THIS JUST IN: With fears mounting that the government may soon radically alter servicing compensation, at least one Wall Street firm is making the rounds offering a “sale leaseback” deal to some of the nation's largest holders of MSRs. According to secondary market advisors familiar with the concept, a transaction would work like this: the MSR owner would sell a large portion of its portfolio, cashing out of the asset, but remaining as the subservicer. For the full story, see the Monday paper edition of National Mortgage News. Don't subscribe? Call: 800-221-1809…
Meanwhile, Austin Tilghman, president of United Capital Markets, has written a new white paper on the GSE MSR issue. It's a must read for anyone with a stake in the MSR market…
MORTGAGE MEDIA NOTE: NMN broke several key mortgage stories this week on our website, including the resignation of FHA chief David Stevens. Congrats to NMN D.C. bureau chief Brian Collins.
By now you know that the National Association of Independent Housing Professionals and National Association of Mortgage Brokers are suing the Federal Reserve, seeking to block the April 1 loan officer compensation rule. (By the time you read this those suits may be combined by the court.) Meanwhile, unsubstantiated rumors are floating around Washington that the Fed may delay the rule by six months. We have no confirmation of this whatsoever, and I'm sure most of you know that not a lot of rumor mongering goes on inside the Beltway…
Move over Midwinter Housing Conference, a Dick Pratt creation. There's a new “must attend” mortgage ski meeting that's gaining traction. This one is sponsored by CoreLogic. One source told me the meeting was organized by Dave Hurt of CoreLogic and Jeff Moran of Pulte Mortgage. “About 150 mortgage folks from all over the country go to Park City every year for five days and have such a blast,” said this source. Not that I'm asking for an invite, but I do ski, mostly on ice on the East Coast…
WASHINGTON NEWS: When it comes to covered bonds—especially their application in the mortgage market—Rep. Scott Garrett of New Jersey just won't give up. The New Jersey Republican, a fierce critic of Fannie Mae and Freddie Mac, has been pushing legislation to create a covered bond market for several years without success. But now that he chairs the House Financial Services Subcommittee on Capital Markets he may have a real chance at success. (For the full story visit the NMN website. Reporting by NMN's Brian Collins.)
CALLING ALL LOAN OFFICERS: We want to know how you did in 2010 and your outlook for this year. NMN's new LO survey can be found at
DATA STUFF: Originations may finally be gaining traction, or so we're told. A ranking of the nation's top 100 lenders can be found in the Quarterly Data Report, an Excel spreadsheet and database product offered by NMN. The QDR also ranks firms by their production channels. To order the QDR send an e-mail to
A MUST ATTEND SERVICING SHOW: The MBA's servicing show ended three weeks ago, but if you missed that event try the SourceMedia show. The publisher of NMN and American Banker will hold its fifth annual servicing show in Dallas April 5-7. Top servicing and subservicing executives will be there. For more information e-mail
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THE LAST WORD: To all readers on the West Coast and Hawaii: Stay safe.
