Will the human and economic calamity caused by Hurricane Katrina force the Federal Reserve to stop—atleast for a little while—its interest rate hikes? It's hard to say but some speculators are placing their betsthat the short-term hikes are over. This could be good news for residential lenders that have seen their profitmargins squeezed. As we went to press, the yield on the 10-year Treasury was at 4.03%
Meanwhile, some 360,000 residential mortgages could be negatively impacted by the rampage caused by Katrinain Louisiana, Mississippi and Alabama, according to preliminary estimates made by the Mortgage Bankers Association.Also, loan officers and brokers that make their living in the New Orleans and the Gulf Coast region could be infor some hard times. See Jennifer Harmon's story in the Monday edition of National Mortgage News.Don't subscribe? Call: (800) 221-1809
It's finally ready: National Mortgage News' brand-new Loan Broker Database for 2005/2006. The LBD featurescontact information on 3,250 active loan brokerage firms. (Addresses and phone numbers recently confirmed.) Italso provides loan volumes on the nation's top 245 loan brokerage firms and their leading producers. The basicLBD product costs just $429. For a sample and more info contact:
Keep in mind that NMN has just published its brand-new research report on Loan OriginationSystems. The LOS report provides fresh research on lenders, their LOS systems (and needs) and LOS vendors.For more info on that product contact:
RESPA NEWS: This past week Coldwell Banker Residential Real Estate agreed to a $250,000 settlementwith the Department of Housing and Urban Development for violating RESPA. HUD charged that ColdwellBanker's Atlanta real estate brokerage offices paid higher sales commissions and offered gifts and other incentivesto its sales agents for referring business to its Regency Title Co. affiliate. Some participants in thissummer's RESPA forums advocated granting Section 8 exemptions because such a move might aid further developmentof a one price closing package. (Section 8 bars kickbacks.) Some industry officials believe Section 8 exemptionsare off the table
Congratulations to American Brokers Conduit of Melville, N.Y., which cracked the top 10 wholesale rankingin the second quarter. ABC is part of the publicly traded American Home Mortgage. “I am very proud of ouraccomplishment,” said Donald Henig, president of wholesale at ABC
Visiting Ocean City, N.J., recently I spotted a retail loan office for Sallie Mae Mortgage, the formerGSE. From what I've seen, home prices in Ocean City have doubled in about three years time. Ocean City ranks amongthe top 60 most “bubbly” cities
At the end of July, Freddie Mac's retained portfolio totaled $660 billion which includes a record high$217 billion in non-agency securities. Freddie reported underwhelming first-half earnings last week, sending itsstock (as well as Fannie Mae's) to a new 52-week low
Sandler O'Neill analyst Mike McMahon is turning over his portfolio of mortgage companies to analystLaura Kaster. Mr. McMahon said he will miss covering Countrywide because “it's a company I like a lot.”He will concentrate on bank stocks only
Genworth Financial has launched a monoline residential mortgage guaranty insurance provider in Japan.The nation is the world's second largest mortgage market with $1.8 trillion of mortgages outstanding
Astoria Financial of Lake Success, N.Y., (Long Island) is tossing its servicing business overboard. Thecompany said it will outsource the effort to Dovenmuehle Mortgage. Astoria chairman and CEO GeorgeEngelke said, “The decision to take this action was driven entirely by economics”
UPCOMING CONFERENCE: Worried about next year already? Check out the LoanToolbox and SourceMedia conference on “Business Plan 2006.” (Source Media publishes NMN.) The meeting will be held Dec.6-9 in Las Vegas. For more information
WASHINGTON NEWS: Lise Van Susteren, a Maryland psychiatrist, and the wife of Mortgage BankersAssociation president Jonathan Kempner, is running for the U.S. Senate. A Democrat, Ms. Van Susteren willrun for the Maryland Senate seat being vacated by Sen. Paul Sarbanes, D-Md., ranking minority member onthe Senate Banking Committee. Sen. Sarbanes will retire next year. Ms. Van Susteren is the sister of CNNNews personality Greta Van Susteren.
MORTGAGE PEOPLE: CoreStar Financial Group, a wholesale/retail subprime lender, has named KevinFerguson national sales manager. During his career Mr. Ferguson has worked for Upland Mortgage and Citigroup/Citibank.
Freddie Mac named Anurag Saksena senior vice president and chief enterprise risk officer. Mr. Saksenajoins Freddie from General Motors Acceptance Corp. Radian Asset Assurance named Jack Praschniksenior vice president and head of its global structured products group. MortgageBrokers.com Holdings appointedMatthew Laverty executive vice president for sales of its MortgageBrokers.com Inc. subsidiary in New York.
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
