What's going on with National City Mortgage these days? A few weeks back, National Mortgage Newspublished its exclusive second-quarter origination ranking. NCM ranked 28th nationwide with $3.55 billion fundedin the quarter, a stunning 77% decline from the second quarter of last year. The number looked funny to us so wecalled NCM to check it. NCM said it was fine. Then, after we published our ranking and story, an NCM official calledto say the number was wrong, but couldn't offer a real number. A day later the bank's PR contact left a messagetelling us that the bank-owned mortgage lender would be revising the number. As we went to press this holiday weekend,we still had not received the revised numbers. When we get them we'll pass on the information to our readers. Meanwhile,rumors are starting to circulate that the bank may sell part of its "A" paper business. It's alreadyselling its profitable subprime business, First Franklin Financial. Confused? Join the crowd...
Back in April, NMN first broke the news that loan buybacks were becoming a huge headache for the nonconformingsector. Now that buybacks are snowballing, one obvious question comes to mind: what are primary lenders doing withthe mortgages they have to repurchase? In some cases the loans are sold again. One firm buying these "scratchand dent" loans is Security National Holding Co. and its affiliate SN Capital Markets,Denver. SNCM, formerly known as Matrix Bancorp Trading, is headed by industry veteran Jonas Roth...
The new 2Q edition of the Quarterly Data Report is now available. The QDR ranks the nation's top lendersin all three loan channels. Among the strongest wholesale performers in the quarter are IndyMac, CitiMortgageand American Home Mortgage. To order the QDR e-mail
Mortgage bankers that specialize in making multifamily loans take note: Insurance giant MetLife has putStuyvesant Town and Peter Cooper Village on the auction block. The asking price is reportedly $5 billion. StuyTown and PCV encompass 80 acres, 110 buildings and 11,000 apartments, covering 10 city blocks in Manhattan. Incase you're wondering, that's Manhattan, New York City, not Manhattan, Kansas. (Former NMN copy editor JohnHackett lives in Stuy Town.) The buildings house middle-income citizens and once had a reputation as being"affordable" housing. (Any sane person will tell you that there's no such thing as affordable housingon the island of Manhattan.) Citizens fear that once sold, Stuy Town and PCV will be converted into luxury condos...
This past Thursday morning, subprime lender Saxon Capital was the 19th most actively traded stock onthe NYSE. This is a bit odd given that its sale to Morgan Stanley was announced more than three weeks ago...
Accredited Home Lenders recently increased the capacity of its asset-backed commercial paper conduitline to $2.5 billion, from $1 billion. Accredited is in the process of buying Aames Financial...
The housing market is tanking in the U.S. but over in King George's neck of the woods the picture is rosier.According to Merrill Lynch, "home price inflation" accelerated in August, rising 6.6% year-over-year,the fastest pace in a year. Meanwhile, U.K. mortgage approvals rose to a six-month high in July...
MORTGAGE PEOPLE: Countrywide Financial chairman, CEO and founder, Angelo Mozilo will receiveAmerican Banker's 2006 Lifetime Achievement Award on Nov. 30 at the Pierre Hotel in New York.AB is a sister publication to NMN. American Brokers Conduit has hired Sheryl Heffernanas senior vice president of its Western Region. She joins ABC from Guaranty Bank.
DATA NEWS: NMN recently updated its Mortgage Broker Database product which tracks the nation'stop loan brokerage firms, including top producers at those shops. For more info e-mail
