Remember that $8 billion servicing portfolio that Guaranty Residential Lending of Austin, Texas, was peddling? The firm that bought it is a top-five servicer. To find out which one, read Monday's edition of National Mortgage News . Also in Monday's NMN is a story about a top-ranked Fannie Mae DUS lender that is for sale...
At the recent annual convention of the Mortgage Bankers Association at least four of the trade show vendors were Indian-related firms pitching their outsourcing wares, reports one attendee. And one of those firms was reportedly telling potential customers that it can provide Indian-based loan underwriters for an "all-in" cost of $7,000 per year. Perhaps, the next MBA convention should be held in Mumbai...
Monday is E-Day for Fannie Mae. The congressionally chartered mortgage giant is expected to file its quarterly statement with the Securities and Exchange Commission on Monday. It has until 5 p.m. Its earnings will be news. If it misses the deadline it will big news...
Meanwhile, the HUD IG's office is still holding tight to its report on the Office of Federal Housing Enterprise Oversight 's investigation of Fannie Mae's accounting practices. Rep. Barney Frank , ranking Democrat on the House Financial Services Committee , said he has read the report, saying it raises "very serious issues" about OFHEO's conduct. It's anticipated that one of these days the report will leak out of Capitol Hill. Stay tuned...
Fidelity Information Services said it has renewed its agreement to provide Wachovia Corp. and its subsidiaries ( Home Equity Servicing Corp. and Wachovia Mortgage ) with software and services to support the company's portfolio of more than 440,000 prime and subprime mortgage loans... Countrywide 's share price has declined nearly 31% from its intra-day high of $39.93 on Oct. 4. The California-based company is now the nation's largest residential funder and servicer, according to the Quarterly Data Report ...Subprime lender MILA launched "AccessPoint," its online loan management and automated underwriting engine, in 2002. Last week, MILA reached one million AccessPoint logins...Is the commercial mortgage market headed for trouble? Standard & Poor's says it is becoming "increasingly concerned" about these trends: deteriorating underwriting and origination standards, relaxed requirements for capital expenditure, tenant improvement and leasing commission reserves, and an increasing number of interest-only loans or loans with interest-only periods appearing in pools... Eugene M. McQuade , president and chief operating officer of Freddie Mac will address the Merrill Lynch "Banking & Financial Services Investor Conference" in New York on Monday, Nov. 15... Fannie Mae has been hit by yet another class-action lawsuit in regard to its share price. This time the filer is the law firm of Spector, Roseman & Kodroff PC ...
WASHINGTON NEWS: In just the last eight month Fannie Mae's new PAC has made more than $150,000 in contributions to top congressional leaders, according to research done by Credit Union Journal , an NMN affiliate. Since February, campaign contributions went to Keep Our Majority PAC (House Speaker Dennis Hastert ), $5,000; Americans for a Republican Majority PAC (House Majority Leader Tom DeLay ), $5,000; Rely on Your Beliefs Fund (House Majority Whip Roy Blunt ), $5,000; Volunteer PAC (Senate Majority Leader Bill Frist ), $5,000; Defend America PAC (Senate Banking Chairman Richard Shelby ), $5,000; Leadership PAC 2004 (House Financial Services Chairman Michael Oxley ), $7,000; Growth and Prosperity PAC (House Financial Services Subcommittee Chairman Spencer Bachus ), $5,000; PAC to the Future (House Minority Leader Nancy Pelosi ), $2,500; and AmeriPAC (House Minority Whip Steny Hoyer ), $5,000; among others. Leadership PACs allow interests like Fannie Mae to contribute the maximum allowable $10,000 to an individual lawmaker's campaign fund, then again to his or her leadership PAC, which that lawmaker can use for a wide variety of purposes, including contributions to allied candidates.
MORTGAGE PEOPLE: National City Mortgage has named Paul E. Bibb chief executive officer, effective Jan. 1. He will replace Leo Knight who will retain the title of chairman. Genworth Financial has named Richard Izen vice president, national field sales (East division) in its mortgage insurance unit. The MI unit also named Craig Rief vice president of government agency business development. RBC Mortgage Co. , has named Randy Stewart senior vice president, secondary marketing.
MORTGAGE DATA/RESEARCH NOTICE: Still available: NMN 's exclusive "Loan Broker Database." The LBD has loan volumes on 300 brokerage firms and contact firms on 3,000 (recently verified). For more information contact: Deartra Todd at Deartra.Todd@ThomsonMedia.com or call (202) 434-0320. NMN has just released a brand new white paper, " Doc Prep on the Net ." Also available: NMN 's " LOS Report " which offers in-depth research on loan origination systems. For more information contact:
-- That's it for this edition of Weekend Update. See you Monday on MortgageWire.
