Principal Residential on Auction Block

Published March 04, 2004, 3:00 p.m. EST

1 Min Read

Principal Residential Mortgage, Des Moines, Iowa, the nation's 11th-largest residential servicer, is on the auction block, industry sources have told MortgageWire.One mortgage executive familiar with the company said, "They're in talks now with buyers." A spokeswoman for PRM's parent, the Principal Residential Group insurance company, declined to comment. According to figures compiled by National Mortgage News, PRM serviced $118.9 billion in loans at year-end. Among funders it ranked 15th. Its production volume in the quarter fell by 52% and the unit suffered an operating loss of $42.8 million, versus a profit of $29.1 million a year earlier. (For more details, see the March 8 issue of NMN.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Secondary markets

IMBs need to watch HELOC securitization costs as banks enter

More depositories are getting involved in the securitized market and the competition is likely to add to expense management challenges of smaller balance loans.

By Bonnie Sinnock
Capital Markets Editor

September 14
Fraud

Rising seller impersonation fraud risk a worry for lenders

Seller-impersonation attempts more than doubled in two years, with artificial intelligence providing fraudsters new tools to commit crimes, a report said.

By Spencer Lee
Technology Reporter

September 14
Originations

Preapproval key as buyers near sweet spot in a tough market

Homebuyers who are preapproved have the best opportunity to take advantage of fall discounts, giving lenders an opportunity to roll out marketing around this.

By Colin McNamara
Reporter

September 14
Secondary markets

Non-QM issuance estimates boosted due to investor demand

Bank of America upped its forecast for non-qualified mortgage issuance, with investors, particularly insurers, buying these and other non-agency securities.

By Brad Finkelstein
Originations Editor

September 14
Homeowners insurance

How New American Funding's insurance arm saves DTI-tight loans

NAF Insurance customers save $719 on average, Phil Miller, senior vice president of strategic partnerships at New American said.

By Colin McNamara
Reporter

September 14
Politics and policy

What banks can expect if Democrats sweep Congress

Polling suggests that Democrats could retake control of the House and have a formidable shot at the Senate as well. If they win both chambers, oversight of bank regulation, crypto and Trump administration officials will be the name of the game.

By Claire Williams
Reporter

September 14

Load More