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The government-owned Ally Financial has issued an offering book on Residential Capital Corp. in the hope that it can finally unload its money-losing mortgage division and take the rest of the company public, according to investment bankers familiar with the matter.
February 9 -
Early Wednesday afternoon it appeared that New York and California would not be part of the 'robo-signing' deal and then - from what we're told - the White House put the full court press on the two, laying out the political ramifications for these two very Democratic states.
February 9 -
EverBank, which hopes to go public this year, has agreed to buy the mortgage warehouse division of MetLife Inc., for an undisclosed sum, according to industry advisors close to the deal.
February 9 -
PennyMac Mortgage Investment Trust earned $19.6 million in the fourth quarter - almost flat compared to 3Q - as it ramped up its correspondent division.
February 8 -
PennyMac released 4Q earnings this morning and the big news wasn't its profit - which was decent - but the fact that it bought almost $1 billion of mortgages from other lenders via the correspondent channel.
February 8 -
Bank of America is out in the marketplace with a roughly $35 billion portfolio of residential mortgage servicing rights through Phoenix Capital, Denver, according to investors and investment bankers who have been briefed on the sale.
February 8 -
The greatest fear for small- to medium-sized nonbanks is that Wells Fargo—the "big kahuna" of mortgage finance—will exit the correspondent lending space. And what a fear it is: in the most recent quarter in which there are final numbers, Wells bought a stunning $41 billion of loans from others, giving it a market share of 30% in the channel.
February 8 -
HomeStreet Bank, Seattle, is in the throes of hiring dozens of loan officers who worked at MetLife Home Loans and anticipates that in time it will hire north of 160 workers.
February 7 -
Yes, thousands of consumers have been wronged by residential servicers that cut corners on their foreclosure paperwork and decided to 'robo' away their workload. But does a consumer who was in arrears deserve to get his house back? It's a question the general media has yet to ask and at the same time it's a difficult question.
February 7 -
Maverick Funding Corp., Parsippany, N.J. has hired away Joshua Shein, the CEO of reverse lender Great Oak Lending who brings with him to his new employer roughly 30 employees including 11 loan officers.
February 7 -
Although insurance conglomerate MetLife failed to unload its residential lending division, it has found a buyer for its warehouse business, according to industry officials close to the matter.
February 7 -
The White House's restructuring of the U.S. auto industry appears to have worked - for now. If you saw yesterday's Super Bowl you witnessed an awe inspiring commercial from Chrysler featuring everyone's favorite 'punk' killer Harry Callahan, a.k.a. Walt Kowalski, a.k.a. Clint Eastwood.
February 6 -
Wholesale lending is back! OK, not exactly. Citigroup announced its exit from the channel this past week and some trade journals - not knowing their stuff - seemed to think it was the biggest story since the Hindenburg disaster. Wholesale only accounted for 9% of Citi's production.
February 3 -
It's good news for the nation (and a certain president in particular) that the U.S. economy added 243,000 jobs in January. (Of course, when the numbers get revised next month...) And I'm sure the president's GOP revivals have already tried to deflate the job gains, noting that the decline in unemployment to 8.3% is tied to so many people leaving the workforce.
February 3 -
Interactive Mortgage Advisors, Denver, is selling a $589 million portfolio of residential servicing rights backed by Fannie Mae and GNMA mortgages.
February 3 -
It appears that possible salary and bonus caps at the GSEs are not hurting the recruiting efforts of at least Fannie Mae.
February 3 -
Capstead Mortgage Corp. earned almost $42 million in the fourth quarter, flat from 3Q, but a 27% jump from the same period a year earlier.
February 2 -
CitiMortgage is throwing its wholesale division overboard again. Readers of the National Mortgage News website (and weekly) might recall that two years ago Citi scaled back its broker channel significantly only to re-grow it a bit. But at last check, wholesale production accounted for just 10% of its overall production and some brokers I talked to are not sorry to see them go.
February 2 -
The mortgage division of Ally Financial Inc., originated $16.5 billion of new loans in the fourth quarter, a small gain from 3Q, but a 29% drop from the same period in 2011, according to new figures released Thursday morning.
February 2 -
With Bank of America shedding mortgage servicing rights en masse, and a handful of other megabanks writing down their MSRs because of Basel III, prepayments and other concerns, one might think that the asset must stink to high heaven. Well, think again.
February 2
