So, which firm bought Bank of America's $73 billion mortgage servicing package? Before we provide an answer, the first question you need to ask is this: What do you mean by “bought”? Let's step back a few years before Uncle Sam stepped in and took the keys away from Daniel Mudd. Fannie was toying with the idea of buying Litton Loan Servicing but when word leaked out that the GSE would be entering the servicing business, holy hell broke loose. This was before Uncle seized Fannie in September 2008. As a Fannie spokeswoman told National Mortgage News this week the GSE is not a servicer. But did the GSE finance the sale of B of A's MSRs to a third party? Or is Fannie a joint venture partner in the ownership of these MSRs? From what our sources told us, the portfolio was awarded to Green Tree Servicing, which is now owned by Walter Investment Management Co., Tampa Bay. What did GT and Wally have to say? They did not return telephone calls. Fannie had no comment. What does Congress think? Who knows. They only seem interested in pounding the hell out Fannie (and Freddie Mac) every chance they can get…
In case you're interested in buying MSRs stay tuned. B of A will be selling much more of its portfolio in the year ahead. In total, it owns $2 trillion in MSRs. (See NMN's Quarterly Data Report.) In other words, it hasn't even made a dent on this Mount Olympia of receivables. Yes, deconsolidation is here…
Are you confused about how many loan officers work at banks and nonbanks? Don't be. Read the Monday edition of NMN. Our Brian Collins and Lew Sichelman try to set the record straight using new figures compiled by the NMLS. Don't subscribe? Call 800-221-1809…
Also in Monday's NMN a story about how much money Wilbur Ross invested in Capital Markets Cooperative…
In case you didn't know it, the correspondent lending business is picking up steam. To get a complete list of correspondent buyers check out the Quarterly Data Report. To order email
It appears that Deutsche Bank has been chosen to sell Aurora Loan Services, the Colorado-based mortgage banking division of Aurora Bank FSB. We're told that Bill Curley is handling the sale…
Just how tight is mortgage credit these days? This comment comes from reader Mike Securo: “Rates are low, yes, but who cares when 70% of the applicants we get are either upside down or have little to no equity? We literally throw away 100 to 150 appraisals a month because the values don't work. And since we can't get comp checks anymore, the borrower has to pay for the appraisal to find out what we used to be able to find out for free.” That sounds like a lot of throw-aways to us…
Zzzzzzzzzzz: Rep. Maxine Waters, D-Calif., requested the Securities and Exchange Commission investigate a possible leak of the Standard & Poor's downgrade of the U.S. credit rating last week…
Bill Erby is spinning off his new servicing entity, Home Loan Servicing Solutions. (See the story we posted on the NMN website at
IN CASE YOU MISSED IT: In this past Monday's NMN we published a story about $260 billion in MSRs being up for grabs—and that was before we knew about the $73 billion B of A package. In our story we name names. For a ranking of the nation's top 100 servicers and top 40 subservicers drop a line to
MUST ATTEND MORTGAGE CONFERENCES: On Sept. 19-20 NMN and SourceMedia will hold its Mortgage Regulatory Forum show at the Washington Marriott in the nation's capital. Speakers include OCC chief John Walsh, Rep. Shelley Moore Capito, R-W.Va., and some congressman from Massachusetts whose last name is Frank. More info visit
IMPORTANT DATA STUFF: MortgageStats.com has been updated to include not only full year 2010 figures but first-quarter information as well. MortgageStats boasts the nation's top 400 lenders and servicers, including hard volume numbers and contact information. It also includes exclusive monthly analysis from me. (You can't get this information anywhere else.) For more information drop an email to
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THE LAST WORD: Buy low, sell high. That advice would've made you a ton of money this past week. As for figuring out the highs and lows, that's a different matter. Monday is a new day.
