Mortgage Servicing News articles from December 2005

Mortgage Servicing News archives from December 2005

Is the Bulk Market Coming Back?(Brief Article)
December 1, 2005... Washington -- After three years of being in the doldrums, is the bulk servicing market finally poised for a revival? "I think 2006 is going to be a heavy year for servicing sales," predicted Dan Thomas, a servicing analyst for...

Condo, HE Markets Could Be Vulnerable.(home-equity lending)
December 1, 2005... New York -- Two areas of significant growth for mortgage lenders, condominium sales and home-equity lending, could be heading for credit challenges, according to two recent reports. Housing sales are slowing in "bellwether markets"...

Revival May Aid FHA Servicers.(Federal Housing Administration)
December 1, 2005... Washington -- As the Federal Housing Administration tries to revive its single-family program and increase market share, servicers could see a turnaround in their FHA portfolios. After years of declining originations and runoff, housing...

Cash-Out Means More Refinancing.
December 1, 2005... McLean, VA -- In the third quarter, 72% of borrowers who refinanced a Freddie Mac loan cashed out enough equity in their homes to create a new mortgage at least 5% larger than their previous one. That rate, unchanged from the second...

Top Residential Servicers at September 30, 2005.
December 1, 2005... (Dollars in Millions) (part 1 of 2) Rank Organization Name Location 1 Countrywide Financial Corp. Calabasas, CA 2 Wells Fargo Home Mortgage San Francisco, CA 3 Washington...

Katrina Still Having Impact.
December 1, 2005... New York -- The PMI Group Inc., Walnut Creek, Calif., said approximately $8.9 million in after-tax charges and reserves related to Hurricane Katrina reduced its third-quarter results. As a result, net income for the company was $95.7...

Safeguard Tracks Hurricane Fallout.(Brief Article)
December 1, 2005... Brooklyn Heights, OH -- Safeguard Properties Inc. here has initiated several communications strategies, including a series of "industry awareness" conference calls to address issues facing servicers, mortgage companies, governmental agencies...

Fitch Says Residential MBS Are Withstanding ARM Risk.
December 1, 2005... New York -- The increased presence of adjustable-rate mortgages, interest-only loans, payment-option ARMs and low-documentation products has not diminished the performance of residential mortgage-backed securities - yet, according to a recent...

Wells Fargo Pegs Servicing Value at Over $10 Billion.
December 1, 2005... San Francisco -- Wells Fargo & Co. set new quarterly earnings records both in terms of net income and earnings per share, buoyed in part by continued strength in the mortgage lending and higher mortgage servicing values. Wells' home...

Clayton Plans Stock Issuance.(Brief Article)
December 1, 2005... Shelton, CT -- Clayton Holdings has filed a registration statement with the SEC for a proposed initial public offering of its common stock. William Blair & Co. will act as sole book-running manager for the offering. Piper Jaffray & Co. will...

MSRs Poised for Comeback?(mortgage servicing rights)
December 1, 2005... No, the market for bulk portfolios of mortgage servicing rights hasn't picked up that much steam yet, but we think the potential is there for MSR trading to enjoy a new heyday in the near future. After seeing MSR values plummet during a...

Real Vs. Personal Property.
December 1, 2005... Mr. Hutchens is a managing partner with Hutchens Senter & Britton, a law firm based in North Carolina. With many parts of the country facing economic difficulties, foreclosures have been running at near all-time highs. With that comes many...

A Litmus Test for Pols: The MI Deduction.(Letter to the Editor)
December 1, 2005... Any time I take a stab at political commentary in this column it's usually greeted by e-mails from readers who suggest - sometimes not so kindly - they really don't want to read about politics in their favorite mortgage publication. ...

Some Doubt Magnitude of New Bankruptcy Changes.
December 1, 2005... Washington -- The advent of a new bankruptcy law sparked a surge in bankruptcy filings as consumers realized it would be more difficult to qualify for a quick discharge of their debts. The bankruptcy reforms that went into effect in October...

October Slowdown May Signal Turning Point.(reports in real estate industry)
December 1, 2005... Prepayment rates on 30-year fixed-rate mortgages underlying agency mortgage-backed securities fell 5% in October, possibly ushering in a new phase for discount speeds, according to Bear Stearns & Co. The October slowdown stemmed largely...

Citi Hungry for Cross-Sales.
December 1, 2005... New York -- Consumer banking, including home mortgage activity, accounted for about 55% percent of Citigroup's third-quarter earnings, so it may be no surprise that Citigroup plans to beef up its retail banking presence. And analysts at...

Rising Tide Lifts Servicers in 3rd Quarter.
December 1, 2005... With mortgage rates ending the third quarter about 35 basis points higher than at the beginning of the quarter, it's no secret that most mortgage lenders reported positive MSR results for the third quarter. And because lenders had a large...

Servicing Software.(technology to improve loan administration)(Brief Article)
December 1, 2005... With rates rising, the focus is finally coming off loan origination. And that means servicing managers have a better opportunity to persuade the powers that be within their companies to upgrade investments in technology to improve loan...

XLD Technology Aimed at Reverse Mortgage Lenders.(XL Dynamics)
December 1, 2005... Cerritos, CA -- XL Dynamics, a provider of Web-based mortgage lending solutions here, has launched Reverse-Mortgagesoft OnLine, a complete back end origination and servicing system for home-equity conversion mortgages. XL Dynamics, in...

FNDS Technology Reaches Milestone.(Fidelity National Default Solutions)(Brief Article)
December 1, 2005... Jacksonville, FL -- Fidelity National Default Solutions said its NewTrak process management solution has processed more than one million bankruptcy and foreclosure transactions since its inception 20 months ago. Fidelity attributed...

Flexibility Serves Proliferation of New Products for ILS.(Interlinq Loan Servicing)
December 1, 2005... New York -- When it comes to choosing a loan servicing platform, many lenders today are looking for systems that have the flexibility to handle all the new products that are gaining a foothold in the market. And Interlinq Loan Servicing, a...

Jeffery W. Yabuki.(Fiserv Inc appoints Jeffery W. Yabuki)(Brief Article)
December 1, 2005... Fiserv Inc., Brookfield, Wis., has named Mr. Yabuki president, chief executive officer and a member of the board of directors effective on or before Dec. 1. Mr. Yabuki will succeed Leslie M. Muma, who is retiring as president and chief...

MISMO Says It Has Roadmap for Electronic Mortgages.(Letter to the Editor)
December 1, 2005... Orlando, FL -- How do I, a lender, even do an electronic mortgage? What's the difference between electronic and paperless? How much cost savings are involved? Conversely, how much investment does it require? The Mortgage Industry Standards...

Fidelity and Partners Offer Automation North of the Border.(Filogix)(Paradigm Quest)
December 1, 2005... Jacksonville, FL -- Filogix, a provider of mortgage and real estate-related products, and Fidelity Information Services, a division of Fidelity National Financial, have teamed up to help Paradigm Quest, Canada's newest mortgage outsourcer,...

Stewart to Partner With BackInTheBlack.(Stewart Default Solutions)(BackInTheBlack)(Brief Article)
December 1, 2005... Houston -- Stewart Default Solutions has entered into a strategic relationship, license and reseller agreement with MSTD, creator of the Web-based default loan servicing platform, BackInTheBlack. As part of the agreement, BITB will provide...

Fiserv's Processing Services Revenue Rises by 10%.
December 1, 2005... Brookfield, WI -- Data processing and information management system giant Fiserv here posted strong earnings for the third quarter, noting growth in its financial and lending businesses. Processing and services revenue for Fiserv was $925.3...

Fiserv, Fidelity Integrating Real Estate Settlement Units.(mergers in insurance industry)
December 1, 2005... New York -- A pair of the nation's largest settlement services providers have made internal mergers each says will help enhance service levels provided to mortgage lender customers. First, Brookfield, Wis.-based Fiserv Inc. combined...

Technology CU Expands its Mobile Lending Services.(Credit Unions)
December 1, 2005... Dublin, CA -- Technology Credit Union has opened its first retail mortgage store here aimed at growing the company organically throughout the San Francisco Bay Area. The Tech CU mortgage store will service the Tri-Valley housing region of...

Fidelity Sees Broad Growth in Business.(company sales earnings)(Brief Article)
December 1, 2005... Jacksonville, FL -- Fidelity National Financial saw net earnings of $214.4 million, or $1.21 per share, in the third quarter, up from $193.8 million, or $1.09 per share, a year earlier. Total revenue was $2.53 billion in the quarter, up...

High Foreclosure Rates Draw Scrutiny to Lenders in IL.(regulations in mortgages)
December 1, 2005... Springfield, IL -- The Illinois Department of Financial and Professional Regulation has issued proposed regulations in connection with the state's House bill to establish a four-year predatory lending pilot program in as-yet-undefined Cook...

Identity Theft Cost Pegged at $548 Million.(reports on identity theft)
December 1, 2005... Providence, RI -- Lenders need to spend more time developing employee training and awareness regarding fair lending and privacy laws, especially since Americans lost at least $548 million to identity theft and consumer fraud in 2004, attorney...

Title Insurance Claims Rising.(Brief Article)
December 1, 2005... Washington -- Revenue for title insurance companies remained strong in the second quarter, but claims increased as well. According to data released by the American Land Title Association here, "total revenue for the second quarter of 2005...

WaMu Sees Hedge Costs Rising as Yield Curve Flattens.
December 1, 2005... Seattle -- The mortgage unit was a mixed bag for Washington Mutual in the third quarter, with strength in nonprime lending offsetting competitive pressure in the prime market and a flat yield curve pushing up the cost of hedging mortgage...

Commercial Investment Likely to Slow in 2006.
December 1, 2005... A lot of money has flowed into the commercial real estate sector in the last few years. Is this going to continue into next year? According to a forecast report put out by the Urban Land Institute and PricewaterhouseCoopers, the commercial real...

Mold Damage Complicates Recovery from Huricanes.
December 1, 2005... Hartford, CT -- The horrific wake of two hurricanes on the Gulf Coast includes near-universal mold damage, a side effect that, while troublesome to home and business owners, may have its largest consequences to lenders, according to the...

Partners Form New Real Estate Venture.(JOSS Realty Partners)(Brief Article)
December 1, 2005... New York -- JOSS Realty Partners, a newly established real estate investment firm, has acquired two Washington office buildings. The company plans to invest in commercial properties in New York, Washington, Philadelphia and Southeast Florida....

IndyMac Experiences 'Best Quarter' Ever.
December 1, 2005... Pasedena, CA -- IndyMac earned $79.3 million, or $1.18 per share, in the third quarter, posting a 34% rise in earnings per share from a year earlier despite taking a $0.05 per-share charge related to Hurricane Katrina. If you take out the...

Golden West's Portfolio Up 13%.(Brief Article)
December 1, 2005... Oakland, CA -- Golden West Financial Corp., parent of World Savings Bank, earned diluted earnings per share of $1.22 in the third quarter, up from $1.05 in the same period last year. Herbert Sandler, chairman of the board and CEO, said in...

LandAmerica Is Taking Writedown on Lost Contract.
December 1, 2005... Richmond, VA -- Title insurance giant LandAmerica Financial Group here said it will take a $23 million, after-tax, non-cash writedown because one of its clients is moving a portion of its tax servicing chores in house. LandAmerica...

Matrix Founder Wants To Take Over Company.
December 1, 2005... Washington -- A group led by the founder of Matrix Bancorp, Denver, has floated a plan to sell $134 million of stock in the company, using the proceeds to buy a controlling stake in it. Matrix Bancorp is the parent of Matrix Trading...

Accredited Hits Stride.(Brief Article)
December 1, 2005... San Diego -- Accredited Home Lenders, a national nonprime specialist, said it set records for loan origination volume, cost of originations, net income and the size of its balance sheet in the third quarter. Accredited earned $41.3...

NFIP Simplifies Katrina Claims.(National Flood Insurance program)(Brief Article)
December 1, 2005... Washington -- The National Flood Insurance program will modify the way it handles claims to expedite the response time for policyholders affected by Hurricane Katrina and future storms under a policy announced by the acting flood insurance...

Delinquencies Based on Unpaid Principal Balance at 6/30/05.(Illustration)
December 1, 2005... (dollars in millions) (part 1 of 2) Rank Organization Name Location 1 Ridgewood Savings Bank Ridgewood, NY 2 First Republic Bank San Francisco, CA 3...

Servicing People.(Dan Buell appointed in Credit Information Solutions Marketing group)
December 1, 2005... CALIFORNIA Costa Mesa-Experian said that Dan Buell has joined Experian as director of marketing for its Credit Information Solutions Marketing group. In this role, he is responsible for the development, management and marketing of...