Over the past two months National Mortgage News has been reporting on a mysterious warehouse lender called eWarehouseOne. Late this week we learned that Anthony J. Simich, a division vice president for the firm – and one of few employees there who actually returns phone calls and emails – resigned. Simich spoke briefly with NMN and declined to say much about the firm and why he left. Needless to say, he's never actually met his boss, a man named Tom Reynolds, face-to-face. Simich has been employed there at a base salary of $4,000 per month since November. Never met your boss? If that's not strange, I don't know what is. Other eW1 warehouse account executives have bolted as well, including Henry Brandt. Meanwhile, NMN will report more on this story early next week on its website. We urge caution. Maybe there's a simple explanation to why a firm involved in warehouse lending – a business line that is all about relationships and openness – isn't willing to clear the air…
We know of plenty of reliable warehouse lenders operating out there. Firms such as Texas Capital Bank, People's United, and others…
We understand certain executives at Fannie Mae and Freddie Mac have been ordered by FHFA to work on a PLS plan. Yes, that's right. Have more info? Drop me a line at:
So, what's going on with those wild and wacky folks at Ally/GMAC/ResCap? Let's see what Michael Carpenter & Co. has been up to in the past week: The government controlled mortgage/auto lender-servicer pulled the plug on Ally's MBS trading desk. (But really, no one will feel sorry for a bunch of laid off Wall Street traders who can probably find employment in lower Manhattan or move out to California where they can work for Stan Kurland's PennyMac.) Then they filed an amended S-1 to sell $100 million of common stock (at best). (I guess some stock is better than no stock.) Oh, and then the bank wrapped up the week telling its correspondents that sorry guys, we're pulling out of TPO FHA/VA/USDA. But one source tells us this: “I hear they are still bringing LOs and branches into their company.” Monday is a few days away. Maybe some other developments will come down the pike, keeping mortgage reporters busy until Congress returns…
PennyMac has lined up yet another repo lender: CSFB. In the past its other lenders have included Citigroup and Bank of America…
Still no word yet on BofA's recent MSR auction. More next week…
CLARIFICATION: So, who's the Big Kahuna of wholesale lending these days? Well, we originally thought it was U.S. Bank but then the firm restated its 4Q table funding volume down to $2 billion (from $8 billion), which means the top dog among loan brokers is Provident Funding Associates of Burlingame Calif. Provident facilitated $7 billion through brokers in 4Q. A close second was Wells Fargo & Co.
PROGRAM NOTES: GMAC Bank on its near-withdrawal from FHA/VA: “As a result, all loans including AOT [assignment of trade], Direct and Forward Trades must be locked/assigned on or before 5:00 PM EST, April 16, 2012. GMACB will honor existing pipeline. No relocks will be accepted and a maximum of 30 days of extensions will be allowed. All other lock policies will apply.”
WASHINGTON NEWS: Wells Fargo rolled out its HARP 2.0 program in the middle of the first quarter and GSE refinancings are just now starting to roll in, company executives said. “The program seems to be catching on,” said chief financial officer Tim Sloan. But he insisted the new version of the government's Home Affordable Refinancing Program is in an “early state” and declined to provide any origination figures. Oh, and one other thing: he says Wells isn't making a killing on the loans like some smart alecky analysts are suggesting.
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 PEOPLE: Walker & Dunlop has hired Paul Ahmed, David Gahagan, and E. Lance Lehman as senior vice presidents, focusing on financing income producing properties including multifamily, office, hotel and industrials in the Southeast. Oh, and in case you missed it: Mortgage Master, Walpole, Mass., recently hired Don Henig as managing director of national sales.
LOAN OFFICERS, YES YOU CAN STILL BRAG A LITTLE, BUT TIME IS RUNNING OUT: NMN and its sister publication Origination News, the most widely read news magazine in the broker/correspondent sector, has launched its annual loan officer survey. Eventually, we'll publish features and rankings on the nation's top LOs. To participate in our survey visit:
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:
MUST ATTEND MORTGAGE SHOWS: It's not too late! From April 17 – 19 National Mortgage News and SourceMedia will hold their annual Mortgage Servicing Conference at the Omni Mandalay Hotel in Irving, Texas. For more information see the ads on our website or email
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LAST WORD: Will we eventually see HARP 3.0?
