This just in: investment banking sources say both Bank of America and Wells Fargo are out of therunning for GMAC. (GMAC's assets include GMAC Residential, GMAC-RFC, Homecomings, theauto finance business and other units.) A GMAC spokeswoman told National Mortgage News that justbecause the company is exploring a sale, that doesn't necessarily mean one will happen. For the complete storysee Monday's NMN. Don't subscribe? Call: (800) 221-1809...
Meanwhile, GMAC's subservicing business is continuing to grow by leaps and bounds. For the latest ranking ofsubservicers read the Quarterly Data Report...
Not all mortgage bankers are fretting about the coming year. In a recent interview First Magnus chiefoperating officer Karl Young predicted the lender will fund almost $30 billion next year (compared to $27billion in 2005). The wholesaler/retailer is looking to hire account executives. See the upcoming story in OriginationNews...
In a recent speech Ownit Mortgage Solutions CEO Bill Dallas said mortgage brokers will have toface some "brutal facts" about the business in 2006. The industry veteran advised brokers to change whiletheir business is still good. Comparing mortgage brokers to the boiled-frog parable, he said, "I think what'shappening to you and me is, we are being boiled alive," explaining that most originators keep doing the samethings even as rates rise. It's been a great run, Mr. Dallas said, but "the party is over”...
Sandler O'Neill on Countrywide Financial: Loan origination employees totaled 31,943 at the endof November, up nearly 27% from a year ago. We note that asset growth at Countrywide's bank continues to slow fromits dramatic growth over the past several months. The bank now has $72.3 billion in assets...
At a recent Goldman Sachs investor conference, Bank of America officials said the company would not beadding to its mortgage-backed securities portfolio in the near term...
American Home Bank NA, Mountsville, Pa., is opening a correspondent lending division that willspecialize in the construction-to-permanent loan market...
Merrill Lynch said it will repatriate $1.9 billion in foreign earnings. There is speculation Merrillmight use some of the dough to buy a mortgage company...
HomeBanc Mortgage of Atlanta is introducing a base-salary-plus-commission compensation plan next yearthat is rare in the mortgage industry. Most companies pay mortgage bankers on a 100% commission plan based on monthlyloan volume, but HomeBanc's brass says the new plan should increase the pool of job candidates, especially newcollege graduates who might consider making a career at the company.
NOTE OF INTEREST: PHH Corp.'s non-executive chairman is A.B. "Buzzy" Krongard.Mr. Krongard was executive director of the Central Intelligence Agency from 2001 to 2004.
WASHINGTON NEWS: In Monday's NMN, Brian Collins reports that Congress this week will voteon a Katrina assistance package. Hurricane victims are beginning to receive notices from servicers who are remindingmortgagors that the 90-day grace period is over. Most of the notices, we are told, are coming from non-GSE andnon-FHA/VA servicers. Louisiana regulators are receiving a significant number of complaints about the matter. "Theyare now receiving demands for up to four months at once to bring the mortgage current or otherwise face possibleforeclosure," according to a statement issued by the Louisiana Office of Financial Institutions.
MORTGAGE PEOPLE: CitiMortgage has named Jeff Walker managing director of its correspondentlending division. DeepGreen Financial CEO Sy Naqvi has been elected to the board of Genworth Financial.DeepGreen is an online home-equity lender.
DATA NOTICE: NMN is still offering its “Loan Officer Compensation and Production Report”or LOR for short. It features rankings and contact information on the nation's top 1,000 loan officers.For more information e-mail
