Are some loan brokers millionaires? According to a recent Wall Street Journal article, in 2002,some brokers earned north of $1 million and a few almost $2 million. The WSJ also cited mortgage brokerageresearch done by National Mortgage News, which we greatly appreciate. But are brokers really loaded?According to a recent posting on NMN's "Grapevine" Internet site, the average broker is making$60,000 or less. Then again, one broker posting on Grapevine boasted 2002 earnings of $400,000. Of course, theGrapevine is totally anonymous and there is no way of verifying any of the information posted...
The top three subprime wholesale funders in the fourth quarter were New Century, Option One andFirst Franklin -- that's according to the brand new fourth-quarter issue of the Quarterly Data Report.All subprime funders originated $240 billion in 2002, according to the QDR...
New Century, by the way, said it recently completed the repurchase of its second million-share allocation underits stock buyback program...
Argent Mortgage, a subprime lender that is growing by leaps and bounds, is giving away a trip to theGrand Prix of Monaco to 20 loan brokers. The subprime lender is also sponsoring a driver in the Toyota GrandPrix of Long Beach...
Ameriquest is advertising on Netscape, offering consumers a chance to lower their mortgage payments...
It's the economy, stupid: When the existing home sales number came out on Tuesday -- revealing record purchases-- Housing and Urban Development secretary Mel Martinez issued a press release stating: "Thesenumbers show that housing continues to lead the way in turning our nation's economy around. The Bush administrationis committed ... by breaking down barriers and making it easier for more Americans, particularly minorities torealize the dream of homeownership." Two thoughts here: (1) this administration will do nothing to harm FannieMae and Freddie Mac and (2) the White House fears a voter backlash in 2004 over, you guessed it, theeconomy. It happened to his father and it could happen to this Bush as well. Of note: when a weak "new"home sales number came out on Thursday, Mr. Martinez did not issue a press release...
Countrywide Bank, a division of Treasury Bank, has opened a new financial center in Torrance,Calif. Countrywide Bank (Angelo Mozilo/Stan Kurland's Countrywide, that is) began its financial center initiativemore than a year ago with the opening of four centers in Ventura and Los Angeles counties. Since linking up witha depository, Countrywide has amassed more than $5 billion in assets...
WASHINGTON NEWS: One mortgage banking executive says that six months ago Fannie Mae was asking a lotof questions of one servicing/subservicing contractor concerning manufactured housing loans. Fannie wanted to know,more or less, what the business entailed. Fannie recently made a floor bid of $70 million for Conseco Finance'sservicing platform. (Conseco's parent is in bankruptcy.) Fannie did not win the bid...
How did word leak out that the Financial Services Roundtable was going to launch a new mortgage tradegroup? According to FSR chief Steve Bartlett, it was the Washington "yak-yak crowd" that spilledthe beans. Mr. Bartlett told NMN that Fannie and Freddie would not be a major lobbying issue for the new group,but just one of many issues the unnamed group will have to deal with. He stressed that FSR "would not be reinventingFM Watch"...
America's Community Bankers CEO Diane Casey recently wed, changing her name to Diane Casey Landry.ACB PR chief Bob Schmermund sent out a statement to the press saying, "... and I'd appreciateit if you'd reflect the name change in all future matters." Duly noted, Bob.
EX-REGULATOR NEWS: Former U.S. Treasury secretary Paul O'Neill, a friend of Fannie Mae chairmanFranklin Raines, has rejoined the board of Eastman Kodak Co. the camera and film maker. Mr. O'Neillwas booted by the Bush administration late last year.
NO LONGER WITH US: Our condolences to the family of Warren Lasko. The former head of the MortgageBankers Association died at his home in Maryland last week. Mr. Lasko, 62, was a indefatigable advocate forhousing and housing finance. He will be greatly missed.
IN CASE YOU MISSED IT: Subprime lender Accredited Home Lenders, San Diego, went public recently,raising $77 million. Friedman, Billings, Ramsey Group was the underwriter...
