By now we've heard the stories about several loan brokers earning $1 million a year in commissions -- especiallyhigh-producing, California-based brokers. Recently we heard about a whopper of a commission paid and so we're passingit on. Supposedly, on a recent alt-A jumbo transaction in California, a broker made a fee of $35,000. That's right-- $35,000 on one single loan. We assume the mortgage was north of $1 million
Meanwhile, if you want to find out who the nation's top-ranked loan officers are check out National MortgageNews' brand-new "Loan Officer Compensation and Production Report." To order theentire report, which has information on 1,000, LOs e-mail
Remember Greg Barmore, the former head of GE Mortgage Insurance? Greg is now on the board of subprimelender NovaStar Financial. He also has been selling shares in the company. This past August, he unloaded10,000 shares for $342,426. NovaStar is one of several publicly traded subprime REITs whose shares have been underpressure the past two months. For the full story see Monday's edition of National Mortgage News.Don't subscribe? Call: (800) 221-1809
What do high energy costs have to do with mortgage banking? Think about it for a second. Not only are mortgagerates creeping up but heating bills are expected to rise by as much as 50% this winter. That means more money goingto the utility company each month and less cash available for the mortgage. It also means some consumers who barelyqualify soon may no longer qualify
More bubble talk: More than 50 metropolitan areas representing 32% of the U.S. housing market were "extremelyovervalued" and faced a high risk of price declines in the second quarter, according to an analysis by NationalCity and Global Insight
Freddie Mac is forecasting a 5% decline in mortgage production in 2006. According to the brand new issueof the Mid-Year Data Report, through the first half of 2005, lenders funded $1.49 trillion. For more infoon the MDR e-mail
One-third of low- and middle-income consumers are using their credit cards to pay basic living expenses -- includingtheir monthly mortgage, according to a new study released Wednesday
The National Association of Mortgage Brokers has formed a "diversity task force," placing ErickParker in charge of it. Mr. Parker runs a nonconforming lender called Third Financial. He recently spokeat Genworth's well-attended conference on industry diversity held in the Washington area. Genworth hopesto make the meeting an annual event
Here's an interesting fact from the Department of Housing and Urban Development: almost 40% ofall residential properties in the U.S. -- including both owner-occupied and rental units -- are not mortgaged.HUD actually put out a press release touting this fact. What's so bad about that? This amazing finding is basedon 2001 data! Yes, that's right -- it's four years old! I think it's safe to say we'll see a RESPA proposalby 2010
TransUnion says consumer credit scores are rising. The credit reporting agency says the median consumercredit score has risen six points to 682 since the first quarter of 2004
Home builder KB Home, which recently dumped its mortgage business overboard, said it will begin buildingand marketing a line of homes designed and decorated by life style guru (and former inmate) Martha Stewart.Of course, Ms. Stewart recently knows a little bit about "the big house," having recently been releasedfrom prison
Freddie Mac said it will buy up to $1 billion in tax-exempt mortgage revenue bonds so state and local housingfinance agencies in the Gulf Coast can provide below-market rate mortgages and home-repair loans to as many as10,000 families displaced by Hurricanes Katrina and Rita
WASHINGTON NEWS: Next time vote Democrat. President Bush's tax reform commission is consideringlimiting the mortgage interest deduction to just $300,000. One source told NMN's Brian Collins thatsuch a move "would suck a huge amount of wealth out of the housing market." For full details see Monday'sedition of NMN.
MORTGAGE PEOPLE: Lenders One of St. Louis has named Carol Burke its new business developmentmanager.
UPCOMING CONFERENCES: 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: Don't forget the brand-new "eMortgage Industry Directory" is now available.This online, Web-friendly product features three modules -- one each for lenders, servicers and commercial mortgagebankers. Key features include rankings and profiles on the top 400 firms plus an exclusive ranking of the nation'stop loan brokers and loan officers. For more information contact
