It seems that quite a few research firms have been ordering data lately from National Mortgage News.NMN, by the way, is about to release its new, Mortgage Industry Directory, which provides rankingsand profiles on the nation's top 400 lenders, top 350 servicers, and top 100 subprime specialists (and much more).The 1,000-page book includes contact names and telephone numbers and provides a look at key trends affecting thereal estate finance industry. For more information email:
Mortgage originations could take off again in 2008, according to Jeff Speakes, chief economist for CountrywideHome Loans. (According to the Quarterly Data Report, Countrywide is both the nation's top prime andsubprime servicer.) Speaking before a mortgage broker convention, Mr. Speakes pointed out that residential loanproduction has shot higher every five years since the mid-1990s. Mr. Speakes advised brokers that if they can holdon through next year, brighter days are on the horizon...
Meanwhile, brokers and mortgage bankers fear the Federal Reserve won't stop ratcheting up short-terminterest rates. On Thursday the Fed once gain pulled the trigger, hiking rates another 25 basis points to 5.25%.Some fear that the Fed has now gone too far and a recession could be in the works. Of course, if a recession occursthen the Fed will begin cutting rates...
In Massachusetts, new foreclosures recorded in May were more than double those of a year earlier, accordingto ForeclosuresMass, an online provider of state foreclosure data. The company said 1,613 foreclosures wererecorded in May -- 105% higher than the level of a year earlier and 165% higher than that of May 2004. "Weexpected foreclosure rates to increase again this year, but the levels we are tracking outdistance our earlierpredictions," said Jeremy Shapiro, president and co-founder of the company...
Barclays Bank of London has agreed to purchase the U.S. subprime mortgage servicing business of HomEqServicing Corp. from Wachovia for $469 million. The price represents net book value of the mortgageservicing rights and fixed assets "and $209 million in respect of advances, the collection of which is fullyindemnified by Wachovia," Barclays said. Wachovia is in the process of buying the Oakland-based GoldenWest Financial, a top player in the ARM market...
RE/MAX of Cerritos, Calif., and Metrocities Mortgage have formed a joint venture, Metro TeamMortgage, which will provide financing to home buyers...
Countrywide Financial has donated $50,000 to Rebuilding Together Cleveland. RTC says it is thenation's largest volunteer-based organization dedicated to preserving and revitalizing low-income homes and communities.Cleveland is the city that gave us the Indians (which begat the greatest baseball movie ever, Major League),not to mention Pere Ubu, and the Human Switchboard...
WASHINGTON NEWS: The House has passed a flood insurance reform bill by a 416-4 vote that eliminates subsidizedpremiums on vacation and second homes and commercial buildings -- affecting an estimated 450,000 properties. Federalflood insurance premiums on those properties would increase 15% a year until they reach the "applicable riskpremium rate." During congressional debate, the House also agreed that homes built before 1975 (known as pre-FIRMhomes) should not enjoy subsidized premiums if they are purchased after enactment of the bill.
MORTGAGE PEOPLE: The National Association of Mortgage Brokers has named Roy DeLoach executivevice president. Mr. DeLoach previously served as chief financial officer and SVP of government affairs at NAMB.Webster Financial named Gerald Plush EVP and chief financial officer.
MORTGAGE DATA & RESEARCH: NMN's "Annual Data Report" is still available.If you want detailed rankings on the nation's top 100 lenders in 2005 including breakouts on channels, servicing,plus Subprime, email:
