Mortgage Servicing News articles from December 2002

Mortgage Servicing News archives from December 2002

Has Consolidation Stalled?(in US residential mortgage servicing market)
December 1, 2002... The long held belief that the residential servicing market will continue to consolidate is being tested these days. Few in the industry think the servicing side of the business will actually "deconsolidate," but figures compiled by this...

VA Faces More Criticism Of 'Vendee' Loan Program.(Veterans Affairs criticized for mortgage lending to buyers of its foreclosed properties)
December 1, 2002... The Department of Veterans Affairs' practice of making mortgage loans directly to buyers of its foreclosed properties continues to rankle the Bush administration, which has been trying to shut down the "vendee" loan program for the past two...

B&C Problems Creep Up.(subprime mortgage delinquencies and foreclosures rising in US)
December 1, 2002... After registering an unexpected dip in the middle of this year, serious delinquencies and foreclosure rates on subprime credit quality mortgage loans have started rising again, according to LoanPerformance here. The company, which...

HUD Expected to Raise Some Property Fees.(management of properties mortgage servicers obtain through foreclosure)
December 1, 2002... Representatives of the field services industries have lobbied HUD to revise procedures and allowable costs for property maintenance work, and HUD is likely to bend to at least some of the requests. Several people who have been involved in...

Servicing Starts to 'Deconsolidate'.(Illustration)
December 1, 2002... (Combined mkt. shares of top players) Group Mkt Sh Period Top 10 51.52% 3Q 2002 Top 10 53.11% 2Q 2002 Top 10 53.74% 1Q 2002 Top 10 49.60% 4Q 2001 Top 10 48.59% 1Q 2001 Top...

B&C Foreclosures and Delinquencies.(mortgage delinquencies and foreclosures from 10/01 to 9/02)(Illustration)
December 1, 2002... (After tapering off, subprime delinquencies again are rising.) Serious Month Foreclosure Delinquency September '02 4.17% 6.96% August '02 4.15% 6.86%...

Do Shorts Suggest End to Refi Boom?(mortage stocks performance)
December 1, 2002... After two years of record-breaking loan production, publicly-traded mortgage firms could be in for a shellacking, right? Not exactly, but that hasn't stopped speculators from increasing their bets against residential finance-related firms....

Mold Concerns Spawn Litigation.(among home buyers)
December 1, 2002... The real estate industry is seeing a "litigation explosion" in mold-related claims, with a "cottage industry of lawyers trying to prove that there is toxic mold within a residence or structure," according to Jeff Masters, a partner with the...

David Trott.(new president of the United States Foreclosure Network)
December 1, 2002... Mr. Trott, managing partner of Bingham Farms, Mich.-based Trott & Trott, was sworn in as president of the United States Foreclosure Network at the group's annual member retreat recently. Mr. Trott, who served a two-year term as vice...

Top residential servicers at September 30, 2002.
December 1, 2002... (Dollars in Millions) (part 1 of 2) Rank Organization Name Location 1 Washington Mutual Seattle, WA 2 Wells Fargo Home Mortgage Des Moines, IA 3 Chase Home Finance ...

Realtor Says HUD Fails to Maximize Results on REO Sales.(Department of Housing and Urban Development handling of real-estate-owned sales)
December 1, 2002... Would you list a property for sale but not put a sign in the front yard? Would you try to sell a house you've taken back in foreclosure without putting a lock box on the front door so realty agents can take potential buyers inside? ...

Calm and Clear Skies?(mortgage refinancing could slow)
December 1, 2002... After two years of record-breaking refinancing and portfolio churning, it looks like mortgage servicers are likely to get a break. Economists predict the economy will start to gain momentum next year, suggesting that interest rates will...

Homeownership Gains Will Fuel Economy.
December 1, 2002... President Bush this fall convened a homeownership summit in Washington, D.C., to promote homeownership opportunities for minorities. The following is an excerpt of his remarks. More and more people own their homes in America today....

Viewing Into a Crystal Ball for 2003.(for mortgage industry)
December 1, 2002... It's never too early to start thinking about the future and what better time to discuss next year then now, December, a month in which I suspect mortgage lenders and servicers will be throwing some pretty lavish holiday parties to celebrate the...

Prepayment Speeds Accelerate after Lagging Forecast in September.
December 1, 2002... Prepayment rates for agency mortgage-backed securities shot up across the board in October, playing catch-up to analysts' forecasts after the slower-than-expected speeds recorded in September. The numbers "substantiate the magnitude and...

Interlinq Adds A Default Suite.(Interlinq Software)
December 1, 2002... Harland Financial Solutions, which recently acquired Interlinq Software of Bellevue, Wash., has added default management capabilities to Interlinq Loan Servicing. Joe Filoseta, vice president of business development in Harland's mortgage...

Flexibility Is Cornerstone of Alliance's Subservicing Strategy.(Alliance Mortgage Co.)
December 1, 2002... Alliance Mortgage Co. executive vice president of loan administration, Mike Koster, describes his company's current strategy in subservicing as focused on providing flexible solutions for its key clients "through service level commitments,...

Are FAS 133 and Falling Rates a Toxic Mix for Portfolio Managers?(new federsal accounting standards)
December 1, 2002... For some lenders, the implementation of tough new accounting rules for treatment of hedging activities followed by a prolonged period of falling interest rates has proven to be a disastrous combination. Take, for instance, Matrix Bancorp....

Andrew Davidson Adds Models to its Rate Library.(Brief Article)
December 1, 2002... Andrew Davidson & Co. has added two new term structure models to its tools designed for the analysis of mortgage and asset backed securities. The company said a detailed examination of the implications of a prolonged period of relatively...

Foreclosure Data Suggest Some 'Bubbles' Could Burst.
December 1, 2002... Due to a generally weakened national economy over the last year and high rates of unemployment around the country, the mortgage industry has seen and will continue to see high foreclosure rates over the coming year, according to industry...

Experts Say Commercial Delinquencies Are Likely to Keep Rising.(commercial mortgages)
December 1, 2002... Although an anticipated upspike in commercial mortgage delinquency rates has not materialized so far, industry watchers believe that a spike is on the horizon. Commercial mortgage delinquencies are tied to the state of the economy though, and...

Commercial Technology Special Report.
December 1, 2002... With an economy in slow gear and concern mounting about a possible increase in commercial mortgage defaults, most lenders are worried about beefing up loan resolution and loan workout expertise. But they shouldn't overlook technology....

McCracken Adds Wireless Module And Passes System Reliability Test.
December 1, 2002... McCracken Financial Software earlier this year added an integrated inspection module for its Strategy loan servicing system that will accommodate wireless, hand-held devices used by inspection workers. And separately, the company also said...

Capital Thinking Expands Scope of Automation.
December 1, 2002... After four years in the business, CapitalThinking CEO Heather Shively says the business she helped start will begin doing more than just facilitating the closing of commercial mortgages going forward. After moving from an online marketplace to...

Selected Commercial Mortgage Servicers and Their Delinquency Ratios.(Brief Article)(Illustration)
December 1, 2002... OrganizationName Location Delinquency 1 NorthMarq Capital, Inc. Bloomington, MN 5.00% 2 Dwyer-Curtlett & Co. Los Angeles, CA 5.00% 3 Owens Financial...

Commercial Servicers and Their Portfolio Yields.(Brief Article)(Illustration)
December 1, 2002... Organization Name Location Yield The Community Preservation Corporation New York, NY 5.56% BankAtlantic Fort Lauderdale, FL 6.05% Republic Bancorp Inc. ...

CMBS Players Back Registry for Commercial Loans.(commercial mortgage backed securities)
December 1, 2002... MERS saw the MBA convention, with its commercial track, as an opportunity to meet potential funding partners as well as to "start laying the groundwork for MERS commercial, to start talking about it and see where it is coming." Douglas...

Rekon Adds Ingeo Recording Software.(Rekon Technologies)(Brief Article)
December 1, 2002... Rekon Technologies, a developer of software systems for creating electronically-prepared releases and assignments, will integrate its product with Ingeo's Electronic Recording System. The companies reported that the work was almost complete...

Midland Pioneers Shared Servicing for Commercial Portfolios.(Midland Loan Services)
December 1, 2002... Midland Loan Services, based here, is at the forefront of a subservicing niche that it is labeling "shared servicing." Stacey Berger, executive vice president of the Overland Park, Kan.-based company, recounted that Midland identified this...

Del Mar Launches Consulting Group.(Del Mar Database, mortgage technology firm, adds consulting services)(Brief Article)
December 1, 2002... Del Mar Database, a mortgage technology firm, has added consulting services to its product suite, the company announced at the MBA national convention here. The new consulting services group will offer the company's clients in-depth...

DocuTech Sees 'Smart Docs' Win.
December 1, 2002... Though many mortgage executives still don't know what XML is and few believe predictions that electronic transactions really will outnumber traditional paper-based ones in the next few years, DocuTech (www.docutechcorp.com) has been making...

Open Solutions Adds Collection Support.(Brief Article)
December 1, 2002... Open Solutions, Inc., a provider of integrated technologies for community financial institutions, has created an asset collection management system for processing and recovering non-performing loans. The software also can be used to manage...

WaMu Takes M&A Break.(Washington Mutual plans no major acquisitions at this time)(Brief Article)
December 1, 2002... Washington Mutual, Seattle, which has been on an intense "buy and build" spree the past three years is now, officially, taking a respite from major acquisitions. During a speech last week at the annual convention of America's Community...

People.(various personnel news items)
December 1, 2002... ALABAMA Birmingham-Collateral Mortgage Capital LLC has announced the appointment of Robert C. Nagel as vice president. Mr. Nagel will be operating out of Collateral's Orlando office. Mr. Nagel brings to Collateral an in-depth working...