The Mortgage Bankers Association called to let us know that Wells Fargo Home Mortgage wasn't theonly attendee at its recent GSE servicing fee powwow that opposes Fannie Mae and Freddie Mac slashingthe minimum to 12.5 basis points. As one MBA official put it: "A number of people support the cut, a numberof people want to maintain the status quo, and a number are undecided." MBA declined to identify Wells byname or discuss that mega-lender/servicer's position on the issue. Wells, so far, has been mum on the topic. However,this is what we do know: that among large seller/servicers, Countrywide and Washington Mutual wantthe fee cut to 12.5 basis points. How do the rest of you feel? If you're a seller/servicer and you have an opinionon the issue drop me an e-mail at
@ThomsonMedia.com
A funny thing happened last year in the mortgage market -- as total loan originations declined by 28%, the subprimeproduction market continued to chug along like a runaway train. According to figures compiled by NMN andthe Quarterly Data Report, subprime fundings soared to a record $587 billion in 2004, compared to $390 billionthe year before, a mouthwatering gain of 50%...
It's survey season for our mortgage publications -- that would be NMN, Origination News,Broker and Mortgage Servicing News. These publications have begun surveying lenders,servicers, brokers and loan officers for their annual volumes. Want to participate? LOs and brokers should contact
@ThomsonMedia.com
@ThomsonMedia.com
@ThomsonMedia.com
According to FHA commissioner John Weicher, Fannie Mae, in the early 1990s tried to launch a productthat was similar to the advances issued by the Federal Home Loan Bank System. HUD apparently shotdown the idea. Meanwhile, Fannie -- which is expected to restate previous earnings downward by $9 billion -- sawits stock reach a new 52-week low earlier in the week...
Washington Mutual and its banking subsidiaries plan to add 250 more retail banking stores (branches)to their nationwide network of approximately 1,940 in 2005...
MortgageIT Holdings has completed a public offering of approximately $1 billion of notes backed by residential,first-lien adjustable-rate mortgage and hybrid ARM loans...
Sandler O'Neill on Lew Ranieri's Texas bank: "We believe that the stock will continue tobe driven by acquisitions of Texas community banks. We believe that FBTX is working an active pipeline of prospects."FBTX stands for Franklin Bank Corp...
WASHINGTON NEWS: Legislation to create the FHA zero-down program was approved by a House committee lastyear but the bill was stopped in its tracks when the Congress Budget Office estimated the new program wouldincur $125 million in losses annually. However, the president's budget estimates the zero-down program would generate$231 million in revenue annually and help over 200,000 families purchase their first home. In other words, that'sa $356 million difference of opinion.
MORTGAGE PEOPLE: Thomas M. Goldstein has been named chairman, president and chief executive ofABN Amro Mortgage Group, Chicago. In this role he will oversee all mortgage and home equity line of creditbusiness. Most recently Mr. Goldstein was the senior executive vice president and chief financial officer for itsparent LaSalle Bank Corp. He replaces current AAMG chairman Scott Heitmann who is set to retire April1. Lime Financial is expanding its reach across the nation and is opening new territory in Virginia, Tennessee,Kentucky, Mississippi, Louisiana, Alabama, Georgia and Florida. To help manage its growth, Lime has named KenMichael vice president and regional manager. He joins Lime from Olympus Mortgage. The national commercialdivision of Ticor Title Insurance has named Joseph N. Friedman vice president and senior underwritingcounsel of its national commercial division. Freddie Mac has named Joan E. Donoghue senior vice presidentand general counsel. Ms. Donoghue joined Freddie Mac in 2001 as associate general counsel.
LOAN OFFICERS TAKE NOTE: NMN, Origination News and BrokerUniverse have just launched theirfirst-ever "loan officer" survey for 2004. The aim of the survey is to get a better handle on the LOmarket. Rankings on the nation's top LOs will appear later this year in these publications. If you're a LO fora mortgage banker or broker contact:
@ThomsonMedia.com
DATA NOTICE: NMN is still offering research reports on "LOS Systems," "D2CInternet Lending" and "Retail Lending Over the Internet." For more information contact:
@ThomsonMedia.com
