Loan Think

For the past week we've been hearing rumors that Ocwen might close the Houston office space/platform it inherited when it bought Litton Loan Servicing early in the fall. But not so, says Ocwen senior vice president and general counsel Paul Koches. "We are keeping all the space," he told us. That's good news for the employees who occupy a whole office building in the city.

Okay, so Redwood Trust – the only firm to issue a jumbo MBS in forever – earned a scant $1 million in 3Q. But the real news is that it bought $405 million of jumbos from other lenders – its largest quarterly purchase number in who knows how long.

Mortgage and banking regulators have a job to do: keep our financial institutions safe from fraud, mismanagement and chicanery. But where in their mandate does it say: Hey, let's make things even tougher for them. What am I talking about? Answer: mortgage servicing.

This blog, bringing President Truman’s dictum “the buck stops here” into the digital age, consists of comments and story feedback forms that come to me from readers of nationalmortgagenews.com and affiliated sites, with my own occasional comments in reply.

The U.S. government Wednesday morning reported that – surprise – the home ownership rate actually rose last quarter. What? That's correct. (See the full story on the National Mortgage News website.)

Within the next few days Freddie Mac will release its third quarter results. Could it possibly turn a net profit even after it pays its loan sharkish dividend to the U.S. Treasury? We will know shortly, but consider this:

In marketing your company, like any sport, there is offense and defense. Defense means not giving your competition any ammunition to use in their marketing campaigns.

On Oct. 17, U.S. District Judge Neil V. Wake SENTENCED TALAL ASHEK TO TWO YEARS IN FEDERAL PRISON. Ashek was also ordered to pay over $2.9 million in restitution. Ashek had previously pleaded guilty on Aug. 4 to one count of conspiracy to submit false claims to a lending institution for his role in a mortgage fraud conspiracy.

Matt Vernon, Bank of America's top consumer sales executive in charge of retail mortgages, is taking his show on the road. According to one intra-company email provided to National Mortgage News, Vernon will be meeting with LOs who work in the Washington metropolitan area this Wednesday at the Sheraton Columbia Town Center.

In Monday's National Mortgage News we have a story about some of the top residential producers that Bank of America is losing to competitors. By now, you've already viewed our stories about Kevin Budde and David Macke. But we understand that yet one more top LO is departing—for Wells Fargo.