Mortgage Servicing News articles from September 2004

Mortgage Servicing News archives from September 2004

Is Goldman Hunting for a Platform?
September 1, 2004... Goldman Sachs & Co. may be shopping for a servicing platform as it readies the unveiling of its new, nonprime mortgage conduit, industry sources said. As Mortgage Servicing News went to press this month, Goldman officials declined to...

Ginnie Ready to Do Excess Servicing.
September 1, 2004... Ginnie Mae hopes to start securitizing excess servicing fees starting in October of this year, a senior Ginnie Mae executive said at the Western States Loan Servicing Conference here. The program, details of which were outlined in an August...

Srvicers Ranked by Number of Loans Serviced at 6/30/04.(Illustration)
September 1, 2004... (part 1 of 2) Rk Organization Name 1 Washington Mutual 2 Countrywide Financial Corp. 3 Wells Fargo Home Mortgage 4 Chase Home Finance 5 Bank of America 6 GMAC Residential Holdings 7...

Deal Could Put CFC on Top.(Servicing market share)(Cendant Mortgage Corp.)
September 1, 2004... If Countrywide Home Loans winds up buying Cendant Mortgage, it would once again become the top dog of mortgage servicing. Then again, the jury is still out on whether Countrywide will bite the bullet. As Mortgage Servicing News went to...

If Countrywide Buys Cendant It Would Be Largest Servicer.(Brief Article)
September 1, 2004... (Dollars in Millions) Name Serv bal at 6-30-04 Share Rank Countrywide $ 726,227 9.86% 2 Cendant Mortgage $ 144,370 1.96% 10 Combined: $ 870,597 11.52% 1 ...

Atlantic Gets Top Loss Mit Score.
September 1, 2004... Of its 11 largest servicers, the Federal Housing Administration has awarded a subsidiary of ABN Amro Mortgage Group its highest loss mitigation score. Atlantic Mortgage and Investment, Jacksonville, Fla., which services 109,600 FHA loans,...

Wells Rebalances Portfolio, Sees Record Low Average Rate.
September 1, 2004... Wells Fargo racked up a solid quarter financially despite jettisoning a portfolio of lower-yield adjustable-rate mortgages at a loss. At the same time, a $375 million recapture of impairment on the company's mortgage servicing portfolio...

The Top Three Residential Servicers and Their Servicing Valuations.(Quarterly Data Report)(Brief Article)
September 1, 2004... (Dollars in Millions) Servicer Value of serv Value of serv Percent change Name at 6-30-04/Serv at 6-30-03/Serv bal in serv. Value/bal Wells Fargo $8,512 $3,821 123% ...

Charbonneau Back in Business.(Charbonneau & Associates)(Advisory firm )(Brief Article)
September 1, 2004... Merger and acquisitions veteran Larry Charbonneau has formed a new advisory firm to offer consulting services to the mortgage industry. For 20 years Mr. Charbonneau was widely known as a principal in Charbonneau-Klein Inc. here but then...

Michigan Legislature Amends Foreclosure Law.(Brief Article)
September 1, 2004... In a legislative move designed to reduce timeframes on foreclosures by advertisement in Michigan, the state legislature unanimously approved an amendment to the foreclosure statute that will allow foreclosing assignees to begin publication...

WaMu Takes Servicing Hit in Volatile Second Quarter.
September 1, 2004... Washington Mutual's profit fell to half its prior year level in the second quarter, with mortgage banking profits eaten up by a high cost structure and hedging losses that exceeded gains on servicing rights, the company said. Overall,...

Default Dilemma.
September 1, 2004... A Pennsylvania study recently found what many in one pocket of the state have suspected for a long time. The study of 6,100 foreclosures in the Pocono Mountains region of the state, an area where the foreclosure rate is stunningly high, found...

Commercial Tax Administration Is Different.
September 1, 2004... Tax administration is an area that must be professionally managed by all servicers, whether their portfolios are residential, commercial, or both. But for lenders and servicers contemplating a first time move into the commercial arena, tax...

Will Killinger Survive? And How about WaMu?
September 1, 2004... One of these days Washington Mutual, now the nation's third-largest servicer of residential loans, will be sold. The big questions are these: who will buy America's largest thrift and will WaMu chairman and chief executive Kerry Killinger still...

Ginnie Mae Prepayments Outpace GSE Rates.
September 1, 2004... Speeds slowed across the board in July for Fannie Mae and Freddie Mac mortgage-backed securities, while Ginnie Mae MBS speeds also slowed but remained "significantly faster than comparable conventionals," according to Bear Stearns analyst Dale...

Selected 30-Year Fixed-Rate Prepayments.(Brief Article)(Illustration)
September 1, 2004... (For July period) Cpn Year Fctr 4-Jul 4-Jun Fannie Mae 5.5 2004 5.92 7.1 7.5 Fannie Mae 5.5 2003 5.94 15.5 18.4 Fannie Mae 5.5 2001 6.12 17 22.2 ...

Privacy Rights Remain an Issue in California.
September 1, 2004... A recent court decision in California has left mortgage servicers scrambling to understand the state's financial information privacy act, according to attorneys who spoke at the Western States Loan Servicing Conference here. On July 30,...

Executive Sees Focus Expanding Beyond Default Arena.(Mortgage servicers )
September 1, 2004... Mortgage servicing conferences have long been dominated by a focus on loss mitigation, but that may be changing, if the recent Western States Loan Servicing Conference here is any indication. The conference, hosted by the California Mortgage...

Alternative Credit Score Aimed at Underserved Market.
September 1, 2004... Fair Isaac & Co. Inc. here has created a new credit score which is generated from nontraditional sources. Tom Grudnowski, chief executive of Fair Isaac, said the new product, FICO Expansion Score, "sets a new standard for helping the...

Higher Rates Diminish ICNB's Second Quarter.(Brief Article)
September 1, 2004... ICNB Financial Corporation here, the holding company for Ionia County National Bank and Austin Mortgage Company, recorded lower earnings for the second quarter and first half of 2004 due to lower mortgage refinance volume. Net income for...

SEC Proposal Places Greater Burden on Servicers.
September 1, 2004... A proposal by the Securities and Exchange Commission to overhaul registration and disclosure requirements for asset-backed securities calls for increased disclosures from servicers (as well as from originators, sponsors, trustees and other...

US Recordings and ACS Form Electronic Filing Alliance.
September 1, 2004... U.S. Recordings, provider of mortgage recording solutions since 1967, and Affiliated Computer Services, a provider of business process and information technology outsourcing solutions, have formed an alliance that the companies hope will foster...

SwiftView Adds Document Technology.
September 1, 2004... Portland, OR- SwiftView here has made a name for itself in the mortgage technology industry as an electronic document delivery company with its SwiftSend product and now will expand its reach by adding two new products, eDisclosures and...

Roundup: HUD Awards Data IT Contract to EDS.(The Department of Housing and Urban Development, Electronic Data Systems Corp.)(Brief Article)
September 1, 2004... The Department of Housing and Urban Development has awarded a technology contract worth at least $750 million to Electronic Data Systems, Plano, Texas. Under the contract, which has a base period of four months followed by nine option...

Escrowdesk Refines Strategy.(to open new headquarters in california)(Brief Article)
September 1, 2004... Escrowdesk here has announced a strategic objective to support the company's rollout of new initiatives, including a streamlined Web-based document coordination and management system that simplifies and standardizes the process of managing and...

Free Reports Cause Logjam.(National Association of Mortgage Brokers implements new laws, regulations and rules)(Brief Article)
September 1, 2004... Implementation of the new Fair Credit Reporting Act rules, set to start on a regional basis beginning Dec. 1, could have some unintended consequences, a former officer of the National Association of Mortgage Brokers warned here. Under the...

'Easing Up' on Hedging Can Backfire.(Fifth Third Bancorp reports second quarter results)
September 1, 2004... The second quarter wasn't an easy time to hedge servicing rights, it turns out. Just ask Washington Mutual. But WaMu wasn't alone in taking a hit related to the change in basis spread that caused some lenders to lose more on their hedge...

Bank Recovers Some Impairment Reserve.(company sales and earnings)(Brief Article)
September 1, 2004... Growth in net interest income, solid credit quality and a recovery of "impairment" to its mortgage servicing rights helped BOK Financial Corp. here grow net income by 12% in the second quarter. The company reported net income of $45.5...

Foreclosures, Delinquencies Still Low in the U.K.(possession of mortgages)
September 1, 2004... The number of delinquent mortgages and the number of properties taken into possession by mortgage lenders remained flat in the first half of 2004 compared with second half of 2003, according to figures released recently by the Council of...

Snapshot: Home Repossessions Down in the U.K.(statistics)(Brief Article)
September 1, 2004... 1st half of '04: 3,240 1st half of '03: 4,230 Source: Council of Mortgage Lenders Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com

Global Credit Rebounds.(prices and rates of credit)(Brief Article)
September 1, 2004... Global credit quality improved in the first half of this year, a rating agency here has reported. Global structured finance upgrades tracked by Fitch Ratings surpassed downgrades during the first half of 2004 with a 1.7:1 ratio, up sharply...

Going Commercial.(commercial real estate lending)
September 1, 2004... Tired of the boom-and-bust cycle of residential lending? More than a few companies that have capitalized on their residential lending expertise to reap enormous profits in recent years are looking for ways to balance out their business equation...

Visualization Adds Power to Online Communication at GMACCM.(GMAC Commercial Mortgage )
September 1, 2004... Advances in information technology have allowed commercial mortgage servicers to assemble a massive amount of data for investors and borrowers. So much so that leading lenders now worry about overwhelming their business partners. That's...

Nautilus Capital Moves To Expanded Location.(Brief Article)
September 1, 2004... Nautilus Capital, a dealer in distressed residential mortgage loans and similar financial assets, has moved into new, larger offices near Greenville. Steven Cohen, managing director of Nautilus Capital, said the new offices will allow the...

Midland Rolls Out CRE Technology to Large Clients.(Midland Loan Services)
September 1, 2004... Early this year, Midland Loan Services here started rolling out its Enterprise! loan management system to external clients after converting its own $90 billion commercial real estate mortgage portfolio to the system. Stacey Berger,...

Snapshot: Ginnie Mae Securitization Volume.(Brief Article)(Illustration)
September 1, 2004... 2004 $158 billion* 2003 $216 billion 2002 $175 billion 2001 $154 billion 2000 $100 billion Source: Ginnie Mae. Note: * = estimate Copyright 2004 Thomson Media Inc. All Rights Reserved....

30-Year Mortgage Rates Hit Four-Month Low.(prices and rates of mortgage loans)(Brief Article)
September 1, 2004... The average contract rate on 30-year mortgage loans was 5.85% with 0.6 points as Mortgage Servicing News went to press in the second week of August, according to Freddie Mac. That was the lowest average interest rate reported in four...

SPS Reaches Out to Consumer Credit Counselors.(Select Portfolio Servicing Inc.)(Brief Article)
September 1, 2004... Select Portfolio Servicing Inc. is inviting consumer counselors to a seminar in Baltimore to raise their awareness of the forbearance plans the subprime servicer can offer borrowers who are behind on their monthly payments. Formerly known...

Top Residential Servicers at June 30, 2004.(rankings and market share )(Illustration)
September 1, 2004... (Dollars in Millions) (part 1 of 2) Rk Organization Name Location 1 Wells Fargo Home Mortgage San Francisco, CA 2 Countrywide Financial Corp. Calabasas, CA 3 Washington...

Top Commercial Servicers at March 31, 2004.(Illustration)
September 1, 2004... (Dollars in Millions) (part 1 of 2) Rk Organization Name Location 1 GMAC Commercial Holding Corp. Horsham, PA 2 Wachovia (E) Charlotte, NC 3 Midland...

HUD Having Second Thoughts about Appraisal Rule.
September 1, 2004... The Department of Housing and Urban Development has backed away from holding Federal Housing Administration lenders and appraisers equally responsible for the quality of appraisals. Instead of holding lenders strictly accountable for bad...

Servicing People.(Industry Overview)
September 1, 2004... CALIFORNIA Pleasanton-E-LOAN Inc. has appointed James G. Jones to its board of directors. Mr. Jones, the recently retired vice chairman of credit and risk management at Providian Financial, previously served as the president of direct...

Aegis Uses Ocwen's Platform.(Brief Article)
September 1, 2004... Aegis Mortgage Corp. will implement Ocwen Financial Corp.'s REALServicing platform to expand its mortgage servicing capabilities, the two firms announced in a press release. The REALServicing product will enable Aegis to leverage Ocwen's...

Freddie Mac Revising Tiers.(Brief Article)
September 1, 2004... Freddie Mac plans to make more revisions to its servicer performance profiles, a company executive told attendees at the Western States Loan Servicing Conference here. Beth Luth, manager of customer relations at Freddie Mac, said servicers...

Justice Says Treasury Can Cap GSE Debt.(Brief Article)
September 1, 2004... The Treasury Department has obtained a legal opinion from the Justice Department that clarifies its authority to limit the debt issuance of Fannie Mae and Freddie Mac. Treasury officials have not made the legal memo public and so far they...

Top Subservicers at 6/30/04.(Brief Article)(Illustration)
September 1, 2004... (Dollars in Millions) (part 1 of 2) Rk Organization Name Location 1 Dovenmuehle Mortgage (E) Schaumburg, IL 2 Wells Fargo Home Mortgage San Francisco, CA 3 Cenlar FSB ...