National Mortgage News articles from November 2005

National Mortgage News archives from November 2005

Inside Track.
November 7, 2005... EDITORIAL A Class Act 4 OPEN FORUM Realty Underwriting 4 STREET SMARTS Implications Of Rate Rise 5 TECHNOLOGY Arc Systems Automation Tool 6 HURRICANE AFTERMATH ...

Value Freefall from Cap Plan?
November 7, 2005... WASHINGTON -- The president's tax panel is officially running up the flagpole the recommendation that the mortgage interest deduction be capped at just $227,147 - for some loans - while eliminating tax breaks for second homes and home-equity...

Servicing Strong At Quarter's End.
November 7, 2005... WASHINGTON -- With interest rates rising - which reduces "runoff" rates - it appears that residential servicers are finally seeing some traction on their balances. According to preliminary survey figures compiled by National Mortgage News,...

Top Servicers at 9/30/05 (A Sample).
November 7, 2005... ($ in Millions) (part 1 of 2) Servicing Volume Organization Name 9/30/2005 9/30/2004 Cimarron Mortgage $692 $821 CitiMortgage, Inc. ...

Calyx, Ellie Mae Settling Lawsuit.
November 7, 2005... SAN JOSE, CA -- After a year and a half of legal wrangling, broker point-of-sale companies Calyx Software here and Dublin, Calif.-based Ellie Mae have agreed to settle their dispute out of court. A joint statement was made in which both...

Fannie Purchases Strong.
November 7, 2005... WASHINGTON -- Even though Fannie Mae is still working its way through an $11 billion accounting scandal, it appears the congressionally chartered mortgage giant might be turning the corner, at least financially. The company acquired $70.6...

Fannie Mae Holdings/Purchases 2005.
November 7, 2005... ($ in Millions) (part 1 of 2) Year/ Mort. Port Portfolio MBS Month Holdings Growth Rate Purchases Jan '05 $890,834 -16.80% $451 Feb $875,245 -19.10% $538 ...

House Chair Oxley Retiring.
November 7, 2005... WASHINGTON -- Rep. Mike Oxley, R-Ohio, chairman of the House Financial Services Committee, will retire late next year when his 13th term expires. Under current House rules, Rep. Oxley, who has chaired the panel for seven years, is required...

Gulf Realtors Keep the Faith.
November 7, 2005... More than 250 Realtors from Louisiana, Mississippi and Alabama, many of them in the process of rebuilding their lives and livelihoods after Hurricanes Katrina and Rita, joined their colleagues from across the country in San Francisco recently...

Powell Will Lead Hurricane Recovery Effort.
November 7, 2005... WASHINGTON -- Federal Deposit Insurance Corp. chairman Don Powell said he will resign from the agency to oversee the Bush administration's cleanup of the hurricane-ravaged Gulf Coast region. Mr. Powell, though, did not specify a departure...

MBA Achieves $8 MM Surplus.
November 7, 2005... WASHINGTON -- Not only did the residential finance sector have a good year in 2004, but its chief trade organization, the Mortgage Bankers Association, posted a revenue surplus of $8.7 million. According to its tax return, the trade group...

Correction.(Correction Notice)
November 7, 2005... In the Oct. 31 issue of National Mortgage News on page one, the first name of the chairman of Fannie Mae inadvertently was given incorrectly. Daniel Mudd chairs the government sponsored enterprise. We apologize for the error. (c) 2005...

Cendant Moves into Title Business with Texas Acquisitions.
November 7, 2005... MOUNT LAUREL, NJ -- Cendant Settlement Services Group is entering the title underwriting business through the acquisition of several interrelated Texas companies. CSSG is entering its initial venture as a sole owner and operator of a title...

CUNA Racks Up $1B In AH Commitments.
November 7, 2005... WASHINGTON -- The Credit Union National Association and 61 member institutions have committed at least $1 billion to fund a low-income, first-time homebuyer program offering below-market-rate ARMs. At a press conference here last week, CUNA...

A Class Act.
November 7, 2005... Former President Jimmy Carter's appearance at the recent Mortgage Bankers Association annual in Orlando shows why he is a class act and the best ex-president we've ever had. If you think monetary gain is what prompted a man in his eighties...

Realty Underwriting a Concern.
November 7, 2005... Gov. Bies recently addressed the National Bankers Association Annual Convention in Beverly Hills, Calif. Excerpts of her remarks are presented as our Open Forum. While credit performance has been very strong lately, and banks of all sizes...

Rates Continue Climb, Housing/Loan Purchases Soften Slightly.
November 7, 2005... The average long-term mortgage rate as tracked by Freddie Mac and the long-term rate-indicative 10-year Treasury yield as tracked by Yahoo! Finance continued to trend upward last week, leaving the latter at about the same level as its high for...

Amherst Funding Implements ARC Systems' Automation Tool.
November 7, 2005... AUSTIN, TX -- A loan servicer specializing in A-paper and alt-A loans recently realized it needed a way to handle higher volumes of loan information without having to dramatically increase staff. In order to do this, however, the servicer...

Interlinq Enhances Point-of-Sale Connectivity with New Release.
November 7, 2005... BELLEVUE, WA -- Harland Interlinq here has upped the ante by releasing its E3 Origination Client to seamlessly connect the point-of-sale to its E3 loan origination product. "There are a couple of things that drove us to build this,"...

Minton Warns Against Vendors Who Claim MISMO Compliance.
November 7, 2005... ORLANDO, FL -- Gabe Minton, vice president of technology for the Mortgage Bankers Association, sent out a strong message at the recent MBA annual here warning that vendors who claim they are MISMO compliant may in fact not be. "There is a...

Credit Union Opens Home Loan Shop.
November 7, 2005... DUBLIN, CA -- Technology Credit Union has opened its first retail mortgage store here aimed at growing the company organically throughout the San Francisco Bay Area. The Tech CU mortgage store will service the Tri-Valley housing region of...

New Laws Spur Deployment of Business Rules Management Engines.
November 7, 2005... ORLANDO, FL -- Some say that a barrage of new laws and regulations coupled with the rapid pace of technology change means lenders can no longer survive without providing business managers the ability to quickly deploy enterprisewide rules...

Brokers a Target For Outsourcing.
November 7, 2005... ORLANDO, FL -- Technology is enabling a shift in the way the mortgage origination business is being done, including allowing for outsourcing at the lowest level of the process, the mortgage broker. "There is pent-up demand for outsourced...

Freddie Offers 12-Month Katrina Relief.
November 7, 2005... MCLEAN, VA -- Freddie Mac is suspending mortgage payments and providing other short-term financial relief to borrowers affected by Hurricane Wilma. Servicers may reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie...

Fifth Third Extends Disaster Relief.
November 7, 2005... NAPLES, FL -- Fifth Third Bank is offering disaster relief programs for customers and small businesses impacted by Hurricane Wilma. "It is critical for us to proactively offer solutions for our customers as they rebuild both their homes,...

MS Governor Wants More Help.
November 7, 2005... WASHINGTON -- Mississippi Gov. Haley Barbour is urging Congress to set aside funding for residents whose homes were destroyed or severely damaged in flooding caused by Hurricane Katrina. The Republican governor is seeking $38 billion for...

College Helping Relocate Victims.
November 7, 2005... GREENSBORO, NC -- Bennett College and Freddie Mac are joining forces to help hundreds of families and students who are relocating here because of Hurricane Katrina. Freddie Mac is donating $150,000 to Bennett College to fund a new Family...

MBS Deal Sees High Losses.
November 7, 2005... NEW YORK -- Class B-1 of Asset Backed Securities Corp. series 1999-LB1 has been downgraded from BB to CCC by Fitch Ratings. In addition, Fitch affirmed the ratings on four other classes in the ABSC deal. The rating agency attributed...

Fink To Enter FIAS Hall of Fame.
November 7, 2005... NEW YORK -- The Fixed Income Analysts Society plans to induct Laurence Fink, chairman and chief executive officer of BlackRock and one of the first mortgage-backed security traders on Wall Street, into its Hall of Fame as part of its 11th...

Fiserv, First American Consolidate Settlement Units.
November 7, 2005... NEW YORK -- A pair of the nation's largest settlement services providers have made internal mergers each says will help enhance service levels provided to mortgage lender customers. First, Brookfield, Wis.-based Fiserv Inc. combined...

MFA's Net Falls As Rates Climb.
November 7, 2005... NEW YORK -- Mortgage-backed securities investor MFA Mortgage Investments Inc. generated net income of $6.3 million in the third quarter, compared to $18.7 million during the same period last year. Like many of its peers, the company said market...

C&F Bank's Profit Edges Up.
November 7, 2005... WEST POINT, VA -- C&F Financial Corp., the one-bank holding company for C&F Bank, reported third-quarter net income of $3.4 million, compared to $3.1 million for the third quarter of 2004. C&F's net income for the first nine months of 2005 was...

FCS Sees Higher Quarterly Results.
November 7, 2005... NEW YORK -- The Farm Credit System earned $530 million in the third quarter, up from $487 million a year earlier. "The system continues to report solid earnings due to the overall strength in the agricultural sector that has been sustained...

Bimini to Buy Back Stock.
November 7, 2005... VERO BEACH, FL -- Bimini Mortgage Management's board has authorized the company to buy up to 1.8 million of its common stock, accounting for about 9% of its class A shares, at market prices. The company also said it will continue to release...

IndyMac Claims 'Best' Quarterly Results Ever.
November 7, 2005... PASADENA, CA -- If mortgage companies are facing a "challenging rate environment," as many executives have asserted in recent earnings reports, you wouldn't know it from the performance of IndyMac Bancorp. IndyMac earned $79.3 million, or...

Cross-Border Deals Gain Foothold with Recent Transactions.
November 7, 2005... NEW YORK -- A fledgling market for cross-border housing finance-related securitizations from Mexico has gotten underway in the past year, according to an analyst from Moody's Investors Service here. As of press time, at least three rated...

Trepp Finds Niche In Europe's CMBS.
November 7, 2005... 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...

Bank One Sees Potential in Low-Mod Market.
November 7, 2005... DETROIT -- J.P. Morgan Chase-owned Bank One is boosting its involvement in affordable housing, hoping to open doors for low- to moderate-income Detroiters while increasing its originations among all types of customers. Affordable housing...

CFED Earmarks Funding for Manufactured Housing Ownership.
November 7, 2005... WASHINGTON -- The Corporation For Enterprise Development has launched the first phase of its "Innovations in Manufactured Homes" multiyear initiative that offers affordable manufactured homes through the "I'M HOME" program. Grants and...

Promotion Spotlight: Kim Kendrick.
November 7, 2005... 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...

LaSalle: Customer Service Is Key.
November 7, 2005... DETROIT -- The top lender in the Detroit area, ABN Amro-owned LaSalle Bank, is crediting its customer service for its recent boost in deposit market share among Detroit retail bankers and for its longstanding reign as the No. 1 residential...

Fannie Adds Florida to Storm Relief.
November 7, 2005... WASHINGTON -- Fannie Mae has mortgage relief provisions in place for Florida borrowers facing hardships as a result of widespread flooding and damage caused by Hurricane Wilma. With Fannie Mae's disaster relief provisions, lenders can...

Detroit Market Prone to Loan Fraud.
November 7, 2005... DETROIT -- Detroit is a hot spot for cars and the upcoming Super Bowl, but in recent years, the Motor City, a competitive auto and housing market, is gaining popularity as a hot market for mortgage fraud. In an undercover sting, the...

U.S. District Court Sides with Radian.
November 7, 2005... PHILADELPHIA -- In a class-action lawsuit against Radian Guaranty Inc. here, a Federal District Court has affirmed its position regarding the commercial nature of mortgage insurance transactions. The ruling, in U.S. Court for the Eastern...

People.
November 7, 2005... CALIFORNIA Los Angeles-Metrocities Mortgage LLC has appointed Simone Lagomarsino as chief financial officer, chief administration officer and member of the board of directors. Ms. Lagomarsino comes to Metrocities with more than 20...

BoA Expands Florida Aid.
November 7, 2005... MIAMI -- Bank of America has expanded its disaster relief program to eight additional counties impacted by Hurricane Wilma that have not yet received declarations for individual assistance for aid from FEMA. The additional counties are...

Fiserv's Income Rises By 10% in 3rd Quarter.
November 7, 2005... BROOKFIELD, WI -- Data processing and information management system giant Fiserv here posted strong earnings for the third quarter, noting growth in its financial and lending businesses. Processing and services revenue for Fiserv was $925.3...

Illinois Regs Target Predators.
November 7, 2005... SPRINGFIELD, IL -- The Illinois Department of Financial and Professional Regulation has issued proposed regulations in connection with the state's House bill to establish a four-year predatory lending pilot program in as-yet-undefined Cook...

Top Servicers at 9/30/05 (A Sample).
November 7, 2005... ($ in Millions) (part 1 of 2) Servicing Volume Organization Name 9/30/2005 9/30/2004 Ivanhoe Financial, Inc. $698 $857 LoanCare Servicing...

Mortgage Industry Equity Composite.
November 7, 2005... MIEC Index: 152.0 Change: 7.1 (part 1 of 2) Company 10/27/2005 11/3/2005 Wkly. % Chg. Astoria Federal (AF) 27.12 27.89...

Inside Track.
November 14, 2005... EDITORIAL Nonprime On Track For...what? 4 OPEN FORUM FHA On GSEs 4 STREET SMARTS Affluent Buyers Pinched? 5 INTERNATIONAL MORTGAGES MGIC Changes Mind 9 ...

Fannie: More Mistakes.
November 14, 2005... WASHINGTON -- Fannie Mae - without providing financial estimates - revealed that it has found accounting mistakes in four additional areas: its guaranty business, certain mortgage insurance contracts, bookkeeping errors tied to the Low Income...

Big Shops Face Scrutiny.
November 14, 2005... WASHINGTON -- Many of the institutions flagged for possible fair lending violations based on the Federal Reserve Board's analysis of the latest Home Mortgage Disclosure Act data appear to be large national lenders. A Fed official said last...

Short Positions in Mortgage Stocks.
November 14, 2005... (See story page 3) (At Mid-October) (A sample) Company Industry Short Pos. % Chg. from Name Sector at 10/15/05 prev. month New Mortgage Trust REIT 46,385 ...

A Rebound for FHLB's MPF Program.
November 14, 2005... CHICAGO -- The volume of loans funded through the Federal Home Loan Banks' Mortgage Partnership Finance program rose 41% to $2.6 billion in the third quarter of 2005, compared to the previous quarter. Also during the quarter, 20 new FHLB...

Industry Spotlight: Jeffery W. Yabuki.
November 14, 2005... Fiserv Inc., Brookfield, Wis., has named Mr. Yabuki president, chief executive officer and a member of the board of directors effective on or before Dec. 1. Mr. Yabuki will succeed Leslie M. Muma, who is retiring as president and chief...

ACC Chairman Quits His Post.
November 14, 2005... WASHINGTON -- Ameriquest Capital Corp. co-chairman Roland Arnall has resigned, awaiting final Senate approval on his nomination to become the next U.S. ambassador to the Netherlands. A spokesman for the nonconforming loan giant told...

Pair Offers Bundling to Brokers.
November 14, 2005... NEW YORK -- Bundled services provider SharperLending and broker LOS TrueClose have integrated to make it possible for mortgage brokers to realize the benefits of bundled services without ever having to leave their system of record. "When...

Report: Real Estate 'Transition' Near.
November 14, 2005... LOS ANGELES -- Residential Capital Corp., Minneapolis, has "refined" the roles of its top executives. Mr. Paradis, previously co-chief executive officer, has been named the sole CEO of the company and Mr. Applegate, who previously shared CEO...

Mortgage Industry Employment Reaches New High in September.
November 14, 2005... WASHINGTON -- Even though the mortgage industry is bracing for an anticipated decline in production, employment in the sector surged to a new high in September, according to government figures. Mortgage banking and brokerage firms employed...

Laredo National Bank To Reimburse Borrowers.
November 14, 2005... WASHINGTON -- The Laredo (Texas) National Bank has agreed to pay at least $14 million to borrowers that were "harmed" by its mortgage subsidiary under a voluntary agreement with regulators. Under the agreement, the national bank will...

Wells Unit to Buy Secured Capital.
November 14, 2005... SAN FRANCISCO -- Eastdil Realty LLC, the real estate investment banking subsidiary of Wells Fargo & Co. here, has agreed to buy Secured Capital Corp., a privately held Los Angeles-based company in the same business. The combination will be...

At the Crossroads.
November 14, 2005... As the best and brightest in the subprime mortgage arena get ready to meet in Miami Beach this week for the SourceMedia Subprime Symposium, the industry appears to be at a crossroads. Part of this is just a function of being a part of the...

GSEs Need Strong Regulator.
November 14, 2005... Mr. Montgomery spoke at the recent Mortgage Bankers Association's 92nd Annual Convention in Orlando, Fla. Excerpts of his remarks as prepared for delivery are presented as our Open Forum. While the majority of HUD's focus has been on...

Some Affluent Demand Seen Waning; Rate Rise Decelerates.
November 14, 2005... There has been a lot of talk about how the purchase base for new loan products designed to help borrowers afford homes is the buyer segment to watch when it comes to the housing market's potential lapse in health. But, contrary to expectations,...

Computer Glitch Overstates Freddie's Earnings by $220 Million.
November 14, 2005... MCLEAN, VA -- Freddie Mac has reduced its net income for the first half of 2005 by $220 million, lowering reported net income to $1.4 billion from the $1.6 billion previously reported in the company's Aug. 31 financial release. But despite...

DoJ Cracks Down On DPA Charity.
November 14, 2005... WASHINGTON -- The Department of Justice is seeking an injunction against Partners in Charity Inc. as part of a crackdown on abusive downpayment assistance programs. The DOJ and the Internal Revenue Service filed the civil lawsuit to stop...

Lederman Heading to Countrywide.
November 14, 2005... CLEVELAND -- Industry veteran Jess Lederman has left his post at Ohio Savings Bank, according to the bank. Further inquiries as to whether the bank had named a successor and who that successor might be had not received a response at press...

Midwest Tops Foreclosure Ranks.
November 14, 2005... DETROIT -- As foreclosures decline in the South, the Midwest continues its streak of retaining some of the highest foreclosure activity in the nation. According to Foreclosure.com, during the month of October, Michigan had 1,847 new foreclosed...

MGIC Recruits Executive to Steer New International Strategy.
November 14, 2005... MILWAUKEE -- MGIC, after years of differing from its more global U.S.-based mortgage insurance peers by rarely operating outside the domestic market, has decided the time is right to revisit the global opportunities and has hired an executive...

South African Firm Is Rated.
November 14, 2005... NEW YORK -- Moody's Investors Service has assigned its first Servicer Quality rating in South Africa to South African Home Loans Ltd. The South African servicer received a Primary Servicer rating of SQ3+ from Moody's on a rating scale that...

D.C. Realty Veterans Form Investment Firm.
November 14, 2005... NEW YORK -- JOSS Realty Partners, a newly established real estate investment firm, has acquired two Washington office buildings. The company plans to invest in commercial properties in New York, Washington, Philadelphia and Southeast Florida....

MBA Sees Risk In FASB Change.
November 14, 2005... NEW YORK -- The Mortgage Bankers Association has commented on proposed changes to FASB 140, and is especially concerned the impact about the accounting treatment relating to transfers of financial assets. The American Securitization Forum...

Growing Fraud Concern Brings Scrutiny to Quality of Appraisals.
November 14, 2005... DETROIT -- As America's fraud crimes grow, mortgage industry watchdogs and professionals are keeping a close eye on appraisals. Now identified as the center and one of the most crucial parts of successful mortgage fraud rings, appraisers are...

Deal Turns Blue Star into Homebuilder.
November 14, 2005... SUGAR LAND, TX -- Blue Star Health Inc. has signed a definitive agreement to acquire Magnolia, Texas-based Gold Leaf Homes. Upon the closing of the transaction, the company will immediately file for a name and trading symbol to reflect that...

Economists Remain Divided on Extent of Risk to Housing Markets.
November 14, 2005... LOS ANGELES -- Three economists weighed in on the existence, or not, of a housing bubble in the U.S. economy at the Urban Land Institute's fall meeting here. Jeremy Rifkin, president, the Foundation on Economic Trends, Washington, expects...

Seattle Savings Bank Gains Recognition as Reverse Specialist.
November 14, 2005... 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...

Citing $9 Million in Katrina Losses, PMI Sees Lower 3rd Quarter Net.
November 14, 2005... NEW YORK -- The PMI Group Inc., Walnut Creek, Calif., said approximately $8.9 million in after-tax charges and reserves related to Hurricane Katrina reduced its third-quarter results. As a result, net income for the company was $95.7...

Iberiabank Is Back Up and Running.
November 14, 2005... LAFAYETTE, LA -- Iberiabank Corp. here reported one-time costs associated with hurricane-related activities and earnings for the quarter ended Sept. 30. During the quarter, the company incurred approximately $1.1 million in net charge-offs...

Margin Pressure Squeezes Anworth.
November 14, 2005... SANTA MONICA, CA -- Anworth Mortgage Asset Corp. here generated $3.5 million in net income available to common shareholders in the third quarter vs. $12.2 million during the same period last year. "During the third quarter, the increase in...

ZipRealty's Profit Rises 61%.
November 14, 2005... EMERYVILLE, CA -- ZipRealty here reported net revenue of $28.2 million for the third quarter ended Sept. 30, a 61% increase from $17.6 million in the third quarter of 2004. Net income for the third quarter was $2.9 million, compared to $1.3...

ECC Lowers Estimate Of First-Half '05 Loss.
November 14, 2005... IRVINE, CA -- ECC Capital Corp., a subprime mortgage real estate investment trust here, said it would be revising its six-month earnings to reduce its reported loss. Previously, the company reported a loss for the six months ended June 30...

R&G's Restatement Forces Dividend Cut.
November 14, 2005... SAN JUAN, PR -- R&G Financial Corp. here has slashed its dividend payout by 25.6% as the company works to complete a restatement of its financial results. The previously announced restatement affects R&G's results for 2002, 2003 and 2004. ...

Roundup: Michigan Bank Recoups Value from Servicing Rights.
November 14, 2005... IONIA, MI -- Due to service charges on deposits and mortgage loan servicing income, Independent Bank Corp. here reported an increase in earnings for the third quarter of 2005 with net income of $12 million, compared to $10.3 million for the...