Want to find out who the top online lenders were in the first and second quarters? PurchaseNational Mortgage News' "Loan Origination Software" report and get the list forfree. For more information contact Elizabeth Washington at: (202) 434-0328 or e-mail:
@ThomsonMedia.com
Will the mortgage production party go on forever? There are days that mortgage professionalsmust be thinking: "Maybe the business isn't so cyclical anymore." Last week Morgan Stanley economistStephen Roach predicted that if oil stays near the $50 a barrel level for three to six months, the U.S.would face another recession. What does all this have to do with mortgages? If recession fears (or a recessionoccurs) that means rates will go back down. (At one point last week the 10-year Treasury was yielding 4.16%). Andthat means the residential production machine will go right on humming along. Bring on the recession. Vote Bush!
There are now $770 billion in outstanding subprime loans in the U.S., according to the newedition of the Quarterly Data Report...
In case you missed it: the Cendant Mortgage-Countrywide Home Loans deal is off. Speculationis now focusing once again on Citigroup looking at Cendant...
Hibernia is selling $10 billion in servicing rights. The buyer is: Read Monday's editionof NMN...
Countrywide, by the way, is splitting its stock once again. This time around it's a two-for-onesplit. Countrywide's stock has split so many times that Wall Street is starting to lose count...
Subprime lender NovaStar Financial said its mortgage loan portfolio has exceeded the$10 billion mark...
Capital constraints on the growth of its servicing portfolio are forcing Ocwen Financialto consider dropping its federal thrift charter, according to a recent filing with the Securities and ExchangeCommission. Most mortgage players, who can, like to have a depository because it gives them a place to balancesheet loans. Ocwen is operating under a supervisory agreement with its regulator to improve its servicing practices,end certain billing practices and expedite the handling of consumer complaints...
Freddie Mac this past week came within a point or so of matching its 52-week high.What $5 billion accounting scandal? Then again, if you're going to have a $5 billion accounting scandal it's betterto have hid $5 billion that you actually earned instead of hiding $5 billion you actually lost...
WASHINGTON NEWS: The Office of Federal Housing Enterprise Oversight, which isconducting a forensic audit of Fannie Mae, has subpoenaed certain documents from the company, accordingto a story published in Friday's Wall Street Journal. But both OFHEO and Fannie declined to confirmor deny that any subpoenas had been issued. This past summer OFHEO director Armando Falcon told Congressthat Fannie officials have been less than cooperative with the audit. As you might recall, late last year OFHEOsent Fannie an extensive, three-page document request letter. The letter contained 18 specific requests, includingcopies "of all communications" (including emails) between January 1999 through October 2003 regarding"deficiencies, shortcomings, weaknesses or failings in accounting practices or financial reporting at FannieMae or the failure to comply with accounting policies of Fannie Mae."
MORTGAGE PEOPLE: PMI Mortgage Insurance has named Jill Cabral vice presidentof national account operations. Ms. Cabral joins PMI from Washington Mutual. Genworth Financial,the parent of GE Capital Mortgage Insurance, has named Scott McKay chief information officer andsenior vice president of operations and quality. The Office of Thrift Supervision has named Michael Finndirector of its western region. He immediately replaces Chuck Deardorff, who retired earlier this year.And lastly: Is Federal Deposit Insurance Corp. chairman Don Powell on the way out? According to areport in the Birmingham News, Mr. Powell -- who raised $100,000 for George Bush in the last election-- recently interviewed for the athletic director job at Auburn University. Go Tigers!
MORTGAGE DATA/RESEARCH NOTICE: The new NMN Loan Broker Database, recentlyupdated, is now available. The new LBD has rankings on the top loan brokerage firms in 2003 -- plus top producers,including contact information. Roughly 3,200 active and confirmed mortgage brokers are in the database. For moreinformation contact Deartra Todd at
@ThomsonMedia.com
