Mortgage Servicing News articles from June 2006

Mortgage Servicing News archives from June 2006

Deal Makes Wachovia a Player.(Golden West Financial Corp. to be acquired)
June 1, 2006... Charlotte, NC -- Wachovia Corp. here has agreed to purchase mega-thrift Golden West Financial Corp., Oakland, Calif., for $26 billion in cash and stock, an acquisition that will catapult the bank into the upper echelons of residential...

Wachovia and Golden West - Servicing Numbers at a Glance.(Brief article)
June 1, 2006... ($ in millions) Residential Servicing Rights: Res. Serv. Port. Market Serv. Institution at year-end '05 Share Rank Golden West/World $ 119,365 1.44 % 11 Wachovia ...

NetBank Tests Market.(Brief article)
June 1, 2006... Atlanta -- NetBank hopes to sell its mortgage servicing platform along with most of its mortgage servicing rights on a $13 billion portfolio of home loans, a transaction that - if it comes to fruition - will provide a barometer of how well the...

NPA Chides Chase on Foreclosures.(National People's Action enters into agreement with J.P. Morgan Chase and Co. )
June 1, 2006... Washington -- National People's Action has been a thorn in the side of lenders for 35 years but it is still continuing to pressure banks on community reinvestment and predatory lending issues as well as foreclosure prevention. Recently,...

Residential Servicers at March 31, 2006 (Sample).
June 1, 2006... (Dollars in Millions) Servicing Volume % Organization Name Location 3/31/06 3/31/05 Change America First CU Riverdale, UT $877 $818 7% Astoria FS & LA...

'Risk Layering' Called Overblown.
June 1, 2006... Arlington, VA -- While regulators and industry watchdogs have been highlighting the "layering" of risk in interest-only loan products, analysts at Friedman Billings Ramsey & Co. say the threat is overblown. With regard to subprime...

Hurricane Grant Program in MS Concerns Servicers.
June 1, 2006... Washington -- Over 10,000 Mississippians have signed up for federal grants to rebuild their homes that were destroyed or damaged by Hurricane Katrina last August and the first checks may be cut in June. After a long process, Mississippi...

Scott Levine.(SourceMedia Inc.)(Brief article)
June 1, 2006... Mr. Levine joined SourceMedia in April 2006, bringing with him over 20 years of experience as a sales professional. Most of his past 10 years have been spent selling advertising in shopper and yellow page directory publications. He helped...

Fidelity Prepares to Separate Title, Technology Units.(Fidelity National Financial Inc.)
June 1, 2006... Jacksonville, FL -- The ever-changing corporate structure at Fidelity National Financial Inc. here will be changing once again. It has sent a proposal to two related firms that would result in the creation of two independent public...

USFN Prepares for Conference.(America's Mortgage Banking Attorneys)
June 1, 2006... Tustin, CA -- USFN, America's Mortgage Banking Attorneys, will hold its national default servicing seminar and technology forum in Dallas June 7-9. "This is our largest conference of the year and it is also the annual conference at which...

Prime vs. Subprime.(mortgage market forecast and trends)
June 1, 2006... At a time when subprime loans are increasing as a share of the mortgage market, the borderline between prime vs. subprime is becoming less and less clear. Several recent developments in the industry highlight this trend. In April,...

RMBS Market Faces Minimal Exposure to Katrina Damage.
June 1, 2006... Standard & Poor's executives Ernestine Warner and Robert Pollsen authored a report, "For U.S. RMBS, Minimal Exposure Provides Shelter From Katrina." This viewpoint is an excerpt from the full report. Despite the devastating impact of...

Some Firms Worth Keeping an Eye On.
June 1, 2006... Every year this newspaper and its affiliate, National Mortgage News, release a special report on 20 (mostly) private mortgage banking firms that are worth keeping an eye. The lenders aren't necessarily the Countrywides of tomorrow (then, again...

Prepay Speeds Fall Sharply in April Reports.(Federal Home Loan Mortgage Corp., and Federal National Mortgage Association prepayment rates falls)
June 1, 2006... Prepayment rates for 30-year mortgages in Fannie Mae and Freddie Mac mortgage-backed securities fell by about 15% in April, according to Bear Stearns & Co. The aggregate prepayment rate on 30-year Fannie Maes was a constant prepayment rate...

Fannie Finds More Errors.(Federal National Mortgage Association, accounting errors)
June 1, 2006... Washington -- Fannie Mae, which is working through a $10.8 billion earnings restatement scandal, has found yet more accounting errors and will have to move $28.5 billion in assets to its balance sheet. A company spokeswoman told Mortgage...

'Reg AB' Still a Source of Confusion.(Securities and Exchange Commission,)(Mortgage Bankers Association)
June 1, 2006... Chicago -- Regulation AB requires lenders and loan purchasers to provide static pool data for loans included in a securitization. But the Securities and Exchange Commission has not provided any clear guidance on what a material percentage...

Amilda Dymi.(Mortgage Servicing New promotes reporter to managing editor)(Brief article)
June 1, 2006... Ms. Dymi has been promoted to the position of managing editor for Mortgage Servicing News. Ms. Dymi joined SourceMedia in 2001 as a reporter covering affordable housing and new loan products for National Mortgage News and the rest of the...

Economist Says Don't Fret about Rising Foreclosure Trend.(mortgage forecast)
June 1, 2006... Charlotte, NC -- A top housing economist took a group of real estate reporters to school here late last month, explaining, among other things, why they shouldn't panic when delinquency and foreclosure rates move higher, as they inevitably will....

CMBS Performance Continues to Strengthen.(Mortgage backed securities)
June 1, 2006... As the economy continues to grow and expand, delinquencies on commercial mortgage-backed securities are also touching new lows. This follows as a strong economy creates increasing demand for all sorts of commercial space, bringing vacancies...

Trepp Analyzes CRE Derivatives.(commercial real estate)
June 1, 2006... New York -- Trepp LLC, a provider of commercial mortgage-backed securities and commercial mortgage information and analytics, has introduced an information tool tied to the CMBS and commercial real estate-related derivatives market. This...

Will Fed's Action Reignite Citi-WaMu Rumors?(Federal Reserve Board approves Citigroup Inc.'s to make acquisition)(Washington Mutual Inc.)
June 1, 2006... Washington -- The Federal Reserve Board of Governors has given Citigroup the green light to make "significant" acquisitions, saying the financial services giant has improved its compliance risk management program. A year ago, the Fed...

Alt-A Funder Impac Listening to Offers?(Impac Mortgage Holdings Inc.)(Brief article)
June 1, 2006... Newport Beach, CA -- Impac Mortgage Holdings here, a top-ranked alt-A lender, has been talking to investors about a possible sale, investment banking sources confirmed to Mortgage Servicing News. One industry source familiar with the matter...

Katrina Default Rates on B&C Loans May Have Peaked.
June 1, 2006... Washington -- Default rates in areas of Louisiana and Mississippi hit by Hurricanes Katrina and Rita appear to have crested in December, according to a Friedman Billings Ramsay report on the performance of non-agency mortgage loans. The...

Freddie Extends Hurricane Forbearance Program Again.(Federal Home Loan Mortgage Corp.)
June 1, 2006... Mclean, Va -- Freddie Mac has extended many of its emergency hurricane relief policies through Aug. 31 in the Gulf Coast counties and parishes affected by Hurricanes Katrina and Rita, according to a May 1 guide bulletin sent to the company's...

Flat Yield Curve Is Challenge for MSR Managers.
June 1, 2006... New York -- The first quarter of 2006 should have been the best of times for loan servicing managers. Rising long-term interest rates finally put the lid on sky-high prepayment rates, helping to boost loan servicing values. But that was...

Moody's Affirms Aames' Ratings.
June 1, 2006... New York -- Moody's Investors Service has affirmed Aames Financial Corp.'s "SQ3" rating as a servicer of subprime residential mortgage loans. Moody's said the rating reflects Aames' average collection abilities, above-average loss mitigation...

Industry Group Calls for Background Checks on Field Service Workers.(Society of Independent Representatives)
June 1, 2006... New York -- The voting members of SIRs - the Society of Independent Representatives - approved changes to membership requirements to include the requirement that all members be pre-screened with a criminal background check and have no felony...

U.S. Bank Gets a Primary Servicer Rating From Moody's.
June 1, 2006... New York -- Moody's Investors Service has given U.S. Bank Home Mortgage a rating of "SQ2-" as a primary servicer of prime/alt-A residential mortgage loans. Moody's said its rating reflects U.S. Bank's average collection abilities, above-average...

HUD Turns Gulf Coast REO Into Affordable Opportunity.(Department of Housing and Urban Development)
June 1, 2006... Washington -- The Department of Housing and Urban Development said it is offering families displaced by the Gulf Coast hurricanes the opportunity to buy HUD-owned properties at a 10% discount off the property's fair market value. So far,...

Clayton Sees Higher Revenue Despite Loss.
June 1, 2006... Shelton, CT -- Clayton Holdings here said that it earned a gross profit of $16.3 million in the first quarter on revenue of $55.2 million. Clayton said that first-quarter revenue was up 15.3% compared to the first quarter of 2005. The company's...

Study: Few Are Able to Repay Under New Bankruptcy Law.
June 1, 2006... New York -- Recent data show controversial bankruptcy law reforms enacted in October 2005 are proving opponents of the law correct, with up to 97% of those affected unable to repay any debt. A National Association of Consumer Bankruptcy...

IndyMac May Sell Stake in Reverse Mortgage Servicer.
June 1, 2006... Pasadena, Ca -- IndyMac Bancorp's board of directors has authorized management to evaluate and plan for a potential sale of a minority stake in its reverse mortgage subsidiary, Financial Freedom Senior Funding, through an initial public...

Cash Out Rate Rises Sharply.(Brief article)
June 1, 2006... McLean, VA -- In the first quarter, 88% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, the highest such percentage since the third quarter of 1990, according to Freddie Mac. The...

Freddie Conforming to Higher Insurance Deductibles.
June 1, 2006... Chicago -- Borrowers who opt for higher homeowners insurance deductibles or are forced into them by shell-shocked insurance carriers soon will once again qualify for lower-rate conventional mortgages. In July, Freddie Mac will realign its...

GSE Reform Legislation Languishes in Shadow of Elections.(Mortgage Bankers Association)(Brief article)
June 1, 2006... Chicago -- The clock is ticking on legislation to regulate Fannie Mae and Freddie Mac, the Mortgage Bankers Association warned here last week. Worried that only a few months are left before lawmakers plan to return to their home districts...

Lender Suggests More Disclosures.(Mortgage Bankers Association's John Robbins)(Brief article)
June 1, 2006... Chicago -- Pharmacies detail the list of side effects when they fill prescriptions, so why shouldn't lenders list the negative aspects of various loan products? That was John Robbins' thought when he picked up his high blood pressure...

Servicing Technology.(Brief article)
June 1, 2006... Technology has changed dramatically over the past decade in the mortgage servicing news. When MSN was founded, one of the big debates in the industry was whether or not economies of scale could still be achieved when a portfolio of loans...

Fidelity Integrates XSell into MSP.(Fidelity Information Services partners )
June 1, 2006... Jacksonville, FL -- Fidelity Information Services has partnered with technology provider XSell to provide that firm's customer marketing solution to lenders using Fidelity's Mortgage Servicing Package. Bruce Andrews, a senior vice...

Fidelity and Trust Mortgage Uses MortgageFlex Servicing.(MortgageFlex Systems Inc.)
June 1, 2006... Jacksonville, FL -- MortgageFlex Systems Inc. has added Fidelity & Trust Mortgage, Chevy Chase, Md., as a customer for its new LoanQuest Servicing system. The system, powered by Web-based technology, "appealed to us because of its seamless...

Tavant Targets Servicing Sector.(Brief article)
June 1, 2006... Santa Clara, CA -- Tavant Technologies, a provider of information technology services, is placing new emphasis on loan servicing as part of its drive to penetrate the mortgage technology market. And the company believes that its servicing...

Fiserv is Teaming Up With ComplianceEase.(Fiserv Lending Solutions)(Brief article)
June 1, 2006... Boulder, CO -- Fiserv Lending Solutions-Portfolio Services' comprehensive regulatory compliance audits will be powered by ComplianceEase, a mortgage industry provider of automated compliance services, and backed by AssureCert, an exclusive...

Baker Hill Offers Portfolio Monitoring.(Brief article)
June 1, 2006... Carmel, CA -- Baker Hill, a subsidiary of Experian, has released an automated loan portfolio monitoring service that uses internal and external performance data and behavioral analytics to help lenders streamline portfolio management and...

Study Finds Increasing Use of Electronic Bill Payment.
June 1, 2006... San Dieog -- A new study into the habits of consumer bill payers has revealed both compelling evidence and confirmation that consumers are increasingly turning to electronic methods to pay their bills and prefer to make those payments directly...

Freddie Mac Serious about Out-of-the-Box Technology.(Federal Home Loan Mortgage Corp.)
June 1, 2006... McLean, VA -- Freddie Mac is moving ahead vigorously with its new buy-instead-of-build strategy for new technology, said Joseph Smialowski, Freddie's EVP of operations and technology. "Banks look at the marketplace before they decide to build...

Fidelity Is Using Speech Technology.(Real Estate Solutions Inc.)(Brief article)
June 1, 2006... Jacksonville, FL -- The Real Estate Solutions division of Fidelity National Information Services has launched Fidelity National MLS Voice Alert, a speech recognition technology enhancement integrated into its Web-based Paragon MLS platform. ...

MERS Reaches 40 Million Loan Milestone on Registry.(IndyMac Bank Home Lending)
June 1, 2006... McLean, VA -- IndyMac Bank has registered the 40 millionth loan on MERS (Mortgage Electronic Registry Systems) for tracking beneficial interests in mortgage loans and mortgage servicing rights. "When MERS began registering loans on the...

MERS Streamlines Delivery Process.(Brief article)
June 1, 2006... Vienna, VA -- MERS unveiled a new service that will streamline the process and provide a consistent interface for transporting electronic documents from one company to another. MERS eDelivery is designed to greatly reduce the time needed...

Servicing People.(PMI Group Inc. appoints Joan Tuan)(Mortgage Bankers Association appoints Jennifer G. Williams)(Buckley Kolar LLP appoints Joseph T. Lynyak )
June 1, 2006... CALIFORNIA Walnut Creek-The PMI Group Inc. has appointed Joan Tuan as assistant vice president and assistant corporate controller. In her position, Ms. Tuan is responsible for accounting and financial reporting for PMI, specifically...

$6B Servicer Aames Is up for Auction.
June 1, 2006... Los Angeles-Aames Financial, one of the nation's oldest subprime firms, is on the auction block and hopes to have new owners by the end of summer. A $6 billion subprime servicer, Aames reported a loss for the second quarter, disclosing that it...

Mortgage Earnings Dip at JPMorgan.(J.P. Morgan Chase and Co. )(Brief article)
June 1, 2006... New York -- J.P. Morgan Chase & Co. saw a substantial increase in earnings during the first quarter, no thanks to its mortgage division. Like other big lenders, JPMorgan Chase saw a substantial drop in mortgage income related to lower gain...