in size for two consecutive years and its executives attribute its significant growth to the structure, support and flexibility in part to its custom LOS and its relationship with its document provider. (Read More)
Imaging Has Many Different Uses
February 20, 2006There has been a lot of talk about imaging as a tool to going paperless, but beyond just getting rid of the paper there are other uses for this technology that can equal big return on investment for the user. (Read More)
Standardized E-Delivery to Investors Is a Must
February 20, 2006Investors like Freddie Mac and Flagstar have delivered their e-mortgage specifications in recent months. Fannie Mae and Countrywide have had specs for some time. Lenders wanted more e-delivery choices when selling loans on the secondary market but how do they keep up? (Read More)
HUD Revises Rental Assistance Programs for Hurricane Victims
February 20, 2006The Department of Housing and Urban Development said it has replaced and expanded its current rental assistance program for families who lost their homes to Hurricanes Katrina and Rita with the $390 million supplemental appropriation signed recently by President Bush. (Read More)
CRA Produces Over 100,000 Affordable Renting Units
February 20, 2006The CRA Qualified Investment Fund said it produced over 100,000 affordable rental housing units in 2005 while attracting over 1,000 individual investors who joined the previously all-institutional bond mutual fund. (Read More)
Displaced Families to Return to New Orleans
February 20, 2006More displaced residents and working families will be able to return to New Orleans thanks to the "Coming Back Home" initiative, which has a goal to create 1,000 affordable housing rental units for low-income families and individuals from the area. (Read More)
FHLB of Seattle Starts $2.8M Plan
February 20, 2006The Federal Home Loan Bank of Seattle has granted $2.8 million in affordable housing program funds that will be used to create 363 housing units for first-time buyers, low-income farm workers, people with disabilities, and homeless individuals and families in five states. (Read More)
Problems Seen With Fannie Mae Construction Program Expansion
February 20, 2006Lender groups are urging the Department of Housing and Urban Development to reconsider a decision that gave Fannie Mae the green light to expand its construction lending program. (Read More)
Standard Pacific Expects Continued Growth
February 20, 2006Standard Pacific Corp. reported an increase of 39% in fiscal year earnings per share for 2005 following a 49% increase in 2004. (Read More)
PDF SMART Doc in the Works
February 20, 2006There is a debate going on within MISMO to add an eighth SMART Doc category that would allow for a PDF format. Speakers at the 5th Annual NHEMA Business Technology Roundtable held here recently think opening the door to PDF may prompt great adoption. (Read More)
REO Vendor Takes Steps to Staff Up
February 20, 2006As part of a plan to beef up its public relations initiatives, a provider of real estate-owned automated disposition solutions has hired a former legislative assistant and DJ for its public relations office. (Read More)
Taking Baby Steps Toward E-Sig Adoption
February 20, 2006Lights-out processing is nowhere near for most mortgage lenders, but adoption of electronic signatures is gaining momentum. It's rumored that both Countrywide and Wells Fargo have e-signature initiatives on their roadmap for this year, and in the interim e-signatures around disclosures are becoming more common. (Read More)
People
February 20, 2006CALIFORNIA Poway-eAppraiseIT said that DeAnna McCann has been named senior vice president and chief marketing officer for the company. She will also head eAppraiseIT's valuation consultants and client relations units. (Read More)
Roundup: Irwin Financial Corp.'s Net Income Falls Sharply in Q4
February 20, 2006Irwin Financial Corp. said fourth-quarter 2005 net income was $6.5 million, down from $13.9 million a year earlier. (Read More)
Morgan CRE Deal Gets Downgraded
February 20, 2006Two classes of Morgan Stanley Dean Witter Capital I Trust commercial mortgage-backed securities, series 2001-TOP1, have been downgraded by Fitch Ratings. (Read More)
Six MSDW Classes fall short
February 20, 2006Six classes of Morgan Stanley Dean Witter Mortgage Capital 2000-F1 have been downgraded by Fitch Ratings. (Read More)
Aegis on Rating Watch Negative
February 20, 2006Class B of Aegis Asset Backed Securities Trust, series 2003-1, has been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Delta Funding on Watch
February 20, 2006Five classes from three Delta Funding Corp. home-equity issues have been downgraded by Fitch Ratings and four classes from two other issues have been placed on Rating Watch Negative. (Read More)
Fed Scrutiny May Impact Servicers
February 20, 2006Federal banking regulators recently examined the "layering" of risk inherent in nontraditional mortgage products such as interest-only and option-payment ARMs. While their primary focus may have been on the origination of these products, many of the ramifications of increased federal scrutiny could fall on loan servicers. (Read More)
Regionals Face Tough Sledding
February 20, 2006Analysts at Merrill Lynch predict that regional banks will face an uphill battle to grow revenue this year. (Read More)
Fannie Crafts Refi Bail Out Plan
February 20, 2006Fannie Mae is working with lenders to develop a streamline refinancing process for borrowers who want to bail out of adjustable-rate mortgages. (Read More)
Discriminatory Loans Noted
February 20, 2006Federal Reserve Board researchers are trying to understand why blacks disproportionately go to subprime lenders that charge higher mortgage rates than prime lenders. (Read More)
Freddie Recognizes 'Tier One' Servicers
February 20, 2006Eighty-four of Freddie Mac's approved single-family loan servicers achieved "tier one platinum" or "tier one gold" performance rankings for superior investor reporting and default management in 2005. (Read More)
FHA Takes Steps to Reinvent Itself
February 20, 2006The Federal Housing Administration is reinventing itself and pretty soon it will have a call center, a standalone website and an advertising campaign. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
February 20, 2006B&C Stock Price Index: 202.7 Change: -3.5 (part 1 of 2) Company 52 wk/lo 52 wk/hi 2/16/2006 Aames (AIC) 5.36 10.35 6.14 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 85.84 83.83 IMPAC Mortgage Holdings (IMH) (1) 7.17 22.32 8.55 Accredited Home Lenders (LEND) 31.36 54.94 50.08 New Century (NEW) 30.22 54.00 39.42 Novastar (NFI) 24.08 42.55 26.66 Ocwen (OCN)(2) 6.38 10.15 9.99 Saxon Capital (SAX) 9.19 19.00 10.19 Transnational Finl Network I (TFN) 0.26 0.80 0.40 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) 2% 15% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) 1% 9% na IMPAC Mortgage Holdings (IMH) (1) 10% 19% na Accredited Home Lenders (LEND) -2% 60% na New Century (NEW) 1% 30% na Novastar (NFI) -15% 11% na Ocwen (OCN)(2) 0% 57% na Saxon Capital (SAX) -9% 11% na Transnational Finl Network I (TFN) -2% 54% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (1) IMPAC is mostly an Alt-A lender and servicer. (2) Ocwen is a subprime servicer and subservicer. (Read More)
Mortgage Industry Equity Composite
February 20, 2006MIEC Index: 157.0 Change: 2.1 (part 1 of 2) Company 2/9/2006 2/16/2006 Wkly. (Read More)
NovaStar Earnings Delay, Stock Hit
February 20, 2006Subprime lender NovaStar Financial here has postponed its fourth-quarter earnings, saying it needs to clarify certain "tax" issues affecting the company. (Read More)
IL, Ohio Home Sales Increase
February 20, 2006As the National Association of Realtors predicts stable home sales for the housing industry in 2006, two states in the Midwest are seeing an increase in home sales. (Read More)
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February 27, 2006
Top 2 Control 25% of Servicing
February 27, 2006Countrywide Home Loans and Wells Fargo Home Mortgage had a combined servicing market share of 25.53% at year-end, the first time ever that two firms controlled more than one-quarter of the nation's housing receivables. (Read More)
Rudman Report Raps Fannie Executives
February 27, 2006Fannie Mae's former chief financial officer Timothy Howard and controller Leanne Spencer were primarily responsible for abusing accounting rules that lead to the GSE's $11 billion earnings scandal, according to a long-awaited internal report conducted by retired U.S. Sen. Warren Rudman. (Read More)
New Century Eyeing Irwin?
February 27, 2006Subprime giant New Century Financial Corp. here has emerged as the leading bidder to purchase the conventional mortgage unit of Irwin Financial Corp., Columbus, Ohio, investment banking sources told National Mortgage News. (Read More)
Top Residential Servicers at 12-31-05
February 27, 2006($ in Millions) (part 1 of 2) Servicing Volume Rk Organization Name 12/31/2005 12/31/2004 1 Countrywide Financial Corp. $1,111,090 $838,322 2 Wells Fargo Home Mortgage $1,005,410 $782,378 3 Washington Mutual $746,759 $727,571 4 Chase Home Finance $604,170 $562,708 5 CitiMortgage, Inc. $403,208 $364,268 6 Bank of America $368,352 $332,467 7 GMAC Residential Holdings $288,813 $231,766 8 ABN Amro Mortgage $205,953 $201,154 9 National City Mortgage $169,557 $165,060 10 PHH Mortgage $157,302 $145,716 (part 2 of 2) % Market Mkt Shr Rk Organization Name Change Share % pt. (Read More)
Luminent Posts Large 4Q Loss
February 27, 2006Luminent Mortgage Capital here, a REIT that invests in mortgage securities, posted a $113 million loss in the fourth quarter, blaming its poor performance on a repositioning of its portfolio. (Read More)
Oxley Takes Aim at Title Firms
February 27, 2006House Financial Services Committee chairman Michael Oxley, R-Ohio, has directed a congressional auditing agency to conduct a study of the title insurance business and examine anti-competitive practices within that sector of the settlement services industry. (Read More)
GMAC Restructuring Sales Staffs
February 27, 2006Residential Capital Corp. is in the process of restructuring the sales forces of affiliates GMAC Residential and Homecomings, allowing account executives at the units to sell each other's products. (Read More)
Alaska Proposes Lender Licensing
February 27, 2006A mortgage licensing bill has been introduced in Alaska, which is one of two remaining states that have not enacted some form of a mortgage licensing regimen. The proposed legislation, entitled the Mortgage Lending Act of 2006, would require licensure of mortgage lenders and prohibit certain practices. (Read More)
Lenders Sell Builders and Realtors on Revitalized FHA Program
February 27, 2006Some lenders are starting to meet with real estate agents and homebuilders to explain recent changes in the Federal Housing Administration single-family loan program in hopes of drumming up more FHA business. (Read More)
FDIC to Collect More Loan Data
February 27, 2006Federal regulators will be collecting more information about the mortgage banking activities of commercial banks, including single-family originations and earnings, under new revisions to the bank call reports. (Read More)
Editorial: Servicing Nightmare
February 27, 2006What to do when Katrina forbearance periods end was much on the minds of lenders attending the Mortgage Bankers Association annual servicing conference in Phoenix. (Read More)
Open Forum: Recovery Requires Private Help
February 27, 2006Excerpts of Mr. Powell's recent testimony before the Senate Banking Committee are presented as our Open Forum. (Read More)
Inverted Yield Curve Throws a Kink into MBS Valuation Analysis
February 27, 2006One thing about the mortgage-backed securities market that an investor can always count on is that valuing an instrument with so many moving parts isn't easy. But generally most techniques to value MBS point in the same direction, even if their absolute levels may be very different. Not so today, and that is creating a conundrum for some MBS investors. Analysts at Bear Stearns recently offered guidance on how to evaluate the conflicting signals from two longtime measures of MBS value - nominal spreads and OAS. (Read More)
Roundup: News Briefs from the National Mortgage News Website
February 27, 2006Nonprime Going Mainstream In the wake of the prime lending sector's refinance contraction, the nonprime sector has picked up and become more mainstream, accounting for 28% of total loan originations, according to a panel member at the Mortgage Bankers Association's National Mortgage Servicing Conference and Expo in Phoenix. Rick Glass, managing partner with R.T. Glass & Associates, made the comments at a panel called "Repositioning Non-Prime Servicing," where he and other sector executives shared their thoughts on key challenges and competitive strategies in this market. Michael Drawdy, senior vice president at Countrywide Financial Corp., said half of subprime ARMs will be due in the summer and over the next 14 months. "There will be some people who can't pay for an ARM change," Mr. Drawdy said. "That is why you must make sure there is a system in place for collections - to make sure borrowers know their options." Panelists talked about repayment plans and ARM modifications aimed at helping borrowers stay in their homes. Over the next 12-24 months, there is a potential for severe delinquencies, they said. (Read More)
Regulators to Give CRA Credit for Recovery Work
February 27, 2006National banks located outside the disaster areas hit by Hurricanes Katrina and Rita are eligible for Community Reinvestment Act credit for assisting with the rebuilding effort in the Gulf Coast states, according to the Office of the Comptroller of the Currency. (Read More)
OTS Warns Banks On Neg-Am Risk
February 27, 2006Adjustable-rate mortgage products with negative amortization features are appropriate for some borrowers but not for subprime borrowers, according to the top federal thrift regulator. (Read More)
Ratings Change on ABFC Deals
February 27, 2006Class B of Asset Backed Funding Corp. mortgage-backed securities series 2002-SB1 has been downgraded from B to CCC by Fitch Ratings, and class M-3 has been placed on Rating Watch Negative as well. (Read More)
Lenders Market Sporting Events
February 27, 2006The top lenders here are using sporting events and venues to boost originations among diehard Motor City sports fans. (Read More)
REIT CEO Sees Fallout from Florida Condo Conversions Gone Bad
February 27, 2006The condominium conversion bubble is likely to end badly, causing multifamily vacancies to go up, according to Chris Wheeler, chairman and CEO, Gables Residential Trust. (Read More)
ResMAE Helps Mortgage Brokers Tap into Commercial Market
February 27, 2006In a bid to function as a resource for residential brokers who want to tap into the commercial mortgage arena, ResMAE Mortgage has launched a commercial lending operation. (Read More)
Blackstone to Buy MeriStar Hospitality
February 27, 2006MeriStar Hospitality is being acquired by an affiliate of The Blackstone Group in an approximately $2.6 billion transaction. (Read More)
ProLogis Targets Industrial Market
February 27, 2006ProLogis, an industrial real estate investment trust based here, has formed an industrial fund to acquire North American industrial properties. (Read More)
Discussion Board Posters Debate Scope of Industry Regulation
February 27, 2006Allan Greenspan: As much as I hate to admit it, I bet every negative thing we find to complain about real estate agents could also be said of certain mortgage brokers. Just look at what some brokers post here in a public forum. I have complained about some unethical Realtors, yet I seem to run into just as many fellow mortgage "professionals" that are no better than those real estate agents whom I complain about. I believe it is time our industry stepped up and required each loan officer to not only be licensed, but bonded as well. Make the loan officer responsible for buying a loan back where he or she committed fraud, just as Realtors carry individual licenses and bond. That would clean up a lot of the industry. Bonds are not cheap. The license requirements now in many states are nothing more than a joke. Either we clean up our industry or HUD will step in soon and regulate many of us owners right out of the industry. You will only see the Countrywide's, Wells Fargo's, ABN Amro's of the world left. And you think working for an independent owner is bad, just wait until you work for a large corporation mortgage lender. (Read More)
Impac Sees EPS Fall in 'Challenging' 2005 Lending Environment
February 27, 2006Impac Mortgage Holdings, a real estate investment trust, earned $270.3 million, or $3.35 per diluted common share, in 2005, as compared to $257.6 million, or $3.72 per share, for 2004. (Read More)
Finance Sector Slow to Grasp Minority Market
February 27, 2006Experts say the financial sector has been slower than other industries in targeting African-Americans and the wider ethnic minority markets, a trend about to change as larger banks are making up for lost time targeting these emerging markets through aggressive marketing and financial education. (Read More)
People
February 27, 2006CALIFORNIA Brea-ResMAE Mortgage Corp. has appointed Jeffrey Thompson as regional vice president for the company's Northeast territory. (Read More)
Rudman Report Raps GSE Culture
February 27, 2006The Rudman report on Fannie Mae's accounting problems is stirring up debate over GSE reform and whether it will give supporters of portfolio limits the boost they need to pass tough legislation this year. (Read More)
Proxy Fight Starts at NCEN
February 27, 2006A dissident shareholder is seeking to replace three of the board members at New Century Financial Corp. here in a proxy fight. (Read More)
Federal Home Loan Bank Net Up
February 27, 2006Combined earnings of the 12 Federal Home Loan Banks totaled $2.4 billion in 2005, up 25% from 2004, according to a preliminary report by the FHLBank's Office of Finance. (Read More)
Collections Become More Sophisticated
February 27, 2006Similar to credit card and auto lending operations, mortgage lenders are now incorporating predictive analytics to better manage risk, said James Caldwell, a partner with Deloitte & Touche, at the MBA's National Mortgage Servicing Conference & Expo here. (Read More)
Bank of America Restates Earnings
February 27, 2006Bank of America is restating its earnings back through 2002 to reflect a change in its interpretation of accounting rules pertaining to derivative instruments used to hedge interest rate risk exposure and foreign exchange exposure. (Read More)
Fitch to Provide Compliance Clarity
February 27, 2006When employing a large legal staff isn't an option, how is a lender to handle compliance? There are a number of automated compliance engines on the market, but deciding which one is the best fit is not an easy task either. So, Fitch is taking steps to possibly rate the different automated compliance engines to shed some light on their individual strengths and weaknesses. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
February 27, 2006B&C Stock Price Index: 204.2 Change: 1.5 (part 1 of 2) Company 52 wk/lo 52 wk/hi 2/23/2006 Aames (AIC) 5.36 10.35 6.07 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 85.84 84.45 IMPAC Mortgage Holdings (IMH) (1) 7.17 22.32 8.78 Accredited Home Lenders (LEND) 31.36 54.94 51.00 New Century (NEW) 30.22 54.00 40.00 Novastar (NFI) 24.08 42.55 26.48 Ocwen (OCN)(2) 6.38 10.15 9.89 Saxon Capital (SAX) 9.19 19.00 10.04 Transnational Finl Network I (TFN) 0.26 0.80 0.38 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) -1% 13% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) 1% 9% na IMPAC Mortgage Holdings (IMH) (1) 3% 22% na Accredited Home Lenders (LEND) 2% 63% na New Century (NEW) 1% 32% na Novastar (NFI) -1% 10% na Ocwen (OCN)(2) -1% 55% na Saxon Capital (SAX) -1% 9% na Transnational Finl Network I (TFN) -5% 46% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (Read More)
Mortgage Industry Equity Composite
February 27, 2006MIEC Index: 159.3 Change: 2.2 (part 1 of 2) Company 2/16/2006 2/23/2006 Wkly. (Read More)
Detroit Robberies, Fraud Up
February 27, 2006Retail banks here are experiencing losses in a different way. As deposits and branches increase, so are illegal withdrawals from a growing number of bank robberies. (Read More)
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March 6, 2006
2005 B&C Volume Breaks Record
March 6, 2006Subprime funders originated a record $809 billion in home mortgages in 2005, a 28% increase from the year before, according to newly released figures from the Quarterly Data Report. (Read More)
Subprime Set Yet Another Record in 2005
March 6, 2006($ in Billions) The Total Res. % of ARM B&C B&C % Year Prod. loans funded Vol of Total 2005 $3,320 47% $807 24.3% 2004 $2,847 48% $632 22.2% 2003 $3,904 28% $390 9.9% Notes: Subprime loans include credits that are A- to D in quality. Also, some subprime lenders include Alt-A, interest-only loans, and other non-conforming credits in with their production figures which will distort these results. (Read More)
Portfolio Growth Slowing
March 6, 2006Commercial banks and thrifts abruptly stopped adding single-family loans and mortgage-backed securities to their portfolios in the fourth quarter in response to rising short-term interest rates and a flattening yield curve. (Read More)
Top Residential Originators in Q4 '05
March 6, 2006($ in Millions) (part 1 of 2) Rk Organization Name 1 Countrywide Financial Corp. (Read More)
Analysis: Suit Blames Fannie's Board
March 6, 2006Even though the Rudman report absolves Fannie Mae's directors of wrongdoing in regard to the GSE's $11 billion accounting scandal, a shareholder lawsuit lays blame on its entire board - including current CEO Daniel Mudd - saying the group had been compromised through a pattern of "mutually beneficial relationships." (Read More)
Bond: Is it Time to Shut FHA?
March 6, 2006Sen. Christopher Bond, R-Mo., threw cold water on Bush administration proposals to revive the Federal Housing Administration single-family program and suggested it may be time to phase out the FHA program or privatize it. (Read More)
Fannie Buys Weak in Month
March 6, 2006Two new reports - one on GSE loan purchases and another on home sales - indicate that mortgage bankers are facing a rocky road in the months ahead. (Read More)
Accounting Woes Force PHH, Saxon to Delay Financial Reports
March 6, 2006Two publicly traded mortgage lenders - one prime, the other subprime - are delaying financial disclosures because of valuation and accounting concerns. (Read More)
ECC to Suspend 1st Qtr. Dividend
March 6, 2006The troubles continue for ECC Capital Corp., a mortgage real estate investment trust that originates nonconforming mortgages, as the company said it would not pay a dividend on its common stock for the first quarter of 2006. (Read More)
Two Former Countrywide Executives Settle On Trading Charges
March 6, 2006The Securities and Exchange Commissioned has charged two former Countrywide Financial Corp. executives with insider trading in a case that sprang from short trading of the company's stock just prior to the public release of disappointing financial results in October of 2004. (Read More)
Huntington Merges With Unizan Financial
March 6, 2006Huntington Bancshares Inc. here completed a merger with Unizan Financial Corp. of Canton, Ohio. As a part of the deal, shareholders of Unizan will receive a set portion of Huntington's common stock. (Read More)
Editorial: Managing REO
March 6, 2006Managing real estate-owned assets is going to become more of a problem for lenders if rates keep rising, home values ease off their meteoric rises or the economy cools off to any degree. All three of these factors have been put forward as possibilities, and the first two have already seen some movement. All three together would be the perfect storm for REO. (Read More)
Open Forum: Bank Realty Holdings a Concern
March 6, 2006Excerpts of Gov. Bies' remarks at the Financial Services Institute in Washington recently are presented as our Open Forum. (Read More)
Home Price Appreciation May Quicken Discount MBS Prepayments
March 6, 2006New reports from Countrywide Securities Corp. and Bear Stearns suggest that recent double-digit run-ups in home price appreciation will have more effect on the prepayment rates of discount and par-coupon mortgage-backed securities than the level of mortgage rates. (Read More)
Louisiana Turns to CDBG Funding for Hurricane Katrina Recovery
March 6, 2006Mississippi and Louisiana are preparing to use Community Development Block Grant funds to help rebuild hurricane-damaged homes and provide buyouts for homeowners who want or have to move. (Read More)
Prepays Slowing On B&C Product
March 6, 2006Slower prepayments of subprime fixed- and adjustable-rate residential mortgage-backed securities, which started in January, compared to December 2005, are expected to persist in February, "based on increases in subprime mortgage rates and weaker seasonal factors," according to a Friedman Billings Ramsey & Co. report. (Read More)
Banks Hone in on Construction & Development Loans
March 6, 2006Residential construction and development lending at banks and thrifts continued to accelerate in the fourth quarter as new home sales are starting to slow and the housing market appears to be cooling. (Read More)
Countrywide Can Issue $2.44 Billion
March 6, 2006Countrywide Financial can issue up to $2.44 billion of hybrid securities, according to the Federal Reserve limit on hybrid issuance. (Read More)
Roundup: Impac Expands Its Commercial Mortgage Loan Menu
March 6, 2006Impac Multifamily Capital, a subsidiary of Impac Mortgage, has been renamed Impac Commercial Capital, to better reflect the company's expanded offerings. (Read More)
Mills Considers Alternatives
March 6, 2006The Mills Corp., a retail real estate investment trust, is looking at a possible sale of the company as it contemplates some strategic alternatives. (Read More)
Garth Leaving AMAC
March 6, 2006John Garth, chief operating officer of American Mortgage Acceptance Co., is leaving the company, AMAC reports. (Read More)
Harbor Deal Downgraded
March 6, 2006The class B notes issued by HarbourView CDO III Ltd., a collateralized debt obligation that includes mortgage-backed securities, has been downgraded from CCC to C by Fitch Ratings. (Read More)
Flagstar Achieves Tier 1 Status
March 6, 2006Flagstar Bancorp Inc. was named among 84 Freddie Mac servicing companies recognized with its 2005 tier-one performance ranking. The ranking is given when a high level of customer service in investor reporting and default management is achieved for more than one quarter each year. (Read More)
MortgageFlex Expands Platform
March 6, 2006MortgageFlex has long produced systems to aid loan originators, but now the Florida-based technology firm is expanding its Internet-based platform to support mortgage servicing as well. (Read More)
MBA Awards Diversity Scholarships
March 6, 2006Four mortgage professionals have been awarded "Path to Diversity" scholarships by the Mortgage Bankers Association. (Read More)
Servicer Certification Is Growing
March 6, 2006After being in existence for a year, the Certified Mortgage Servicer program has had nearly 600 people registered for it, according to the Mortgage Bankers Association during its National Servicing Conference and Expo. (Read More)
Doral Says Net Earnings Overstated by $694 MM
March 6, 2006Doral Financial Corp., one of Puerto Rico's major mortgage lenders, has completed the restatement of its financial results, a process that shaved $694.4 million from the company's retained earnings through the end of 2004 as the company re-evaluated its accounting for mortgage loan sales and mortgage assets. (Read More)
Is Real Estate a Potential Problem?
March 6, 2006U.S. commercial banks and thrifts closed out last year with solid operating performance and balance sheet strength, but 2005 also saw bank performance "leveling off" from the highs of previous years, according to an analysis by A.M. Best Co. (Read More)
Beverly Hills Will Restate For 2004
March 6, 2006Beverly Hills Bancorp will restate its earnings for 2004 after its audit committee caught errors related to its investment in real estate mortgage investment conduits and the company's computation of net operating losses. (Read More)
Wells, WaMu Get 'Positive' Upgrade
March 6, 2006Standard and Poor's has raised its rating outlook from "stable" to "positive" for a number of banking companies, including mortgage giants Wells Fargo and Washington Mutual. (Read More)
Fitch Affirms Astoria's Outlook
March 6, 2006Fitch Ratings has affirmed the long-term issuer default rating and short-term rating for Astoria Financial Corp. and Astoria Federal Savings & Loan at "BBB-plus" and "F2," respectively. (Read More)
Grubb & Ellis Realty Unveils IPO at $6
March 6, 2006Grubb & Ellis Realty Advisors has priced an initial public offering of 20,833,334 units at $6 per unit for expected total proceeds of about $106 million (after underwriting discount and commissions). (Read More)
FBR Ends '05 With Red Ink
March 6, 2006Investment banking firm Friedman Billings Ramsey Group lost $170.9 million in 2005, with a previously disclosed writedown of its mortgage-backed securities portfolio serving as the main cause of the company's disappointing results. (Read More)
Mortgage Stocks Among Dividend Leaders
March 6, 2006A number of mortgage companies are among the top dividend yielding stocks in the financial services industry, according to a compilation by Dow Jones Newswires. (Read More)
People
March 6, 2006CALIFORNIA Costa Mesa-Secured Funding has promoted Michele Moses to vice president of operations. (Read More)
Mortgage Fraud: Prevent, Detect, resolve
March 6, 2006Given the 150% increase in mortgage fraud complaints made to the Federal Bureau of Investigation in the past fiscal year, many lenders have seen significant losses. It is becoming increasingly important for mortgage companies to be armed with the most up-to-date and effective strategies, techniques and policies to prevent and fight fraud. (Read More)
A More Comprehensive Approach Is Crucial
March 6, 2006With volume expected to fall between 10% to 15% this year, there will be more instances of appraiser fraud to ensure that the deal gets done, which will make automated tools like those offered by Hansen Quality all the more critical for lenders. (Read More)
Income Verification Tools Are a Must-Have
March 6, 2006With the increasing climate of creative mortgages including stated docs and stated-income loans, Jay Meadows, chief executive officer of Rapid Reporting, says the mortgage industry is seeing a decreased emphasis on paperwork, which only spells an increase in fraud. (Read More)
Pair Educating LOs on the Frontline
March 6, 2006Advantage Credit International is partnering with Mortgage Fraud Awareness LLC, a mortgage fraud consulting firm as a part of a long-term initiative to combat mortgage fraud. (Read More)
Regulatory Changes Cause Concern
March 6, 2006Record residential mortgage-backed securitization volumes and thinner margins have driven the mortgage industry to new valuation services that target fraud reduction, faster turnaround and lower costs. (Read More)
New Federal 'Stop Fraud Act' Coming
March 6, 2006Sen. Barack Obama, D-Ill., along with Sen. Dick Durbin, D-Ill., and Robert Menendez, D-N.J., has introduced a mortgage fraud bill entitled the Stop Fraud Act. (Read More)
New Measure for GSE Portfolios?
March 6, 2006The Bush administration may be softening its approach to portfolio limits by giving a new GSE regulator a new way of measuring the appropriate size of Fannie Mae and Freddie Mac's mortgage portfolios. (Read More)
Lawsuit Aims to Block County's Lending Law
March 6, 2006The American Financial Services Association, a national trade group representing mortgage lenders, has filed a lawsuit in a Maryland Circuit Court to prevent Montgomery County from enforcing an ordinance that would allow the county to regulate specific mortgage lending terms. (Read More)
Rising Inventories
March 6, 2006Metro Area Jan. '06 Jan. '05 Pct. Change Washington, D.C. 17,561 7,047 149.2 Miami 18,299 9,230 98.3 Los Angeles 3,450 1,834 88.0 Manhattan 9,130 4,885 86.9 Riverside/San Bernardino 15,838 9,360 69.0 Boston 9,375 5,600 67.4 New Jersey Suburbs of NYC 25,866 17,674 46.4 Detroit 37,135 26,919 38.0 Philadelphia 45,394 33,546 35.3 Atlanta 61,961 58,942 5.0 Source: Joint Center for Housing Studies. (Read More)
Colton: Rising Inventory Of Homes Not Dramatic
March 6, 2006Although the inventory of unsold new homes is approaching an all-time high, the problem, though serious, isn't as bad as it seems, a seasoned housing market observer said here last week. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
March 6, 2006B&C Stock Price Index: 209.7 Change: 5.5 (part 1 of 2) Company 52 wk/lo 52 wk/hi 3/2/2006 Aames (AIC) 5.36 10.35 5.86 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 86.35 85.84 IMPAC Mortgage Holdings (IMH) (1) 7.17 22.32 8.16 Accredited Home Lenders (LEND) 31.36 54.94 53.55 New Century (NEW) 30.22 54.00 39.01 Novastar (NFI) 24.08 42.55 31.12 Ocwen (OCN)(2) 6.38 10.15 9.84 Saxon Capital (SAX) 9.19 18.95 9.92 Transnational Finl Network I (TFN 0.26 0.71 0.36 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) -3% 9% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) 2% 11% na IMPAC Mortgage Holdings (IMH) (1) -7% 14% na Accredited Home Lenders (LEND) 5% 71% na New Century (NEW) -2% 29% na Novastar (NFI) 18% 29% na Ocwen (OCN)(2) -1% 54% na Saxon Capital (SAX) -1% 8% na Transnational Finl Network I (TFN -5% 38% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (1) IMPAC is mostly an Alt-A lender and servicer. (2) Ocwen is a subprime servicer and subservicer. (Read More)
Fitch Affirms Strength of Six MIs
March 6, 2006Fitch Ratings here has affirmed the insurer financial strength ratings on six of the seven private mortgage insurance companies. The move came as the company said it would not be implementing its new insurance industry notching standards for either mortgage insurance or financial guaranty companies. (Read More)
Mortgage Industry Equity Composite
March 6, 2006MIEC Index: 158.0 Change: -1.3 (part 1 of 2) Company 2/23/2006 3/2/2006 Wkly. (Read More)
Colo. Senate OKs Foreclosure Act
March 6, 2006Continuing the trend among states considering and enacting legislation aimed at reducing fraudulent activity in connection with foreclosure rescue or bailout programs, the Colorado Foreclosure Protection Act has been introduced in the Colorado Senate. (Read More)
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March 13, 2006
Private MI Firms Lose Share
March 13, 2006Mortgage insurers have been complaining for years about business they've lost to "piggyback" loans but their days of griping may be waning. (Read More)
MI Written as a % of Total Production
March 13, 2006($ in Billions) The New MI policies Total residential MI written as year written in year production in year a % of new production 2005 $268 $3,320 8.07% 2004 $262 $2,847 9.20% 2003 $396 $3,904 10.14% 2002 (*) $337 $2,787 12.09% 2001 (*) $283 $2,006 14.10% 2000 (*) $163 $1,067 15.28% 1999 (*) $189 $1,214 15.57% 1998 (*) $187 $1,550 12.06% Notes: Numbers rounded. Production figures represent both refinancings and new purchase money loans. MI policies written, for the most part, include bulk insurance which did not catch on with all MI firms until this century. (*) MI figures courtesy of the Mortgage Insurance Companies of America; otherwise, the figures come from NMN/QDR. (Read More)
MD Predatory Law on Hold
March 13, 2006A Maryland Circuit Court last week halted - for now - an ordinance on discriminatory lending that had caused 50 lenders to consider pulling out of the state's most prosperous county, Montgomery. (Read More)
'Exotics' Volume Continues to Boom
March 13, 2006Even though federal regulators are warning about the risk of payment-option ARMs and interest-only loans, mortgage bankers aren't backing away from the products one bit. (Read More)
Residential IO Lenders in Q4 2005
March 13, 2006(Dollars in Millions) (part 1 of 2) Rk Organization Name 1 Wells Fargo Home Mortgage 2 Countrywide Financial Corp. (Read More)
HUD Silent on RESPA Reform
March 13, 2006The Department of Housing and Urban Development continues to work on Real Estate Settlement Procedure Act reform but it has decided not to share its approach with industry groups until it issues a proposed rule. (Read More)
Lydian Buys WellFound
March 13, 2006Combine the integration, architecture and data extraction capabilities of WellFound Decade and the secondary market clients and services of Lydian Data Services and you get the newly formed Lydian Technology Group that could very well take the secondary market into a more electronic world. (Read More)
Fannie to Hold Investor Call
March 13, 2006Fannie Mae will host a conference call for investors today, Monday, March 13, at 4 p.m. Eastern time following the filing of a "Form 12b-25" with the SEC relating to the company's 2005 results. Fannie Mae president and CEO Dan Mudd will host the call. He will be joined by Bob Blakely, chief financial officer; Tom Lund, executive vice president for single-family mortgage business; and Peter Niculescu, executive vice president for mortgage portfolio business. (Read More)
OFHEO No Comment on GSE Bill
March 13, 2006Even though the Office of Federal Housing Enterprise Oversight likes many aspects of pending GSE legislation, the agency is still refusing to comment on a final bill's main sticking point - the ability of a regulator to shrink the massive portfolios of Fannie Mae and Freddie Mac. (Read More)
Finance Board Seeks to Penalize FHLBs For Mortgage Investments
March 13, 2006The Federal Housing Finance Board is proposing to substantially increase retained earnings at 12 Federal Home Loan Banks and to penalize the banks from investing in mortgage assets. (Read More)
Three-Year High For Fixed Rates
March 13, 2006The average 30-year fixed mortgage rate rose from 6.24% to 6.37% over the seven-day period ended March 9, representing its highest level since September 2003, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Editorial: Privatize This Program
March 13, 2006Congress should take the disgracefully run title status report program on American Indian property transfers away from the Bureau of Indian Affairs and place it into the hands of either tribally run title plants or the private title insurance industry. (Read More)
Open Forum: GSEs Need to Focus on Mission
March 13, 2006Excerpts of Mr. Quarles' remarks to Global Association of Risk Professionals in Washington recently are presented as our Open Forum. (Read More)
Agency Fixed-Rate IO MBS are Cheap, Say Credit Suisse Analysts
March 13, 2006Analysts at Credit Suisse are bullish on the future of the fixed-rate agency interest-only MBS, according to a report published recently by the Wall Street dealer. Credit Suisse notes that fixed-rate IO MBS recently account for more than 70% of new deals in the non-agency sector and that the proportion in agency securities has doubled since October 2005. Importantly, fixed-rate agency IO MBS are cheap to their TBA counterparts, creating a chance for investors to pick up incremental yield. (Read More)
Washington State Proposes Bill Seeking to License Loan Officers
March 13, 2006In order to ensure consumer protection and to reduce fraud, a house bill has been passed in Washington, which involves loan officer licensing and expanded examination authority by the Department of Financial Institutions. (Read More)
Seattle FHLBank Reports 4Q Loss
March 13, 2006The Federal Home Loan Bank of Seattle reported a $9.1 million loss in the fourth quarter but the financially troubled bank ended the year in the black with a $1.7 million profit. (Read More)
Prepayment Rate Rises Modestly
March 13, 2006Prepayment rates for conventional 30-year fixed-rate mortgages in agency mortgage-backed securities recorded "modest gains" in the February reporting period, according to Bear Stearns & Co. (Read More)
Selected 30-Year Fixed-Rate Prepayments
March 13, 2006(For February Period) Cpn Year WAC Fctr Feb '06 Jan '06 Fannie Mae 5.50 2005 5.99 .938 7.9 7.0 Fannie Mae 5.50 2004 5.93 .747 12.3 11.4 Freddie Mac 5.50 2005 5.95 .941 7.1 5.8 Freddie Mac 5.50 2004 5.92 .765 11.2 10.3 Source: Bear Stearns & Co. (Read More)
Boomers Fueling Sun Belt Demand
March 13, 2006The Sun Belt states have long been a magnet for retirees, but as the first wave of baby boomers retire, the real estate investment community is noting a huge shift in demand for properties in Southern states. (Read More)
Soundview Deal Downgraded
March 13, 2006Class B of Soundview Home Equity Loan Trust series 2000-1 has been downgraded from BBB to BB-plus by Fitch Ratings. (Read More)
Questions & Answers
March 13, 2006About Macquarie Mortgages USA Macquarie Mortgages USA Inc. is a member of the Macquarie group and is headquartered in Memphis, TN. Macquarie Mortgages USA makes its innovative range of products and programs available to homebuyers through a network of mortgage brokers and correspondent lenders in 32 US states. (Read More)
MIT Index Finds Commercial Real Estate Returned 34% in 2005
March 13, 2006The MIT Center for Real Estate of the Massachusetts Institute of Technology has released a commercial real estate index that tracks the investment performance of commercial properties. (Read More)
Analyst: TCF Faces HE Risk
March 13, 2006TCF Financial, a Minnesota-based savings institution, has a "higher risk loan portfolio" than some of its peers, according to analysts at CreditSights. (Read More)
Roundup: G REIT Shareholders Approve Property Liquidation Plan
March 13, 2006G REIT Inc., Santa Ana, Calif., has announced stockholder approval of a plan of liquidation, involving the sale of 25 properties, that is expected to take up to two years. G REIT said the net liquidation value is estimated at somewhere between $10.31 and $11.50 per share of common stock. G REIT's adviser and operational manager is Triple Net Properties LLC, Santa Ana. (Read More)
Roundup: Losses on Ameriquest HE Deal Exceed Expectations
March 13, 2006Two classes from two Ameriquest Mortgage Securities Inc. home-equity issues have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
C-BASS Classes Downgraded
March 13, 2006Three classes from two Credit Based Asset Servicing and Securitization LLC mortgage loan securitizations have been downgraded by Fitch Ratings, and four classes from two other C-BASS transactions have been placed on Rating Watch Negative. (Read More)
GE Deal Downgraded
March 13, 2006Two classes of GE Capital home-equity loan pass-through certificates, series 1997-HE4, have been downgraded by Fitch Ratings. (Read More)
Goldman Deal on Review
March 13, 2006Classes B-1 and B-2 of GS Mortgage Securities Corp. residential mortgage pass-through certificates, series 2003-HE1, have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Mid Ocean Deal Downgraded
March 13, 2006Two classes of notes issued by Mid Ocean CBO 2000-1 Ltd., a collateralized debt obligation that includes mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
Salomon Deal Downgraded
March 13, 2006Class M of Salomon Brothers Mortgage Securities VII Inc., series 2000-C2, has been downgraded from CC to C by Fitch Ratings. (Read More)
Most Builder Profits Come from Land Acquisition and Development
March 13, 2006It's the land, stupid. (Read More)
Housing Prospects Remain Sound
March 13, 2006In the fable, The Tortoise and the Hare, slow and steady wins the race. And so it will be in housing, says a staff member at the Joint Center for Housing Studies at Harvard. (Read More)
Fitch Downgrades 1 & Upgrades 6 Classes
March 13, 2006Class L of LB Commercial Mortgage Trust's commercial mortgage pass-through certificates, series 1998-C1, has been downgraded from CC to C by Fitch Ratings. (Read More)
MBA Fears Bush End Run on Oversight of GSEs
March 13, 2006If legislation to place Fannie Mae and Freddie Mac under a new regulator doesn't reach the president's desk this year, the Mortgage Bankers Association is worried that the Bush administration could exercise its regulatory authority to rein in the two government-sponsored enterprises. (Read More)
Tax Reform Far From Dead
March 13, 2006Most people think the presidential tax reform panel's proposal to eliminate the federal tax deduction for mortgage interest is as a dead as road kill. But not Kurt Pfotenhauer. (Read More)
CoreLogic Measures Disaster Risk
March 13, 2006CoreLogic, a provider of mortgage risk assessment and fraud prevention services, has developed a program using geographic information systems to assess the likelihood of default in the event of natural disasters such as last year's major hurricanes. (Read More)
Mortgage REITs Face Difficult Environment
March 13, 2006The increasingly tough business environment is having an impact on two mortgage lending real estate investment trusts based in this city. (Read More)
Genworth Prices Second Stock Offering at $32.75 per Share
March 13, 2006Genworth Financial here, the parent of Genworth Mortgage Insurance Corp., Raleigh, N.C., has priced its secondary public offering of Class A common stock at $32.75 per share. (Read More)
LoopNet Files IPO Documents
March 13, 2006LoopNet, an online commercial real estate marketplace (www.loopnet.com), has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. (Read More)
H&R Block Scales Back Staff in Mortgage Unit
March 13, 2006Zacks.com, the online service of Zacks Investment Research Inc., Chicago, has given a #4 Sell rating to the common stock of H&R Block Inc. here, the parent company of Option One Mortgage Corp., and H&R Block Mortgage Corp., both based in Irvine, Calif. (Read More)
GGP Bondholders Facing Challenges
March 13, 2006General Growth Properties has been a high-flying real estate investment trust in recent years, with the stock price more than doubling since early 2003. (Read More)
Freddie Mac to Pay Dividend
March 13, 2006Freddie Mac has declared a $0.47 quarterly dividend on the company's common stock, payable on March 31 to stockholders of record on March 10. (Read More)
J.P. Morgan Chase Wants to Be 'Universal Bank'
March 13, 2006Under the leadership of CEO Jamie Dimon, J.P. Morgan Chase is building a "lean and functional universal bank" but still has to deliver on the execution of that model, according to an analysis of a recent investor presentation by CreditSights. (Read More)
FCS Sees Drop In Net Income
March 13, 2006The Farm Credit System earned $2.09 billion in 2005, down from net income of $2.99 billion in 2004. (Read More)
Lenders Relying on Bilingual Strategies to Reach New Markets
March 13, 2006An increasing number of lenders, brokers, federal agencies and even individual loan officers are using a bilingual approach in an effort aiming to bring more Spanish-speaking borrowers into the housing marketplace. (Read More)
HUD Asks Universities to Help with Gulf Coast Rebuilding Effort
March 13, 2006The Department of Housing and Urban Development has launched the Universities Rebuilding America Partnership initiative, an innovative $5 million program designed to tap into the expertise of faculty and students from 16 colleges and universities to help rebuild Gulf Coast communities affected by the recent hurricanes. (Read More)
Roundup: Public Storage REIT Strikes Deal with Shurgard Centers
March 13, 2006Public Storage, a self-storage real estate investment trust, is acquiring Seattle-based Shurgard Storage Centers, another self-storage REIT, for about $5 billion. (Read More)
Freddie Prices Note Reopening
March 13, 2006Freddie Mac last week auctioned a $1 billion reopening of its 4.625% two-year USD Reference Notes security due on Feb. 21, 2008. The stop yield for the issue, CUSIP 3134A4ZU1, was 5.035%, priced at 99.244894 or approximately 26.4 basis points more than the two-year U.S. Treasury Notes. The bid-to-cover ratio was 3.534-to-1. (Read More)
Freddie Offers Reference Notes
March 13, 2006Freddie Mac last week priced its new 5.125% $5 billion five-year USD Reference Notes security due on April 18, 2011. The issue, CUSIP number 3137EAAB5, was priced at 99.926 to yield 5.143%, or 36 basis points more than five-year U.S. Treasury Notes. The issue will settle on March 9, 2006. (Read More)
Deterioration Seen in Deal
March 13, 2006Class A of Structured Finance Advisors Collateralized Asset Backed Securities Trust I Ltd. has been downgraded from B to CCC by Fitch Ratings. (Read More)
Global Equity uses GMS
March 13, 2006Guardian Mortgage Services here is managing 100% of Global Equity Lending's document preparation, closing coordination and post-closing. GMS is a division of Guardian Mortgage Documents that provides customized outsource solutions to lenders of all sizes and serves as an alternative to managing back-office operations internally. (Read More)
Roundup: U.S. Bank's Trust Unit Gets Master Servicer Ratings
March 13, 2006Standard & Poor's and Moody's have provided master servicer ratings to U.S. Bank Corporate Trust Services, the company said. (Read More)
C-BASS Does $937MM Remic
March 13, 2006C-BASS here has closed on a transaction backed by approximately $951.6 million in residential mortgages in February. (Read More)
Default Servicing Conference
March 13, 2006The United Trustees Association will hold their 31st annual Fall Education Conference and Trade Show at the brand-new Red Rock Resort, Casino & Spa in Las Vegas Nov. 13-14. (Read More)
NFCC Warns on 'Credit Addiction'
March 13, 2006The National Foundation for Credit Counseling says "there is no Happy New Year" for many people as consumer debt continued to grow another $4 billion in January to a staggering $2.16 trillion, according to numbers released yesterday by the Federal Reserve Board. The NFCC continues to voice serious concern over yet another increase in consumer debt during the first month of 2006. (Read More)
Internet Community Debates Steering A Credits to B&C
March 13, 2006"Subprime funders originated a record $809 billion in home mortgages in 2005, a 28% increase from the level of the year before, according to newly released figures from the Quarterly Data Report." (Read More)
Countrywide Signs Tennis Champs to Multiyear Endorsement Deal
March 13, 2006Countrywide Financial Corp., the nation's top originator and servicer of home loans, has signed three-time tennis Grand Slam champs and No. 1 ATP ranked doubles players Bob and Mike Bryan to a multiyear endorsement deal. (Read More)
Countrywide Holding Forum
March 13, 2006Countrywide Financial Corp. will host an equity investor forum near its California headquarters on Thursday, March 30 and a tour of its Simi Valley servicing operation the following morning on Friday, March 31. (Read More)
Online Bank Stresses Service
March 13, 2006Has the mortgage industry's appetite reached a peak for having brokers make their initial loan submissions electronically to a wholesale website? EverBank's recent announcement about offering "alt-A loans with 'A' paper service" suggests that it has. (Read More)
URS to Support Federal RE Sales
March 13, 2006URS Corp. here said that its EG&G division has been awarded a contract with the General Services Administration to support federal asset sales. The five-year contract has a maximum value of $25 million to URS, the company said. (Read More)
CarrAmerica Sold to Blackstone
March 13, 2006CarrAmerica Realty Corp., an office real estate investment trust, is being acquired by the Blackstone Group in a transaction valued at about $5.6 billion. (Read More)
Delinquency Rates - Based on Total Past Dues at 12/31/05
March 13, 2006Based on Number of Loans Serviced (part 1 of 3) Rk Organization Name 1 Washington Federal Savings 2 America First CU 3 IXIS/CDC Real Estate Capital 4 Midwest Loan Services 5 B.F. Saul Mtg./Chevy Chase Bank 6 HomeStreet Bank 7 Citizens Mortgage Corporation 8 Charter One Bank 9 SunTrust Mortgage, Inc. (Read More)
Mortgage Loan Applications Rise
March 13, 2006The Mortgage Bankers Association's weekly survey of loan application activity found that overall home loan applications increased for the week ending March 3. (Read More)
People
March 13, 2006CALIFORNIA Irvine-Portellus Inc. said that Michael Pham has joined the company as director of technology operations. (Read More)
Cavalier Gets Boost From FEMA
March 13, 2006Cavalier Homes Inc. reported a strong conclusion to 2005, reflecting a boost from contracts for specified housing from the Federal Emergency Management Agency. (Read More)
Kempner's Wife Gets MBA Donation
March 13, 2006The Mortgage Bankers Association has donated $5,000 to the U.S. Senate campaign of Lise Van Susteren, the wife of trade group president Jonathan Kempner. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
March 13, 2006B&C Stock Price Index: 201.5 Change: -2.7 (part 1 of 2) Company 52 wk/lo 52 wk/hi 3/9/2006 Aames (AIC) 5.36 10.35 5.41 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 87.11 85.45 IMPAC Mortgage Holdings (IMH) (1) 7.17 22.32 7.88 Accredited Home Lenders (LEND) 31.36 54.94 47.12 New Century (NEW) 30.22 54.00 38.91 Novastar (NFI) 24.08 42.55 29.43 Ocwen (OCN)(2) 6.38 10.15 9.78 Saxon Capital (SAX) 9.19 18.45 9.50 Transnational Finl Network I (TFN) 0.26 0.70 0.31 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) -8% 1% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) 0% 11% na IMPAC Mortgage Holdings (IMH) (1) -3% 10% na Accredited Home Lenders (LEND) -12% 50% na New Century (NEW) 0% 29% na Novastar (NFI) -5% 22% na Ocwen (OCN)(2) -1% 53% na Saxon Capital (SAX) -4% 3% na Transnational Finl Network I (TFN) -14% 19% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (1) IMPAC is mostly an Alt-A lender and servicer. (2) Ocwen is subprime servicer and subservicer. (Read More)
NCEN Benefits From Fraud System
March 13, 2006New Century Mortgage here reports getting exponential benefits from its new fraud detection system, the FraudMark tool offered by BasePoint Analytics. In fact, even before being completely integrated with its loan origination system, said New Century EVP Terry Theologides, FraudMark "has practically paid for itself." (Read More)
Mortgage Industry Equity Composite
March 13, 2006MIEC Index: 153.0 Change: -6.3 (part 1 of 2) Company 2/23/2006 3/9/2006 Wkly. (Read More)
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March 20, 2006
Overdues Edge Up Near 5%
March 20, 2006While experts are still wrangling over how to rebuild on the Gulf Coast, home loan delinquency data released last week put the extent of damage into even sharper focus. (Read More)
Fannie MBS Share Down
March 20, 2006Fannie Mae's share of the mortgage securitization market declined for a second consecutive year, but the giant secondary market agency is determined to win back some of that business from the private-label market. (Read More)
HRB: Good, Bad News
March 20, 2006In granting approval to H&R Block to open a savings and loan, the Office of Thrift Supervision did not check with the New York State attorney general about a pending fraud probe of the tax giant, an agency spokesman told National Mortgage News. (Read More)
The 'New' Capital One Mortgage Empire
March 20, 2006($ in Millions) Unit Residential Market Production Name Prod. in Q4 '05 Share Rank GreenPoint Mortgage (1) $9,390 1.06% 20 Hibernia (2) $286 .03% 90 Combined $9,676 1.09% 20 Notes: Production reflects fundings of one-to-four family loans only. Multifamily volume of North Fork Bancorp is excluded from this table. (1) GreenPoint is owned by NFB which Capital One is buying. (2) Capital One bought Hibernia Bank in 2005. (Read More)
Commercial/MF Portfolio Up 14%
March 20, 2006The record production of commercial and multifamily mortgages continued in 2005, with the associated mortgage debt outstanding going up 14.2% over the end of 2004 to $2.64 trillion at the end of 2005. (Read More)
KKR, Ranieri Set to Close
March 20, 2006A year after being granted exclusive negotiating rights to buy a majority stake in GMAC Commercial Mortgage, a partnership that includes Kohlberg Kravis Roberts and industry veteran Lewis S. Ranieri, is finally set to close on the deal, industry sources said late last week. (Read More)
Residential Jumbo Lenders in Q4 2005
March 20, 2006(Dollars in Millions) (part 1 of 2) Rk Organization Name Location 1 Wells Fargo Home Mortgage San Francisco, CA 2 Washington Mutual Seattle, WA 3 IndyMac Bancorp, Inc. Pasadena, CA 4 CitiMortgage, Inc. O'Fallon, MO 5 Chase Home Finance Iselin, NJ 6 Bank of America Charlotte, NC 7 American Home Mtg. Investment Melville, NY 8 SunTrust Mortgage, Inc. Richmond, VA 9 EMC Mortgage (1) Irving, TX 10 Aurora Loan Services, Inc. Aurora, CO 11 PHH Mortgage/Cendant Mt. Laurel, NJ 12 GreenPoint Mortgage Funding Novato, CA 13 Impac Funding Corporation Newport Beach, CA 14 National City Mortgage (2) Miamisburg, OH 15 GMAC-RFC Minneapolis, MN 16 First Horizon Home Loans Irving, TX 17 Downey Savings & Loan Assn. Newport Beach, CA 18 GMAC Residential Holdings (2) Horsham, PA 19 Wachovia Charlotte, NC 20 ABN Amro Mortgage Ann Arbor, MI (part 2 of 2) Jumbo % Rk Q4 2005 Q4 2004 Change 1 $26,080 $16,380 59% 2 $15,067 $20,357 -26% 3 $7,826 na na 4 $7,653 $6,921 11% 5 $7,344 na na 6 $6,369 $5,899 8% 7 $4,825 $1,732 179% 8 $4,566 $1,816 151% 9 $4,444 na na 10 $3,717 $4,961 -25% 11 $3,207 $2,809 14% 12 $2,846 $3,784 -25% 13 $2,738 $1,119 145% 14 $2,373 $3,244 -27% 15 $2,347 $1,930 22% 16 $2,326 $2,156 8% 17 $1,873 $2,418 -23% 18 $1,843 $5,481 -66% 19 $1,792 $1,377 30% 20 $1,661 $991 68% Top 20 Totals: $110,896 $83,376 133% Note: Results may be incomplete because some lenders would not provide jumbo volumes. Jumbo loans exceed the Fannie Mae/Freddie Mac loan limit $359,650 (the 2005 cap). (1) EMC is owned by Bear Stearns. (2) These firms are affiliates. (Read More)
Card Giant Buys North Fork, Parent of GreenPoint Mortgage
March 20, 2006Credit card behemoth Capital One has agreed to purchase North Fork Bancorp, Melville, N.Y., a major player in the alt-A market, through its affiliate, GreenPoint Mortgage. (Read More)
Greenlight Calls Truce with NCEN
March 20, 2006Greenlight Capital has agreed to end its proxy fight to elect three directors to the board of New Century Financial Corp. (Read More)
Treasury Leaning Toward Compromise to Get GSE Bill Passed?
March 20, 2006Treasury Department officials are talking up GSE reform as if they are willing to give a little so that Congress can pass a bill that strengthens oversight of Fannie Mae and Freddie Mac. (Read More)
Editorial: Targeted for Construction
March 20, 2006A housing program trial-ballooned for destruction last year is going to be quite helpful over the next three in helping rebuild the Katrina disaster area. Lost in the angry buzz over the trial balloon to eliminate the mortgage interest deduction last year was another useful program being held up to the budget-tightening light by the social program cutters - the Low Income Housing Tax Credit. (Read More)
Open Forum: Housing Still Fuels Economy
March 20, 2006Mr. Poole recently addressed the St. Louis Regional Chamber & Growth Association. Excerpts of his remarks are presented as our Open Forum. (Read More)
Watch What Commercial Banks Are Buying for Spread Indications
March 20, 2006After mortgage-backed securities outperformed other fixed-income assets in the first two months of the year (40 basis points against swaps and 52 basis points against Treasuries), MBS have underperformed this month, hurt by increased volatility in the market and a significant steepening of the swaps yield curve. (Read More)
Housing Chief Calls for Innovation in FHA Program
March 20, 2006Federal housing commissioner Brian Montgomery gave several clues about what he is looking for in reform of the Federal Housing Administration program. (Read More)
Lowrie Sees Need For More Diversity
March 20, 2006Noting the future of the mortgage industry is in the emerging markets serving immigrants and minorities, Regina Lowrie, chairman of the Mortgage Bankers Association, said it is important that the industry "better reflect the customers we will be serving over the next two decades." (Read More)
NAR Anticipates Continued Strength for Commercial Real Estate
March 20, 2006A leading indicator for the commercial real estate sector that has been developed by the National Association of Realtors is upbeat about the level of commercial brokerage activity this year. (Read More)
CBA Will Enlist GMAC for Deals
March 20, 2006CBA Commercial, a company that focuses on the small-balance commercial mortgage loan niche, is making an arrangement with GMAC Commercial Mortgage for participation in a CBA small-balance loan origination program. (Read More)
National City Says Home Equity Demand Slackens
March 20, 2006National City Corp. filed a current report on Form 8-K with the SEC on March 14, updating investors on several challenges facing its mortgage and real estate lending businesses. (Read More)
First National AZ Sees Fast Growth
March 20, 2006Even though many residential funders are experiencing declining loan volumes, First National Bank of Arizona is seeing its fundings reach new highs. (Read More)
Freddie Mac Designs Education Program to Serve Police Unions
March 20, 2006Freddie Mac is offering a new financial outreach and education initiative that helps members of the Fraternal Order of Police in eight cities. (Read More)
Higher Loan Rates Won't Kill Sales
March 20, 2006When the average 30-year mortgage rate reached 6.37% during the week of March 9, its highest level since September 2003, that robbed more homeowners of a rate incentive to refinance. (Read More)
Real Estate Now Is Truly Global
March 20, 2006The internationalization of real estate has gone truly global, according to two research reports released at MIPIM, where more than 20,000 real estate professionals from all over the world gathered last week. (Read More)
Moody's Rates Spanish Securities
March 20, 2006Moody's Investors Service last week assigned a definitive rating of Aaa to euro 1.5 billion of the fifth series of Spanish covered bonds (Series V Notes) issued by AyT Cedulas Cajas Global, Fondo de Titulizacion de Activos from its euro 200 billion covered bond program established in December 2005. (Read More)
Shopping Centers Take Off in Europe
March 20, 2006Shopping centers and hotels are hot once again in Europe. (Read More)
Meetings Highlight Foreign Markets
March 20, 2006American real estate professionals interested in foreign markets should be here at MIPIM, the annual international property market that takes place on the French Riviera every March. (Read More)
Catalfo Takes President and COO Post at AmNet
March 20, 2006Charlotte I. Catalfo has joined American Mortgage Network here as president and chief operating officer. Most recently, she was senior managing director, correspondent lending for CitiMortgage Inc., and before that with Principal Residential Mortgage Inc., where her titles included being executive vice president, production and production administration, where she was responsible for production and operations of all distribution channels. (Read More)
ICNB Financial To Pay Dividend
March 20, 2006ICNB Financial Corp. here, the parent company of Ionia County National Bank and Austin Mortgage Co., will pay a cash dividend of $0.23 per share, payable April 20 to shareholders of record March 24, 2006. The dividend amount is unchanged from a year earlier. (Read More)
Does Sale of North Fork Portend an Increase in M&A Deals?
March 20, 2006Capital One's $14.6 billion deal to acquire North Fork Bancorp, the nation's 22nd largest mortgage originator, may be a sign of the times, according to analysts at CreditSights. (Read More)
Manufactured Housing REIT Sees a Fourth Quarter Turnaround
March 20, 2006Origen Financial, a real estate investment trust that originates and services manufactured housing loans, earned $900,000, or $0.04 per share, in the fourth quarter, marking something of a turnaround for the firm. (Read More)
Non-Cash Items Hurt Brookdale
March 20, 2006Brookdale Senior Living reported a net loss for the full year and fourth quarter of 2005 as non-cash expenses outweighed positive cash flow developments. (Read More)
Nationwide Title Clearing Launches 'Express Retrieval' Service
March 20, 2006Nationwide Title Clearing, an outsource provider for lien release, assignment, document retrieval and final document services, has released Express Retrieval, an enhanced document retrieval service. Express Retrieval will enable mortgage lenders to get copies of recorded documents and title policies nationwide at a much faster rate than available through any other provider, the company said. (Read More)
First American Renames Group
March 20, 2006First American Real Estate Information Services, a subsidiary of The First American Corp., has changed the name of its default services division to First American Default Information Services to encompass its group of companies. (Read More)
A Total Doc Solution
March 20, 2006Given the increased emphasis on going electronic and that the secondary market has become more responsive to accepting e-notes, most lenders are looking for the best way to embrace electronic processes to remain competitive in a shrinking market, which is why Wolters Kluwer Financial Services, Minneapolis, has deployed several applications to offer lenders a complete electronic document process. (Read More)
Transforming Browsers into Borrowers
March 20, 2006Most lenders know about and are interested in e-disclosures, but there is a big gap between interest and making the process work, according to Dewey Kelly, director of marketing at SwiftView Inc., who organized a panel for the MBA's National Technology in Mortgage Banking Conference & Expo. (Read More)
MBA Show to Focus on Move to Electronic Environment
March 20, 2006On the heels of creating a new consulting firm after years with The Performance Group, Dave Williamson, now EVP of mortgage consulting at Dallas-based LendingLogix, believes that the overall message of this year's MBA tech show will be all about electronic mortgages. (Read More)
Fraud Detection Tools In Demand
March 20, 2006Saxon Mortgage says any undetected fraud equals loss on the backend and technology can help ease the problem. (Read More)
An Innovative Look at the Web
March 20, 2006Online chat isn't just something teenagers enjoy, it has real mortgage applications. Using online chat at the point-of-sale has proven to increase pull-through. (Read More)
GMAC-RFC Broadens its Use of Automated Valuations
March 20, 2006GMAC-RFC has further endorsed automated valuation models by beginning to use them on first liens. "GMAC-RFC is exploring ways to deploy our AVM platform for first mortgage liens," said Anne Peacock, SVP and managing director, product and business strategy management at GMAC-RFC. "We believe that our AVM platform, when used in conjunction with program criteria and borrower qualification, will enhance predictability." (Read More)
GHR Focuses on New Imaging Capability
March 20, 2006On the heels of the recent acquisition by Metavante, GHR Systems is beginning to capitalize on some of the synergies afforded them by the sale via integrating imaging technology from another Metavante company, TREEV. (Read More)
People
March 20, 2006CALIFORNIA Irvine-Greenlight Financial Services has named George Mendoza executive vice president of the GFS wholesale division. (Read More)
House Passes Flood Reform Bill
March 20, 2006The House Financial Services Committee has passed a flood insurance reform bill that hikes premiums for second homes and commercial properties and increases penalties for lenders that allow flood insurance to lapse on mortgaged properties in flood zones. (Read More)
Pols Want Bonus Given Back
March 20, 2006After hearing testimony that Fannie Mae executives manipulated accounting rules in 1998 to maximize bonuses, congressmen are calling on the GSE to recapture the money from former past executives, including Franklin Raines and James Johnson, both of whom served - at different times - as chairman and CEO. (Read More)
Mortgage Industry Equity Composite
March 20, 2006MIEC Index: 159.5 Change: 6.5 (part 1 of 2) Company 3/9/2006 3/16/2006 Wkly. (Read More)
Private Investors Eye Real Estate
March 20, 2006Americans aren't the only ones being encouraged to take more responsibility for their own retirement funds. So are Europeans. But if the experience across the Atlantic is any indication, commercial real estate interests in the United States should not expect the average worker to become a great new source of capital. (Read More)
Credit Index Rises in February
March 20, 2006The Credit Managers Index, reflecting developments in the overall economy, showed strengthening confidence in credit conditions for February, according to the National Association of Credit Management. (Read More)
Fannie Strengthens Mavent Ties
March 20, 2006Fannie Mae has been using Mavent's Expert system internally to check for truth in lending, high cost and points and fees compliance for some time. Now they are making that service available to their lender clients that might not otherwise be able to leverage Mavent's application through the Fannie Mae Service Provider Network. (Read More)
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March 27, 2006
More Lender Probes?
March 27, 2006Former Mississippi attorney general Michael Moore has been picked to monitor the lending practices of Ameriquest Mortgage as part of that firm's $325 million legal settlement with the states, as other lenders face possible scrutiny of their practices. (Read More)
Fannie Purchases Halved
March 27, 2006If Fannie Mae didn't have enough fires to put out, it now has a new one - a purchase "market share" that has been halved in three years. (Read More)
Fannie and Freddie Purchase Market
March 27, 2006($ in Billions) Mortgage Purchases GSE 2005 Loan 2004 Loan 2003 Loan Name Purchases Purchases Purchases Fannie Mae $612.3 $725.2 $1,423.1 Freddie Mac $581.9 $494.6 $826.4 TOTALS: $1,194.2 $1,219.8 $2,249.5 Market Share - Purchases as a % of Industry Production GSE 2005 2004 2003 Name Market Sh. Market Sh. Market Sh. (Read More)
Freddie's CFO Out After May
March 27, 2006Freddie Mac chief financial officer Martin Baumann has resigned from the congressionally chartered mortgage giant, but will stay on as a special advisor through the end of May. (Read More)
GMACCH Deal Closes
March 27, 2006After a year of negotiations, an investor group that includes Kohlberg Kravis & Roberts and MBS inventor Lewis Ranieri has finally closed on its purchase of GMAC Commercial Holding, paying almost $9 billion for 78% of the company. (Read More)
Residential Option ARM Lenders in Q4 '05
March 27, 2006($ in Millions) (part 1 of 2) Rk Organization Name Location 1 Countrywide Financial Corp. Calabasas, CA 2 EMC Mortgage (1) Irving, TX 3 IndyMac Bancorp, Inc. Pasadena, CA 4 GreenPoint Mortgage Funding Novato, CA 5 GMAC-RFC (2) Minneapolis, MN 6 Downey Savings & Loan Assn. Newport Beach, CA 7 American Home Mtg. Investment Melville, NY 8 Homecomings Financial (2) Minneapolis, MN 9 SCME Mortgage Bankers, Inc. San Diego, CA 10 Impac Funding Corporation Newport Beach, CA 11 Acoustic Home Loans (BC) Orange, CA 12 Bank of America Charlotte, NC 13 Secured Bankers Mortgage Co. Van Nuys, CA 14 American Mortgage Network San Diego, CA 15 First Horizon Home Loans Irving, TX 16 Flagstar Bank, FSB Troy, MI 17 SunTrust Mortgage, Inc. Richmond, VA 18 MILA, Inc. (BC) Mountlake Terrace, WA 19 Taylor, Bean & Whitaker Ocala, FL 20 GMAC Residential Holdings (2) Horsham, PA (part 2 of 2) Opt ARMs % Market Rk Q4 2005 Q4 2004 Change Share 1 $24,500 $12,500 96% 34.16% 2 $6,248 $3,102 101% 8.71% 3 $4,719 $2,406 96% 6.58% 4 $3,799 $479 693% 5.30% 5 $2,822 na na 3.94% 6 $2,519 $3,575 -30% 3.51% 7 $1,331 na na 1.86% 8 $985 $12 8108% 1.37% 9 $724 $46 1474% 1.01% 10 $672 na na 0.94% 11 $523 $344 52% 0.73% 12 $430 na na 0.60% 13 $321 $98 228% 0.45% 14 $315 $131 140% 0.44% 15 $274 $299 -8% 0.38% 16 $237 na na 0.33% 17 $208 na na 0.29% 18 $128 na na 0.18% 19 $91 $186 -51% 0.13% 20 $82 na na 0.11% Totals: $50,928 $23,178 120% 71.02% Note: Results may be incomplete because some lenders would not provide option ARM volumes. Market share is based on estimated option ARM production of $71.7 billion in fourth quarter. (1) EMC is a correspondent buyer of already funded loans. (2) These firms are affiliates. (BC) Firm is a subprime specialist. (Read More)
IndyMac Eyes ID Techniques
March 27, 2006The Federal Financial Institutions Examination Council has made it clear that lending institutions must find at least two ways to authenticate borrowers or face fines. IndyMac Bank is taking this regulation seriously and looking into fingerprinting, retinal technologies and others to combat identity theft and get a stringent plan in place before the deadline. (Read More)
New FASB Rule Favors Lenders
March 27, 2006The FASB has finally issued Financial Accounting Standard 156, which industry sources are calling a slam-dunk victory for mortgage servicers. (Read More)
Rhode Island Bill Would Expand Broker Licensing Requirement
March 27, 2006The Rhode Island General Assembly has introduced a house bill, which would require individual loan brokers to obtain a license from the Department of Business Regulation. (Read More)
Bachus Seeking National Rules
March 27, 2006House Financial Services Subcommittee chairman Spencer Bachus, R-Ala., is trying to breathe new life into reform legislation that would stop predatory lending practices and create a national subprime lending standard. (Read More)
NAMB Chief Nazankiewicz Departs
March 27, 2006Mike Nazankiewicz has resigned as executive vice president and CEO of the National Association of Mortgage Brokers, ending a six-year run at the helm of the trade group. (Read More)
Markups of Settlement Services Draw Scrutiny
March 27, 2006Mortgage lenders who routinely mark up the costs of appraisals and other settlement services provided by third-party vendors might have HUD looking over their shoulder soon. (Read More)
Editorial: The Turning Point
March 27, 2006Year-end volume numbers confirm what we have suspected for the past year: a sea change has occurred in mortgage lending. (Read More)
Open Forum: FHA Loan Program Is 'Imploding'
March 27, 2006Senate Appropriations Subcommittee chairman Bond's recent remarks at the opening of a hearing on HUD's budget proposal are presented as our Open Forum. (Read More)
Widening Spreads May Lure More Investors to the CMO Market
March 27, 2006With much of the attention of the mortgage market these past months on opportunities in hybrids and IO pass-through collateral, not much focus has been paid to the structured market. Moreover, relatively low CMO issuance volume - especially in the non-agency sector - has done little to keep investor attention on structured product. For example, total CMO issuance through March 23 averaged less than $15 billion per week, against a $20 billion run rate in 2005. (Read More)
Subprime Lending Heads for 40% Market Share
March 27, 2006Demographics, increasing numbers of new households being formed, nonprime lending, the second home market, higher loan-to-value ratios and price appreciation are six long-term drivers of growth for the mortgage industry, said the chief executive of MGIC Investment Corp., Curt Culver. (Read More)
Credit Bureaus In Joint Venture
March 27, 2006The nation's top credit reporting agencies have joined forces to market a new product that promises more accurate returns for lenders. (Read More)
CBOE to Trade Housing Futures
March 27, 2006The CBOE Futures Exchange plans to launch futures contracts based upon median prices in the National Association of Realtors existing home price data. (Read More)
Independence's Ratings Are Cut
March 27, 2006Three classes of notes issued by Independence I CDO Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
Ameriquest HE Deal on Review
March 27, 2006Classes M9, M10 and M11 of the ARSI series 2004-PW1 Ameriquest Mortgage Securities Inc. home equity issue have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Roundup: CDS IndexCo Launches New Tool for CMBS Industry
March 27, 2006CDS IndexCo LLC and Markit Group Ltd., both based in New York, have launched CMBX, a synthetic index of U.S. commercial mortgage-backed securities. (Read More)
ABSC Deal Downgraded
March 27, 2006Four classes of Asset Backed Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings and two classes have been placed on Rating Watch Negative. (Read More)
CDC Deal Downgraded
March 27, 2006Three classes from three issues of CDC Mortgage Capital Trust mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
CSFB Deal Downgraded
March 27, 2006Two classes of Credit Suisse First Boston's commercial mortgage pass-through certificates, series 2001-CF2, have been downgraded by Fitch Ratings. (Read More)
E*Trade Deal Downgraded
March 27, 2006Four classes of securities issued by E*Trade ABS CDO I Ltd., a collateralized debt obligation supported in part by residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
Ellie Mae Enters Market for Banker LOS Systems
March 27, 2006After gobbling up considerable market share in the broker market with their Encompass product, Ellie Mae has been asked by several lenders to release a banking edition. As a result, Ellie Mae will draw on its strengths to create what it calls a better LOS mousetrap when compared to the competition. (Read More)
Jackman Touts Custom Features of New Origination Software
March 27, 2006After his stead with both easyLENDER and Interlinq, Michael Jackman is once again returning to the loan origination software business as chairman of Lending Space, a startup Web-based LOS that claims to be fully customizable. (Read More)
Experian Automates Prospecting, Management and Collections
March 27, 2006Experian has launched a new tool dubbed Credit Migration Solutions to make it easier for mortgage institutions to prospect, manage their portfolio and handle collections. (Read More)
Nonprofit Business Analysis Extends Reach of Financial Education
March 27, 2006The Nonprofit Finance Fund reported growing demand for its unique financial tool, the so-called NBA for nonprofits program, designed to promote "a rigorous approach to nonprofit economics and management for organizations that are contemplating or experiencing significant change or expansion." (Read More)
CFC Offering Katrina Help
March 27, 2006Countrywide Financial Corp. and the Association of Community Organizations for Reform Now have launched a joint telephone and door-to-door campaign to locate Hurricane Katrina evacuees and connect them with their lender. (Read More)
FHA Reaches Out to Minorities in 16 Cities
March 27, 2006The Federal Housing Administration has launched a spring advertising campaign focusing on minority first-time homebuyers in 16 major cities. (Read More)
New Century Ready to Compete with Top Lenders
March 27, 2006New Century Financial Corp., fresh off the hook from a proxy battle with Greenlight Capital, is poised to compete with the biggest companies in the mortgage industry. But that doesn't mean New Century will forever sacrifice margins in pursuit of volume, according to the company's chairman, CEO and co-founder. (Read More)
Ambac Focuses On Risk Profile
March 27, 2006The president and CEO of Ambac Assurance Corp., one of the top bond insurance firms in the fixed-income securities market, said a key driver of his firm's financial performance is risk management. (Read More)
Restatement a Blemish for ResCap
March 27, 2006GMAC subsidiary Residential Capital Corp. is in the process of restating changes in cash flows, but even though ResCap is still expected to file its annual 10K by the end of March, some analysts are concerned about the ramifications of the restatement. (Read More)
Hanover Capital Struggles to Break Even on Lower MBS Gains
March 27, 2006Hanover Capital Mortgage Holdings just barely broke even in the fourth quarter of last year, citing lower gains from subordinated MBS as the root cause of the weak earnings. (Read More)
Farmer Mac Sees Gain in Volume
March 27, 2006The Federal Agricultural Mortgage Corp. earned $27.3 million, or $2.37 per diluted share in 2005, down from 28.2 million, or $2.32 per share, a year earlier. (Read More)
FHLBank of Atlanta Registers its Stock with SEC
March 27, 2006The Federal Home Loan Bank of Atlanta has filed a registration statement with the Securities and Exchange Commission along with its 2005 financial results, which shows earnings grew by 17% to $344.1 million last year. (Read More)
Countrywide's Ambitions Grow
March 27, 2006Never shy about publicizing its growth targets, Countrywide Financial Corp. now says it hopes to control nearly 30% of the home loan production market and 20% of the mortgage servicing market by 2010. (Read More)
S&P Provides Cash Flow Analysis for European Mortgage Deals
March 27, 2006Standard & Poor's has unveiled what it says is the first service using cash flow analysis and modeling to evaluate prices of European structured finance securities. (Read More)
1st Pacific Opens New Location in CA
March 27, 20061st Pacific Bank here is expanding its lending operations by opening a new loan production office in Murrieta, Calif. (Read More)
Legislation May Affect Use of Qualified Special Purpose Entities
March 27, 2006A proposal for legislation seeking more discretion for servicers of securitized mortgage loans could conflict with accounting standards that stringently define the scope of this activity. (Read More)
Multifamily Gets Stronger
March 27, 2006The National Multi Housing Council's January 2006 survey of multifamily market conditions suggests that conditions in the apartment sector are improving, while sales of apartment properties have softened. (Read More)
BentleyForbes to Invest in Hotel Sector
March 27, 2006BentleyForbes, a commercial real estate investment company, has set up a hospitality group to invest up to $750 million in hotel properties. The group, BentleyForbes Hospitality Group, will be headed by Chris Pfohl, who was formerly a vice president with Intercontinental Hotel Group. (Read More)
Our Online Community Discusses Its Favorite People: Realtors
March 27, 2006Jwinter: Have you ever had a Realtor request the actual approval or clear to close from the lender? This file is scheduled to close at the end of April. My borrower, who was an old employee of mine back in the day, signed the purchase agreement saying it would be clear to close by today, and I got the PA a week and a half ago. I do have an approval, and the only condition is HOI. I guess my real question is this. Does the Realtor have any business seeing the actual approval? He doesn't have a signature authority, so I told him no, you can't get a copy of it. (Read More)
People
March 27, 2006CALIFORNIA Laguna Hills-South Lake Mortgage Capital has named Jan Ibey as senior vice president, capital markets and Patty Wayman as senior vice president, chief operations officer. (Read More)
PTP Passed Stress Test with 15,000 Concurrent Users
March 27, 2006Palisades Technology Partners here has chosen the MBA's mortgage technology conference in San Diego to show that its Web-based Impact Lending Suite has passed tests showing that it scales with 15,000 concurrent users. (Read More)
Commerce Velocity Launches Portal
March 27, 2006Responding to widespread current interest in technology that improves the correspondent-investor transaction, Commerce Velocity here has just launched a correspondent module that enables lenders to accept and then automatically decision and price loans submitted in flow, batch or bulk mode. The company is demonstrating the new module at the MBA technology conference March 29-31 in San Diego. (Read More)
NCRC Files Complaint Against Lenders
March 27, 2006The National Community Reinvestment Coalition is challenging lenders that set high minimum loan requirements and restrictions in row house loans, claiming these practices discriminate against minority neighborhoods and violate the Fair Housing Act. (Read More)
American General Disputes Allegation
March 27, 2006American General Financial Services Corp. is disputing a fair housing complaint filed by a national community organization that claims the company has a $70,000 minimum loan policy and routinely rejects applications for home-equity loans below that amount. (Read More)
Defeasance Deals Create Positive Outlook for CMBS
March 27, 2006Fitch Ratings said that 319 classes from 75 commercial mortgage-backed securities deals have been placed on Rating Watch Positive, chiefly due to "a flurry of defeasance activity" in the fourth quarter. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
March 27, 2006B&C Stock Price Index: 216.8 Change: 3.4 (part 1 of 2) Company 52 wk/lo 52 wk/hi 3/23/2006 Aames (AIC) 5.11 10.35 6.01 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 87.11 84.30 IMPAC Mortgage Holdings (IMH) 7.17 22.32 8.45 Accredited Home Lenders (AHL) 31.36 54.94 53.50 New Century (NEW) 30.22 54.00 48.46 Novastar (NFI) 24.08 42.55 31.35 Ocwen (OCN)(2) 6.38 10.15 9.99 Saxon Capital (SAX) 8.84 18.25 9.87 Transnational Finl Network I (TFN) 0.24 0.70 0.30 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) 12% 18% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) -2% 9% na IMPAC Mortgage Holdings (IMH) -2% 18% na Accredited Home Lenders (AHL) 2% 71% na New Century (NEW) 8% 60% na Novastar (NFI) 2% 30% na Ocwen (OCN)(2) 1% 57% na Saxon Capital (SAX) 0% 12% na Transnational Finl Network I (TFN) 0% 25% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (Read More)
Mortgage Industry Equity Composite
March 27, 2006MIEC Index: 160.9 Change: 1.8 (part 1 of 2) Company 3/16/2003 3/23/2006 Wkly. (Read More)
Fifth Third Looks Toward Canada
March 27, 2006Fifth Third Bank is expanding its territory across the Canadian border. The bank is opening a small office with plans to expand in the future. In its first office opening outside of the U.S., Fifth Third joins larger lenders that have crossed the border to grab a piece of the Canadian market. (Read More)
Correction
March 27, 2006In a delinquency table appearing in the March 13 issue, the "past due" figure for Bank of America was entered incorrectly by our data collection unit. The real number is 1.69%. Had the number been properly entered, BoA would've had the sixth lowest delinquency figure. Also, BoA incorrectly reported its interest-only and payment-option ARM fundings to us. In the fourth quarter, BoA originated $4.58 billion in IO mortgages and $430 million in payment-option ARMs. BoA should've ranked 10th on the IO production table appearing on page 1. (Read More)
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April 3, 2006
Amid Allegations, QMAR Closes
April 3, 2006QuoteMeARate.com, a Houston-based net branch operator, closed its doors this past week amid allegations of loan fraud, National Mortgage News has learned. (Read More)
Top Residential Originators in 2005
April 3, 2006(Dollars in Millions) (part 1 of 2) Rk Organization Name 1 Countrywide Financial Corp. (Read More)
California Looms Large at Wells Fargo
April 3, 2006Wells Fargo may be the nation's second biggest mortgage lender, but about one-third of the residential home loans it holds in portfolio come from California. (Read More)
New RESPA on Deck?
April 3, 2006The Department of Housing and Urban Development is preparing to issue a Real Estate Settlement Procedures Act reform proposal soon, according to secretary Alphonso Jackson. (Read More)
Editorial: An Old-Time Newspaperman
April 3, 2006Donald J. Sorensen, the dean of National Mortgage News reporters, died March 20 at his home in Portland, Ore., after nearly three decades covering the local thrift and mortgage markets for this newspaper. He was 87, and had been a professional newspaperman for 60 years. (Read More)
Iowa AG Warns Loan Officers
April 3, 2006When the states agreed to a landmark $325 million legal settlement with subprime giant Ameriquest Mortgage, prosecutors did not single out individual loan officers but in the future they might. (Read More)
Centex HE Finds a Buyer, GMAC Deal Appears to Move Forward
April 3, 2006A unit of Fortress Investment Group has agreed to purchase Centex Home Equity Co., Dallas, in a deal valued at about $575 million. (Read More)
Servicers Weigh No-Bid Options
April 3, 2006Residential servicers are beginning to review their Veteran Administration-insured loans in the Gulf Coast states, calculating how many will end up as "no-bids" due to hurricane damage. (Read More)
Industry Groups Slam Regulatory Stance on 'Exotic' Home Loans
April 3, 2006Federal banking regulators need to calm down and rethink their "unwarranted" and "excessive" underwriting restrictions on interest-only and payment-option mortgages, according to industry comment letters. (Read More)
Open Forum: Fannie Reforms Underway
April 3, 2006Sen. Rudman's recent testimony before the House Financial Services Committee is presented as our Open Forum. He is a partner in the Washington law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. (Read More)
Latest Fed Rate Hike Signals Changing Market
April 3, 2006They say a lot changes after you have a child and in my case that includes the market. It seems not that long ago, for example, that I was able to get a long-term (15-year) mortgage with a 5% interest rate and the fed funds rate was significantly lower. Now I'm returning from maternity leave to a market where the overnight fed funds rate is just 25 basis points south of that 5% mark and looks likely to possibly even surpass it in the future. (Read More)
PHH Hit by Shareholder Lawsuits, But Morgan Still Likes the Stock
April 3, 2006Private-label giant PHH Corp. here has been hit with several shareholder lawsuits of late, but that isn't stopping Morgan Stanley & Co. from recommending it to investors. (Read More)
DPS and Chicago Offer E-Closing
April 3, 2006Document Processing Systems here is teaming up with Chicago Title to produce complete electronic closings in the mortgage industry. The partnership will give DPS exposure to lenders in the Chicago area linked with the title company. (Read More)
Aames Closes Offices in Bid to Turn Profitable
April 3, 2006The management of Aames Investment Corp. here further elaborated on its plans to bring their wholesale mortgage operations back to profitability. (Read More)
Delta's Earnings Turn Positive Despite Tough Environment in '05
April 3, 2006Delta Financial Corp. here reported full year 2005 income of $18 million, or $0.84 per share, compared with a net loss of $9.3 million, or $0.51 per share, for 2004. But the company's results for 2004 were affected by a shift from gain-on-sale to portfolio accounting that it undertook in the first quarter of that year. (Read More)
Asian-Americans Compete for Lenders' Attention
April 3, 2006In times when Hispanic and African-American markets are viewed as the primary, largely untapped new business sources, at least one organization is trying to ensure the underserved Asian-Pacific market is not overlooked by lenders. (Read More)
Center Urges States to Get Tough
April 3, 2006The Center for Responsible Lending is challenging Ohio and other states to step up efforts to combat predatory lending. Ohio, a state with one of the highest levels of job losses and foreclosures in the country, has become a hot spot for predators within the mortgage industry looking to take advantage of consumers. (Read More)
Study Finds Low-Income Families Face Acute Housing Shortage
April 3, 2006There is considerable new business potential within a particular segment of the emerging markets: lower-income minority families with children, especially in urban areas, which are in dire need of affordable housing options, recent study findings suggest. (Read More)
CA Home Construction Is Strong
April 3, 2006Led by a strong surge in new condos and apartments in Southern California, housing production in California rebounded in February, climbing nearly 27% from January, according to the California Building Industry Association. (Read More)
Regulation 'AB' IssuesVex Industry
April 3, 2006Private-label issuers, servicers and their auditors are still grappling with the testing and reporting requirements of the Securities and Exchange Commission's new asset-backed securities regulation and need more time to adjust, according to the Mortgage Bankers Association. (Read More)
Florida Market Losing Steam
April 3, 2006Rising inventory levels and still-low mortgage rates have continued to affect Florida's housing market, which is adjusting to a better balance between buyers and sellers following a five-year run of record sales. Statewide, sales of single-family existing homes totaled 13,539 in February, compared to 16,916 homes a year ago, for a 20% decrease, according to the Florida Association of Realtors. (Read More)
United Companies' Manufactured Housing Deals Downgraded
April 3, 2006Nine classes of United Companies Financial Corp.'s manufactured housing deals have been downgraded by Fitch Ratings. (Read More)
Levitt's Net Fell in 2005
April 3, 2006For the year ended Dec. 31, 2005, net income was $54.9 million for Levitt Corp., compared to $57.4 million reported in 2004. In the fourth quarter of 2005, net income was $8.3 million, compared with $17 million earned in the corresponding period in 2004. (Read More)
Roundup: Foreclosure Firm Sees Prices Slipping in the West
April 3, 2006Flattening home price appreciation, slowing home sales and rising interest rates could lead home prices in the Western U.S. to slip, causing a rise in foreclosure activity, according to ForeclosureS.com. The distressed property investment advisory firm and publisher of foreclosure information said that home prices in Phoenix, Ariz., have declined 6.7% over the last six months after several years of rapid increases. The company also said prices have dropped for two consecutive months in the Las Vegas market. California markets, including the San Francisco Bay and San Diego areas, are seeing price appreciation cool down as well, according to Alexis McGee, president of ForeclosureS.com. She noted that in San Diego, 50% of mortgage loans issued between 2003 and 2005 were either interest only or pay-option adjustable-rate loans, which pose a major risk of increasing default rates. (Read More)
Clayton Holdings' Public Offering Raises More Than $127.5 Million
April 3, 2006Clayton Holdings has sold 7.5 million shares of common stock in an initial public offering at $17 per share, and early trading revealed a solid market reaction to the offering. (Read More)
Calvary Seeking Investment Ideas
April 3, 2006Calvary Investments, a buyer of debt, is looking for opportunities to invest in early-stage and seed-stage firms in the specialty finance arena, Andrew Zaro, the company's CEO, said in a news release. (Read More)
Fleetwood Sees Higher Earnings
April 3, 2006Fleetwood Enterprises Inc., a national producer of manufactured housing here, reported earnings for the fiscal 2006 third quarter of $583.9 million, up 15% from $509.2 million in the year-earlier quarter. (Read More)
REIT Debt Called Attractive
April 3, 2006A recent surge in merger and acquisition activity in the REIT sector may be a harbinger that REIT debt will outperform other debt instruments, according to analysts at CreditSights. (Read More)
Fundamentals Soften at Banks
April 3, 2006With the first quarter of 2006 coming toward a close, analysts at Merrill Lynch think that medium-sized banks may find it difficult to continue posting strong stock price gains. (Read More)
Citizens Will Use PHH to Manage Mortgage Business
April 3, 2006In an effort to boost the quality of its loan products, Flint, Mich.-based Citizens Banking Corp. is teaming up with PHH Mortgage Corp. to handle its mortgage loan business. As a part of the deal, Citizens will gain technology, use of staff, and mentoring and training for its mortgage sales staff from PHH Mortgage. PHH will also use its employees to process Citizens' loans and take applications. All of the work included in the partnership by PHH will be done under the Citizens name. (Read More)
Offshoring Gaining Momentum
April 3, 2006About a quarter of mortgage servicers rated by Moody's Investors Service outsource some loan administration functions overseas, and many of these are even sending some customer contact work abroad. (Read More)
Carolina Lender Implements FICS
April 3, 2006Financial Industry Computer Systems, a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, launched at the MBA technology conference here the implementation of its software at Community Investment Corp. of North Carolina. CICNC is an affordable housing loan consortium whose sole purpose is to provide long-term, permanent financing for the development of low- to moderate-income multifamily and elderly housing. (Read More)
SBA Aids Mississippi Homeowners Devastated by Hurricane Katrina
April 3, 2006Federal disaster loans are now available from the Small Business Administration to small, non-farm, agriculture-dependent businesses located in the entire state of Mississippi as the result of damages and losses to crops caused by the combined effects of drought, Hurricane Katrina and Hurricane Rita. (Read More)
Velocity Grows Debt Purchases
April 3, 2006If one company is anything to go by, the business of collecting distressed debt is doing A-OK in 2006. In the first month of this year, a consumer receivables asset management and liquidation company has seen the amount of distressed debt it has collected skyrocket on a year-over-year basis. (Read More)
Freddie to End Custom Building
April 3, 2006Gone are the days that Freddie Mac will look to build all of its technology in-house. The GSE said at the MBA tech show here that it will look to the market to buy technology and integrate it within its enterprise. (Read More)
Calyx Opens Point up to the Industry
April 3, 2006Calyx Software held a press conference at the MBA tech show here stating that it will launch new products to support seamless integration to its core Point LOS using the MISMO standard as a foundation. (Read More)
No Red Tape Reaches Out to Brokers
April 3, 2006Jumbo lender No Red Tape Mortgage has launched two new products to make it easier and more seamless for brokers to deal with them. (Read More)
Roundup: Deterioration of Credit Enhancement Hurts LB Deal
April 3, 2006Eighteen classes from four Long Beach Mortgage Loan Trust transactions and one Long Beach Home Equity Loan Trust deal have been downgraded by Fitch Ratings and seven classes from four other deals have been placed on Rating Watch Negative. (Read More)
Amresco Deal Downgraded
April 3, 2006Three classes from three Amresco Residential Securities Corp. transactions have been downgraded by Fitch Ratings. (Read More)
MKP DEAL Downgraded
April 3, 2006Four classes of notes issued by MKP CBO I Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
MS Deal Downgraded
April 3, 2006Eleven classes from seven Morgan Stanley mortgage-backed security transactions have been downgraded by Fitch Ratings and one class has been placed on Rating Watch Negative. (Read More)
NYMT Reveals Tax Treatment
April 3, 2006New York Mortgage Trust, a residential mortgage lender organized as a real estate investment trust, has delineated the tax treatment for dividends paid last year. (Read More)
SASC Losses Exceed Expectation
April 3, 2006Class M-3 of Structured Asset Securities Corp. residential mortgage-backed certificates, series 2002-BC1, has been downgraded from BBB to BB by Fitch Ratings. (Read More)
SFA Deal Downgraded
April 3, 2006Two classes of Structured Finance Advisors Collateralized Asset Backed Securities Trust II CDO Ltd. have been downgraded by Fitch Ratings. (Read More)
Solstice Deal Downgraded
April 3, 2006Two classes of Solstice ABS CDO Ltd., a collateralized debt obligation that includes residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
Bridger Says Higher Rates Won't Be a Big Drag on Real Estate
April 3, 2006A higher interest rate environment is not likely to negatively impact demand for commercial real estate investment, according to a survey of bank real estate loan officers by Bridger Commercial Funding here. (Read More)
Study Disputes Claims on Mold
April 3, 2006The steady growth of mold litigation has not slowed in the commercial and resident real estate industries, according to the Greenguard Environmental Institute, which says this expanding legal gray area has compelled lenders to protect their mortgage portfolios by working with insurers and environmental consultants on new risk mitigation programs. (Read More)
Two REITS Join S&P 500 Index
April 3, 2006Standard & Poor's is adding Boston Properties and Kimco Realty Corp. to its S&P 500 index. (Read More)
Schnitzer Named CharterMac CEO
April 3, 2006Marc D. Schnitzer has been named chief executive officer of CharterMac, replacing Stephen M. Ross, who has served as interim CEO of the company since last November. (Read More)
Commercial Transactions
April 3, 2006* Duke Realty has acquired a Washington, D.C.-area portfolio, including 2.9 million square feet of office and industrial space, for about $855 million, financing the acquisition with a $700 million bridge loan, at LIBOR plus 0.525%, and the assumption of $144 million of existing debt on the properties. (Read More)
Spring Season Brings Annual Rise in Housing Market Activity
April 3, 2006In addition to longer daylight hours and blooming flowers, springtime often signals an increase in activity for potential homebuyers. (Read More)
Loan Originators also Can Be Frustrated by Difficult Borrowers
April 3, 2006Kathy88: Just had to share. At the end of the day yesterday I got a call from this lady: Caller: Hi, I'm calling to see about a mortgage. (Read More)
NAMB Promotes Financial Awareness
April 3, 2006Preparing for the next generation of mortgage brokers, the National Association of Mortgage Brokers is embracing a long-term strategy based on education and promotion. (Read More)
Association Puts Focus on Records Management Challenges
April 3, 2006Increased regulations such as Sarbanes-Oxley, high-profile SEC investigations, embarrassing e-mail discoveries and increasingly costly class-action litigation continue to illustrate corporate America's inability to effectively manage business records and information, according to an industry association that promotes competent records management. (Read More)
Brokers Questioned on Appraisals
April 3, 2006The National Community Reinvestment Coalition is attacking industry practices that allow mortgage brokers to select appraisers, claiming it leads to fraudulent and overinflated appraisals. (Read More)
People
April 3, 2006CALIFORNIA San Diego-SCME Mortgage Bankers said that Mark E. Solomon has joined the company as the compliance manager. (Read More)
MortgageBrokers.com in Deal
April 3, 2006MortgageBrokers.com Holdings Inc., a consolidator of mortgage broker companies on both sides of the U.S.-Canada border, has signed a letter of intent to acquire its first U.S.-based company. The deal to acquire an unnamed New Jersey-based originator came one day after it said it received an equity boost from its chief executive and founder Alex Haditaghi. He is investing five million shares from his personal holdings in the company's Class A common stock to accelerate the recruitment and retention of mortgage originators. (Read More)
Wholesaler MILA Trimming Staff
April 3, 2006Nonprime wholesaler MILA Inc. here has been quietly trimming its staff through attrition and layoffs. (Read More)
Countrywide Is 'King' in 2005
April 3, 2006Countrywide Home Loans was once again the production king of the mortgage industry, outfunding every firm in the land during 2005, thanks, in part, to correspondent loan purchases. (Read More)
Expert Says Compliance Getting Harder
April 3, 2006Predatory lending laws and mortgage originator licensing laws are more complex than ever before, and many believe it's getting harder for lenders and brokers to stay in compliance with the increasing patchwork of regulations out there. (Read More)
NHEMA Is Drawing Attention To Fraud
April 3, 2006The National Home Equity Mortgage Association will host a Fraud Detection & Prevention Workshop May 17-18 here at the Hyatt Regency. (Read More)
300 Fitch Deals Affected by Katrina
April 3, 2006While the long-term impact of Hurricane Katrina remains uncertain, it is clear that investors in mortgage securities and mortgage servicers have their work cut out for them. (Read More)
CA Apartment Vacancies Decline
April 3, 2006Slow and steady gains in the overall Southern California economy will continue to push up apartment rents and occupancy rates that now rank among the highest in the country, according to the Casden Real Estate Economics Forecast released by the University of Southern California Lusk Center for Real Estate. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
April 3, 2006B&C Stock Price Index: 215.3 Change: -1.5 (part 1 of 2) Company 52 wk/lo 52 wk/hi 3/30/2006 Aames (AIC) 5.11 10.35 5.84 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 87.11 84.00 IMPAC Mortgage Holdings (IMH) (1) 7.17 22.32 9.48 Accredited Home Lenders (LEND) 31.36 54.94 51.29 New Century (NEW) 30.22 54.00 45.42 Novastar (NFI) 24.08 42.55 33.86 Ocwen (OCN)(2) 6.38 10.60 10.17 Saxon Capital (SAX) 8.84 18.25 10.00 Transnational Finl Network I (TFN) 0.24 0.70 0.40 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) -3% 14% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) 0% 9% na IMPAC Mortgage Holdings (IMH) (1) 12% 32% na Accredited Home Lenders (LEND) -4% 64% na New Century (NEW) -6% 50% na Novastar (NFI) 8% 41% na Ocwen (OCN)(2) 2% 59% na Saxon Capital (SAX) 1% 13% na Transnational Finl Network I (TFN) 33% 67% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (Read More)
Mortgage Industry Equity Composite
April 3, 2006MIEC Index: 158.3 Change: -2.7 (part 1 of 2) Company 3/23/2006 3/30/2006 Wkly. (Read More)
LandAmerica Buys Capital Title
April 3, 2006In what might be the first sign of consolidation of ancillary service providers in the post-refinance boom era, LandAmerica Financial Group Inc. here has agreed to buy Capital Title Group Inc., Scottsdale, Ariz., in a deal valued at $251 million. (Read More)
Group Questions Bankruptcy Rules
April 3, 2006Recent data show controversial bankruptcy law reforms enacted in October 2005 are proving opponents of the law correct, with up to 97% of those affected unable to repay any debt. (Read More)
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April 10, 2006
51% of GMAC Sold to Partnership
April 10, 2006Cerberus Capital Management and two partners have inked a deal to buy 51% of General Motors Acceptance Corp., which controls the nation's fifth-largest mortgage banking franchise. (Read More)
Trump Hiring, Not Firing
April 10, 2006When Bill Dallas, the chairman and chief executive of OwnIt Mortgage Solutions, speaks at industry events, he tells mortgage brokers there are entities outside of the business such as WalMart that want a piece of their pie. (Read More)
FHA Reform Proposed
April 10, 2006Homebuyers with good credit would be able to get a Federal Housing Administration-insured mortgage of up to $417,000 with no upfront insurance premium under a legislation proposal the Bush administration sent to Congress last week. (Read More)
Omni Bank Buys Lender
April 10, 2006Omni Bank, temporarily headquartered in Harvey, La., has acquired LendSouth Mortgage LLC here. Terms of the deal were not disclosed. (Read More)
CFC: MBA Take Stand on GSE Limits
April 10, 2006The nation's largest mortgage lender is demanding that the Mortgage Bankers Association publicly declare its opposition to a Senate GSE bill that would require Fannie Mae and Freddie Mac to reduce their mortgage portfolios. (Read More)
Top Alt-A Lenders in Q4 '05
April 10, 2006(Dollars in Millions) (part 1 of 2) Rk Organization Name Location 1 EMC Mortgage (1) Irving, TX 2 IndyMac Bancorp, Inc. Pasadena, CA 3 Aurora Loan Services, Inc.(2) Aurora, CO 4 Wells Fargo Home Mortgage San Francisco, CA 5 WMC Mortgage Corp. (BC) (3) Woodland Hills, CA 6 GMAC-RFC (4) Minneapolis, MN 7 Impac Funding Corporation Newport Beach, CA 8 GreenPoint Mortgage Funding Novato, CA 9 GMAC Residential Holdings (4) Horsham, PA 10 Credit Suisse First Boston New York, NY 11 SunTrust Mortgage, Inc. Richmond, VA 12 First Horizon Home Loans Irving, TX 13 Wachovia Charlotte, NC 14 Branch Banking & Trust Co. Wilson, NC 15 Chase Home Finance Iselin, NJ 16 American Mortgage Network San Diego, CA 17 National City Mortgage Miamisburg, OH 18 First National Bank of Arizona Scottsdale, AZ 19 American Home Mtg. Investment Melville, NY 20 PHH Mortgage Mt. Laurel, NJ 21 Homecomings Financial (4) Minneapolis, MN 22 Taylor, Bean & Whitaker Ocala, FL 23 NovaStar Mortgage, Inc. (BC) Kansas City, MO 24 Secured Bankers Mortgage Co. Van Nuys, CA 25 Sovereign Bank, FSB Rosemont, PA (part 2 of 2) Alt A Lenders % Market Rk Q4 '05 Q4 '04 Change Share 1 $14,425 na na 9.90% 2 $11,731 $7,505 56% 8.05% 3 $11,656 $10,694 9% 8.00% 4 $8,816 $1,839 379% 6.05% 5 $6,304 $4,869 29% 4.33% 6 $6,044 $2,417 150% 4.15% 7 $5,721 $6,176 -7% 3.93% 8 $4,310 $4,334 -1% 2.96% 9 $3,527 na na 2.42% 10 $3,032 $2,364 28% 2.08% 11 $2,623 $775 239% 1.80% 12 $2,351 $330 612% 1.61% 13 $2,201 $1,737 27% 1.51% 14 $2,168 na na 1.49% 15 $1,950 $2,818 -31% 1.34% 16 $1,552 $846 83% 1.07% 17 $1,487 $1,124 32% 1.02% 18 $1,483 na na 1.02% 19 $1,246 $1,193 4% 0.86% 20 $1,095 $598 83% 0.75% 21 $1,043 $2,417 -57% 0.72% 22 $970 $341 184% 0.67% 23 $797 $662 20% 0.55% 24 $761 na na 0.52% 25 $693 $291 138% 0.48% Totals: $97,986 $53,330 84% 67.28% Notes: Results may be incomplete because some firms would not disclose this data point. In general Alt-A loans are neither conventional nor subprime but have certain characteristics that make them harder to fund/underwrite. (1) EMC, which is owned by Bear Stearns, is a correspondent buyer of Alt-A loans. (2) Owned by Lehman Bros. (3) Owned by GE. (4) These firms are affiliates. (BC) Lender is a subprime specialist. (Read More)
Irwin Selling $14B in MSRs
April 10, 2006Irwin Financial Corp. here is toying with the idea of selling $14 billion in servicing rights housed at its mortgage affiliate, investment banking sources told National Mortgage News. (Read More)
Predatory Lending Bill Stalled in House but Markup Still Planned
April 10, 2006Efforts to move a predatory lending bill in the House appear to be stalled, but negotiations between Democrats and Republicans are continuing with an eye toward marking up a bill possibly in May. (Read More)
OTS Alarmed
April 10, 2006Office of Thrift Supervision director John Reich is sounding the alarm that underwriting standards are slipping as mortgage originations decline and lenders are trying to maintain loan volume. (Read More)
Freddie's Preliminary Earnings Fall, GSE Takes Hit on IO Assets
April 10, 2006Freddie Mac, which is still not current on its financial reporting, unveiled preliminary earnings of $2.5 billion for 2005 while revealing a $500 million writedown in the fourth quarter tied to its holdings of interest-only assets. (Read More)
Fed Gives Citi OK On Large Deals
April 10, 2006The Federal Reserve Board of Governors has given Citigroup the green light to make "significant" acquisitions, saying the financial services giant has improved its compliance risk management program. (Read More)
Correction
April 10, 2006In the March 17 issue, National Mortgage News reported that, after the Federal Financial Institutions Examination Council made it clear that lending institutions must find at least two ways to authenticate borrowers or face face fines, IndyMac Bank would be looking into fingerprinting and retinal technology and other methods to combat identity theft and get a stringent plan in place before the deadline. Since that issue, NMN has learned that IndyMac has undertaken a project to identify its key Internet-based transactions and will be implementing multifactor or multilevel authentication to ensure the company is in compliance with the FFIEC guidance. The multifactor solution IndyMac implements will not include fingerprinting or retinal recognition technologies. IndyMac is currently testing fingerprint and token technology for possible future consideration. We regret the error. (Read More)
Editorial: The Latest Progress Report
April 10, 2006The Mortgage Industry Standards Maintenance Organization took advantage of the Mortgage Bankers Association's annual technology conference to announce four new e-mortgage releases and a white paper on Internet data security. What does it all add up to? (Read More)
Open Forum: HUD's Budget
April 10, 2006Secretary Jackson recently testified before the House Financial Services Committee on HUD's fiscal year 2007 budget. His testimony is presented as our Open Forum. (Read More)
Rate Possibilities; ARM Consumer Effects Eyed
April 10, 2006Signs that interest rates are likely to continue to trend higher appeared to dominate sentiment in the market at press time last week. But last Friday's influential employment statistics had not been released as this newspaper went to press last Thursday. (Read More)
Analyst Raises Estimates for Citi, J.P. Morgan Chase
April 10, 2006Merrill Lynch has raised its first-quarter earnings estimates for Citigroup and J.P. Morgan Chase, despite pressure in the retail banking sector. (Read More)
Loan Income May Decline
April 10, 2006With loan volumes slowing from the fourth quarter of 2005, banks are likely to find it difficult to report the kind of strong mortgage-related fee income that they saw in the fourth quarter of last year, according to analysts. (Read More)
Roundup: NYMT Completes Its First Securitization of the Year
April 10, 2006New York Mortgage Trust Inc. has completed its first loan securitization transaction in 2006. (Read More)
Capitalsource Prices Deal
April 10, 2006Commercial finance company CapitalSource Inc. here has priced a $782.2 million term debt securitization, CapitalSource Commercial Loan Trust 2006-1, a floating rate transaction executed through a Rule 144A private offering. (Read More)
Chase Class Rating Slips
April 10, 2006Class IB of Chase Funding Trust subprime mortgage loan asset-backed certificates, series 2003 group 1, has been downgraded from BB to B by Fitch Ratings. (Read More)
DASH CDO Classes Downgraded
April 10, 2006Two classes of notes issued by Diversified Asset Securitization Holdings III LP, a collateralized debt obligation that includes residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. Class A-3L was downgraded from BBB-minus to BB, and class B-1L was downgraded from B-minus to CC. (Read More)
Lennar's Earnings from Continuing Operations Up Year-to-Year
April 10, 2006Homebuilder Lennar Corp. saw earnings from continuing operations for its first quarter ended Feb. 28 of $258.1 million, compared to $192.8 million for the year-ago period. (Read More)
Lennar's CP Gets Fitch's 'F2'
April 10, 2006Fitch Ratings has assigned an "F2" short-term debt rating to homebuilder Lennar Corp.'s planned $2 billion commercial paper program. (Read More)
AREAA Launches Novel Certfication Course for Mortgage/RE Pros
April 10, 2006The Asian Real Estate Association of America has launched the first-of-its-kind certification course designed to help mortgage and real estate professionals to better understand and serve the largely underserved Asian-Pacific American housing market. It is part of AREAA's strategic goal to increase industry awareness about Asian housing trends. (Read More)
Community Funds Seen Increasing
April 10, 2006Community development banking and affordable housing production, which got an additional kick in demand by the 2005 hurricanes, has grown into "one of the fastest-growing segments of socially responsible investing" since 1995, according to a recent report. (Read More)
Eyeing Electronic Signature Adoption's Evolution
April 10, 2006Many industry experts predicted that this will be the year of the electronic mortgage at the MBA tech show here. However, before e-mortgages can see mainstream adoption the industry has to first accept the use of electronic signatures. (Read More)
MBA Panelists Discuss When to Invest in a New LOS
April 10, 2006After the industry moves from a refinance boom to a purchase market, most lenders take a hard look at their technology to see where they can improve their processes to remain competitive and prepare for the next refinance wave. The first question that always arises is: Should I invest in a new loan origination system? (Read More)
Mapping Out the Road to Electronic Mortgages
April 10, 2006Mapping the way to e-mortgages was a major theme at the recent MBA tech conference in San Diego, with several sessions devoted to loan document automation and enterprise content management. (Read More)
Fed Seeks to Cure Home Equity Issues with Summertime Review
April 10, 2006The Federal Reserve Board intends to hold public hearings this summer on home-equity lending that will address predatory lending practices and mortgage disclosure issues. (Read More)
Lender, Banks Clear Deal Block
April 10, 2006The major impediment to the deal between Sovereign Bancorp here, Banco Santander Central Hispano SA, Madrid, and Independence Community Bank Corp., a warehouse and commercial lender based in Brooklyn, N.Y., has been resolved amicably. Sovereign and Relational Investors LLC have come to an agreement that ends what had become a nasty war of words and lawsuits. (Read More)
FHA Move May Affect Some MH
April 10, 2006The Bush administration is proposing a complete overhaul of a Federal Housing Administration program that insures manufactured housing loans that are not secured by real estate. (Read More)
Carver to Buy Community Capital
April 10, 2006Carver Bancorp Inc., a minority-owned thrift holding company based in Harlem, has agreed to acquire Community Capital Bank, a community bank based in the borough of Brooklyn, in an $11.1 million cash transaction. (Read More)
Regulators Seek Input on FACT Act
April 10, 2006The Office of the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corp., Office of Thrift Supervision, National Credit Union Administration and Federal Trade Commission have issued a request for comments to assist them in developing regulations and guidelines under the Fair and Accurate Credit Transactions Act relating to the accuracy of information provided to consumer reporting agencies. (Read More)
Bradley to Lead New Wholesaler
April 10, 2006Charles "Brad" Bradley - who founded, led, then sold nonprime lender EquiFirst - has now returned to the market as the leader of Senderra Funding, a new wholesale mortgage company specializing in nonprime lending. (Read More)
Equifax Forms JV with ATM Corp.
April 10, 2006Equifax Inc., the Atlanta-based credit repository, has formed a joint venture with ATM Corp. here to offer mortgage settlement services. (Read More)
Fieldstone's Restatement Aims to Correct Errors in Accounting
April 10, 2006Fieldstone Investment Corp., Columbia, Md., has restated its earnings from 2003 through the first three quarters of 2005. The restatement was in order to correct accounting errors related to the timing when it recognized income tax paid by its Fieldstone Mortgage Co. subsidiary. (Read More)
Addressing REO Challenges
April 10, 2006In the past few years, lenders and investors have faced increases in real estate owned disposition and distressed properties that are headed for foreclosure. This is only natural when the mortgage servicing industry sees increases in loan volumes and refinancing. (Read More)
People
April 10, 2006CALIFORNIA Laguna Hills-South Lake Mortgage Capital has named Brenda Simon as senior vice president, national sales manager and Kevin R. Callahan as regional sales manager in Southern California. (Read More)
Commercial Lending: Strong Growth
April 10, 2006Commercial and multifamily-backed mortgage debt outstanding continues to grow by leaps and bounds as money continues to pour into this sector, rising to $2.64 trillion at the end of 2005 (according to a report by the Mortgage Bankers Association, based on data provided by the Federal Reserve). This represents a 14.2% rise over 2004 levels, according to the MBA. (Read More)
Deloitte & Touche: No Bubble to Burst in Comm. Real Estate
April 10, 2006In the real estate industry there's always talk about the real estate bubble and discussion about if and when the said bubble is going to burst. Although this type of speculation makes sense for the residential real estate market, a report released by consulting firm Deloitte & Touche USA reveals that such speculation for the commercial real estate market is not quite justified. (Read More)
CDOs Seen as a Growing Complementary Securitization Avenue
April 10, 2006The issuance of collateralized debt obligations has grown by leaps and bounds and it is now seen as complementary to the commercial mortgage-backed securities structure, rather than as a threat to CMBS. (Read More)
Multifamily Transactions
April 10, 2006* American Retirement Corp. has acquired four senior living communities in Texas and Kansas for a total of $146.3 million - partly funded with a $96 million, interest-only, floating first mortgage from Merrill Lynch - through two joint ventures, * Arbor Commercial Funding has funded a $3.48 million loan, fixed at 5.62%, under Fannie Mae's DUS line to refinance a 61-unit, East Hartford, Conn., property. (Read More)
Reit Transactions
April 10, 2006* Trizec Properties has refinanced One New York Plaza in downtown Manhattan with a $400 million mortgage, at a rate of about 5.14%, from affiliates of Goldman Sachs and Lehman Brothers, and will use the proceeds partly to pay down its credit facility and part of a CMBS loan. (Read More)
S&P: Another Strong Year for CMBS
April 10, 2006Standard & Poor's predicts a strong year for CMBS loan originations and issuance. 2006 issuance could even top levels reported in 2005, the credit rating agency said. (Read More)
National City Declares Dividend
April 10, 2006National City Corp.'s board of directors has declared a common stock dividend of $0.37 per share to be paid May 1 to shareholders of record on April 13. Based on the company's share price early last week that gives National City a dividend yield of 4.2%. (Read More)
MS Gets Federal OK on Katrina Funds
April 10, 2006Mississippi has received federal approval for its plan to use $3.5 billion in Community Development Block Grant funds to assist homeowners to recover from Hurricane Katrina. (Read More)
Ratings: LandAmerica On Watch Negative
April 10, 2006LandAmerica Financial Group here has been placed on Rating Watch Negative by Fitch Ratings, Chicago, because of its agreement to acquire Capital Title Group Inc., Scottsdale, Ariz. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
April 10, 2006B&C Stock Price Index: 217.7 Change: 2.4 (part 1 of 2) Company 52 wk/lo 52 wk/hi 4/6/2006 Aames (AIC) 5.11 10.35 5.41 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 87.11 85.24 IMPAC Mortgage Holdings (IMH) (1) 7.17 22.32 9.54 Accredited Home Lenders (LEND) 31.36 54.94 52.73 New Century (NEW) 30.22 54.00 46.63 Novastar (NFI) 24.08 42.55 32.65 Ocwen (OCN)(2) 6.38 10.60 10.25 Saxon Capital (SAX) 8.84 18.25 10.51 Transnational Finl Network I (TFN) 0.24 0.70 0.45 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) -7% 6% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) 1% 10% na IMPAC Mortgage Holdings (IMH) (1) 1% 33% na Accredited Home Lenders (LEND) 3% 68% na New Century (NEW) 3% 54% na Novastar (NFI) -4% 36% na Ocwen (OCN)(2) 1% 61% na Saxon Capital (SAX) 5% 19% na Transnational Finl Network I (TFN) 13% 88% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (1) IMPAC is mostly an Alt-A lender and servicer. (2) Ocwen is a subprime servicer and subservicer. (Read More)
Mortgage Industry Equity Composite
April 10, 2006MIEC Index: 159.8 Change: 1.6 (part 1 of 2) Company 3/30/2006 4/6/2006 Wkly. (Read More)
Mandalay Cutting Jobs?
April 10, 2006Subprime lender Mandalay Mortgage here has trimmed its workforce by 50 to 100 positions, according to industry sources. (Read More)
Matrix Sells Servicing Advisor
April 10, 2006Matrix Bancorp here has sold its servicing advisory group to Security National Holding Co., Eureka, Calif., and former employees of the unit for $4.1 million. (Read More)
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April 17, 2006
Sen. Clinton's FHA Bill Launched
April 17, 2006Sen. Hillary Clinton, D-N.Y, has introduced a bill that would raise Federal Housing Administration loan limits in New York and other high-cost areas that might give FHA reform legislation some momentum in the Senate. (Read More)
Top Subprime Residential Lenders in '05
April 17, 2006($ in Millions) (part 1 of 2) Rk Organization Name Location 1 Ameriquest Mortgage Corp. (E) (1) Orange, CA 2 New Century Financial Corp. Irvine, CA 3 Countrywide Financial Corp. Calabasas, CA 4 Wells Fargo Home Mortgage San Francisco, CA 5 Option One Mortgage Corp. (2) Irvine, CA 6 Fremont Investment & Loan Santa Monica, CA 7 Washington Mutual Seattle, WA 8 WMC Mortgage Corp. (3) Woodland Hills, CA 9 First Franklin Financial (4) San Jose, CA 10 GMAC-RFC Minneapolis, MN 11 HSBC Mortgage Services/Household (5) Charlotte, NC 12 CitiFinancial Baltimore, MD 13 EMC Mortgage (6) Irving, TX 14 Decision One Mortgage Charlotte, NC 15 Accredited Home Lenders San Diego, CA 16 BNC Mortgage, Inc. (7) Irvine, CA 17 Encore Credit Corporation Irvine, CA 18 Aegis Mortgage Corporation (E) (8) Houston, TX 19 Chase Home Finance Woodcliff Lake, NJ 20 NovaStar Mortgage, Inc. Kansas City, MO 21 Ownit Mortgage Woodland Hills, CA 22 IndyMac Bancorp, Inc. Pasadena, CA 23 ResMAE Mortgage Corp. Brea, CA 24 Aames Financial Corporation Los Angeles, CA 25 Fieldstone Mortgage (E) Columbia, MD (part 2 of 2) Subprime Volume % Market Rk 2005 2004 Change Share 1 $73,420 $77,500 -5% 8.99% 2 $56,096 $42,192 33% 6.87% 3 $44,637 $39,441 13% 5.46% 4 $42,346 $22,395 89% 5.18% 5 $39,093 $25,190 55% 4.78% 6 $36,242 $23,911 52% 4.44% 7 $34,491 $31,197 11% 4.22% 8 $31,795 $19,128 66% 3.89% 9 $29,511 $28,951 2% 3.61% 10 $25,258 $20,342 24% 3.09% 11 $25,169 $18,112 39% 3.08% 12 $20,509 $23,543 -13% 2.51% 13 $17,293 $12,445 39% 2.12% 14 $16,870 $12,404 36% 2.06% 15 $16,583 $12,420 34% 2.03% 16 $16,088 $11,142 44% 1.97% 17 $14,015 $8,962 56% 1.72% 18 $10,500 $7,000 50% 1.29% 19 $9,655 $9,218 5% 1.18% 20 $9,269 $8,405 10% 1.13% 21 $8,298 $3,672 126% 1.02% 22 $7,384 $3,507 111% 0.90% 23 $6,858 $2,935 134% 0.84% 24 $6,754 $7,420 -9% 0.83% 25 $6,258 $6,185 1% 0.77% Totals: $604,391 $477,617 27% 73.97% Note: Results may be incomplete because some firms would not provide numbers. Market share based on $817.1 billion in estimated subprime originations. (E) Involves estimates.(1) Ameriquest's volume includes that of its wholesale arm, Argent. (2) Owned by H&R Block. (3) Owned by GE. (4) Owned by National City. (5) Owned by HSBC. (6) Owned by Bear Stearns. (7) Owned by Lehman Bros. (8) Owned by Cerberus Capital. (Read More)
Three Industry Factions Stress Unity
April 17, 2006Signaling perhaps a new era of cooperation between the various segments of the mortgage business, the leaders of three major trade associations stood at the same podium here earlier this month to stress the issues that unite their groups rather than those that separate them. (Read More)
NAMB: DoL Exempting Many LOs
April 17, 2006The National Association of Mortgage Brokers has obtained an opinion from the Department of Labor which says "sales force" loan officers qualify as exempt outside sales employees. (Read More)
Recent Layoffs In the U.S. Mortgage Industry
April 17, 2006Lender # of employees HQ Product Name laid off State Niche Washington Mutual 2,500 WA prime, non-prime Ameriquest (1) 800 CA non-prime QuoteMeARate.com (2) (e) 620 TX net branch operator Argent Mortgage (1) 600 CA non-prime Option One/HRB (3) 600 CA prime, non-prime Encore Credit 440 CA non-prime Aurora Loan Serv. (4) 300 CO alt-A Countrywide 300 CA prime, non-prime BNC/Finance Am. (4) 125 CA non-prime Mandalay Mortgage (e) 100 CA non-prime People's Choice 100 CA non-prime National City Mortgage 70 OH prime, non-prime Total 6,555 Notes: These figures are based on known lay-offs that have occurred between November 2005 and April 2006. Unpublicized downsizings are not represented in these figures. (1) These firms are affiliates. (2) QuoteMeARate is a net branch operator that had at least 600 LOs working for it. These LOs also may have used other net branches. (3) Option One is owned by tax firm H&R Block. HRB stands for H&R Block Mortgage. (4) BNC and Finance America merged last year with BNC being the surviving brand. BNC is an affiliate of Aurora. Both are owned by Lehman Bros. (e) Estimate. Company would not return telephone calls or comment. (Read More)
Industry Spotlight: Joe Filoseta
April 17, 2006Mr. Filoseta was named executive vice president and general manager of the mortgage solutions group at Harland Financial Solutions, Atlanta. He has worked with the mortgage solutions group since 2002 and brings more than 20 years of financial services industry experience. (Read More)
Consumer Groups to HUD: We Still Want Broker Pay Disclosed
April 17, 2006Consumer groups are reminding the Department of Housing and Urban Development that RESPA reform also means regulating mortgage broker compensation so consumers know upfront how much they are paying the broker in a loan transaction. (Read More)
Clear Choice Buying Allstate
April 17, 2006Clear Choice Financial Inc., formerly Nationwide Financial Solutions, has executed a letter of intent to acquire Allstate Home Loans Inc., a California-based residential mortgage provider. (Read More)
NHEMA Chairman: Separate Due Diligence from Creative Process
April 17, 2006When it comes to developing mortgage products, the new chairman of the National Home Equity Mortgage Association would like to see a separation between church and state. (Read More)
ALTA Chooses Arbitration Firm
April 17, 2006The association that represents title companies has made the National Arbitration Forum its new administrator for title insurance disputes. (Read More)
Editorial: United They Stand
April 17, 2006There was an unusual sight to be seen at the recent convention of the National Home Equity Mortgage Association in Miami: the heads of the three major mortgage trade groups sitting together and talking about the many areas they have in common. (Read More)
Open Forum: Banks Slacken Credit Vigilance
April 17, 2006Excerpts of Mr. Reich's remarks before the New York Bankers Association recently are presented as our Open Forum. (Read More)
Examining a 10-Year Treasury Yield Above 5%
April 17, 2006The rate-indicative 10-year Treasury yield had surpassed the 5% level at press time last Thursday morning, according to Yahoo! Finance. (Read More)
MBA: SEC's Reg AB Relief May Not Be Enough
April 17, 2006Securities and Exchange Commission officials have decided to give servicers some relief when it comes to filing "Compliance with Applicable Servicing Criteria" reports at the end of this year under a new asset-backed securities regulation. (Read More)
Silver Hill Grows Correspondent
April 17, 2006Silver Hill Financial, a lender specializing in the small-balance commercial loan niche, has expanded its correspondent program to include a wider customer base. (Read More)
FCM to Restate Financials for 2003 Through Third Quarter 2005
April 17, 2006Franklin Credit Management will restate its financial statements for the years of 2003 through the first three quarters of 2005, the company said last week. (Read More)
Fitch Revises IndyMac Outlook
April 17, 2006Fitch Ratings has revised its outlook at IndyMac Bancorp to "positive" from "stable," a move that often precedes an upgrade for a company's ratings. (Read More)
Sarbanes-Oxley, Undervaluation Spurring REIT Privatization Move?
April 17, 2006The cost of complying with Sarbanes-Oxley provisions, as well as undervaluation by public markets, has contributed to the recent trend of real estate investment trusts moving towards privatization, according to some industry participants. (Read More)
Roundup: Newcastle Deal Creates $1.45 Billion in Securities
April 17, 2006Newcastle Investment Corp. has securitized the residential mortgage portfolio it acquired in March through Newcastle Mortgage Securities Trust 2006-1. (Read More)
BCF Deal Downgraded
April 17, 2006Two classes of BCF LLC mortgage-pass through certificates, series 1997-R2, have been downgraded by Fitch Ratings. (Read More)
Franklin Deal Under Review
April 17, 2006Three classes from First Franklin Mortgage Loan Trust, series 2002-FF2, have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Morgan CMBS Downgraded
April 17, 2006Two classes of Morgan Stanley Capital I Inc. commercial mortgage pass-through certificates, series 1999-LIFE 1, have been downgraded by Fitch Ratings. (Read More)
FAIC Deal Downgraded
April 17, 2006Class B-1 of Fund America Investors Corp. mortgage pass-through certificates, series 1994-A, has been downgraded from A-minus to BBB-minus by Fitch Ratings. (Read More)
GS Deal Downgraded
April 17, 2006Three classes of GS Mortgage Participation Securities mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Merit Deal Downgraded
April 17, 2006Two classes of Merit Securities Corp. residential mortgage-backed securities series 12-1 have been downgraded by Fitch Ratings. (Read More)
MESA Deal Sees Problems
April 17, 2006Class B of MESA Trust asset-backed certificates, series 2001-2, has been downgraded from B-plus to CCC by Fitch Ratings. (Read More)
Remodelers Deal Downgraded
April 17, 2006Class B of Remodelers Home Improvement Loan asset-backed certificate series 1995-2 has been downgraded from BBB to BB by Fitch Ratings. (Read More)
Wachovia CMBS Downgraded
April 17, 2006Class L of Wachovia Bank's commercial mortgage pass-through certificates series 2004-Whale 3 has been downgraded from BBB-minus to BB by Fitch Ratings. (Read More)
ResCap to Repay Domestic Debt with Bonds
April 17, 2006Residential Capital Corp. said last Monday that it plans to use the proceeds of two bond offerings along with cash from other funding sources to repay all domestic borrowings from General Motors Acceptance Corp., its parent company. (Read More)
Selected 30-Year Fixed-Rate Prepayments
April 17, 2006(For March Period) Cpn Year WAC Fctr Mar '06 Feb '06 Fannie Mae 5.50 2005 5.99 .928 10.3 7.9 Fannie Mae 5.50 2004 5.93 .736 15.0 12.3 Fannie Mae 5.50 2003 5.93 .536 14.8 11.8 Fannie Mae 5.50 1998 6.19 .207 14.0 8.2 Freddie Mac 5.50 2005 5.95 .933 9.1 7.1 Freddie Mac 5.50 2004 5.92 .755 13.7 11.2 Freddie Mac 5.50 2003 5.93 .559 13.5 11.1 Freddie Mac 5.50 1998 6.12 .242 12.2 13.0 Source: Bear Stearns & Co. (Read More)
Bear: Fixed-Rate Prepays Speed Up
April 17, 2006Prepayment rates on 30-year fixed-rate mortgages in Fannie Mae and Freddie Mac mortgage-backed securities increased by 21% in March, according to the Bear Stearns Prepayment Commentary. (Read More)
FICC to Centralize Counterparty Capabilities
April 17, 2006The Fixed Income Clearing Corp. has made plans to develop new services as part of its long-planned effort to create comprehensive central counterparty capabilities that include guaranteeing the settlement of trades in the $300-billion-a-day mortgage-backed securities market. (Read More)
Apartment Sales Jump as Industry Leaders Jostle for Top Spot
April 17, 2006The volume of multifamily property sales for 2005 was up 70% over 2004 levels, making for some changes in the National Multi Housing Council's latest rankings of the top apartment sector owners and managers. (Read More)
CMBS Overdues Decline in March
April 17, 2006Delinquencies on commercial mortgage-backed securities declined to 0.68% for March, Fitch Ratings reports based on a delinquency index maintained by the credit rating agency. (Read More)
New Group Focusing on Mexico
April 17, 2006An international mortgage association with an initial focus on developing a global market in Mexico has made its debut here. (Read More)
'U.K. Intermediary Channel Growing'
April 17, 2006Mortgage intermediaries in the United Kingdom have been growing as a distribution channel by an average of 21.6% per year since 2002, according to a recent Research and Markets report. (Read More)
Housing Starts Rise in Canada
April 17, 2006The seasonally adjusted annual rate of housing starts in Canada rose to 252,300 units in March from 242,500 units in February, according to Canada Mortgage and Housing Corp. (Read More)
Roundup: Majority of Lenders Now Say Housing Bubble Exists
April 17, 2006Two-thirds of lenders nationwide believe a real estate bubble exists, and half believe it will burst within six months, according to a quarterly survey by Phoenix Management Services, Chadds Ford, Pa. (Read More)
Standard & Poor's: Watch Out for REIT Correction
April 17, 2006Standard & Poor's Equity Research Service sees the potential for a decline in the stock price of real estate investment trusts. (Read More)
Zacks Highlights Golden West
April 17, 2006Zacks.com has included Golden West Financial Corp. on its "growth and income" buy ranking. (Read More)
Roundup: BFC Financial Experiences Lower Net Income in 2005
April 17, 2006BFC Financial Corp., a diversified holding company here, reported net income of $12 million in 2005, down from $13.8 million for 2004. Earnings per diluted share totaled $0.38 for the year, down from $0.47 in 2004. (Read More)
Annaly Sets Stock Offering Price
April 17, 2006Annaly Mortgage Management set the price for the public offering of 34.1 million shares of common stock at $11.75 per share, which will raise estimated gross proceeds of $401 million, the company said before the offering was completed last week. (Read More)
RCC Added to Russell 3000
April 17, 2006Resource Capital Corp. has been added to the Russell 3000 Index as one of the 27 initial public offering additions to join the index as of March 31. (Read More)
GFC Seeking Finance Deals
April 17, 2006The American Stock Exchange now lists the units of General Finance Corp. under the ticker symbol GFN.U, the exchange said. (Read More)
Are Door to Door Sales Effective? Views on the Web Are Mixed
April 17, 2006GeneG: Door to door. Good or bad idea? I have flyers with option ARMs, 15-year and 30-year programs on it. Do you think it's a good idea to have them stuck under every door in a subprime area? (Read More)
Hawaiian Bank Uses Loan Protector for Force-Placed Insurance
April 17, 2006First Hawaiian Bank, Honolulu, has selected Loan Protector Insurance Services to provide lender-placed insurance programs for lenders and mortgage servicers. (Read More)
Default Rates Rise In Some B&C Pools
April 17, 2006Default rates rose on prime and subprime mortgage pools tracked by Friedman Billings Ramsey in January, even as the number of defaults fell among alternative-A credit quality pools. (Read More)
Cenlar's Alt-A Rating Raised
April 17, 2006Fitch Ratings has raised Cenlar FSB's residential primary servicer rating for alternative-A loans to "RPS3+" from "RPS3." Fitch also affirmed Cenlar's "RPS3+" rating for prime product. (Read More)
People
April 17, 2006ARIZONA Scottsdale-First National Bank of Arizona has hired Susan Monahan as correspondent account manager for Illinois, Michigan, Wisconsin and Indiana. (Read More)
ABA: Drop CRE Lending Guidance
April 17, 2006Fears that their most profitable lending business could be hurt, community bankers are urging federal regulators to drop their proposed guidance on commercial real estate lending. (Read More)
ECC Execs Take Pay Cut, Reduce Staff 17% to Address Woes
April 17, 2006A sign that ECC Capital Corp. here has a way to go to solve its problems came the week of April 10, when the company said its senior executives will be working for no or reduced compensation and then cut 17% of its workforce. (Read More)
USBHM Purchases AssuraFirst
April 17, 2006U.S. Bank Home Mortgage has acquired family-owned AssuraFirst Financial based in Southfield, Mich., a suburb of Detroit. (Read More)
'Web Services Are Not SOA'
April 17, 2006Given that many lending institutions are both looking to become more efficient to remain competitive and prepare for the next refinance wave, investing in origination technology is expected to be heavy. One buzzword being bandied around as a way to gain those efficiencies is service-oriented architecture, but some vendors are confusing SOA for Web services and they are not the same. (Read More)
Mortgage Industry Equity Composite
April 17, 2006MIEC Index: 157.2 Change: -2.6 (part 1 of 2) Company 4/6/2006 4/13/2006 Wkly. (Read More)
ECP, GSE Increasing AH Access
April 17, 2006In cooperation with Freddie Mac, Enterprise Community Partners recently introduced a suite of information tools designed to increase access to social services for low-income residents in affordable housing communities. (Read More)
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April 24, 2006
Street Gets Tough on Buybacks
April 24, 2006When the going gets tough in the nonconforming market, Wall Street starts enforcing its loan "buyback" agreements, a practice that has many different sectors of the business talking. (Read More)
Now, 50-year Nonprime Loan
April 24, 2006Reliant Home Warranty Corp., Toronto, has gotten underwriting approval to offer what it said is North America's first 50-year amortization program for nonprime high-ratio mortgages. (Read More)
Wells, WaMu Income Off
April 24, 2006In the surest sign yet that the mortgage boom has come to a close, both Washington Mutual and Wells Fargo reported lower income from their mortgage units in the first quarter. (Read More)
Another Lender Closes
April 24, 2006Acoustic Home Loans, a nonconforming wholesaler here, has closed its doors after being in business for just three years. (Read More)
Top Online Originators in Q4 2005
April 24, 2006(Dollars in Millions) (part 1 of 2) Rk Organization Name Location 1 Chase Home Finance Iselin, NJ 2 Washington Mutual Seattle, WA 3 CitiMortgage, Inc. O'Fallon, MO 4 IndyMac Bancorp, Inc. Pasadena, CA 5 WMC Mortgage Corp. (BC) Woodland Hills, CA 6 GreenPoint Mortgage Funding Novato, CA 7 New Century Financial Corp. (BC) Irvine, CA 8 ABN Amro Mortgage Ann Arbor, MI 9 SunTrust Mortgage, Inc. Richmond, VA 10 Flagstar Bank, FSB Troy, MI 11 Decision One Mortgage (BC) Charlotte, NC 12 Quicken Loans, Inc. Livonia, MI 13 Bank of America Charlotte, NC 14 Netbank Columbia, SC 15 MILA, Inc. (BC) Mountlake Terrace, WA 16 Wachovia Charlotte, NC 17 ResMAE Mortgage Corp. (BC) Brea, CA 18 E-Loan Dublin, CA 19 No Red Tape Mortgage Sherman Oaks, CA 20 First Franklin Financial (BC) San Jose, CA 21 First Savings Mortgage Corp. Vienna, VA 22 Irwin Mortgage Corp. Fishers, IN 23 Saxon Mortgage (BC) Glen Allen, VA 24 Acoustic Home Loans (BC) Orange, CA 25 Centex Home Equity Company (BC) Dallas, TX (part 2 of 2) Online Origination Vol. % Rk Q4 '05 Q4 '04 Change 1 $11,000 $11,100 -1% 2 $10,838 $11,255 -4% 3 $10,187 $10,371 -2% 4 $9,737 $7,250 34% 5 $8,185 $6,360 29% 6 $7,667 $7,455 3% 7 $7,300 $6,400 14% 8 $7,162 $7,331 -2% 9 $5,361 $3,120 72% 10 $4,771 $8,084 -41% 11 $4,458 $1,524 193% 12 $3,419 $2,300 49% 13 $1,303 $175 645% 14 $1,261 $1,235 2% 15 $1,150 $892 29% 16 $881 na na 17 $822 na na 18 $778 $782 -1% 19 $660 $594 11% 20 $625 $401 56% 21 $623 $482 29% 22 $475 $213 123% 23 $462 $561 -18% 24 $421 na na 25 $363 $189 92% Totals: $99,907 $88,073 13% Notes: QDR defines an online origination as any new loan where the consumer applied or pre-applied online. Some firms include their tele-sales numbers in with their online volume which will cause distortions in these results. Countrywide no longer discloses this figure. (BC) Firm is a subprime specialist. (Read More)
Settlement's Cost: $410M
April 24, 2006Freddie Mac late last week agreed to pay $410 million to settle class-action law suits filed by investors who lost millions of dollars when the company restated earnings tied to its $5 billion accounting scandal. (Read More)
Vote Decides SMART Docs
April 24, 2006A debate over the future of the electronic mortgage is going on with the Mortgage Industry Standards Maintenance Organization here. Adobe has offered its Intelligent PDF technology for MISMO to adopt as a category-eight SMART Doc. Now all the MISMO subscribers will vote on the issue in the coming weeks. (Read More)
California Multifamily Lender Trims Jobs
April 24, 2006Commercial Capital Bancorp, a top-ranked multifamily lender here, is laying off part of its staff, a sign that the real estate downturn may not be confined to just the residential sector. (Read More)
Ex-OFHEO Chief: Cut Portfolios
April 24, 2006The former director of the Office of Federal Housing Enterprise Oversight believes the on-balance-sheet portfolios of Fannie Mae and Freddie Mac should be reduced by Congress. (Read More)
MILA Rolling Out Alt-A Product for Freddie Mac
April 24, 2006MILA Inc. here, which made its fortune in subprime lending, is rolling out a new alt-A product that mortgage giant Freddie Mac has agreed to buy. (Read More)
Dallas FHLBank Restates Data
April 24, 2006The Federal Home Loan Bank of Dallas reported solid earnings for 2005 in its first annual report filed with the Securities and Exchange Commission, which also contains a restatement of its financial results going back to 2001. (Read More)
Community Valley Benefits from Rising Rates
April 24, 2006Community Valley Bancorp, parent of Butte Community Bank, said net income rose 20.3% in the first quarter compared to a year earlier. (Read More)
Editorial: On Their Minds
April 24, 2006Default servicers at the recent REOMAC spring conference in Indian Wells, Calif., certainly had the plight of Katrina homeowners on their minds. It has been more than 90 days since the worst natural catastrophe in the nation's history, and many thousands of the victims would be foreclosure candidates except for government forbearance. (Read More)
Open Forum: The Downside of Sarbanes-Oxley
April 24, 2006Mr. Pollock's recent testimony before the House Government Reform Subcommittee on Regulatory Affairs is presented as our Open Forum. (Read More)
5% Continues to Look Like an Important Number for Market
April 24, 2006Five percent last week continued to look like a key number in market trading up through press time last week. (Read More)
Lower Volume is First Quarter Theme
April 24, 2006The first-quarter earnings season got off to a start last week as some of the big names turned in results that reflected lower home loan origination volume across the industry. (Read More)
Home Loan Income Weak at Citi
April 24, 2006Citigroup's net income rose to $5.64 billion in the first quarter, or $1.12 per share, despite lower mortgage-related revenue. (Read More)
MGIC's Net Income Falls 10%
April 24, 2006In another sign that times are changing for the mortgage industry, MGIC Investment Corp., parent of the industry's largest mortgage insurer, reported net income of $163.5 million for the first quarter, a 10% drop from the first quarter of last year. (Read More)
Wachovia Sees Home Equity Growth
April 24, 2006Wachovia Corp. reported higher net income in the first quarter, crediting growth in mortgage lending and home-equity lending as factors in the company's performance. (Read More)
Asset Capital Plans IPO
April 24, 2006Asset Capital Corp. has filed an amendment concerning its upcoming initial public offering, with Friedman Billings Ramsey & Co. acting as sole book-running manager. (Read More)
CRE Firm Skids into Bankruptcy
April 24, 2006USA Commercial Mortgage Co. and its affiliates have filed for Chapter 11 bankruptcy "in order to address liquidity needs and debt restructuring." (Read More)
Equity Fund Eyes Retail Properties
April 24, 2006Two Michigan developers, Grand Sakwa Properties and Lormax Stern Development, have teamed up to invest up to $1 billion in U.S. retail properties over the next three to five years. (Read More)
Freddie Prices $5 Billion in Notes
April 24, 2006Freddie Mac has priced its new 5.125% $5 billion two-year Reference Notes security due on April 18, 2008 (CUSIP number 3137EAAC3) at 99.973 to yield 5.139%, or 27 basis points more than two-year U.S. Treasury Notes. (Read More)
Trepp Offering New CMBS Tool
April 24, 2006Trepp LLC, a provider of commercial mortgage-backed securities and commercial mortgage information and analytics, has introduced an information tool tied to the CMBS and commercial real estate-related derivatives market. (Read More)
SASC Deal Gets Fitch Downgrade
April 24, 2006Class B5 of Structured Asset Securities Corp. residential mortgage-backed certificates, series 2001-16H, has been downgraded from B to CCC by Fitch Ratings. (Read More)
Commerce to Pay $81 Million for West Pointe Bancorp
April 24, 2006Commerce Bancshares Inc., a holding company here offering mortgage banking and a number of other financial services, has agreed to buy West Pointe Bancorp Inc., Belleville, Ill., in a transaction valued at $80.9 million in stock and cash. (Read More)
USB Sees Record 1st Quarter Net
April 24, 2006U.S. Bancorp earned $1.15 billion in the first quarter, up from $1.07 billion in the first quarter of last year, despite an accounting change that reduced the bank's mortgage income but also led to a gain related to derivative holdings. (Read More)
Moody's Reviews RFC Transaction
April 24, 2006Classes M-2 and M-3 of RFC's RFSC series 2003-RP1 securitization have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Questions & Answers
April 24, 2006About Treasury Bank Treasury Bank is a division of Countrywide Bank, N.A. and is headquartered in Alexandria, Virginia, with Document Custody offices nationwide. Countrywide Bank(r), provides consumer and commercial banking services, consumer loans and lines of credit, first and second mortgages and home equity loans. Treasury Bank's document custody program is one of the highest-volume in the U.S. and is approved by FHLMC, GNMA, FNMA, FHLB and many private investors. (Read More)
LoanCity Launches Enhanced Underwriting System
April 24, 2006Calling its new system "the next generation of automated decisioning," wholesaler LoanCity here has released its proprietary AU 2.0 that delivers recommendations and stipulations in the same format and timeframe as Fannie Mae's Desktop Underwriter. (Read More)
Fingerprinting IDs Documents
April 24, 2006While using fingerprint technology may seem like a concept far into the future, PaperClip Software is using it today as a more foolproof way to recognize mortgage documents. (Read More)
TransUnion Enlists Partner to Fight Identity Theft
April 24, 2006TransUnion here has created a partnership with ID Analytics, San Diego, as part of its efforts for business to fight identity fraud. (Read More)
Capital One Among Webby Nominees
April 24, 2006Five financial services firms, including Capital One Home Loans, have been nominated for "Webby Awards" by the International Academy of Digital Arts and Sciences. (Read More)
People
April 24, 2006DISTRICT OF COLUMBIA Washington-MBA's vice president of industry technology, Gabe Minton, has been elected as secretary to the Electronic Authentication Partnership's board of directors. (Read More)
Investor Appetite for Real Estate Cools Despite Improving Conditions
April 24, 2006Fundamentals continue to improve in all the major commercial real estate sectors, but investor frenzy has slowed down somewhat, according to PricewaterhouseCoopers' first-quarter 2006 real estate investor survey. (Read More)
FHLB Working on Funding MPF
April 24, 2006The Federal Home Loan Bank of Chicago is working on a new way of funding its Mortgage Partnership Finance program and outsiders suspect it may involve securitization. (Read More)
Mortgage Industry Equity Composite
April 24, 2006MIEC Index: 161.9 Change: 4.6 (part 1 of 2) Company 4/13/2006 4/20/2006 Wkly. (Read More)
Fannie, Freddie Sign On to MS Plan
April 24, 2006The Mississippi housing assistance program may not be structured properly, but Fannie Mae and Freddie Mac still want their lenders and servicers to work with homeowners receiving assistance grants. (Read More)
Radian Achieves Record Results
April 24, 2006Radian Group's net income rose to $163.7 million in the first quarter, a new record for the firm and an increase of 41.6% from the first quarter of last year. (Read More)
Business Wire Slips On WaMu's Release
April 24, 2006The New York Stock Exchange halted trading in the stock of Washington Mutual on the afternoon of April 18 after Business Wire accidentally released part of the company's earnings report prior to the scheduled release. (Read More)
(back to top)
May 1, 2006
Preliminary: Rates Took Toll in 1Q
May 1, 2006Residential mortgage bankers saw loan production fall by almost 18% in the first quarter on a sequential basis as rising rates and a slowing housing market took their toll. (Read More)
Residential Originators in Q1 '06 (Sample)
May 1, 2006($ in Millions) (part 1 of 2) Organization Name Location Ace Mortgage Funding, Inc. (BC) Indianapolis, IN America First CU Riverdale, UT Amerifund Lending Group West Lake Village, CA Astoria FS & LA Lake Success, NY BNC Mortgage, Inc. (BC) Irvine, CA Carteret Mortgage Corp. Centerville, VA Colonial Savings, F.A. Fort Worth, TX Downey Savings & Loan Assn. Newport Beach, CA Fieldstone Mortgage (BC) Columbia, MD First NLC Financial Services (BC) Deerfield Beach, FL First Republic Bank San Francisco, CA Guardian Mortgage Co., Inc. Richardson, TX Irwin Mortgage Corp. Fishers, IN Mandalay Mortgage (BC) Woodland Hills, CA MILA, Inc. (BC) Mountlake Terrace, WA Mortgage Lenders Network, USA (BC) Middletown, CT Netbank Columbia, SC NVR Mortgage Finance, Inc. Pittsburgh, PA Ownit Mortgage (BC) Woodland Hills, CA Platinum Direct Funding Rolling Meadows, IL Ridgewood Savings Bank Ridgewood, NY SBMC Mortgage Van Nuys, CA Thornburg Mortgage, Inc. Sante Fe, NM Wachovia Charlotte, NC Washington Federal Savings Seattle, WA (part 2 of 2) Origination Volume % Organization Name Q1 '06 Q1 '05 Change Ace Mortgage Funding, Inc. (BC) $706 $591 19% America First CU $45 $43 5% Amerifund Lending Group $118 $76 54% Astoria FS & LA $650 $759 -14% BNC Mortgage, Inc. (BC) $3,345 $3,142 6% Carteret Mortgage Corp. $616 $694 -11% Colonial Savings, F.A. $555 $530 5% Downey Savings & Loan Assn. $2,707 $4,113 -34% Fieldstone Mortgage (BC) $980 $1,104 -11% First NLC Financial Services (BC) $1,458 $997 46% First Republic Bank $518 $451 15% Guardian Mortgage Co., Inc. $38 $50 -24% Irwin Mortgage Corp. $2,232 $2,510 -11% Mandalay Mortgage (BC) $211 $423 -50% MILA, Inc. (BC) $723 $841 -14% Mortgage Lenders Network, USA (BC) $1,662 $739 125% Netbank $2,815 $2,777 1% NVR Mortgage Finance, Inc. $737 $615 20% Ownit Mortgage (BC) $2,340 $1,644 42% Platinum Direct Funding $134 $92 46% Ridgewood Savings Bank $56 $86 -35% SBMC Mortgage $846 $608 39% Thornburg Mortgage, Inc. $1,432 $1,167 23% Wachovia $14,566 $11,764 24% Washington Federal Savings $278 $255 9% Totals: $39,768 $36,069 10% Notes: Firms listed alphabetically. This is a sample table ONLY. National Mortgage News is still compiling 1Q 2006 results. Want to participate in this survey? Send an email to the address below. (BC) Lender is a subprime specialist. (Read More)
Adobe Explains Its Doc
May 1, 2006The Mortgage Industry Standards Maintenance Organization is deadlocked on if it should allow Adobe Intelligent PDF in as a category-eight SMART Doc. The concern is that this designation would be proprietary and potentially dilute the MISMO standard. Adobe has confirmed this notion by admitting that an Intelligent PDF SMART Doc would in fact be proprietary. (Read More)
Citi Rethinks Subprime
May 1, 2006Citigroup will no longer break out the subprime production volume of its CitiFinancial mortgage business, a spokesman for the financial services giant confirmed. (Read More)
U.S. Mortgage-Backed Securities
May 1, 2006(Lehman Tops MBS Underwriter Rankings) (part 1 of 2) 1/1/06-3/31/06 Proceeds Market # of Managers ($Mil) Share Issues Lehman Brothers 27,260.4 11.6 29 Royal Bank of Scotland Group 26,561.5 11.3 29 Bear Stearns & Co Inc 26,203.5 11.2 33 JP Morgan 17,247.3 7.4 27 Goldman Sachs & Co 16,387.0 7.0 21 Banc of America Securities 15,905.7 6.8 33 UBS 14,696.4 6.3 26 Morgan Stanley 13,479.5 5.8 22 Credit Suisse 13,175.1 5.6 21 Countrywide Securities Corp. 11,857.0 5.1 22 Citigroup 10,959.2 4.7 19 Washington Mutual Inc. 10,329.9 4.4 10 Deutsche Bank AG 8,284.1 3.5 15 Merrill Lynch & Co Inc. 6,725.6 2.9 10 Wachovia Corp 6,090.2 2.6 3 Barclays Capital 4,431.6 1.9 6 Nomura 2,333.3 1.0 6 HSBC Holdings PLC 1,128.8 0.5 3 First Tennessee Bank 493.1 0.2 2 Groupe Caisses d'Epargne - - - Amherst Securities - - - General Motors Corp - - - Total 234,472.0 100.0 286 (part 2 of 2) 1/1/05-3/31/05 Proceeds Market # of Managers ($Mil) Share Issues Lehman Brothers 19,202.2 9.4 28 Royal Bank of Scotland Group 18,550.3 9.1 26 Bear Stearns & Co. Inc. 22,298.9 10.9 35 JP Morgan 8,347.3 4.1 9 Goldman Sachs & Co 12,152.8 6.0 25 Banc of America Securities 18,131.6 8.9 32 UBS 23,898.3 11.7 30 Morgan Stanley 11,761.2 5.8 20 Credit Suisse 16,231.4 7.9 25 Countrywide Securities Corp. 7,319.1 3.6 14 Citigroup 10,828.5 5.3 21 Washington Mutual Inc. 10,555.0 5.2 11 Deutsche Bank AG 6,523.2 3.2 11 Merrill Lynch & Co Inc. 5,365.2 2.6 14 Wachovia Corp 3,364.9 1.7 4 Barclays Capital 3,414.7 1.7 5 Nomura 5,701.0 2.8 12 HSBC Holdings PLC - - - First Tennessee Bank - - - Groupe Caisses d'Epargne 431.4 0.2 1 Amherst Securities 200.0 0.1 1 General Motors Corp 129.8 0.1 1 Total 204,406.6 100.0 285 * Full amount to bookrunner (equal if joint) Source: Thomson Financial (c) 2006 National Mortgage News and SourceMedia, Inc. All Rights Reserved. (Read More)
CFC Vols Rise, Earnings Flat
May 1, 2006Countrywide's earnings turned flat in the first quarter amid a difficult mortgage lending environment, but the company's appetite for gobbling up market share remains undiminished. (Read More)
MBS Deals Increase
May 1, 2006The volume of mortgage-backed security deals in the first quarter totaled approximately $235 billion in the first quarter, up from nearly $205 billion in the first quarter of 2005, according to Thomson Financial. (Read More)
FNF Changing FIS and FNT
May 1, 2006The ever-changing corporate structure at Fidelity National Financial Inc. here will be changing once again. (Read More)
Jackson: If Congress Doesn't Like RESPA Plan, We'll Start Over
May 1, 2006The housing secretary's ambitious plan to revamp mortgage settlement practices may all come for naught if Congress doesn't like the agency's forthcoming proposal. (Read More)
WaMu to Purchase Commercial Capital
May 1, 2006Washington Mutual Inc. here will be expanding its reach in the multifamily lending business in California because it has agreed to buy Commercial Capital Bancorp Inc., Irvine, Calif., in a deal valued at $983 million. WaMu will pay $16 per share in cash for bank, which has been cited by Dataquick as the third largest multifamily lender in its home state. (Read More)
Homebuilder-Owned Mortgage Banker Hit with 'Practices' Suits
May 1, 2006CTX Mortgage here is being sued by two lenders that accuse the builder-owned firm of unfair business practices. Both lawsuits involve smaller companies that were originating loans in markets that CTX coveted. (Read More)
Wachovia, Etc. Top MBA List
May 1, 2006The top commercial and multifamily loan originators for 2005 were Wachovia, Wells Fargo and Capmark Financial Group (previously GMAC Commercial Mortgage), the Mortgage Bankers Association said, based on an annual origination volume report developed by the trade association. (Read More)
Editorial: Clear Title
May 1, 2006The title business has had an interesting evolution. In the past 10 years, it has gone from being a stodgy backwater of the real estate and mortgage businesses (although it is one of the bulwarks of the modern secondary mortgage market) into a potential powerhouse of the originations business, and in the next 10 its famously slow-tech process may lead industry automation. (Read More)
Open Forum: Transforming the FHA
May 1, 2006Mr. Montgomery's recent testimony before the House Financial Services Subcommittee on Housing is presented as our Open Forum. (Read More)
Taking a Look at Housing's Effect on Market and the Fed's Policy
May 1, 2006Housing last week had played a key role in the market as of press time last Thursday morning. But interestingly, Federal Reserve chairman Ben Bernanke's overall assessment of it in a speech before congress last Thursday was in some respects different than the market's was earlier in the week. (Read More)
Snow Sounds Ready for a Compromise on GSE Portfolio Limits
May 1, 2006Treasury secretary John Snow sounds like a man who is finally willing to compromise on GSE portfolio limits so that Congress can pass a bill this year that creates a new regulatory structure to oversee Fannie Mae and Freddie Mac. (Read More)
Moody's: Two Commercial RE Sectors Aren't Bad But Three Are
May 1, 2006Two commercial property sectors showed an improvement in the last quarter of 2005, while three showed minor deterioration, reports Moody's Investors Service. (Read More)
Temple-Inland Challenged by Wholesale Unit's Shutdown Severance
May 1, 2006Temple-Inland Inc. here said its first-quarter 2006 income was hurt by after-tax charges of $2 million, or $0.02 per share, primarily because of severance payments associated with the winding down of its wholesale mortgage operation. (Read More)
FCMC Releases Restatement
May 1, 2006Franklin Credit Management Corp., a specialty finance firm that focuses on the distressed home mortgage market, has released revised financial results covering 2004 and 2005. The company also released fourth-quarter and full-year 2005 results. Franklin Credit had previously said it would restate financial results for the period through the third quarter of last year. (Read More)
Federal Home Loan Bank of Cincinnati Suspends Two Programs
May 1, 2006The Federal Home Loan Bank of Cincinnati has suspended two voluntary affordable housing programs that assist Katrina victims and minority homebuyers due to a proposed regulatory change that could force the bank to raise $500 million in capital. (Read More)
Advantage Credit Joins New Coalition Against Fraud
May 1, 2006Advantage Credit has joined the newly formed Coalition Against Mortgage Fraud with the company's president, Ron Litt, taking a seat on the group's board of directors. (Read More)
MTI Gets OK From West Va.
May 1, 2006Mortgage Training Institute here has been approved to conduct continuing education for mortgage brokers who are licensed to do business in West Virginia. (Read More)
Wachovia Corp. Acquiring American Property Financing Inc.
May 1, 2006Wachovia Corp. is acquiring American Property Financing Inc., a New York-based multifamily lender and a subsidiary of Emigrant Bank, for an undisclosed amount. (Read More)
Mortgage Earnings Dip at JPM
May 1, 2006J.P. Morgan Chase & Co. saw a substantial increase in earnings during the first quarter, no thanks to its mortgage division. (Read More)
FHLBank of New York Sets Dividend
May 1, 2006The Federal Home Loan Bank of New York has declared a 5.25% annualized dividend for the first quarter of 2006. (Read More)
BancorpSouth Lowers Katrina Loss
May 1, 2006BancorpSouth here reported a 17.5% increase in earnings per share for the first quarter, and an improved outlook in the wake of Hurricane Katrina was one of the factors boosting earnings. (Read More)
Report: Large Banks Still Have Appeal
May 1, 2006Among the large cap banks involved in the mortgage industry, analysts at Merrill Lynch find that Bank of America is undervalued relative to some of its peers. (Read More)
IndyMac Doubles Market Share During Quarter
May 1, 2006IndyMac produced record quarterly mortgage production of almost $20 billion in the first quarter, doubling the company's mortgage origination market share to 3.89%, the company said. The company's estimate of market share is based on the long-term forecast of the Mortgage Bankers Association. (Read More)
IndyMac Leans Toward Selling a Stake in Financial Freedom
May 1, 2006IndyMac Bancorp, which acquired Freedom Financial in 2004, now is considering spinning off a stake in the nation's largest reverse mortgage lender through an initial public offering. (Read More)
Fannie Mae Declares Dividends
May 1, 2006Fannie Mae will pay a $0.26 per share common dividend in the second quarter, unchanged from the first quarter. (Read More)
Net Income Rises at Harbor Florida
May 1, 2006The holding company for Harbor Federal Savings Bank, Harbor Florida Bancshares Inc., saw net income of $12.4 million in its second fiscal quarter, compared to net income of $11.5 million for the same period last year. (Read More)
North Fork Margin Holds Steady in 1Q
May 1, 2006North Fork Bancorporation earned $210 million in the first quarter, with the bank's net interest margin holding steady at 3.56% at a time when many banks are reporting significant pressure on margins. (Read More)
Federal Reserve Board Seeks to Sift Out Effects of Yield Curve
May 1, 2006Federal Reserve Board researchers are working on a way to screen Home Mortgage Disclosure Act data and identify which higher-priced loans are really subprime loans and which are being reported just because of the flattening of the yield curve last year. (Read More)
Fidelity Values Japanese Market
May 1, 2006Fidelity National Information Services Inc. plans to expand its property valuation services to the Japanese real estate market by working with New City Corp., a company that will act as a data supplier and market the services in that country. (Read More)
Hurricane-Displaced Families Get Price Break on HUD Properties
May 1, 2006The Department of Housing and Urban Development said it is offering families displaced by the Gulf Coast hurricanes the opportunity to buy HUD-owned properties at a 10% discount off the property's fair market value. (Read More)
Fannie Mae Aims to Approve More Low-Income Home Loan Applicants
May 1, 2006Fannie Mae has loosened its mortgage approval standards for lower-income homebuyers as it stretches to meet higher and more challenging affordable housing goals. (Read More)
PA Website Offers Financial Education
May 1, 2006The Pennsylvania Department of Banking has been celebrating April as "National Financial Education Month" by launching a new personal financial assistance website that educates borrowers and homeowners about banking, how to maintain monthly budgets, saving for major family needs, as well as information about local assistance centers. (Read More)
Roundup: Bear Deal Downgraded
May 1, 2006Class L of Bear Stearns Commercial Mortgage Securities commercial mortgage pass-through certificates, series 1999-WF2, has been downgraded from CC to C by Fitch Ratings. (Read More)
Another Bear CMBS Deal
May 1, 2006Six classes of Bear Stearns Commercial Mortgage Securities Inc. series 2001-Top 2 Trust Fund have been removed from Rating Watch Negative by Fitch Ratings. (Read More)
Bear ABS Deal Downgraded
May 1, 2006Four classes of Bear Stearns Asset Backed Securities Inc., series 1999-1, have been downgraded by Fitch Ratings. (Read More)
GSRPM Deal Downgraded
May 1, 2006Three classes of GSRPM Mortgage Loan Trust, series 2002-1, have been downgraded by Fitch Ratings. (Read More)
MCF Deal Downgraded
May 1, 2006Class M of Mortgage Capital Funding Inc.'s commercial mortgage pass-through certificates, series 1998-MC1, has been downgraded from CCC to B-minus by Fitch Ratings. (Read More)
Freddie Issues $2.25 Billion REMIC
May 1, 2006Freddie Mac has priced Reference REMIC R-006, Class AK, a $2.25 billion issue of real estate mortgage investment conduit securities. (Read More)
Discussing the Perceived Benefits and Drawbacks of Offshoring
May 1, 2006Shawn-mortgage: I got a call this morning from a company that does the entire mortgage process in India. They have offices in three cities in the U.S. and buy leads and use the call centers in India to call the borrowers, take apps, sell them a product, process loans, etc. One of the offices in Texas handles all the overnights and is the front. I did not know that this could be done. The guy I spoke with closes seven to nine loans per month. This company has huge cost advantages if they can master this. Is this even legal? BTW, this company was trying to refinance my home loan. I applied for a HELOC 10 days back and I guess trigger leads are making their way to the other side of the world. (Read More)
People
May 1, 2006CALIFORNIA Westlake Village-Astera Software, a provider of products and services to the secondary mortgage market, has hired Chuck Lively as account executive. (Read More)
Analyzing Change
May 1, 2006The secondary market "has been undergoing nothing short of revolutionary change over the last five years," Kurt Pfotenhauer, senior vice president of government affairs at the Mortgage Bankers Association said, when asked what industry trends the MBA's conference this year is designed to address. (Read More)
Allowing Lenders to Get More from MERS
May 1, 2006The newly formed Lydian Technology Group is a sponsor of this year's MBA National Secondary Market Show and has technology in place to allow lenders to more efficiently leverage MERS to complete secondary transactions. (Read More)
Astera Working on End-to-End Tech
May 1, 2006Astera Software sees the MBA National Secondary Market Conference as its premier event of the year and has big plans for this year into next to roll out more applications to create an end-to-end solution for secondary marketing executives. (Read More)
Sayers Reception to Kick Off Show
May 1, 2006The Mortgage Bankers Association plans to kick off its secondary market conference this year with an opening "Taste of Chicago" reception in the Hilton Chicago's exhibit hall (see related story, page 26) between 5 p.m. and 7 p.m. on May 7 at which former professional football player Gale Sayers will appear. (Read More)
Bancshares of Florida Benefits from Secondary Fees
May 1, 2006Secondary mortgage market fees helped bolster earnings at Bancshares of Florida Inc., which generated first-quarter net income of $400,000 in its fourth consecutive quarter of rising profitability following a pretax loss of $375,000 in the first quarter 2005. (Read More)
Principal Bank, LendTrade Ally
May 1, 2006Principal Bank and LendTrade have begun working together to offer mortgage banking institutions a correspondent program focused exclusively on second mortgages. (Read More)
GMAC to Share M&A Strengths with Clients
May 1, 2006The merger and acquisition activity GMAC Bank and GMAC Residential Funding have seen recently has strengthened the company in ways that it will share with its mortgage industry clients, according to Robert Meachum, managing director of the correspondent lending channel. (Read More)
Finding MBA Convention Exhibitors by Booth Number
May 1, 2006The exhibit hall during the Mortgage Bankers Association's National Secondary Market Conference in Chicago this year is slated to be open on Sunday, May 7, between 4 p.m. and 7 p.m.; and between 10 a.m. and 4 p.m. on Monday, May 8 and Tuesday, May 9. The exhibitors are slated to set up in the Southwest and Southeast halls of the Chicago Hilton & Towers. For more information, see the MBA website at http://events.mortgagebankers.org/secondary2006/exhibitors. (Read More)
The MBA Secondary Is Brought to You By...
May 1, 2006The Mortgage Bankers Association on its website (http://www.mbaa.org) thanks the following sponsors of its secondary market conference for the following levels of contribution, with Diamond being the highest and the others following in descending order, i.e., Platinum, Gold, Silver, Bronze and Host. Sponsors of the MBA secondary market conference also may have provided events and/or services slated to be offered or held during the meeting as follows: * Fannie Mae (Diamond, opening reception), * GMAC (Diamond, hotel key cards), * Washington Mutual (Diamond, opening general session speaker), * Chase Home Finance (Platinum, co-sponsor, conference bags), * Chicago Board of Trade (Platinum, Tuesday evening closing bell reception), * Citi (Platinum, co-sponsor of conference bags), * FHLB/Mortgage Partnership Finance Program (Platinum, conference badge holders) * Indymac Bank (Platinum, conference pop-up maps of Chicago), * Merrill Lynch (Platinum, Wall Street Journal distribution), * MERS (Platinum, co-sponsor of conference bags), * Clayton (Gold, Monday continental breakfast), * Credit Suisse (Gold, conference attendee list), * Freddie Mac (Gold, conference water bottles), * MortgageIT Inc. (Gold, conference pens), * UBS Investment Bank (Gold, conference notepads), * Group9 Inc. (Silver, Tuesday morning coffee service), * Interthinx (Silver sponsorship). (Read More)
Offshoring Requires Finesse
May 1, 2006With secondary market loan margins thin, operational efficiency is more of a priority than ever and interest in offshoring as a means of achieving it continues to be strong. (Read More)
Visionet Highlighting its QC, Due Diligence
May 1, 2006Visionet Systems plans to highlight its VisiLoanReview technology at the Mortgage Bankers Association's National Secondary Market Conference this year, according to its president, Arshad Masood. (Read More)
Changing the Format of an Anti-Fraud Workshop
May 1, 2006NHEMA has altered its format for this year's Fraud Detection and Prevention Workshop, May 17-18 here, to include nine separate sessions on fraud, allowing for roundtable discussions in order to create more of an intimate setting for conference attendees to ask questions and gather information. (Read More)
MSA Home 'Bubbles' Up Slightly
May 1, 2006Some 75 metropolitan statistical areas are now facing home prices bubbles, up slightly from a previous reading, according to a new research report issued by Friedman Billings Ramsey. Using fourth-quarter data, FBR also says there are 28 "incipient" MSA bubbles in the U.S., compared to 31 identified in the previous quarter. (Read More)
Publicly Traded Subprime and Alt-A Related Firms
May 1, 2006B&C Stock Price Index: 227.7 Change: 3.5 (part 1 of 2) Company 52 wk/lo 52 wk/hi 4/27/2006 Aames (AIC) 4.97 10.35 5.20 Delta Financial Corp (DFC) 6.41 10.09 8.97 HSBC Holding (HBC) 77.23 87.11 85.62 IMPAC Mortgage Holdings (IMH) (1) 7.17 22.32 9.53 Accredited Home Lenders (LEND) 31.36 57.12 56.20 New Century (NEW) 30.22 54.00 50.47 Novastar (NFI) 24.08 42.55 35.77 Ocwen (OCN)(2) 6.38 10.94 11.16 Saxon Capital (SAX) 8.84 18.25 11.03 Transnational Finl Network I (TFN) 0.24 0.70 0.38 (part 2 of 2) Company Wkly. % Chg. P/E % Chg. From Ratio Aames (AIC) -3% 5% na Delta Financial Corp (DFC) 0% 40% na HSBC Holding (HBC) -1% 11% na IMPAC Mortgage Holdings (IMH) (1) 4% 33% na Accredited Home Lenders (LEND) 1% 79% na New Century (NEW) 3% 67% na Novastar (NFI) 7% 49% na Ocwen (OCN)(2) 3% 75% na Saxon Capital (SAX) -2% 25% na Transnational Finl Network I (TFN) -7% 58% na Notes: NMN compares last Thursday's closing price to that of 52-week low. (Read More)
Mortgage Industry Equity Composite
May 1, 2006MIEC Index: 163.0 Change: 5.7 (part 1 of 2) Company 4/20/2006 4/27/2006 Wkly. (Read More)
NY Charges Eight with Fraud
May 1, 2006New York attorney general Eliot Spitzer and New York State banking superintendent Diana Taylor have charged eight people with enterprise corruption and other felonies in connection with a multimillion-dollar residential mortgage fraud scheme. Through the filing of a civil forfeiture action, the AG is seeking to recover more than $8 million from the defendants. (Read More)
Clinton: Bill Is 1st Step on FHA
May 1, 2006Sen. Hillary Clinton, D-N.Y., said she supports comprehensive Federal Housing Administration reform so that low-income and minority homebuyers have a lower cost alternative to subprime loans. (Read More)
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May 8, 2006
WaMu Ends Correspondent
May 8, 2006Washington Mutual here has shuttered its traditional correspondent purchase channel, shifting that business over to its capital markets group. Layoffs were involved in the restructuring, but at press time a company spokeswoman could offer no guidance on job cuts. (Read More)
Top Correspondent Lenders in 2005
May 8, 2006($ in Millions) (part 1 of 2) Rk Organization Name Location 1 Countrywide Financial Corp. Calabasas, CA 2 Wells Fargo Home Mortgage San Francisco, CA 3 EMC Mortgage (1) Irving, TX 4 GMAC-RFC (2) Minneapolis, MN 5 CitiMortgage, Inc. (3) O'Fallon, MO 6 Washington Mutual Seattle, WA 7 GMAC Residential Holdings (2) Horsham, PA 8 Chase Home Finance Iselin, NJ 9 Aurora Loan Services, Inc. (AA) (4) Aurora, CO 10 IndyMac Bancorp, Inc. Pasadena, CA 11 HSBC Mortgage Services/Household (BC) (5) Charlotte, NC 12 Impac Funding Corporation (AA) Newport Beach, CA 13 Credit Suisse New York, NY 14 ABN Amro Mortgage Ann Arbor, MI 15 SunTrust Mortgage, Inc. Richmond, VA 16 Flagstar Bank, FSB Troy, MI 17 E*Trade (E) Arlington, VA 18 U.S. Bank Home Mortgage Bloomington, MN 19 CitiFinancial (BC) (3) Baltimore, MD 20 National City Mortgage Miamisburg, OH 21 PHH Mortgage Mt. Laurel, NJ 22 Thornburg Mortgage, Inc. Sante Fe, NM 23 Irwin Mortgage Corp. Fishers, IN 24 WMC Mortgage Corp. (BC) Woodland Hills, CA 25 GreenPoint Mortgage Funding Novato, CA 26 Netbank Columbia, SC 27 Franklin American Mortgage Franklin, TN 28 Equity One, Inc. (BC) Marlton, NJ 29 Aegis Mortgage Corporation (E) (BC) Houston, TX 30 HSBC Mortgage Corp. USA (5) Depew, NY 31 Opteum Mortgage (E) Paramus, NJ 32 First Horizon Home Loans Irving, TX 33 B.F. Saul Mtg./Chevy Chase Bank Bethesda, MD 34 Branch Banking & Trust Co. Wilson, NC 35 Decision One Mortgage (BC) Charlotte, NC 36 Wachovia Charlotte, NC 37 Regions Mortgage Inc. (E) Montgomery, AL 38 Saxon Mortgage (E) (BC) Glen Allen, VA 39 Astoria FS & LA Lake Success, NY 40 Colonial Savings, F.A. Fort Worth, TX 41 M & T Mortgage Buffalo, NY 42 NovaStar Mortgage, Inc. (BC) Kansas City, MO 43 Homecomings Financial (2) Minneapolis, MN 44 American Home Mtg. Investment Melville, NY 45 Huntington Mortgage Columbus, OH 46 Option One Mortgage Corp. (BC) (6) Irvine, CA 47 HomeStreet Bank Seattle, WA 48 Centex Home Equity Company (BC) (HB) Dallas, TX 49 Perl Mortgage Chicago, IL 50 Mortgage Lenders Network, USA (BC) Middletown, CT (part 2 of 2) Correspondent Vol. % Market Rk 2005 2004 Chg. Share 1 $233,200 $160,589 45% 19.09% 2 $131,705 $81,678 61% 10.78% 3 $90,324 $41,118 120% 7.39% 4 $65,925 $44,651 48% 5.40% 5 $60,481 $50,606 20% 4.95% 6 $59,093 $72,471 -18% 4.84% 7 $50,210 $51,616 -3% 4.11% 8 $48,543 $64,262 -24% 3.97% 9 $38,795 $31,887 22% 3.18% 10 $28,526 $13,682 108% 2.34% 11 $24,799 $17,070 45% 2.13% 12 $19,047 $19,534 -2% 1.56% 13 $14,383 $12,114 19% 1.18% 14 $11,808 $9,123 29% 0.97% 15 $11,681 $7,959 47% 0.96% 16 $8,091 $10,424 -22% 0.66% 17 $7,633 $3,961 93% 0.62% 18 $7,543 $5,139 47% 0.62% 19 $6,692 $10,767 -38% 3.27% 20 $5,615 $5,480 2% 0.46% 21 $4,681 $4,131 13% 0.38% 22 $4,657 $3,851 21% 0.38% 23 $4,628 $4,458 4% 0.38% 24 $4,490 $2,811 60% 2.20% 25 $4,088 $4,857 -16% 0.33% 26 $3,799 $4,818 -21% 0.31% 27 $3,392 $2,058 65% 0.28% 28 $3,118 $2,743 14% 1.53% 29 $2,962 $1,423 108% 1.45% 30 $2,568 $10,715 -76% 0.21% 31 $2,225 na na 0.18% 32 $2,040 $2,555 -20% 0.17% 33 $2,003 $1,271 58% 0.16% 34 $1,622 $1,297 25% 0.13% 35 $1,613 $2,110 -24% 0.79% 36 $1,241 $1,325 -6% 0.10% 37 $1,234 $1,491 -17% 0.10% 38 $1,016 $1,029 -1% 0.50% 39 $870 $1,093 -20% 0.07% 40 $811 $452 79% 0.07% 41 $805 $361 123% 0.07% 42 $781 $846 -8% 0.38% 43 $671 $539 24% 0.05% 44 $638 na na 0.05% 45 $631 $1,143 -45% 0.05% 46 $560 $1,256 -55% 0.27% 47 $554 $235 136% 0.05% 48 $492 $500 -2% 0.24% 49 $468 $494 -5% 0.04% 50 $417 $164 154% 0.20% Submitted Totals: $983,167 $774,155 27% 82.83% Notes: Volumes calculated by adding together four quarters of data reported to National Mortgage News. (1) EMC is a correspondent buyer of closed loans. The firm is owned by Bear Stearns. (2) These firms are affiliates. (3) CitiMortgage and CitiFinancial share the same parent. (4) Owned by Lehman. (5) These firms are affiliates. (6) Owned by H&R Block. (7) Owned by a home builder. (Read More)
Ameriquest Shutters All Retail Branches
May 8, 2006Faced with declining production and a changing retail landscape, Ameriquest Mortgage - once the nation's largest subprime lender - has closed its entire retail branch network, slashing 3,800 jobs in the process. (Read More)
FHLB Directors Stage a Revolt
May 8, 2006The directors of the Federal Home Loan Bank of Cincinnati staged an early attack on a proposed capital rule and it looks as if other FHLBanks will be joining and demanding that federal regulators withdraw the rule or make significant changes. (Read More)
Homeownership Is Getting Hip-Hop
May 8, 2006A gathering of hip-hop celebrities and over 2,000 urban youth at the Hammerstein Ballroom in Midtown Manhattan, sponsored by Chrysler Financial Inc. and Anheuser Busch, would resemble a big hip party to anyone. And even homeownership got to be hip for a day. (Read More)
Katrina-Area Default Rates Being Helped by Federal Payouts
May 8, 2006Default rates in areas of Louisiana and Mississippi hit by Hurricanes Katrina and Rita appear to have crested in December, according to a Friedman Billings Ramsay report on the performance of non-agency mortgage loans. (Read More)
Is Alt- A Funder Getting Offers?
May 8, 2006Impac Mortgage Holdings here, a top-ranked alt-A lender, has been talking to investors about a possible sale, investment banking sources confirmed to National Mortgage News. (Read More)
Wilmington CEO Leaves Company
May 8, 2006Jerry Schiano, president and CEO of Wilmington Finance here has left the company, industry sources confirmed to National Mortgage News. (Read More)
Flagstar's Earnings Trimmed by HELOC Loss
May 8, 2006Flagstar Bancorp Inc. reported first-quarter earnings of $18.9 million, or $0.29 per share, down from $19.8 million, or $0.31 per share, in the first quarter of 2005. (Read More)
Fannie Revises High-Cost Policy
May 8, 2006Fannie Mae has revised its points and fees test on subprime loans to provide lenders with clearer guidance on high-cost loans the mortgage company will not purchase. The new guidance clarifies that lenders cannot charge points and fees greater than 5% on small mortgage loans if it exceeds $1,000. "Fannie Mae will not purchase or securitize a mortgage if the total points and fees charged to the borrower exceed the greater of 5% of the mortgage amount or a maximum dollar amount of $1,000," according to an April 14 announcement that goes into effect June 1. Previously, Fannie lenders could charge more than 5% on small loans if the limitation would "result in an unprofitable origination for the lender." (Read More)
Editorial: Primary Importance
May 8, 2006As secondary mortgage market participants gather this week in Chicago for the Mortgage Bankers Association's annual conference in this space, it is clearer to them now more than ever that their niche is not of secondary importance to the industry. (Read More)
Open Forum: Housing Still Linchpin of Economy
May 8, 2006Secretary Snow's prepared remarks before the Mortgage Bankers Association's National Policy Conference are presented as our Open Forum. (Read More)
Putting Interest Rates' Effect on Originations Into Perspective
May 8, 2006As the long-term rate-indicative 10-year Treasury yield more firmly sustained its trading range above 5% and the Federal Reserve chairman indicated that he has been viewed as more prone to put the brakes on rising short-term rates than he actually is, market participants and observers have been noting a change in refinance behavior. (Read More)
Housing Construction Industry Depends on Immigrant Labor
May 8, 2006Whatever your opinion regarding immigrants who have entered the United States illegally, realize that if you are in the market for a new house, it's very likely to take longer to build - and cost more to buy - if they are forced to leave the country. (Read More)
Title Insurance Kickbacks an 'Endemic' Problem
May 8, 2006A Colorado insurance regulator told Congress that a "black market" exists in which real estate agents, homebuilders, lenders and mortgage brokers are demanding and receiving illegal kickbacks from title insurance firms. (Read More)
PMI Calculates Insurance Value
May 8, 2006With interest rates rising, there have been anecdotal reports of a diminishing interest in the 80-10-10 or piggyback mortgage product, where a second loan is used to avoid mortgage insurance. (Read More)
Mid-Atlantic Automates Processing with Voice Conversion Technology
May 8, 2006Given the increased scrutiny being placed on the mortgage space and the need to ramp up as much volume as possible, creating an automated loan processor would be ideal, and Mid-Atlantic Financial Services here has taken steps to move the company in that direction. (Read More)
Synergies Create Seamless Lead Generation Chain
May 8, 2006Three companies here can be integrated to form a seamless origination chain. Specifically, the three firms allow the broker to price the home, connect with the lender and get financing as well. (Read More)
Irwin Home Equity Picks Portellus Loan Origination System
May 8, 2006Culminating an extensive LOS search process, Irwin Home Equity here has settled on Portellus Inc. to provide it with a Web-based system for its wholesale, retail and correspondent lending channels. (Read More)
GreenPoint to Launch Commercial Lending
May 8, 2006Following its February launch of e-Point 3.2, GreenPoint Mortgage here is poised to launch a commercial lending version that will enable brokers to originate small commercial loans in the $500,000 to $5 million range. (Read More)
Questions Remain about How to Meet Housing Needs after Katrina
May 8, 2006There remains a great need for housing and construction in areas affected by Hurricane Katrina. But the extent to which originators and lenders will find opportunities to meet that demand still depends on the outcome of a number of unresolved issues, a recent Fitch Ratings teleconference indicated. (Read More)
Commercial Banks Play Big Role in Agri-Finance
May 8, 2006The American Bankers Association says that demand for agricultural credit is on the rise. (Read More)
Farm Credit System's Earnings Rise
May 8, 2006The Farm Credit System earned $554 million system-wide in the first quarter, up from $498 million in the first quarter of 2005. (Read More)
Farmer Mac Volume Exceeds $6 Billion
May 8, 2006The Federal Agricultural Mortgage Corp., known informally as Farmer Mac, issued a long-term standby purchase commitment on a $479 million pool of agricultural real estate loans recently, bringing Farmer Mac's total portfolio of loans, guarantees and LTSPCs to over $6 billion, a new record for the company. Farmer Mac's president and CEO, Henry Edelman, said in a news release that the $479 million LTSPC transaction advances the corporation's mission of improving the availability of long-term credit at stable interest rates for America's farmers, ranchers and rural homeowners. The LTSPC transaction with a Farm Credit System institution increases its ability to make additional agricultural real estate loans, he said. (Read More)
USDA to Study Impact of Co-ops
May 8, 2006Agriculture secretary Mike Johanns has made approximately $495,000 in competitive funds available to institutions of higher learning to conduct research on the economic impact of cooperatives. "Cooperatives play an important role in the growth of our rural economy," said secretary Johanns. "This research will help to measure the full impact cooperatives are making in rural communities across America and provide USDA with an overview of what is working and how cooperative businesses can play central roles in vibrant rural economies." (Read More)
Freddie Extends Hurricane Forbearance Again
May 8, 2006Freddie Mac has extended many of its emergency hurricane relief policies through Aug. 31 in the Gulf Coast counties and parishes affected by Hurricanes Katrina and Rita, according to a May 1 guide bulletin sent to the company's seller/servicers. (Read More)
At a Glance: Freddie Mac Zone Designations by County/Parish
May 8, 2006ZONE ONE (minimal damage) Alabama: Choctaw, Greene, Hale, Marengo, Pickens, Sumter, Tuscaloosa Louisiana: Allen, Ascension, East Baton Rouge, East Feliciana, Evangeline, Iberville, Lafayette, Livingston, Pointe Coupee, Sabine, St.Landry, St. Martin, Vernon, West Baton Rouge, West Feliciana Mississippi: Adams, Amite, Attala, Choctaw, Claiborne, Copiah, Covington, Franklin, Hinds, Holmes, Humphreys, Jefferson, Jefferson Davis, Kemper, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Neshoba, Newton, Noxubee, Oktibbeha, Pike, Rankin, Scott, Simpson, Smith, Warren, Winston, Wilkinson, Yazoo Texas: Angelina, Fort Bend, Brazoria, Galveston, Harris, Montgomery, Nacogdoches, Polk, San Jacinto, Shelby, Trinity, Tyler, Walker ZONE TWO (moderate damage) Alabama: Baldwin, Clarke, Washington Louisiana: Assumption, Acadia, Beauregard, Iberia, Jefferson Davis, Lafourche, St. Charles, St. Helena, St. James, St. John The Baptist, St. Mary, Tangipahoa, Terrebonne, Vermilion, Washington Mississippi: Clarke, Greene, Forrest, Jasper, Jones, Lamar, Marion, Perry, Walthall, Wayne Texas: Chambers, Hardin, Liberty, Sabine, San Augustine ZONE THREE (severe damage) Alabama: Mobile Louisiana: Calcasieu, Cameron, Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany Mississippi: George, Hancock, Harrison, Jackson, Pearl River, Stone Texas: Jasper, Jefferson, Newton, Orange Source: Freddie Mac (c) 2006 National Mortgage News and SourceMedia, Inc. All Rights Reserved. (Read More)
Regions Servicer Rating Affirmed
May 8, 2006Fitch Ratings has affirmed Regions Mortgage's "RPS2-minus" residential primary servicer rating for alt-A and subprime products. (Read More)
IndyMac Confirms Plan to Sell Partial Stake in Financial Freedom
May 8, 2006IndyMac Bancorp's board of directors has authorized management to evaluate and plan for a potential sale of a minority stake in its reverse mortgage subsidiary, Financial Freedom Senior Funding, through an initial public offering. (Read More)
Fitch: No Problem With Fidelity Plan
May 8, 2006Fitch Ratings said the restructuring at Fidelity National Financial Inc. here would not have any credit implications. (Read More)
Clayton's Revenue Rises in 1st Quarter
May 8, 2006Clayton Holdings here said that it earned a gross profit of $16.3 million in the first quarter on revenue of $55.2 million. (Read More)
Real Estate Writers Schooled on Mortgage Basics
May 8, 2006A top housing economist took a group of real estate reporters to school here late last month, explaining, among other things, why they shouldn't panic when delinquency and foreclosure rates move higher, as they inevitably will. (Read More)
Alesco to Merge with Sunset Financial
May 8, 2006Alesco Financial Trust here has signed a definitive agreement to merge with Sunset Financial Resources Inc., Jacksonville, Fla., in a deal that will create a combination with a total equity market capitalization of $220 million. (Read More)
BoA Considering No-Fee Products
May 8, 2006At least one major lender has a totally no-cost loan on its drawing board. (Read More)
Rule on 'Junk Faxes' Makes Room for Brokers
May 8, 2006The Federal Communications Commission has adopted rules to implement the Junk Fax Prevention Act of 2005. (Read More)
Promotion Spotlight: Scott Kline
May 8, 2006Mr. Kline, vice president of the National Housing Trust, is the new president of the Housing Association of Nonprofit Developers, Arlington, Va. (Read More)
Commercial Real Estate Debt Hits Peak Level
May 8, 2006The share of commercial mortgage debt in U.S. gross domestic product reached 15.8% in the fourth quarter of 2005, the highest level since the record of 15% set in 1988 at the peak of the last real estate cycle, Moody's Investors Service reports. (Read More)
Real Estate Risk Rising at Banks
May 8, 2006The banking industry's appetite for commercial real estate and construction loans continued to grow last year, but some industry observers warn that the popularity of real estate could come back to haunt bankers. (Read More)
Moody's Puts Focus on REIT CDOs
May 8, 2006Moody's Investors Service has published a report explaining its approach to assessing the risks of U.S. collateralized debt obligations backed by the debt of real estate investment trusts. (Read More)
Ocwen Residential Deal Downgraded
May 8, 2006Four classes of Ocwen Residential MBS Corp. Home Equity Loan Trust securities have been downgraded by Fitch Ratings. The downgrades were as follows: series 1998-R1, class B-3, from BBB-minus to BB; series 1998-R3, class B-1, from A to BBB; series 1999-R1 group A, class B-4A, from BB to B; and series 1999-R1 group F, class B-4F, from CC to C. (Read More)
Mobile Home Deal Weakens
May 8, 2006Fitch Ratings has downgraded 21 classes in Conseco Finance/Green Tree Finance manufactured housing transactions. (Read More)
Law Firm Opens Frankfurt Office
May 8, 2006International law firm Sidley Austin LLP has opened a new office in Frankfurt, Germany, that offers legal advice on commercial mortgage-backed securities transactions among its services. (Read More)
HongKong Land Is Downgraded
May 8, 2006Moody's Investors Service has downgraded the issuer and debt ratings of Hongkong Land Co. Ltd to A3 from A2 and downgraded the issuer rating of HongKong Land Holdings Ltd. to Baa1 from A3, concluding a ratings review initiated on Dec. 6, 2005. (Read More)
CMSA Europe Offering Forum
May 8, 2006CMSA Europe, an affiliate of the Commercial Mortgage Securities Association here, has created an investors forum for commercial mortgage-backed securities investors in Europe. (Read More)
Fund Has Partner In German Market
May 8, 2006Behringer Harvard Strategic Opportunity Fund II LP here has completed its first acquisition by partnering in the investment with a German real estate developer/manager. (Read More)
Firm Eyes China's Housing Market
May 8, 2006Pacific Northwest Productions Inc. here has entered into and closed a share purchase agreement with China's Xi'an Tsining Housing Development Co. Ltd. and its shareholders in which it issued to those shareholders two million restricted shares of common stock in exchange for all of the issued and outstanding shares of Tsining. (Read More)
Snail Mail Still Has its Uses in Retaining Loyalty of Customers
May 8, 2006Sherriebroker: Do you believe if you give good service, people will remember you? Do you believe if you've had a smooth closing in the past, the client will call you the next time they need a mortgage? Do you believe people are loyal and will return to work with you, in the future? You get the point. (Read More)
Roundup: GreenPoint Targets Brokers with Commercial Lending
May 8, 2006Following its February release of e-Point 3.2, GreenPoint Mortgage, Novato, Calif., is poised to launch a commercial lending version that will enable brokers to originate small commercial loans in the $500,000 to $5 million range. Originally built using Dorado's Wholesale ChannelMaster and PriceMaster products, e-Point will be slimmed down to offer a smaller set of commercial loan options. Beginning in July, GreenPoint's approved brokers will be able to go to GreenPoint's wholesale site and be guided through the commercial loan application from point of sale to close, the company said. The commercial lending initiative will leverage GreenPoint's relationship with its parent company, North Fork Bancorporation, a major lender in commercial real estate. (Read More)
Group Calls for Background Checks on Field Service Contractors
May 8, 2006The voting members of SIRs - the Society of Independent Representatives - approved changes to membership requirements to include the requirement that all members be pre-screened with a criminal background check and have no felony arrests or convictions to become and remain a SIRs member. (Read More)
Cash-Out Rate Jumps to 88%
May 8, 2006In the first quarter, 88% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, the highest such percentage since the third quarter of 1990, according to Freddie Mac. (Read More)
Annaly Posts Quarterly Loss amid Rebalancing
May 8, 2006Annaly Mortgage Management Inc. saw a net loss for the quarter ended March 31 of $10.9 million, compared to net income of $59.3 million for the same quarter a year ago and compared to a net loss of $136.8 million for the quarter ended Dec. 31, 2005. (Read More)
Clayton Hires WaMu Vet as COO
May 8, 2006Clayton Holdings, an information and analytics firm servicing debt market participants, has named D. Keith Johnson as president and chief operating officer. (Read More)
Accredited Home Loans Lowers Cost of Origination
May 8, 2006Accredited Home Loans reported first-quarter 2006 net income of $35.8 million, or $1.61 per share, up 14.5% from the $31.3 million, or $1.43 per share, for the same period one year ago. (Read More)
KW Fund Targets Southeast, West
May 8, 2006Kennedy Wilson's fund management group has formed a second real estate investment fund to invest in office and industrial properties in the Southeast and Western United States. (Read More)
Equity Office Sees Lower EPS
May 8, 2006Equity Office Properties reported net income of $45.6 million (earnings per share of $0.12) for the first quarter, down from net income in the first quarter of 2005 of $100.9 million (EPS of $0.25). (Read More)
Top Residential Lenders in the Milwaukee and Chicago Metro Areas
May 8, 2006Top Mortgage Lenders in the Milwaukee MSA (part 1 of 2) Rk Organization Name Location 1 Wells Fargo Bank, N.A. Minneapolis, MN 2 Wauwatosa Savings Bank Wauwatosa, WI 3 Countrywide Home Loans Calabasas, CA 4 M&I Marshall & Ilsley Bank West Allis, WI 5 The Equitable Bank, S.S.B. Wauwatosa, WI 6 Wisconsin Mortgage Corp. Brookfield, WI 7 U.S. Bank, N.A. Milwaukee, WI 8 Landmark Credit Union New Berlin, WI 9 National City Bank Cleveland, OH 10 Bank of America, N.A. Charlotte, NC 11 GMAC Bank Horsham, PA 12 M&I Mortgage Corp. Cedarburg, WI 13 Ohio Savings Bank Cleveland, OH 14 North Shore Bank FSB Sturgeon Bay, WI 15 Pyramax Bank South Milwaukee, WI 16 Midamerica Bank Downers Grove, IL 17 Ozaukee Bank Cedarburg, WI 18 Associated Bank, N.A. Green Bay, WI 19 Wells Fargo Funding Minneapolis, MN 20 Universal Mortgage Corp. Mequon, WI 21 Argent Mortgage Company Irvine, CA 22 Anchorbank FSB Madison, WI 23 Shelter Mortgage Company, LLC Brown Deer, WI 24 Ameristar Mortgage Corporation Brookfield, WI 25 CSMC Inc., Dba Central States Wauwatosa, WI 26 Chase Manhattan Mortgage Iselin, NJ 27 Bank Mutual Milwaukee, WI 28 PHH Mortgage Mt. Laurel, NJ 29 Paragon Home Lending, LLC Brookfield, WI 30 Johnson Bank Racine, WI 31 West Bend Savings Bank West Bend, WI 32 Principal Residential/Citi Long Island City, NY 33 Associated Mortgage Co, Inc. Depere, WI 34 World Savings Bank Oakland, CA 35 Washington Mutual Bank, FA Seattle, WA 36 Sunset Bank & Savings Waukesha, WI 37 ABN Amro Mortgage Group Troy, MI 38 Great Midwest Bank, SSB Brookfield, WI 39 Assured Mortgage, Inc. Brookfield, WI 40 Waukesha State Bank Waukesha, WI 41 Universal Savings Bank Lafayette, CA 42 The Huntington National Bank Columbus, OH 43 Intervale Mortgage Cranston, RI 44 Franklin Mortgage Funding Southfield, MI 45 JP Morgan Chase Bank, N.A. Iselin, NJ 46 Tri City National Bank Hales Corners, WI 47 CTX Mortgage Company Dallas, TX 48 Option One Mortgage Corp. Irvine, CA 49 Flagstar Bank Troy, MI 50 Continental Savings Bank, FSB. Greenfield, WI (part 2 of 2) Origination Number of Rk Volume Loans 1 $330,338 1,789 2 $244,657 1,042 3 $213,961 1,466 4 $187,308 830 5 $169,847 838 6 $169,782 1,147 7 $160,065 1,010 8 $112,373 728 9 $104,066 889 10 $92,447 635 11 $85,698 497 12 $82,900 478 13 $80,271 488 14 $78,140 292 15 $75,984 505 16 $74,363 564 17 $64,398 310 18 $62,387 335 19 $59,483 351 20 $58,939 435 21 $58,410 584 22 $58,052 331 23 $58,024 349 24 $54,369 324 25 $54,045 370 26 $52,945 313 27 $52,682 275 28 $49,666 271 29 $47,128 369 30 $46,791 219 31 $43,283 213 32 $42,429 242 33 $42,376 270 34 $40,357 254 35 $39,618 204 36 $37,340 233 37 $36,612 224 38 $35,574 224 39 $35,189 216 40 $35,150 177 41 $33,706 246 42 $32,651 152 43 $31,187 325 44 $31,033 313 45 $27,328 119 46 $26,531 178 47 $25,300 239 48 $22,811 243 49 $21,112 139 50 $21,095 118 Notes: Dollars in thousands. Based on statistics collected by the Federal Reserve via the Home Mortgage Disclosure Act. (Read More)
Top Residential Lenders in the Milwaukee and Chicago Metro Areas
May 8, 2006Top Mortgage Lenders in the Chicago MSA (part 1 of 2) Rk Organization Name Location 1 Countrywide Home Loans Calabasas, CA 2 Wells Fargo Bank, N.A. Minneapolis, MN 3 Washington Mutual Bank, FA Seattle, WA 4 National City Bank Cleveland, OH 5 Midamerica Bank Downers Grove, IL 6 LaSalle Bank N.A. Chicago, IL 7 Argent Mortgage Company (1) Irvine, CA 8 American Home Mortgage Melville, NY 9 Chase Manhattan Mortgage. Iselin, NJ 10 Bank of America, N.A. Charlotte, NC 11 Citimortgage, Inc. Long Island City, NY 12 HSBC Mortgage Corp. Buffalo, NY 13 Harris Trust and Savings Bank Chicago, IL 14 PHH Mortgage Mt. Laurel, NJ 15 Fremont Investment & Loan Brea, CA 16 Ohio Savings Bank Cleveland, OH 17 Bancgroup Mortgage Corp. Palos Hills, IL 18 Lehman Brothers Bank New York, NY 19 GMAC Bank Horsham, PA 20 Long Beach Mortgage/WaMu Seattle, WA 21 Chicago Bancorp, Inc. Chicago, IL 22 Charter One Bank Cleveland, OH 23 New Century Mortgage Irvine, CA 24 World Savings Bank Oakland, CA 25 Flagstar Bank Troy, MI 26 GreenPoint Mortgage Funding Charlotte, NC 27 U.S. Bank, N.A. Milwaukee, WI 28 MILA Inc. Mountlake Terrace, WA 29 Wells Fargo Funding Minneapolis, MN 30 JP Morgan Chase Bank, N.A. Iselin, NJ 31 Fieldstone Mortgage Company Columbia, MD 32 Fifth Third Mortgage Cincinnati, OH 33 Accredited Home Lenders San Diego, CA 34 IndyMac Bank, F.S.B. Pasadena, CA 35 Finance America/Lehman Irvine, CA 36 Resmae Mortgage Corporation Brea, CA 37 SunTrust Mortgage Richmond, VA 38 The First Mortgage Corporation Flossmoor, IL 39 Draper and Kramer Mortgage Lombard, IL 40 Ryland Mortgage Company Scottsdale, AZ 41 Market Street Mortgage Clearwater, FL 42 Irwin Mortgage Corp. Fishers, IN 43 Collateral Mortgage Capital Birmingham, AL 44 Treasury Bank National Assoc. (2) Thousand Oaks, CA 45 First Magnus Financial Corp. Tucson, AZ 46 GMAC Mortgage Horsham, PA 47 WMC Mortgage Corp. Woodland Hills, CA 48 RBC Mortgage Houston, TX 49 People's Choice Home Loan, Inc. Irvine, CA 50 Union Planters Bank Birmingham, AL (part 2 of 2) Origination Number of Rk Volume Loans 1 $2,421,033 12,184 2 $2,249,176 9,103 3 $1,737,478 7,540 4 $1,427,909 8,403 5 $1,401,146 7,524 6 $1,359,329 5,674 7 $1,198,119 7,768 8 $1,158,746 6,078 9 $1,139,555 5,521 10 $913,673 4,253 11 $681,161 2,763 12 $632,558 2,403 13 $599,549 2,665 14 $554,520 2,686 15 $518,181 4,102 16 $434,343 1,928 17 $426,049 2,405 18 $417,934 2,336 19 $400,760 1,782 20 $388,682 3,061 21 $388,112 2,091 22 $376,833 1,510 23 $362,882 2,347 24 $361,681 1,786 25 $350,595 1,816 26 $331,434 1,473 27 $312,655 1,596 28 $238,506 2,157 29 $235,648 1,023 30 $221,410 856 31 $218,122 1,719 32 $214,348 987 33 $208,980 1,589 34 $208,682 960 35 $205,773 1,165 36 $200,240 1,591 37 $199,531 1,174 38 $196,695 1,496 39 $192,315 976 40 $191,423 871 41 $190,307 1,194 42 $184,929 1,095 43 $182,234 2 44 $179,552 694 45 $175,700 1,023 46 $175,699 822 47 $172,393 1,288 48 $171,141 776 49 $170,486 1,129 50 $169,560 898 Notes: Based on statistics collected by the Federal Reserve via the Home Mortgage Disclosure Act. (Read More)
ARM Funds Lead Lipper Rankings
May 8, 2006Mutual funds invested primarily in adjustable-rate mortgages topped the rankings among mortgage mutual funds in a poor first quarter that, like the first quarter of 2005, saw the other two classes of mortgage funds record losses overall, according to data from Lipper Inc., New York. (Read More)
U.S. Mortgage Funds
May 8, 2006(part 1 of 2) 1 Quarter 12/31/2005 3/31/2006 Total Net Fund Assets Cumulative Name ($Mil) Total Return Rank TCW:Short Term Bond;I 108.0 1.06 1 Huntington:Mtge;Tr 82.5 0.91 2 Huntington:Mtge;Inv A 1.7 0.84 3 Huntington:Mtge;Inv B 0.7 0.71 4 Tr Credit Un:Sh Dur 697.5 0.56 5 AMF:Intmdt Mortgage 273.0 0.14 6 PIMCO:Tot Rtn Mtg;Inst 355.3 0.13 7 Morg Stan Inst:Adv Mtge 3113.1 0.10 8 PIMCO:Tot Rtn Mtg;Admn 1