THIS JUST IN: Not only does IBM plan on making a huge splash in the mortgage servicing business by amassing MSRs and subservicing contracts, but the technology giant recently hired a business manager to help it find deals. On Thursday, National Mortgage News broke a story on its website about IBM taking over MSRs for JPMorgan Chase. We're working on a large feature about the MSR issue which will appear in the paper version of NMN. Don't subscribe? Call: (800)221-1809…
By the way, IBM is hiring in Raleigh, N.C., snatching up plenty of office space in Research Triangle Park…
By now, some of you may be wondering how we found out about IBM and Chase. We confirmed the story through several sources, but we were first tipped off to it back in September when a friend received a notice from IBM's mortgage company. The friend has a mortgage that previously had been serviced by Chase, but then suddenly IBM held the paper. Let's just say the hand off to IBM did not go smoothly and this friend had his paperwork screwed up, big time, so big that he had to hire a lawyer…
One last note on this story: a few weeks ago I mentioned that Fannie Mae has a group of five servicers that it uses for "force-placed" servicing. IBM is one of them…
One well connected source in Washington told us that come January 1 mortgagors will be able to visit a new Treasury Department website, plug in their loan information and determine whether they have been unfairly turned down for a loan modification. The website is ready to roll and the National Association of Realtors is involved somehow. If you know anything more, drop me a line at:
The data division of NMN is still collecting 3Q surveys but we're seeing some large gains in correspondent and retail lending by a handful of firms. All the results will be in the upcoming edition of our Quarterly Data Report and a sister product called MortgageStats.com. For more info on both drop an email to:
WASHINGTON NEWS: At its Nov. 23 meeting next week, the Financial Stability Oversight Council is set to discuss the ongoing foreclosure mess and whether it presents a systemic risk to the financial system, according to a Treasury Department official. Also on the agenda, said one source, is the issue of mortgage servicing rights and whether a bank amassing too much of them might lead to systemic risk concerns. The Nov. 23 meeting will be the second meeting of the FSOC, which was created by the Dodd-Frank Act. The interagency council is chaired by Treasury secretary Timothy Geithner. Reporting by NMN's Brian Collins.
MORTGAGE PEOPLE: The Lotstein Law Firm has hired Michelle Canter as a partner in its new Atlanta office. Joining Michelle are two industry veteran attorneys: Martha Turner and Shannon Howe.
READER COMMENT INFO: If you've been trying to post a comment to this column and been frustrated, there's hope. Our tech department has updated the process, making it a little more user friendly. If you cannot get through, feel free to drop me an email directly at:
DATA ANNOUNCEMENT: As I noted earlier, the new 3Q edition of the Quarterly Data Report will be out in a few weeks. Our research staff is busy finalizing surveys sent in by lender/servicers. Keep in mind that the 1Q and 2Q editions of the QDR are still available, plus we have issues dating back 10 years. The QDR provides industry-wide figures on servicing, subservicing, company specific delinquencies and much more. For more info on both drop an email to:
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THE LAST WORD: Giants vs. Eagles Sunday night. I'm a Giants fan but, Michael Vick played like a mean junkyard dog against Washington last week.
