We all know that Wells Fargo Home Mortgage has overtaken Countrywide as the king of correspondent lending (WFHM also is challenging Countrywide for the title of wholesale king) but did you know that Countrywide is fast gaining on WFHM in regard to retail? For all the details see the just-released version of the Midyear Data Report, which ranks the nation's top lenders and servicers -- in all channels -- based on the first-six months of 2006. You can't find these data anywhere else. For full details e-mail Deartra.Todd@SourceMedia.com
Well, it's out -- the long-awaited final regulatory guidance on those wild and crazy mortgages that former Federal Reserve chairman Alan Greenspan likes to call "exotic." Of particular interest to payment-option ARM servicers is a mandate that the monthly mortgage statement sent to Joe and Mary Sixpack contain an "explanation" that if they choose the minimum payment -- which they do 80% of the time -- it would increase their loan balance
Meanwhile, Washington Mutual, one of the nation's largest POA lenders, said it is still analyzing the new guidance (it was released Friday) and would not "speculate on what, if any, impact the new guidelines may have on our business practices"
One veteran investment banker told us that he believes the guidelines will force some regulated depositories out of the market, allowing private-equity firms to step in and buy all of the dozens of nontraditional lenders that are on the auction block
Jumbo lenders take note: Beverly Hills -- the home of movie stars and swimming pools -- is the most expensive housing market in the U.S., with an average home sale price of $1.8 million, according to the 2006 Coldwell Banker home price comparison index. WFHM is the nation's largest jumbo lender, according to the Alternative Products Quarterly Data Report
Residential foreclosures are still soaring in Massachusetts, according to ForeclosuresMass.com. The company said 1,812 foreclosures were recorded in August, a 72% increase from a year ago. Compared to 2004 foreclosures in the state are up a stunning 266%
The mortgage-hungry Wachovia Corp. said it will form a new wholesale lending organization by combining its American Mortgage Network affiliate with the third-party lending business of its bank
Not all the housing news is bad. Sales of new homes registered their biggest gain in five months in August, raising hopes that the steep slide in the housing industry may finally be ending. Sales of new single-family homes increased by 4.1% in August to a seasonally adjusted annual rate of 1.05 million units
Friedman Billings Ramsey has initiated coverage of subprime lender NovaStar Financial, calling it an "outperform"
Countrywide this past week launched a new auto insurance product. Can auto lending be far behind? Also, in Monday's National Mortgage News more details on Countrywide's fraud-related lawsuit against a group of investors who allegedly perpetrated a land-flipping scheme in Indiana using the credit identities of borrowers in Virginia and North Carolina. Don't subscribe to NMN? Call: (800) 221-1809.
WASHINGTON NEWS: As we went to press this weekend the Senate was set to adjourn -- though you never know with the Senate -- and without having compromised with the House on a GSE regulatory bill. However, mortgage lobbyists expect a compromise is afoot, with the Treasury and White House backing away from their earlier held belief that Fannie and Freddie should be shrunken to the size of peanuts.
UPCOMING SHOWS: It's the best mortgage fraud conference in the industry. That would be SourceMedia's annual mortgage fraud conference. This year it's being held at the Mandalay Bay Resort & Casino in Las Vegas, Dec. 11 and 12. To register call: (800) 803-3424.
MORTGAGE PEOPLE: Ditech.com has named Richard D. Powers senior vice president and general manager. Mr. Powers joins Ditech.com from Metrociti Mortgage Corp. Ditech is owned by GMAC.
Residential Pacific Mortgage of Alamo, Calif., named Hunter Marckwardt vice president. RPM is a mortgage banker/broker. Lenders First Choice, a settlement services and title company, named Dan Bailey senior vice president of national operations.
DATA NEWS: NMN has just released its annual Home Mortgage Disclosure Act database of every lender in the U.S. The database has detailed production information on more than 8,000 funders, including their "high" cost loan volume, loans sold to Fannie and Freddie, and much more. For pricing plans e-mail
