As everyone in the industry knows, mortgage rates have risen noticeably the past month butsome lenders are eating the increase, purposely trying to keep rates low in order to gain market share. One WestCoast-based lender said subprime rates have risen 60 basis points, but top-ranked nonconforming lenders have onlyhiked rates by 30 basis points, some even less. He noted that a "full-scale price war" could break out.Meanwhile, Wall Street trading desks have been gobbling up product like there's no tomorrow. How will it all end?Does anyone smell 1998 all over again? Stay tuned...
Put General Electric on the couch. First it likes mortgages; then it doesn't; now itdoes. Confused? You're not alone. GE's consumer finance division last week told the world it is buying subprime/alt-Alender WMC Mortgage. (The seller is former Drexel Burnham Lambert honcho Leon Black.) Thenagain, GE Consumer isn't GE Capital Mortgage. They're different divisions of the same conglomerate.For the full story, see the Monday edition of National Mortgage News...
Also in Monday's edition, a story on how Countrywide -- once again -- ranked firstamong all residential funders...
The Mortgage Bankers Association last week held its annual secondary conference inWashington. Making the rounds was former RBC Mortgage chief Dave Matthews who is now at the FHLB-Chicago.Members of the media were given ID badges sponsored by the FHLB's mortgage partnership finance program. MBA alsoheld a panel on MPF. One of those giving testimonials on MPF's behalf was Wells Fargo lobbyist Phil Bracken.Wells, of course, is involved with FM Policy Focus, the anti-Fannie Mae/Freddie Mac group. It wasthought that FMPF would fold its tents once Congress passed legislation to strengthen GSE regulation, but now thatthe bill is dead the group is getting a reprieve...
Also at the MBA secondary: at one lunch meeting, a handful of California mortgage executiveswere talking about how they're finding it increasingly difficult to attract managers to the state because of soaringhousing costs. Instead, they only hire managers who already live in the area or locate them at satellite offices...
Lew Ranieri's Franklin Bank Corp. of Houston will release its first-quarterearnings on Tuesday, April 27, following the close of the market. Last week, Mr. Ranieri was named chairman ofComputer Associates, the struggling Long Island-based software giant. CA is also the largest employer onLong Island and employs many a homeowner...
MORTGAGES & POLITICS: Mortgage technology executive Doug Gallagher is throwinghis hat into the ring for the Florida Senate seat now occupied by the retiring Bob Graham. (Sen. Grahamis being mentioned as possible VP to John Kerry.) Doug is running in the Republican primary against formerHousing and Urban Development secretary Mel Martinez and others. An industry veteran, Doug is wellregarded as the founder and CEO of Gallagher Financial Systems. If you're a Florida-based mortgage bankerand you're voting in the Republican primary, who would you vote for -- Doug or the man responsible for RESPA reform?
WASHINGTON NEWS: The National Association of Mortgage Brokers said it commendsthe Department of Labor for updating and clarifying its regulations regarding overtime pay. "The newregulations go a long way toward recognizing the vast changes that have occurred in the American economy over theyears," said NAMB president A.W. Pickel III. "For the mortgage industry, they help clarify thestatus of loan officers and make the rules regarding overtime pay more consistent with actual industry practice."
MORTGAGE PEOPLE: Freddie Mac has named Hollis S. McLoughlin senior vice presidentand chief of staff, reporting directly to chairman and CEO Richard F. Syron. In the newly created positionof chief of staff, Mr. McLoughlin will help prioritize both day-to-day activities as well as long-term strategicissues for Mr. Syron. According to Freddie, "His role will be similar to that which McLoughlin played as anassistant secretary of the Treasury during the Bush administration from 1989 to 1992." American MortgageNetwork has named Michael Bauer vice president and regional manager for its loan production office inPortland, Ore. Meanwhile AMN's parent, American Residential Investment Trust, has elected Herbert B.Tasker to its board. Mr. Tasker is vice chairman and managing director of AIG Centre Capital Group.
MORTGAGE DATA NOTICE: National Mortgage News, for a limited amount of time,is offering for just $399 its new research "white paper" on "Transactional Retail Mortgage Websites."If you have purchased other NMN white papers, take an additional 10% off the purchase price. For a summaryand sample of the "Transactional Retail Mortgage Websites" report contact Elizabeth Washingtonat
@ThomsonMedia.com
MORE DATA: Full-year production rankings (top 100 for prime and top 50 for subprime)including channel breakdowns and much more are now available via NMN's new Annual Data Report. TheADR is an electronic spreadsheet sheet that is growing in popularity. To subscribe to the ADR contact DeartraTodd at (202) 434-0320 or e-mail:
MORTGAGE SURVEY NOTICE: NMN is still conducting its full-year 2003 productionand servicing survey. If you would like to participate, gaining free publicity for your institution, contact Ms.Todd at the above.
