Our hats are off to Countrywide Home Loans, which was not only the No. 1 ranked funder (once again) inthe second quarter, but it achieved a market share of 14.46% -- the first time ever that a company broke 14% sinceNational Mortgage News and the Quarterly Data Report began collecting origination figuresa decade ago. Using the correspondent channel, Countrywide acquired $53 billion in loans, far ahead of the No.2 ranked correspondent buyer, Wells Fargo Home Mortgage. Now, can Countrywide get to 20%?...
Meanwhile, according to NMN's brand-new Alternative Products Quarterly Data Report, IndyMacmay soon overtake Aurora Loan Services as the No. 1 ranked alt-A lender in the nation. For more informationabout both the QDR and Alt-QDR contact
@SourceMedia.com
At this past week's Washington-based RESPA rumble, the Consumer Mortgage Coalition -- which representsmany a mega-lender -- laid its cards on the table via a letter to HUD secretary Alphonso Jackson. In theletter CMC executive director Anne Canfield argues that exemptions to Section 8 of RESPA (which bans kickbacks)would pave the way for volume discounts (to lenders we assume) that in turn would pave the way for price reductionsto consumers (we assume). In theory (the key word here being theory) third-party service costs (settlement vendorstake notes) would fall. Many settlement service participants in the RESPA forums have argued that cost savingsvia bundling/volume discounts would be scarfed up by the lender and not be passed onto the consumer. In her letter,Ms. Canfield says she simply disagrees that lenders would do that. (Hmmm...) Using an economic analysis done byHUD, Ms. Canfield says $10.3 billion in consumer savings is at stake -- $6.7 billion would come from lenders and$3.6 billion would come from settlement service providers. Now why on earth would lenders and settlement serviceproviders (SSPs) want to give up this much dough? According to CMC, lenders and SSPs too would see their costs(if Section 8 is thrown out and packaging/bundling spreads like wild fire) reduced and (in theory) lower costswould translate into a larger population of home buyers (as if we didn't have enough already) who will need mortgagefinancing. Got all that? (See the full story in Monday's NMN. Don't subscribe? Call: 800 221-1809.)Don't forget -- HUD will hold D.C. RESPA Rumble No 4. next Thursday at the HUD building in Washington. Industryluminaries attending last week’s rumble (or is it grumble?) include Wells Fargo lobbyist Phil Bracken, FinancialServices Roundtable chief Steve Bartlett, NAMB's Joe Falk (again), the Appraisal Institute'sDon Kelly and World Savings' executive Dan Dixon. The Mortgage Bankers Associationwas shut out...
In a recent SEC filing, subprime lender New Century Financial Corp. said it is changing strategies whenit comes to securitizing/selling the loans it funds. "For 2005 we expect to retain between 20% and 30% ofour total loan production for investment on our balance sheet. However, a substantial majority of these investmentsoccurred during the first six months of 2005 and the substantial majority of our whole loan sales will occur duringthe second half of 2005." Why you may ask? The company says whole loan sales provide "greater currentperiod earnings relative to investments in securitizations"...
It appears that Credit Suisse First Boston is buying subservicer Select PortfolioServicing after all. The purchase price is $144 million. The transaction is expected to close in the fourthquarter...
The thrift industry earned a record $4.03 billion in the second quarter, according to the Office of ThriftSupervision. By our calculation, about 20% of that belonged to Washington Mutual, one of the nation'slargest mortgage lenders...
What slowdown? SCME Mortgage Bankers of San Diego funded $1.6 billion in mortgages during the secondquarter, a 47% increase from the same period last year...
Mortgage technologists take note: does IT really matter? Read NMN tech editor Tony Garritano'scolumn in our new
MORTGAGE PEOPLE: Oak Street Mortgage of Indiana has named Bob Jakubowicz executive directorof retail sales. Bob has 35 years in the business.
Preferred Properties Real Estate of Florida has named Cyndi Lindenberger president.Preferred is a subsidiary of Union Equity Inc. The company is applying for correspondent mortgage lenderstatus. Gene Devine reports that he has left First Fidelity Financial Corp. to join a "newand very exciting real estate and mortgage banking opportunity" with Expert Reality and The HomeLoan Store in South Florida. New Century has named Daniel P. Sussman senior executive VP of its NewCentury Mortgage Corp. affiliate, where he will oversee strategic implementation projects, starting with theanticipated integration of certain business assets being acquired from RBC Mortgage Co. William C. Morrishas been named to the newly created position of executive vice president for mergers and acquisitions at ImpacMortgage Holdings. Ocwen has named Stuart L. Miles as an account executive handling new businessdevelopment in the U.S. for the company's commercial finance 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
@SourceMedia.com
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