Mortgage Servicing News articles from February 2006

Mortgage Servicing News archives from February 2006

Fundamentals Showing Strength.
February 1, 2006... Washington -- While experts see plenty of reason to be cautious about credit quality trends, third quarter data suggests that at least so far, a strong economy is outweighing factors that could push up home loan delinquencies. In the third...

Waterfield Portfolio Up for Grabs.(Waterfield Mortgage Co)(Brief Article)
February 1, 2006... Fort Wayne, IN -- Waterfield Mortgage Co. here has reached a tentative deal to sell its estimated $19 billion servicing portfolio to an undisclosed third party. As Mortgage Servicing News went to press, details about the sale were...

GMAC Commercial Deal Remains in Negotiations.(GMAC Commercial Credit)(Brief Article)
February 1, 2006... Washington -- The sale of GMAC Commercial was expected to close by the end of 2005 but New Year's came and went and the deal was still pending. Industry officials familiar with the sale of the nation's largest commercial mortgage banker...

Four Leave BPA To Start New Firm.(Boston Portfolio Advisors defectors form Weston Portfolio Group)(Brief Article)
February 1, 2006... Washington -- Four top managers have left Boston Portfolio Advisors, Fort Lauderdale, Fla., to start their own consulting firm and will compete against their former employer. Those departing BPA in January to form Weston Portfolio Group...

Servicing Portfolios of the Giants - What are They Worth?
February 1, 2006... (Dollars in Millions) Servicing Value of Value of Vol. Portfolio Portfolio Rank Organization Name Location 9/30/05 at 150 bps at 200 bps 1 Countrywide Financial Corp. Calabasas, CA $1,047,623 $15,714 $20,952...

Feds Want More Emphasis on CRE Risk Management.(Commercial real estate)
February 1, 2006... Washington -- Federal regulators are warning banks and thrifts with high concentrations of commercial real estate loans to increase their risk management practices and to make sure they are holding enough capital. The regulatory guidance...

M&T Puts Focus on Cost Control as Margins Shrink.(M&T Bank Corp)
February 1, 2006... Buffalo, NY -- M&T Bank Corp. here saw its earnings rise 12% to $6.73 per share in 2005, and net income rose 8% to $782 million for the year. But the company's stock price hasn't soared as of late, and that may reflect the market's skepticism...

AFN Names New Operations Director.(American Legal and Financial Network promotes Stacie Hawkins)(Brief Article)
February 1, 2006... New York -- The American Legal & Financial Network, which offers legal counsel, collateral services and technology solutions to the financial and real estate industries, has promoted Stacie Hawkins to the new position of operations director....

MGIC's Overdues Rise after Storms.(MGIC Investment Corp)(Brief Article)
February 1, 2006... Milwaukee -- MGIC Investment Corp. reported a decline in credit losses last year, despite estimating that Hurricanes Katrina, Rita and Wilma added 5,300 delinquencies to the company's portfolio. MGIC, which had $170 billion of...

Firms with the Highest % of FRM Servicing.(fixed-rate mortgage)(Brief Article)
February 1, 2006... (dollars in millions) Servicing FRMs % Servicing Vol. FRM Serv. Rank Organization Name Location 9/30/05 9/30/05 9/30/05 1 Ivanhoe Financial, Inc. Orlando, FL 100% $698...

Radian Guaranty Sheds Risk in Capital Market Deal.
February 1, 2006... Philadelphia -- Radian Guaranty has completed its third and largest Smart Home transaction, allowing the company distribute mortgage credit risk on $6.27 billion of nonprime credit quality loans to the capital markets. Under the Smart Home...

Construction Loans Get Fitch Criteria.
February 1, 2006... New York -- Fitch Ratings has released a formal rating methodology on commercial real estate construction loan pools, declaring itself the first major rating agency to do so. The analysis of such loans is different from that of conventional...

Don't Forget the 3/33 Rule.
February 1, 2006... First, the good news: the overall delinquency rate on home loans stood at 4.44% at the end of the third quarter last year, 10 basis points lower than a year earlier. The bad news is that the delinquency rate was up 10 basis points from the...

Compliance through Document Processing.
February 1, 2006... Mr. Kushel is president & CEO, Archive Systems, based in Fairfield, N.J.. The company provides document management outsourcing. Everyone's talking about compliance in the mortgage industry and increasingly companies are paying particular...

'A Place in the Sun' for Residential Servicers?
February 1, 2006... First, the good news: If your firm was smart/lucky enough to hold onto its mortgage servicing rights (and smart enough to successfully hedge this 'wild and crazy' asset), you are already benefiting from positive cash flow as refinancings...

Fannie Prepay Speeds Fall to a Five-Year Low.(Federal National Mortgage Association)
February 1, 2006... The overall prepayment rate for 30-year mortgages securitized by Fannie Mae fell about 10% in December to its lowest level in five years, according to Bear Stearns & Co. The aggregate speed on 30-year Fannie Maes was a constant prepayment...

MSR Recovery Helps 1st Source Bank Boost Dividend.
February 1, 2006... South Bend, IN -- 1st Source Corp. here, parent of 1st Source Bank, earned $24.6 million for the first nine months of this year, up 44% over the same period in 2004, as stronger mortgage banking results helped strengthen the company's results....

Freddie Offers Permanent Flood Relief.(Federal Home Loan Mortgage Corp.)(Brief Article)
February 1, 2006... Las Vegas -- Freddie Mac is accustomed to offering relief to homeowners who are victims of natural disasters, but now the secondary market agency is offering some relief to lenders that have been frustrated by its flood insurance requirements....

Fannie Cuts ARM Servicing Fee.(adjustable-rate mortgages )(Brief Article)
February 1, 2006... Washington -- Fannie Mae has reduced its minimum servicing fee on adjustable-rate mortgages to 25 basis points and it is willing to go to a lower fee on a negotiated basis. The secondary market agency dropped its minimum ARM servicing fee...

Propensity Is Key to Applied Financial's Prepay Analysis.
February 1, 2006... New York -- Mortgage servicers have a lot of tools to manage the credit risk inherent in their loan portfolios, but at least one expert thinks they need to know more about the prepayment risk inherent in each loan. Applied Financial...

Luminent Says Hedge Accounting Not Worth Cost.
February 1, 2006... If you believe that mortgage rates have finally come out of a trough and are likely to edge up over the course of 2006 - as many economists do - then it isn't surprising that some lenders are managing their portfolios to reflect this change....

Fed Watcher: Recession Remains Preferable to Inflation.
February 1, 2006... Orlando, FL -- No matter who the Federal Reserve Board chairman may be, its message is that if there is a choice between inflation and recession, it will let the country slide into recession. That is what Mortgage Bankers Association chief...

Commercial Servicers Have Work to Do.
February 1, 2006... A survey of commercial mortgage borrowers commissioned by the Mortgage Bankers Association and the Commercial Mortgage Securities Association finds that one area that needs improvement is servicing. Survey respondents were asked what were their...

Deal Boosts KeyCorp's Portfolio.
February 1, 2006... Cleveland -- KeyCorp is acquiring ORIX Capital Market's commercial mortgage-backed securities servicing business in a deal that will expand KeyBank Real Estate Capital's commercial mortgage servicing portfolio to over $70 billion, from its...

TRIA Supporters Claim Victory.
February 1, 2006... Washington -- Congress passed an extension of the federal terrorism re-insurance program so that commercial property owners can continue to obtain terrorism insurance for the next two years. Financial services and real estate groups...

Lenders Rebalance Portfolios in Late 2005.
February 1, 2006... New York -- Balance sheet restructuring is the name of the game in the new year as two bank holding companies and one mortgage real estate investment trust will conduct or have conducted a series of transactions to accomplish that goal. ...

Summit Facing GSE Impairment.
February 1, 2006... Moorefield, WV -- Summit Financial Group here plans to recognize $1.5 million of impairment in the fourth quarter relating to its $5.7 million investment in certain preferred stock of Fannie Mae and Freddie Mac. Summit is the latest in a...

Irwin's Servicing Results Help Boost Mortgage Earnings.
February 1, 2006... Columbus, OH -- Irwin Financial Corp. said net income grew to $18.5 million in the third quarter, up from $16.3 million in the third quarter of 2004. Earnings also improved compared to the second quarter. Strong loan origination volume and...

Mortgage Debt Exceeds $8 Trillion.(Brief Article)
February 1, 2006... Washington -- With interest rates rising - which reduces "runoff" rates - it appears that residential servicers are finally seeing some traction on their balances. According to survey figures compiled by National Mortgage News, some firms...

Roundup: New Foreclosures Decline Heading into 2006.
February 1, 2006... New York -- As 2005 came to a close, the number of properties entering "some stage of foreclosure" has been decreasing, according to Irvine, Ca., based online marketplace for foreclosed properties, RealtyTrac findings. In November 2005,...

Fewer Defaults Seen in Non-Agency Deals.(Brief Article)
February 1, 2006... New York -- The loans in non-agency mortgage-backed securities performed better in the majority of 331 metropolitan areas tracked by Friedman Billings Ramsey between October 2004 and October 2005, the investment banking firm said. Defaults...

AACC Opens New Office.(Asset Acceptance Capital Corp. opens legal and call center collections operation )(Brief Article)
February 1, 2006... Chicago -- Asset Acceptance Capital Corp., Warren, Mich., has opened a new legal and call center collections operation in Chicago. Located near Asset's previous operation, the new office will provide room for a workforce of more than 200, 80%...

FNB Foresees Loss Provision.
February 1, 2006... Greensboro -- After discovering that several bad loans had been made at its bank subsidiary financial services holding company here said that it expects significant additional provision to recover from the resulting credit losses. FNB...

MACC Hires Counsel.(Mortgage Assistance Center Corp. retains Michael Caolo Jr. )(Brief Article)
February 1, 2006... Dallas -- Mortgage Assistance Center Corp. here has retained Michael Caolo Jr. of Michael Caolo & Associates as its corporate legal counsel. Mortgage Assistance Center Corp., which acquires, manages and resells nonperforming secured real...

Argent Product Lowers Initial Monthly Payment.
February 1, 2006... Irvine, CAWholesale lender Argent Mortgage Company here is offering a fully amortized 40/30 loan program that helps make homeownership more affordable and less risky to homebuyers, all the while enabling them to consistently build equity on...

Seattle Savings Bank Makes S&P's Reverse Servicer List.
February 1, 2006... Detroit -- As people live longer and retiree benefits are cut in corporate reshuffles, reverse mortgages are gaining attention. Standard & Poor's Rating Services added Seattle Savings Bank and its subsidiaries to its October list of select...

Wells Fargo Still Selling Adjustables.(Wells Fargo & Co.)(Brief Article)
February 1, 2006... San Francisco -- Wells Fargo sold $24 billion of its lowest-yielding adjustable-rate mortgages in the third quarter, clearing out the balance sheet to make room for higher-paying assets. Despite the large asset sale, Wells said that the...

Impac Reduces Dividend, Citing Margin Pressure.
February 1, 2006... Newport Beach, CA -- Impac Mortgage Holdings has cut its dividend, citing significant pressure on profit margins as a result of interest rate conditions. The company will pay a fourth-quarter dividend of $0.20 per share on Jan. 24, down from a...

Lance Lemoine.(joins Countrywide Home Loans' )(also appointed Laureen Potter, Renee Bangerter)(Brief Article)
February 1, 2006... Calabasas, CA -- Countrywide Home Loans' Correspondent Lending Division has appointed some executives as part of an expansion effort. Lance Lemoine has been named executive vice president of its home-equity sales group. Mr. Lemoine, who...

Housing Prospects in Some Cities Hinge on Investors.
February 1, 2006... New York -- Last year, investors accounted for about a quarter of home sales transaction, helping to boost prices in hot markets like Las Vegas. But this year, investors could hurt housing markets if they move their money out as fast as they...

Sandler O'Neill Drops Its GSE Coverage.(Sandler O'Neill and Partners L.P. and Federal National Mortgage Association )(Brief Article)
February 1, 2006... New York -- Investment banking firm Sandler O'Neill has dropped coverage of Fannie Mae and Freddie Mac due to what it calls a "realignment" of the companies it covers. Analyst Laura Kaster who last covered the GSEs for Sandler could not be...

Wealthy Are Betting That Home Prices Will Stay High...(Brief Article)
February 1, 2006... Pittsburgh -- Amid signs that housing markets might be cooling, the majority of wealthy Americans remain optimistic that their homes will continue to appreciate in value, according to a survey conducted for the PNC Financial Services Group. ...

...But Housing Could Become Achilles Heel.(Brief Article)
February 1, 2006... Orlando, FL -- Like Pogo, the erstwhile cartoon alligator who once said, "I have met the enemy and he is us," the housing business is worried that its Achilles heel could prove to be its own success. David Seiders, chief economist of the...

Outsourcing: Don't Do It All Yourself.
February 1, 2006... There's always the temptation to do things ourselves. After all, you can save a lot of money by cutting the kids' hair yourselves. But when it comes to mortgage servicing, sometimes it's best to outsource certain tasks and functions to an...

Loan Protector Renames Insurance Tracking Product.(name of EasyLink changed to EasyData)
February 1, 2006... Solon, OH -- After revamping its insurance tracking product for lenders of small-to-midsized mortgage loans, Loan Protector, an Ohio-based outsourcer of mortgage insurance tracking and verification programs, has renamed its EasyLink product to...

CMBS Vendor Eyeing Europe.
February 1, 2006... New York -- Trepp LLC - a provider of commercial mortgage-backed security and commercial mortgage information, analytics and technology - has a number of new initiatives for the growing European CMBS market. * The company has expanded its...

Hemisphere Bank's Servicing Shop Weathers Big Hurricane.(Hemisphere National Bank)
February 1, 2006... Jacksonville, FL -- Despite facing a battering from Hurricane Wilma late last year, Hemisphere National Bank, Miami, managed to keep its mortgage servicing operation up and running without interruption. The storm forced employees of the...

Hanover Expands Outsource Operations Center in Edison.(Hanover Capital Partners)(Brief Article)
February 1, 2006... Edison, NJ -- Hanover Capital Partners, an operations outsourcing firm and a wholly owned subsidiary of Hanover Capital Mortgage Holdings Inc., has expanded its operations center here for the second time in the last 12 months. "All of our...

Hanover's Net Falls in 3rd Qtr.(Hanover Capital Mortgage Holdings Inc.)(Brief Article)
February 1, 2006... Edison, NJ -- Hanover Capital Mortgage Holdings' third-quarter net income fell to $100,000, or $0.02 per share, compared to $2.2 million, or $0.27 per share, in the third quarter of last year. Year-end results were not available at press time....

Roundup: Fiserv Looks to Expand MortgageServ's Range.(Fiserv Lending Solutions to introduce MortgageServ loan servicing system to new level)(Federal Home Loan Mortgage Corp. to enhance its services)(Pro-Teck Services to introduce rules for fraud prevention)
February 1, 2006... Brookfield, WI -- Fiserv Lending Solutions is looking to take its MortgageServ loan servicing system to the next level by enabling it to support loans that are not solely real estate-related. The system currently enables servicing of first...

Home Equity Delinquency Trend Could Portend Beginning of Reversal.
February 1, 2006... New York -- The latest Home Equity Index Composite, maintained by Moody's Investors Service shows both great news and only-good news with the declining rate of U.S. home-equity sector charge-offs and seriously delinquent home loans. ...

Wachovia Interested in GMAC Residential?(General Motors Acceptance Corp.)(Brief Article)
February 1, 2006... Charlotte, NC -- The mortgage-minded Wachovia Corp. here is the latest name to surface in the bidding sweepstakes for Residential Capital Corp., the holding company for GMAC Residential and its affiliates. Industry executives say the...

Servicing People.(Angela Cheek been promoted at Irvine-Mavent Inc)(Michael E. McFadden joins Folsom-Central Pacific Mortgage )(Richard Lucien joins San Mateo-Remend Inc)
February 1, 2006... CALIFORNIA Irvine-Mavent Inc. has promoted Angela Cheek to vice president. Ms. Cheek, who joined Mavent in 2003 as associate senior counsel, has more than 12 years of experience in financial compliance and business law practices. ...

'Tale of the Tape' Comes Out Well for ABN Amro.(Algemene Bank Nederland)(Floppy work over the tape by DHL Airway employees)
February 1, 2006... Ann Arbor, MI -- A computer tape containing data on the some two million residential mortgage customers of ABN Amro Mortgage Group Inc. here has been found. The tape disappeared as it was being shipped to a credit bureau. ABN Amro Mortgage...

Mortgages a Strength for Bear, But 'Headwinds' Pose a Threat.
February 1, 2006... New York -- Bear Stearns topped estimates in 2005, and strength in the mortgage securities field helped the company beat estimates for earnings, according to a stock analysis firm. CreditSights said that "resiliency in mortgages" as well...

Kim Kendrick.(joins Department of Housing and Urban Development )(Brief Article)
February 1, 2006... The Department of Housing and Urban Development said that Ms. Kendrick has been sworn in by HUD secretary Alphonso Jackson as the nation's top fair housing official. President George Bush nominated Ms. Kendrick after she served as senior...

Katrina Creates CRA Opportunities.(Community Reinvestment Act)
February 1, 2006... Washington -- The federal banking regulators need to be more consistent in allocating Community Reinvestment Act credit to depository institutions that are providing assistance to areas and persons impacted by Hurricanes Katrina and Rita,...