THIS JUST IN: Back in the day Angelo Mozilo once dreamed of Countrywide Home Loans having a 25% origination market share. We all know what happened to that dream (and Countrywide). As I recall, Mozilo once thought that such a goal might be achievable, but it would probably require Countrywide combining forces with a megabank such as Wells Fargo. Several years back Wells and Countrywide did the merger tango (when it came to merger dances, you might say Countrywide was somewhat “loose,” morally speaking, that is) but nothing ever came of it. Meanwhile, National Mortgage News and the Quarterly Data Report on Monday will publish its final first-quarter origination rankings and who’s on top? Answer: Wells Fargo with a market share just shy of, you got it, 25%. But what’s so amazing is the huge gap between Wells and the number two ranked funder, Bank of America: $26 billion. That’s billion, not million. (By the way, B of A—as we all know—wound up buying Countrywide.) Anyway, if you want to order the QDR—which ranks the top 100 lenders, servicers and more—drop an e-mail to
THIS JUST IN No. 2: Remember Zan Hamilton, the former Wall Streeter who has operated his fair share of mortgage banking firms? We understand he’s on the verge of buying a bank, a depository, that is. Details to follow. Also, mortgage banking veteran John Robbins is close to unveiling his new mortgage firm…
A couple of stories we broke recently tell the tale of the mortgage market: Sidus Financial of North Carolina is shuttering its wholesale and correspondent divisions, while PennyMac is ramping up to be a correspondent buyer of newly originated mortgages. Also, Arch Bay, a buyer of nonperforming loans, may be for sale. The full text version of these stories appeared on the NMN website with more analytical pieces appearing in the weekly print version. To subscribe call 800-221-1809…
Who says the mortgage market is suffering? OK, these are challenging times, but we’ve heard from several lenders who say they’re seeing plenty of first-time homebuyers out there, kicking tires. But there’s a huge caveat: they’re looking at cheaper priced homes, priced at $400,000 and under. In some markets the figure is $100,000. The reason: in certain cities it’s much cheaper to buy than to rent, a good sign for the business. But there’s a dark cloud approaching in the fall: lower Fannie Mae/Freddie Mac loan limits…
WASHINGTON NEWS: NMN’s bureau chief Brian Collins reported late Friday that banking regulators will extend the comment period on the risk retention rule.
MORTGAGE MEDIA NOTES: This past week a spokesman for (shall we say) a large mortgage firm accused me of being “snarky” by editorializing in a news story that this firm was “embarrassed” because one of its foreclosure law firms was under investigation for shoddy paperwork. So, I countered: “OK, you were not embarrassed. Want to say that on the record?” Her reply: “Don’t put words in my mouth.” Me, snarky?
NOT FOR RED SOX FANS ONLY: Boston Red Sox star Kevin Youkilis recently provided autographed photos to members of Liberty Bay Credit Union who opened a new checking and savings account or applied for a loan at the credit union within the last 20 days. Rumor has it that if you took out a mortgage (and got approved) he gave you a signed baseball bat, something that might come in handy later on if you go delinquent and need to fend off the sheriff. (Just kidding on that last part.)
CORRESPONDENCE: Thanks to all those who sent kind comments about our “Five Mortgage Firms to Keep an Eye On” piece. If you have any ideas on other firms, send me an e-mail directly instead of posting for all to see. My e-mail is
DATA NOTICE: If you’re looking for a full-year ranking of all the top-ranked correspondent loan buyers and wholesaler funders (and more) that information is in the new Annual Data Report, which is published by National Mortgage News. The ADR, an Excel spreadsheet, also includes the nation’s top 100 retailers, servicers and much more. If you need telephone numbers and contact names that information can be found in the new edition of MortgageStats.com. For more on the ADR and M-Stats drop an e-mail to
KEY CONFERENCE YOU NEED TO ATTEND: On June 16-17 SourceMedia will hold its annual Distressed Assets Conference in the Big Apple. Upcoming: SM’s Third Annual Best Practices in Loss Mitigation Conference. That show is in Dallas. SourceMedia is the publisher of NMN, Origination News, Mortgage Servicing News, Credit Union Journal, U.S. Banker, American Banker and other assorted financial publications.
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THE LAST WORD: He says otherwise, but is PIMCO’s Bill Gross shorting Treasuries?
