Mortgage Servicing News articles from November 2004

Mortgage Servicing News archives from November 2004

Fairbanks, Ocwen Cases Leave Mark on Industry.
November 1, 2004... Two regulatory agreements between subprime servicing specialists and federal regulators are having an impact on the entire loan servicing industry, according to Fitch Ratings. While federal regulators said the agreements that Select...

Craig I. DeRoy.(Brief Article)
November 1, 2004... Mr. DeRoy has been named president of The First American Corp., a Santa Ana, Calif.-based provider of title insurance and mortgage data. Mr. DeRoy, who was most recently senior executive vice president, will succeed Parker S. Kennedy, who will...

Ginnie Ready to Guaranty Excess Servicing Security.
November 1, 2004... Ginnie Mae is preparing to guarantee its first excess yield security in December so that servicers can sell or hold excess servicing in the form of an interest-only strip. "We do have some interest from large issuers," according to Ginnie...

At Least $25 Billion in MSR Sales Under Way: Cendant.
November 1, 2004... One of these days Cendant Corp. will finally unload its mortgage subsidiary, but in the meantime it is testing the waters by selling a chunk of the unit's residential servicing portfolio. As Mortgage Servicing News went to press this month,...

At Least $25 Billion in MSR Sales Under Way: Hibernia.
November 1, 2004... Hibernia has completed the sale of its $10 billion third-party residential mortgage servicing portfolio to CitiMortgage, though it will continue to service some loans held in portfolio. Paul Bonitatibus, president of consumer banking at...

At Least $25 Billion in MSR Sales Under Way: Temple Inland.(Brief Article)
November 1, 2004... Temple Inland Corp. here will take a $13 million after-tax hit on its mortgage business in the third quarter as it prepares reserves related to key asset sales and layoffs. Temple, the parent of Guaranty Residential Lending, also of Austin,...

Top SubServicers Ranked by Number of Loans at 6/30/04.(Illustration)
November 1, 2004... (part 1 of 2) Rk Organization Name Location 1 Wells Fargo Home Mortgage San Francisco, CA 2 Cenlar FSB Ewing, NJ 3 Wendover Financial Greensboro, NC ...

Syron: Mortgage Debt Market Still Growing.
November 1, 2004... Speaking to investors recently, the CEO of Freddie Mac expressed confidence that the booming growth of mortgage debt outstanding is likely to continue, if at a slower pace, in the coming years. Freddie Mac estimates that single-family...

SPS Renews Credit Lines.(Select Portfolio Servicing)(Brief Article)
November 1, 2004... Select Portfolio Servicing, formerly Fairbanks Capital, said it has successfully renewed and expanded its major credit facilities that provide financing for the company's business. J.P. Morgan Chase led a $250 million syndicated facility...

MBA Servicing Expo Goes to Orlando in '05.(Mortgage Bankers Association)(Brief Article)
November 1, 2004... The MBA's National Mortgage Servicing Conference and Expo will be held next Feb. 20-24 in Orlando, Fla., at the Orlando World Center Marriott. Bob Woodward, the journalist famous as one half of the duo that broke the Watergate story, will...

Washington Mutual Scales Down to Four Servicing Sites.
November 1, 2004... Washington Mutual will eliminate 2,700 additional mortgage jobs between the end of August and the end of this year as part of its massive cost-cutting drive, and the company has completed the consolidation of its loan servicing operation. ...

Much Ado About...?
November 1, 2004... Last year, it was Freddie Mac that went through a wringer after regulators found problems with its accounting practices. Now it's Fannie Mae's turn. At the time when Freddie Mac's turmoil erupted, along with a house cleaning that...

Tips for Buying Bank Property.
November 1, 2004... Mr. Sacaccio's viewpoint is an excerpt from an article he wrote advising interested people about how to go about participating in foreclosure sales and buying real estate-owned. Foreclosure properties can be a terrific investment, or give...

Raines Pulls Fannie's Fat Out of the Fire - For Now.
November 1, 2004... At one point during his congressional testimony in October, Fannie Mae chairman Franklin Raines was on the verge of tears, choked up about how he had to explain to his daughter why her father's company was in the newspaper everyday being...

Prepayment Rates Starting to Creep Up Again.
November 1, 2004... Prepayment rates for Fannie Mae and Freddie Mac mortgage-backed securities recorded "modest gains" in September in coupons below 6.5% and "modest declines" in higher coupons, according to Bear Stearns. Analyst Dale Westhoff said the speeds...

Refis Dominate First-Half of '04 Production.
November 1, 2004... Almost 60% of the $1.4 trillion in home loans funded in the first half were refinancings, according to survey figures compiled by Mortgage Servicing News. In the first half of last year refis accounted for a record 75% of all mortgages...

Top CRE Servicers Still Capitalizing on Scale.
November 1, 2004... In the commercial mortgage servicing world, the biggest servicers are continuing to add servicing volume, and continuing to accrue economies of scale which strengthen their positions further. A midyear ranking of commercial mortgage servicers...

Commercial, Multifamily Debt Keeps Growing at Record Pace.
November 1, 2004... Commercial and multifamily mortgage debt outstanding increased by $60.8 billion, 2.9%, to $2.17 trillion from the first quarter to the second quarter, the Mortgage Bankers Association reports. Multifamily debt alone grew by $14.9 billion,...

Two REITs Merge in $1.9B Deal.(Brief Article)
November 1, 2004... In a major multifamily real estate investment trust merger, Camden Property Trust is acquiring Summit Properties, Charlotte, N.C., for about $1.9 billion, including the assumption of Summit debt. The deal places a value of $31.37 per Summit...

Arbor Moves its New York Servicing Center.(Brief Article)
November 1, 2004... Arbor Commercial Mortgage is relocating its corporate loan servicing operations to a new location in Williamsville, N.Y., to accommodate the company's growing servicing portfolio and staffing requirements. "Arbor's new location within...

Roundup: Fitch Says CMBS Servicers 'Raising the Bar'.(commercial mortgage-backed securities)(Brief Article)
November 1, 2004... Fitch Ratings, citing results of its annual commercial mortgage servicer review process, sees positive trends developing in the servicing of loans for commercial mortgage-backed securities. "Dedicated surveillance teams and enhanced...

GMACCM Ratings Raised.(GMAC Commercial Mortgage )(Brief Article)
November 1, 2004... Standard & Poor's Ratings Services removed its commercial mortgage primary and master servicer ratings on GMAC Commercial Mortgage from "credit watch" status in August. At the same time, the rankings were raised to "strong" from "above...

Fitch Affirms Midland Ratings.(Brief Article)
November 1, 2004... Fitch Ratings has affirmed the its top commercial mortgage servicer ratings for Midland Loan Services, Kansas City, Mo. Fitch affirmed Midland's "CPS1" rating as a primary servicer, its "CMS1" master servicer rating and "CSS1" special...

WaMu Ratings Affirmed.(Brief Article)
November 1, 2004... Fitch Ratings has affirmed the commercial mortgage primary, master and special servicer ratings of Washington Mutual Bank. The ratings of "CPS3-plus," "CMS3" and "CSS3" reflect Washington Mutual Bank's thorough policies and procedures,...

Fannie Accused of Disregarding Rules on Derivatives.
November 1, 2004... To smooth earnings, Fannie Mae managers intentionally disregarded accounting rules so that changes in the value of its derivatives used to hedge its giant mortgage portfolio would not impact earnings, according to a report by federal...

Frank: GSE Limits Would Roil Market.(government-sponsored enterprise)(Brief Article)
November 1, 2004... Calling the Bush administration's bluff, Rep. Barney Frank, D-Mass., said there would be a "firestorm" if the administration blocked or limited Fannie Mae and Freddie Mac from issuing debt to fund their operations and growth. "I think they...

Hedge Accounting Issues Dog Fannie Mae.(Federal National Mortgage Association)
November 1, 2004... Think hedge accounting is easy? Just take a look at who did it wrong. Secondary market giant Fannie Mae - it of the billions in annual earnings, heavyweight political clout and gigantic size - apparently didn't have the expertise to...

Fiserv's CEO Plans to Step Down in 2006.
November 1, 2004... Since the company was formed 33 years ago, Leslie M. Muma has been at the helm at Fiserv here as one of the co-founders. Now, Mr. Muma has announced plans to retire as president and chief executive officer in June 2006. "I've been here 33...

Downey CEO Resigns Amid a Hedge Loss.
November 1, 2004... Downey Financial Corp. president and chief executive Marangal Domingo has resigned from the California-based thrift after just seven months on the job. The resignation of Mr. Domingo, who joined Downey from Washington Mutual, Seattle,...

Roundup: National City Assigned Residential Ratings.(National City Home Loan Services)(Brief Article)
November 1, 2004... Moody's Investors Service has assigned National City Home Loan Services ratings as a primary servicer of subprime residential mortgage loans, primary servicer of second liens and as a special servicer. Moody's assigned ratings of "SQ2" for...

Fitch Affirms WFC Ratings.(Brief Article)
November 1, 2004... Fitch Ratings has affirmed Wells Fargo Home Mortgage's top rating as a residential primary servicer for prime, alt-A and subprime mortgage products and assigned the company a rating for special servicing as well. Fitch affirmed the "RPS1"...

ABN Amro Affirmed.(Brief Article)
November 1, 2004... Fitch Ratings has affirmed ABN Amro Mortgage Group's residential primary servicer rating for prime product of "RPS2-plus." Fitch said the rating is based on the financial strength of its parent, experienced management team and solid...

First Horizon Gets Alt-A Rating.(Brief Article)
November 1, 2004... Fitch Ratings has assigned First Horizon Home Loans a rating of "RPS2-minus" as a residential primary servicer for alt-A product. Headquartered in Irving, Texas, First Horizon has originated and serviced residential mortgage loans for almost 20...

Inflated Appraisals Add to PA Foreclosures.
November 1, 2004... A recent study found a surge of foreclosures in an area located about 100 miles west of New York City, where 6,100 households, or about one of every five in the county, have started foreclosure procedures. Throughout the 1990s many of the...

USFN Updates Its Servicing Book.(United States Foreclosure Network)(Brief Article)
November 1, 2004... USFN, a nonprofit association of attorneys, trustee companies and associates that provide default services to the mortgage banking industry, has published an updated guide to state foreclosure timelines and has also published the 21st edition...

Credit Trade Group Offers Management Certification.(Brief Article)
November 1, 2004... Aiming to fill a need for staff qualified in default collections or analyzing credit reports while degrees in credit management do not exist, the National Association of Credit Management is offering these certificate programs: Certified Credit...

First American Acquires Matrix Asset Management.
November 1, 2004... The First American Corp. and Matrix Bancorp said last week that First American has acquired a 75% equity ownership interest in Matrix Asset Management in exchange for a combination of cash and notes totaling approximately $15 million. ...

Moody's Rates Accredited as B&C Servicer.(Brief Article)
November 1, 2004... Moody's Investors Service has assigned Accredited Home Lenders a rating of "SQ2" as a primary servicer of subprime residential mortgage loans. Moody's said the rating is based on above-average collection abilities, average loss mitigation,...

Firms Offer Help in Aftermath of Hurricanes.
November 1, 2004... Responding to the immediate need of hurricane victims who need housing, a diverse group of companies are continuing to find ways to help consumers in their time of need. Homebuilder Jim Walter Homes is offering homeowners who sustained...

Mortgage Fraud Seen As a National Epidemic.
November 1, 2004... Mortgage fraud may become a "national epidemic," the Federal Bureau of Investigation told Congress last week. Testifying before the Subcommittee on Housing and Community Opportunity, a senior FBI official said mortgage fraud cases have...

Servicing Software.(Brief Article)
November 1, 2004... Times are changing for the mortgage industry. For years, companies that built loan origination systems have been adapting their systems to support "point of sale" activity, so that homebuyers and loan originators can sit down at a place of...

GCC Touts Web Access, Windows Upgrade to MBA Crowd.(GCC Servicing Systems)
November 1, 2004... GCC Servicing Systems here is bringing its largest representation at the MBA convention in five or six years, according to company president and CEO Glenn Liebowitz. Mr. Liebowitz told MSN that with the introduction of a Web-based option...

New Law Gives Electronic Check Processing a Go.(Brief Article)
November 1, 2004... The Check Clearing for the 21st Century Act, which was signed into law almost a year ago, will become effective on Oct. 28, according to the Washington law firm Lotstein Buckman LLP. The purpose of the Check 21 Act is to facilitate check...

FLDI Offers Online Access To Flood Determination Data.(First Lenders Data Inc.)
November 1, 2004... Through an arrangement with Prime Alliance Solutions, First Lenders Data Inc. here is working with 34 credit unions that collectively request about 3,000 flood determinations per month, the company said. Prime Alliance Solutions, Tukwila,...

Escrowdesk Teams Up With Equity Title.(Brief Article)
November 1, 2004... Escrowdesk, a Web-based transaction coordination and document management firm, and Equity Title of Nevada have made a product integration agreement. The collaboration integrates Escrowdesk's system with Equity Title of Nevada's title and...

FNIS Sees Tax Offices Slowly Embracing New Technology.(Fidelity National Information Services)
November 1, 2004... Great strides have been made in adapting technology to track local property tax bills and tax delinquencies on behalf of mortgage lenders, but to some extent the tax tracking industry is only as good as the local governments it works with,...

Fidelity Hansen Offers 'Confidence' Measure.(Brief Article)
November 1, 2004... Fidelity Hansen Quality, a leading provider of collateral valuation analytics and appraisal review products, is offering its "confidence" indicator on automated property valuations to the loan servicing sector. The Fidelity HQ score...

GMAC Protege Offers Lending Automation Product.
November 1, 2004... Epitome Systems here has come to market with an end-to-end enterprise productivity management solution designed to automate every step of the mortgage process. Epitome started as a result of a technology initiative at GMAC Commercial...

Countrywide Capitalizing on Demand for Home Equity Products.
November 1, 2004... Countrywide Home Loans here originated a record $3.1 billion in home-equity loans in August, according to new figures released by the company. Countrywide's home-equity volume rose 8% compared to July and a stunning 80% compared to August...

Hybrids Shake Up Jumbo ARM Loans.(Adjustable Rate Mortgage )(Brief Article)
November 1, 2004... If you are investing in or servicing jumbo hybrid ARMs, you might find that the length of the fixed-rate period is a clue to how well the loans will perform, according to a recent study by Fitch Ratings. An analysis of prime-quality,...

SNAPSHOT: Monthly Payment Comparison.(Illustration)
November 1, 2004... Product Balance Rate Mo. Payment 30-year FRM $607,003 5.64% $3,500 5/1 ARM $607,003 4.13% $2,944 Source: Fitch Ratings Copyright 2004 Thomson Media Inc. All Rights Reserved....

Treasury: FHLBank Governance Needs Reform Too.(Federal Home Loan Bank)
November 1, 2004... The Bush administration still believes the Federal Home Loan Banks should be included in GSE reform legislation next year that would create a "world class" regulator for Fannie Mae and Freddie Mac. The mortgage activities of FHLBanks have...

People.
November 1, 2004... CALIFORNIA Truckee-Clear Capital has appointed Barry Bates as the company's vice president of portfolio due diligence. Clear Capital brought Mr. Bates on board to help reconcile and research property values within appraisals, BPOs,...

S&P Accepts Title Options.(Brief Article)
November 1, 2004... Standard & Poor's Rating Services will begin accepting several lien protection policies instead of title insurance for U.S. residential mortgage loans included in rated mortgage-backed securities transactions, the rating agency said. The...

At a Glance: Firms with S&P Reviewed Lien Protection Programs.
November 1, 2004... First American Title Insurance Group 9-Second Mortgage Protection Policy United Specialty Services Winter Group Source: S&P Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com...

Radian Product Is 'Free after Five'.(Brief Article)
November 1, 2004... Radian Guaranty here has introduced a new mortgage insurance product that automatically cancels a consumer's monthly MI payment after five years and continues coverage for the lender until MI is no longer needed. "Our goal is to help...