National Mortgage News is putting the finishing touches on its brand-new "Loan OfficerCompensation and Production Report," a new database/white paper on LOs. The product includes adatabase of close to 1,000 LOs. For more information contact:
A boat load of proposals are floating around Capitol Hill on how best to manage Katrina-related property damageincluding one that would have Fannie Mae and Freddie Mac act as an investor and manager of delinquentloans. "The GSEs could buy loans and put them on their balance sheet," said one mortgage executive familiarwith the proposal. For the full story see Monday's National Mortgage News. Also, see Jennifer Harmon'sstory on displaced Louisiana loan officers. Let your NMN subscription slip? Call: 800 221-1809
We understand that former Fannie Mae CEO Franklin Raines is looking to buy land down in the West PalmBeach area of Florida -- to build a 12,000-square-foot home. Mr. Raines was bounced out of Fannie last December
Keep in mind that the Federal Reserve meets Tuesday. The yield on the 10-year Treasury is rising andoil prices are falling. This could be interesting
The Mortgage Bankers Association last week reiterated its estimate that 360,000 mortgages could be negativelyimpacted by the hurricane. If the average balance on these loans is $100,000 (a possibility when you consider theaverage size of an outstanding loan is $133,349 -- according to NMN's Quarterly Data Report), thatmeans $36 billion in one-to-four family loans could go delinquent
Late this past week a Federal Emergency Management Agency spokesman told NMN that it has received,to date, 149,000 claims. FEMA said there are 270,000 flood insurance policies covering homes in the area. But manyhomes had no flood insurance, mortgage executives told NMN. One mortgage insurance official said from hisresearch he learned that "if a home is protected by a levee then it doesn't need a flood policy." Iftrue, you can draw your own conclusions
The National Association of Home Builders estimates that at least 275,000 homes have been destroyed inLouisiana, Mississippi and Alabama
Is the mortgage REIT industry headed for tough times? (See related story, also in Monday's NMN.) On Friday,the share price of Annaly Mortgage Management plunged by 12% after the REIT slashed its dividend. Also,American Mortgage Network of San Diego (a REIT) is selling out to Wachovia while the sellingis good. When the sale was announced, its stock price didn't exactly go into orbit
It was about four years ago when PNC Bank sold its residential mortgage business to Washington Mutual.This past week PNC said it was getting back in the business (sort of) through a joint venture with Wells FargoHome Mortgage
Real estate "flippers" (investors who buy homes and resell them within 24 months) have often obtainedreturns greater than 100% per year in three of the nation's hottest real estate markets, according to FirstAmerican Real Estate Solutions
Seven years after the enactment of a law permitting consumers to cancel their private mortgage insurance policies,eAppraiseIT said it sees a growing trend of mortgage servicers outsourcing parts of the mortgage insurancecancellation process
WASHINGTON NEWS: Rumor has it that the GSE regulatory bill could go to the House floor next week. Weshall see. Meanwhile, the Fed released its analysis of 2004 Home Mortgage Disclosure Act data. The Fed saysthe results show that African-Americans are three times more likely to receive high-cost subprime loans than whites-- but that the differences are not easily explained even when controlling for income and other factors.
MORTGAGE PEOPLE: Citigroup has named Carl Levinson head of the North American ConsumerLending Group (including mortgage and home-equity lending) of its global consumer group. The appointment was announcedas part of a new organizational structure for the Global Consumer Group. Mr. Levinson will be one of four primarybusiness heads in North America. The Independent Community Bankers Association has hired former FreddieMac official Bill Grassano as a spokesman.
UPCOMING CONFERENCE: Worried about next year already? Check out the LoanToolbox and SourceMediaconference on "Business Plan 2006." (SourceMedia publishes NMN.) The meeting will be heldDec. 6-9 in Las Vegas. For more information
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
