Which two finalists are vying for General Motors Acceptance Corp? Hint: one's a bank, the other is not.For the full story read the Monday edition of National Mortgage News. Don't subscribe? Call: (800)221-1809
The Mortgage Bankers Association's annual convention opens this Sunday in Orlando and there's plentyof good news to be had for the industry: first off, lenders are coming off three great years. In 2005, productionwill weigh in at about $3 trillion, according to the Quarterly Data Report. Next year looks decent but mightbe a challenge. As for the MBA itself, the trade group's most recent tax return shows it grossing $48.8 millionvs. expenses of $40.1 million. (Congratulations to trade group chief Jonathan Kempner.) If you're goingto Orlando enjoy but bring the rain gear
If you're at the convention check out the annual mortgage technology awards ceremony sponsored by NMNand its monthly magazine, Mortgage Technology. Stop by the NMN booth in the trade show formore details
NMN has just released its new Home Mortgage Disclosure Act Database, complete with loan rankingson all of the nation 8,853 residential funders, including mailing addresses. The new HMDA database provides, forthe first time, rankings of all nonconforming lenders in the U.S. and "pull-through" rates. For moreinformation e-mail
While we're on the subject of HMDA, Credit Union Journal's Washington editor Ed Robertsrecently reported that the National Credit Union Administration is continuing its effort to compel CU compliancewith HMDA reporting. NCUA recently fined Paradise FCU $19,000 for failing to file timely HMDA reports. CUJ,like NMN, is owned by SourceMedia
Sandler O'Neill on Washington Mutual's third-quarter performance: "Credit quality remainsexcellent," noting that "in order to proactively manage credit risk, WaMu sold 80% of the volume of single-familyresidential loan originations, and 90% of its option ARM volume in the quarter, and is also selling all of itssubprime residual interest of its securitizations from its Long Beach subsidiary"
Even though Fannie Mae is expected to revise past earnings downward by $12 billion or so and even thoughthe GSE hasn't reported earnings for so long I can't remember, it recently declared a fourth quarter dividend $0.26a share
Countrywide Financial Corp. will name a successor to current CEO Angelo Mozilo as earlyas next June. Mr. Mozilo will step down as CEO in December of 2006 but will remain as chairman. See the Mozilointerview in Monday's NMN
WASHINGTON NEWS: Sen. Mel Martinez, a Florida Republican -- not to mention a former HUD secretary-- said last week he does not expect Congress to pass a bill to stiffen oversight of Fannie Mae and FreddieMac this year. However, he believes legislation could advance next year. A vote by the full House is expectedthis Wednesday and Thursday. Nothing is scheduled in the Senate.
MORTGAGE PEOPLE: Residential Capital Corp., the parent of GMAC Residential and related affiliates,has named Bruce Paradis CEO. Mr. Paradis has been CEO of GMAC-RFC since 1994. Mortgage banker NetworkFunding of Houston has named Tommy Orr its chief operating officer. A wholesale lender, Network fundsloans in more than 40 states. HUD secretary Alphonso Jackson last week swore in Kim Kendrick as theagency's top fair housing official. Ms. Kendrick is senior counsel at HUD.
UPCOMING CONFERENCES: Worried about next year already? Check out the LoanToolbox and SourceMediaconference on "Business Plan 2006." The meeting will be held Dec. 6-9 in Las Vegas. For moreinformation
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
