By now, thousands of readers have viewed our coverage (both in print and online) of eWarehouseOne, the mysterious warehouse lender that appears to have collected at least $250,000 in application and good faith checks, and doesn’t have a whole lot of lines of credit to show for it. After two months of investigating the company and talking to roughly 20 sources, we’ve come to the conclusion that the man running the show is Tom Reynolds, once listed as EVP in charge of warehouse lending. The problem is this: none of the account executives hired by the company (some of whom have left) have ever met Reynolds, though they’ve spoken to him on the phone. And as you might know: Reynolds has never returned a telephone call or email from this publication. Meanwhile, warehouse consultant Michele Perrin of Orange County, Calif., told us Friday that she believes that at least $1 million in checks has been collected from nonbanks seeking warehouse lines. But have any firms actually closed any loans? We know of a few that want their application fees back. As always, our door is open. If Tom Reynolds or anyone from eWarehouseOne would like to set the record straight and explain to the industry what’s going on at this company drop me a line at:
One more note on eWarehouseOne: the firm has pulled down from its website the names of all its warehouse account executives. Stay tuned…
In one other major development affecting the warehouse market, some nonbanks that use Ally Financial for lines of credit are now seeking out backup lines. This doesn’t mean Ally is exiting the market, but it shows there’s concern…
A BRIGHT DEVELOPMENT FOR WHOLESALE: Bexil American Mortgage, doing business as American Mortgage Network, entered the wholesale arena this week, releasing its first rate-sheet to a list of pre-approved brokers. Bexil is John Robbins’ new shop…
A BRIGHT DEVELOPMENT FOR THE MI INDUSTRY: Yet another new firm plans to enter the mortgage insurance space. Since the crash that brings to three: Essent, MAC, and NMI Holdings. Of course, MAC has been quiet of late…
AN MI LEGEND RETIRES: Mark Goldhaber has been a behind-the-scenes player at Genworth Financial and GE Mortgage Insurance for so long that he should be inducted into the MI Hall of Fame. Lawyer, lobbyist, spokesman and all around raconteur, his motto has always been this: “I just want to put people in houses.” Anyway, Mark isn’t really retiring. He’s launching his own consulting firm…
In case you haven’t noticed, both Radian and United Guaranty are doing nice volumes when it comes to writing mortgage insurance policies…
Just how hot is the multifamily sector? Apartment building prices are getting closer to a pre-recession peak. But limited supply and favorable demographics could mean values keep climbing for some time, according to a new report from Fitch. (Reporting by NMN’s Bonnie Sinnock.)
Remember AppraiserLoft, which closed its doors in the fall for good? (NMN’s Austin Kilgore broke the story wide open four our readers.) We’re told some new developments in the story could break in the next week or so…
While we’re on the subject of appraisals, we were told this week that 60-80% are done through appraisal management companies…
WASHINGTON NEWS: HARP 2.0 refinancings are red hot in both Florida and Nevada, according to testimony presented this week by HUD secretary Shaun Donovan. The HARP 2.0 program became fully operational in early March. “We have seen big jumps in refinancings in states with the most underwater borrowers,” Donovan said. “In Florida we have seen a 50% increase in refinancings in the last few months.” He also noted HARP refis are up 70% in Nevada. (Reporting by Brian Collins.)
THIS COLUMN’S FOR SALE: Want the rest of the industry to know about your HARP 2.0 program changes and LLPAs? Need to reach correspondents and brokers? Send an email to:
MORTGAGE BANKERS/SERVICERS, GIVE US YOUR NUMBERS AND GET LISTED FOR FREE: NMN and its sister publication Mortgage Servicing News, the most widely read news magazine in the servicing sector, have launched its annual origination/servicing survey. Eventually, we’ll use this information for stories. To receive a survey drop a line to:
DATA STUFF: If you need contact names and emails on the top players in mortgage banking subscribe to NMN’s Mortgagestats.com product. For more info drop an email to:
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LAST WORD: Talk about a financial disaster: Disney spent $250 million on the movie ‘John Carter’ which tanked at the box office, taking in less than $40 million. Hey, at least the Nats, Os, and Mets are winning.
(Tags: Origination, Servicing, Regulation, People, Secondary, Data)
