Want MSRs? Plenty to Choose From

NOV 2, 2012 6:42pm ET

THIS JUST IN: Almost $700 billion of mortgage servicing rights are slated to be sold or on the auction block. We know a large chunk of it belongs to Residential Capital Corp., and its Treasury Department-owned parent company, Ally Financial. But who are the others? Watch the National Mortgage News website this week for a roundup and our servicing monthly, Mortgage Servicing News

Yes, Bank of America is working on another big MSR deal, but still no word yet on who bought its "Hollywood" deal of $14 billion…

By the way, incase you missed our report on the NMN website, Ally will stay in the mortgage market as a jumbo lender–using loan brokers no less…

Brokers, by the way, are leading the industry in hiring…

One last thought: Will Ally ever go public?

A SHORT EDITORIAL: The hurricane whipped through the greater New York area earlier in the week, causing billions of dollars in damage, taking lives, and disrupting work and living habits. Some pundits are already suggesting a national tax to rebuild America to withstand extreme weather. A good idea or a knee-jerk reaction? Drop me a line at: Paul.Muolo@SourceMedia.com...

ALSO: A special thanks to the entire NMN editorial staff for pushing in this week. We made all our print and web deadlines…

While we’re on the topic of the hurricane, small mortgage bankers and brokers are worrying about their livelihoods. Hopefully, the regulators and GSEs will show forbearance…

Strong earnings numbers this week from Redwood Trust, LPS, Impac Mortgage and others. Their results were published on the NMN website… 

MORTGAGE PEOPLE: TowneBank hired J.G. Carter, a former SunTrust Banks executive, to help the depository expand its residential mortgage operation. Carter succeeds Jacqueline Amato, who was named the unit's chairman and chief executive. Lender Processing Services appointed  Randy Gillis chair of the Strategic Planning Committee for the Mortgage Industry Standards Maintenance Organization–also known as MISMO.

WASHINGTON NEWS: The Consumer Financial Protection Bureau and Federal Housing Finance Agency are teaming up to create a first-of-its-kind mega-database of mortgages to track market trends and support policymaking research. While multiple state and federal databases exist, there is no single database that contains all the information in one place, the agencies said. It’s the first step in a broader strategy to help streamline data for research and policy analysis, and to ensure comprehensive information is more readily accessible for monitoring the market. “If we look back on the recent crisis, one of the biggest things regulators learned was we didn’t have a single source of comprehensive financial data, especially when it came to the housing market, which is one of the reasons why the Dodd-Frank Act created the Office of Financial Research,” Isaac Boltansky, an analyst with Compass Point Trading and Research, said. “A better source of data about borrower characteristics will better inform policymakers in the future.” (Reporting by Kate Davidson.)   

TWITTER (MORTGAGE) NEWS: Watch my personal Twitter feed where I provide updates on breaking stories. Just visit Twitter and plug in my name.

MORTGAGE DATA: NMN recently published the 2Q edition of its exclusive Quarterly Data Report product. It includes the nation’s top 100 lenders and servicers and much more including subprime servicers. To order email Deatra.Todd@SourceMedia.com.  

COMPLAINTS? NEWS LEADS? Send them to Paul.Muolo@SourceMedia.com.

FINAL WORD: Stay safe out there.

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