Mortgage Servicing News articles from June 2004

Mortgage Servicing News archives from June 2004

CFC: Fee Income Pays the Bill.
June 1, 2004... Countrywide Home Loans CEO Angelo Mozilo says the mathematics of loan servicing have changed dramatically for his company. In short, Countrywide believes its traditional servicing fee, typically about 25 basis points on conventional,...

Will Citi Strike Again?
June 1, 2004... When John Reed ran Citicorp, the company did its best to avoid growing its residential mortgage business. But that was then, before the banking colossus merged with Travelers and Sandy Weill took control. Under the chairmanship of Mr....

After Citi Buys Principal Residential What the New Servicer Will Look Like.
June 1, 2004... (Dollars in Millions) (part 1 of 2) Company Serv. # 3-31-04 Serv. Rank CitiMortgage, (1) $221,493 6 Principal Res. $118,372 11 Combined: $339,865 ...

Overseas Role Here to Stay.
June 1, 2004... A lively discussion about the topical issue of off-shoring jobs overseas ensued at a panel session dedicated to the subject at the MBA's Commercial Asset Administration & Technology Conference here, with the participants agreeing that the...

Fairbanks Ready to Grow Loan Portfolio.(Fairbanks Capital Corp.)
June 1, 2004... On the long, painful road to recovery, Fairbanks Capital Corp., Salt Lake City, has just passed some big milestones, and the company is now ready to halt the runoff that has shrunk its portfolio over the past year. The company received...

Top Residential Servicing Gainers in 1Q 2004.(Illustration)
June 1, 2004... (Dollars in Millions) (part 1 of 2) Rk Organization Name Location 1 Mortgage Investors Corp. St. Petersburg, FL 2 Ivanhoe Financial, Inc. Orlando, FL 3 Homestar...

Ocwen Adjusts Servicing Practices to Appease Regulator.
June 1, 2004... Subprime servicing specialist Ocwen Federal Bank FSB last month entered into a supervisory agreement with its regulator, promising to end certain billing practices and to expedite its handling of consumer complaints. The Office of Thrift...

Legal Network Changes Name.(American Foreclosure Network )
June 1, 2004... The American Foreclosure Network has changed its name to "American Legal and Financial Network (AFN)" to better reflect the organization's mission. "First and foremost, we are an attorney-based legal services organization," said William...

Economist: at Least 20 Big Cities Face Housing Bubble.
June 1, 2004... There is definitely a housing bubble out there, according to at least one economist. Scott Franklin, the featured lunch session speaker at the MBA's Commercial Asset Administration & Technology Conference here, said that the good news is that...

Jeffrey Marston.(Brief Article)
June 1, 2004... Mr. Marston has been named a partner in the Washington law firm Lotstein Buckman LLP. Mr. Marston has a national practice representing clients in a variety of matters relating to mortgage banking, real estate finance and software licensing. His...

M&A Market Heats Up.(Mergers and Aquisitions)
June 1, 2004... The predictions keep rolling in: within a few years, there will only be five mortgage servicers of consequence. While that is probably a dramatic exaggeration, there is a growing consensus that consolidation will continue. During the...

Winning Technology Conversions.
June 1, 2004... Ten years ago, very few CIOs directed corporate decision making. But today, technology experts are critical to the implementation of both short- and long-term business strategies. These executives constantly evaluate whether systems and...

Servicing Brokers: Get Ready to Start Your Engines.
June 1, 2004... As I write this, the yield on the 10-year Treasury is at 4.8% and by the time you receive this issue of Mortgage Servicing News it very well could be at 5%. Mortgages, as we all know, are priced off the 10-year and as rates head north, that...

Rates May Be Rising, But Prepay Speeds Have Yet to Slow Down.
June 1, 2004... April brought another jump in the prepayment rates for Fannie Mae mortgage-backed securities, especially among 2003 vintage 5.0% and 5.5% coupons. The constant prepayment rates of Fannie Mae 5.0s and 5.5s increased by over 50%, from 10.6...

Partnership Aims to Help Lenders Weigh Short-Term Prepayment Risk.
June 1, 2004... Lenders and analytic companies have developed a vast body of data about prepayment rates over the years, but the sustained drop in interest rates that shaped the lending environment over the past three years challenged even the best prepayment...

Warehouse Fraud Doesn't Dent Impac's 1st Qtr Performance.
June 1, 2004... Impac Mortgage Holdings earned $0.76 per share on $46 million of net earnings in the first quarter, an increase of 43% in earnings per share compared to the first quarter of last year. And that record performance came despite a $6 million...

Nebraska Bank Takes Large Servicing Hit.(Brief Article)
June 1, 2004... So, what happens when a modest-sized banking company has to take an impairment charge larger than its quarterly earnings? In the case of Commercial Federal Bancorp., not much. The company still beat a Wall Street consensus for first-quarter...

Stronger Economy Means Defaults May Be Nearing Peak.
June 1, 2004... Employment numbers, the piece of the economic puzzle that has been holding back the current recovery, are finally shaping up, with March and April employment figures coming in really strong (the economy added 288,000 jobs in April, following...

NFIP Hopes to Stem Flood Coverage Losses.(National Flood Insurance Program)(Brief Article)
June 1, 2004... While flooding is the most common natural hazard in the U.S., the number of policies covered by the National Flood Insurance Program only grows by about 1% a year, according to the Federal Emergency Management Agency. That means for the...

Subservicing's Future.(Brief Article)
June 1, 2004... With loan origination volume slowing down, lenders are paying increasing attention to ways they can hone their focus on core competencies and trim expenses. For some, that may mean outsourcing functions that can be better performed by a...

LoanCare Teams Up with a Credit Union Mortgage Provider.(LoanCare Servicing Center)
June 1, 2004... Aimbridge Home Loans, a provider of mortgage outsourcing to the credit union industry, has formed a relationship with LoanCare Servicing Center to offer a private label loan servicing option to credit unions. LoanCare is a national loan...

Cenlar Will Offer Servicing for Home Equity Lines of Credit.
June 1, 2004... Cenlar FSB here, one of the nation's largest subservicers of residential mortgages, will add a new product to its arsenal later this year. Cenlar is developing a platform for servicing home equity lines of credit in response to growth in...

DeepGreen Offers Home Equity Option.(Brief Article)
June 1, 2004... Following up on the successes realized by its third-party GreenSource channel, DeepGreen Financial has launched a new outsourcing solution dubbed GreenMax whereby the company will take on home equity loans on behalf of lenders. "We started...

MortgageServ Adds Home Equity and Subprime Features.
June 1, 2004... At Fiserv's annual MortgageServ Client Conference in Myrtle Beach, S.C., the company's division president, John R. Tenuta, told Mortgage Servicing News about the product's largest release coming up May 14, which will include over 170 new...

Another B&C Lawsuit Coming?(loan fees)
June 1, 2004... With rumors spreading that class-action attorneys are targeting another subprime servicer, it is certainly time for servicers to make sure their fee structure does not provide an incentive to push homeowners into delinquency. The central...

Servicing People.(appointments)
June 1, 2004... California Brea-ResMAE Financial Corp., a wholesale specialty residential mortgage originator and servicer, said that R. Lester Pierce has joined the company as senior vice president, division manager. Mr. Pierce has more than 25 years...