Loan Think

Activity in the nonperforming loan market appears to be gaining steam, according to advisors and investors who play in the space. Not only does Barclays plan to unload $1 billion in nonperformers over the next year (according to one report) but Wells Fargo and Citigroup have been active sellers of late.

What if something happened to you tomorrow? What if someone made you a job offer you couldn’t refuse? What if you decided it’s time to retire? Or just can’t take it any more?

The business of subservicing loans for other companies appears to be alive and well. According to new figures compiled by National Mortgage News and the Quarterly Data Report, Cenlar of Ewing, N.J., continues to be the market leader in subservicing contracts with a balance of $76 billion at June 30, a healthy 65% jump from the same period a year ago.

Follow through—sounds like I’m going to use some type of sports analogy, right? Nope. I have been working at breakneck speed over the last couple of weeks on the new release of my Reverse Mortgage Success system (Reverse Mortgage Success 2.0) and as I was compiling the components, I was reminded of how much has changed in our business in a short time.

Perhaps, the Obama White House isn't talking to one of its wards, Fannie Mae. Follow my logic here: the Administration is giving government grants to the unemployed (in certain areas) so they can continue paying their mortgages.

Is there a magic bullet out there that will let mortgage sales people increase their volume? Odds are, no. But a pair of authors has turned to some of the great names in sales training to come up with some tips for sales professionals to thrive in today's economy.

FACTS On August 30, 2010 JOSEPH ANTHONY VELTRE, 68, of Orange, Calif., was sentenced to 18 years in prison after pleading guilty to stealing more than $2.6 million from investors in a Ponzi and real estate fraud scheme. He preyed on mostly elderly investors, soliciting their money for borrowers seeking funds from non-bank lenders.

Add the name of JPMorgan Chase to the list of residential lenders that is hiring these days. On Tuesday the bank-owned mortgage company is holding a job fair in Tyson's Corner, Virginia.

THIS JUST IN: MetLife Bank has been mentioned as a possible bidder on a $23 billion servicing portfolio auctioned off this past week by the Federal Deposit Insurance Corp. But our sources say the portfolio wasn't necessarily sold in one piece and that another bidder was involved. The FDIC had no comment. MetLife said it doesn't comment on "rumors on speculation."

It appears that the Federal Deposit Insurance Corp. has picked a winning bidder on the $23 billion AmTrust residential servicing portfolio being offered through Milestone Partners.