THIS JUST IN: Are Fannie Mae and Freddie Mac finally contemplating unloading some of their nonperforming loans onto the secondary market? One player in the NPL space said the two GSEs—which have toyed with the idea for the better part of a year—are once again considering doing something. But will it ever actually happen, and if it does, will this further depress the prices of NPLs in the secondary market? Stay tuned…
Quick question: Which firms are the largest holders of NPLs after Fannie and Freddie? I mean, after Bank of America? Drop me a line at
This past week there was talk that one midsized lender (a bank) is considering outsourcing its origination function to a third party. More on the National Mortgage News website next week…
Meanwhile, we keep hearing talk of a “brain drain” at the GSEs. As reported exclusively by National Mortgage News Freddie’s EVP in charge of capital Markets, Peter Federico, is the latest high-level executive to depart the company. I would venture that with originations down this year there should be plenty of good production executives looking for work. But on the servicing and “high touch” servicing side of the business, good talent likely comes at a premium…
As many readers know trying to get real information on NPL sales—and prices—is like nailing Jell-O to the wall. This past week NMN broke the news of John Daurio’s departure from Kondaur miles ahead of the competition. If you would like to subscribe to NMN (online or print or both) call 800-221-1809. For advertising drop a line to
Redwood Trust of Mill Valley, Calif., has made a name for itself as a securitizer of jumbo loans—that much we know. It buys already-funded jumbos—and has no plans whatsoever to enter the residential origination business. But what isn’t widely known is that the publicly traded REIT is an active commercial lender—funding loans itself. It estimates that it will originate $25 million to $50 million a quarter over the next several quarters…
Two players that are starting to get attention in the reverse mortgage space include Reverse Mortgage Servicing and Celink. Both are engaged in subservicing these loans. More on them in the future…
OMG, A FLOW MSR DEAL: When’s the last time you saw a “flow” MSR offering? Can’t remember, can you? The Prestwick Mortgage Group of Virginia has one out in the market now. The story was first posted on the NMN website Friday…
Meanwhile, Interactive Mortgage Advisors and MountainView have bulk deals out in the market. And MIAC is working on a few, too.
WASHINGTON NEWS: The House Financial Services Committee this week approved a five-year extension of the National Flood Insurance Program by unanimous vote. The committee voted 54-0 to approve the Flood Insurance Reform bill (H.R 1309), which will reduce existing subsidies on insurance rates for most properties in flood plains. (Reporting by NMN’s Brian Collins.)
DATA NOTICE No. 1: NMN is still collecting quarterly origination and servicing stats for its 1Q edition of the Quarterly Data Report. We also are collecting figures for our annual rankings which will appear—along with my data analysis—on MortgageStats.com. If you would like to send us your numbers drop a line to
MORTGAGE PEOPLE: The Mortgage Bankers Association hired Marcia Davies to be its chief of staff. She formerly worked over at FHA as an advisor to David Stephens. Stephens now heads MBA.
DATA NOTICE No. 2: 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 3rd 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 and other assorted financial publications.
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
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THE LAST WORD: Need to listen to a good CD? Check out John Legend & the Roots. Have a good weekend.
