Well, it's finally ready: National Mortgage News' new "Loan Origination Systems Software"report. The new LOS research report gives detailed information on what lenders think of LOS systems and what vendorsthink as well. For more details on this product e-mail
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THIS JUST IN: The Department of Housing and Urban Development wants the mortgage industry to knowthat it still has no clue to when it will start taking pen to paper to draft new RESPA regulations. At HUD's recentRESPA forum in Fort Worth, Texas, one speaker said National Mortgage News had reported that HUD might begincirculating a reg in September. Here's a news flash: NMN never reported that. The speaker must have confusedNMN with another news service, one that apparently didn't quite get it right. A HUD spokesman assured uson Friday that there is no "secret drawer" at the agency where a draft of the new RESPA rule resides
Publicly traded subprime lenders are starting to report their concerns about reduced profits margins thanksto the flattening yield curve. Saxon Capital, in reporting second-quarter earnings noted, "The combinationof rising short-term interest rates and a continued flattening of the yield curve, in conjunction with increasedprepayment speeds and intense market competition impacted our performance." NovaStar Financial, whichhad a good quarter, earning $37.9 million, said that profit margins in its lending and servicing units continuedto tighten in the first and second quarters as short-term rates continued to rise "while the coupons on themortgage loans we originated and purchased remained flat from 2004." Meanwhile the yield on the 10-year Treasuryis starting to slip again
If you have an accounting degree or happen to be a "techie" with an expertise in reporting systems,hop a plane to Washington. Fannie Mae expects that by year-end it will have under its employ 1,500 consultants.These temps -- which likely will be making top dollar -- are helping Fannie with its massive earnings restatementproject. Fannie CEO Daniel Mudd this past week said that despite its problems the GSE has retained mostof its key customers. For the full story see Monday's edition of NMN. Don't subscribe? Call: (800) 221-1809
Among the 20 analysts that cover Fannie's stock, eight have a "hold" or "sell" rating onit. On Wednesday, Banc of America reaffirmed its "sell" rating on the company
Farmer Mac (formally known as the Federal Agricultural Mortgage Association) continues to be atarget of short sellers. In mid-July it was the fourth most shorted stock on the New York Stock Exchangeas measured by the "days to cover ratio"
On Wednesday, at one point during the day, American Home Mortgage of Long Island was the 13th most activelytraded stock on the NYSE. The day before the company priced nine million new shares at a price of $35.50 each
Mortgage insurer Radian Group said its board has authorized the purchase of up to three million sharesof its common stock on the open market. And in case you haven't noticed, Genworth's share price recentlyhit $33. It went public at less than $20
Marshall BankFirst of Minnesota has launched a private-label funding group. In a statement, the companysaid the business will specialize in "the development and introduction of structured residential mortgageproducts for local, regional and national mortgage companies and community banks"
As we went to press, the deadline for Credit Suisse First Boston to purchase Select Portfolio Servicingof Utah (formerly known as Fairbanks Capital) was fast approaching
A few weeks back, readers complimented us on holding a pop quiz on now-defunct high LTV lenders. Since the quizproved so popular here's another question for industry veterans: What was the name of the legislation in Californiathat further deregulated savings and loans in the mid-1980s? Here's a hint: it allowed thrifts in the state toinvest 100% of their deposits in "direct investments." What's a direct investment? Whatever you wantit to be. Is this a great country or what?
LENDERS UNDER THE RADAR SCREEN: Once in a while we like to highlight mortgage bankers that are littleknown. After all, Countrywide, too, was once a little guy. This month's firm: Ace Mortgage Fundingof Indiana, which funded $725 million in the second quarter.
WASHINGTON NEWS: The Office of the Comptroller of the Currency is warning national banksthey can face "substantial penalties" for participating in "sham" business arrangements withtitle companies, real estate brokers and other settlement service providers. An OCC bulletin advises national banksto "carefully review" HUD's policy statement on affiliated business arrangements so that they don't violateRESPA's prohibitions on referral fees.
MORTGAGE PEOPLE: eAppraiseIT, a real estate valuation company, named David Feldman executivevice president of operations. It also hired Mark Cassidy as chief appraiser and director of the appraisersupport division.
DATA NOTICE: The brand new "eMID" is now ready. The online, web friendly product featuresthree modules -- one each for lenders, servicers, and commercial mortgage bankers. Key features include rankingsand profiles on the top 400 firms plus an exclusive ranking of the nation's top loan brokers. For more informationcontact
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