National Mortgage News articles from October 2003

National Mortgage News archives from October 2003

Inside Track.
October 6, 2003... OPEN FORUM Pre-Emption Has Deep Roots 4 COMMERCIAL MORTGAGES Michigan Legislature Moves to Block Takeover of Taubman 8 EQUITIES Analyst Suggests Time Is Right to Short Countrywide's Stock 11 UPWARD REVISION? ...

Heads Roll in WaMu Shake-Up.
October 6, 2003... Two top mortgage executives of Washington Mutual are out in the cold after the lending giant decided to realign the way it conducts business. Departing WaMu is Craig Davis, president of the thrift's home loans and insurance division, and...

GSEs Oppose Approval Plan For Products.
October 6, 2003... This week Congress begins to markup legislation that could bring historic changes to the way Fannie Mae and Freddie Mac are regulated, but late last week the mortgage giants were battling a proposal to place new product approval at the Treasury...

RBC Hinting At More Deals.
October 6, 2003... The acquisition-hungry RBC Mortgage Co., Chicago, last week closed on its $100 million purchase of Sterling Mortgage, indicating that its buying spree may not be over yet. Company president and chief operating officer Dave Matthews told...

RBC Buys Sterling & Increases Residential Market Share.
October 6, 2003... (Dollars in Millions) Lender Prod Vol Prod Rk Mkt Sh RBC Mtg (*) $11,513 44 0.41 Sterling Cap Mtg $4,013 94 0.14 Totals: $15,526 34 0.55 ...

GEMICO Gives Up Triple-A Rating.
October 6, 2003... GE Capital Mortgage Insurance Corp. here has decided voluntarily to move from being an "AAA" rated mortgage insurer to an "AA" rated one. Most of its competitors have an "AA" rating. Only United Guaranty Residential Insurance Corp.,...

MI Ratings.
October 6, 2003... UGRIC AAA GEMICO AA MGIC AA Radian AA PMI AA RMIC AA TRIAD AA Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com...

S&P Downgrades New York FHLB.
October 6, 2003... Standard & Poor's has lowered the Federal Home Loan Bank of New York's coveted "AAA" credit rating to "AA+" due to a $183 million loss on a sale of $1 billion in downgraded manufactured housing securities. "While the Bank has disposed of...

Pickel Foresees 'Wild West'.
October 6, 2003... National Association of Mortgage Brokers president A.W. Pickel III said that based on the comments he has heard, guaranteed mortgage packaging will be available to anyone. Speaking at the New Jersey League of Mortgage Lenders Conference in...

Lenders Urged to Obey Calling Rules.
October 6, 2003... The government's plans to enforce a do-not-call list and protect consumers from unsolicited telemarketing calls have been blocked by the courts, but Congress and the Bush administration are desperately trying to fix the mess. In the...

Lender Under Fire in 'Do Not Call' Case.
October 6, 2003... The attorney general of Pennsylvania, Mike Fisher, has filed a lawsuit against a Philadelphia mortgage company for violating the state's do-not-call legislation. The attorney general claimed that Liberty One Financial has been contacting...

New Century Settles with Splinter Firm.
October 6, 2003... New Century Mortgage here, one of the nation's largest subprime lenders, has settled a lawsuit it filed against Encore Credit Corp., a competitor created by former employees of the mega-lender. According to a statement released by New...

Allied Reaches RESPA Deal with HUD.
October 6, 2003... A nationwide mortgage brokerage firm has entered into a $370,000 settlement with the Department of Housing and Urban Development for allegedly tacking on additional charges to credit reports. Allied Home Mortgage Capital Corp., a net...

First American Adds Transamerica Units.
October 6, 2003... In a move underlining its initiative to offer bundled services to the mortgage industry, First American Corp. announced completion of its acquisition of Transamerica's real estate tax service and flood hazard certification businesses. The...

Countrywide Touts ARM Capabilities.
October 6, 2003... Adjustable-rate mortgages have been a focus throughout the years at Countrywide Financial Corp., said its chief operating officer Stanford Kurland. Now, the company wants to put out the word that "we are a dynamic force," in that product,...

NYC Equity Firm Buys DeepGreen.
October 6, 2003... Third Federal Savings and Loan here has inked a deal to sell its online home equity business to Lightyear Capital, a New York-based private equity firm, for an undisclosed sum. Third Federal launched the business, called DeepGreen Bank,...

COFI Falls Below 2% for First Time.
October 6, 2003... For the first time ever, the Eleventh Federal Home Loan District Cost of Funds Index has fallen below the 2% mark. As reported by the Federal Home Loan Bank of San Francisco, the index for August was 1.946%, down from July's 2.018%. COFI...

The Boomlet.
October 6, 2003... The recent weeks of drops in mortgage interest rates have been a welcome interval for a business that seemed to be on an ever more quickly rising rate elevator. The drop in the Freddie Mac 30-year fixed average below the psychologically...

Pre-Emption Has Deep Roots.
October 6, 2003... Mr. Hawke recently addressed Women in Housing and Finance in Washington xcerpts of his remarks are presented as our Open Forum. In my last talk, about a year and a half ago, I detailed the historical roots of pre-emption, reminding that...

Upward Rate Bias Wavering in Wake of Consumer Confidence Dip?
October 6, 2003... In my last column, I brought up the question of whether the relative decline in rates seen recently - when many have, in general, been anticipating an upward trend - has done any damage. Now I'd like to look at the question of whether that...

Delta to Redeem $11MM of Notes.
October 6, 2003... Delta Financial Corp. here will redeem all of its 9.5% Senior Notes due 2004 on Oct. 30, 2003. The aggregate redemption price, including principal and interest, is expected to be around $11 million. Delta said that after it redeems...

Origination Costs Rise for Some Lending Channels.
October 6, 2003... The overall costs to originate home loans among three major channels of business did not change drastically over the last 12 months, falling slightly from 139 basis points to 137, according to research by Fannie Mae. But the survey of 101...

At a Glance: Cost to Originate a Loan By Production Channel.
October 6, 2003... Correspondent: $2,144 Wholesale: $916 Online: $1,831 Source: Fannie Mae Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.nationalmortgagenews.com

Michigan Legislature Moves to Block Takeover of Taubman.
October 6, 2003... The Michigan State Senate has passed an amendment that clarifies the intent of the Michigan Control Share Acquisitions Act and makes a Simon Property-Westfield America takeover of Taubman Centers more difficult. According to an...

Terror Insurance Case Is Settled.
October 6, 2003... Ongoing litigation involving terrorism insurance, or the lack of it, on Four Times Square in Midtown Manhattan has been settled, a spokesman for the Durst Organization has confirmed, although he would not disclose the terms of the settlement...

Developer May Get Less Money for WTC Rebuilding than He Sought.
October 6, 2003... Larry Silverstein, the New York City real estate developer, has received a major setback in his efforts to get an insurance pay-out of about $7.2 billion on the collapsed World Trade Center properties. The United States Court of Appeals for...

Collateral Passes $1B in Volume.
October 6, 2003... Collateral Mortgage Capital has closed over a billion dollars in commercial and multifamily loan volume as of July 31. As of that date, the company's loan volume reached a total of $1.02 billion from 171 closed transactions, Collateral...

Analyst Suggests Time Is Right to Short Countrywide's Stock.
October 6, 2003... Oscar Gruss & Son issued a report on Countrywide Financial Corp. in early September that gives the company's stock a "reduce" rating, citing the expected decline from 2003 mortgage lending volume. Analyst Louis Meyer said that mortgage...

At a Glance: Countrywide's Stock.
October 6, 2003... 52-week high: 79.30 52-week low: 42.30 Oct. 1 open: 78.28 Source: Countrywide Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.nationalmortgagenews.com

Challenges Seen For Regional Banks.
October 6, 2003... An investment banking firm that recently initiated coverage of regional bank stocks says that macroeconomic fundamentals have weakened demand for many loan products and left the banks more exposed to potential real estate problems. ...

New Century Expects to See Its Business Keep Growing.
October 6, 2003... The chairman and chief executive of New Century Financial Corp., Irvine, Calif., told attendees at an investors conference here "the best is yet to come" for his company. Speaking at the Roth Capital New York Conference, Robert K. Cole...

At a Glance: New Century's 2nd Qtr Business.
October 6, 2003... Refinancing as % of Total: 77% Cash-Out as % of Refinancing: 80% Source: New Century Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.nationalmortgagenews.com

Fairbanks Faces Its Critics.
October 6, 2003... After months of being under fire from politicians, regulators and consumer advocates, a representative from Fairbanks Mortgage took some heat directly from a room full of the company's customers themselves in late August. About 200...

Accredited Closes Securities Deal.
October 6, 2003... Accredited Home Lenders Holding Co., San Diego, a national nonprime mortgage lender, has closed a securitization of approximately $416.8 million of first priority residential mortgage loans through its operating subsidiary, Accredited Home...

Ex-Wall Streeter Hamilton Lands at Lime.
October 6, 2003... Lime Financial Services here, a regional nonprime lender, wants to go national and has hired a former investment banker to achieve its goal. As National Mortgage News went to press last week, Lime had just announced that it had hired Zan...

Freddie Mac Delays Earnings Restatement.
October 6, 2003... Freddie Mac has delayed its earnings restatement date to November and now believes the new figure could exceed the upper level of its previous estimate of $4.5 billion. Originally, Freddie had planned to release its revised earnings for...

Treasury May Get FHLB Oversight.
October 6, 2003... Support for transferring the regulation of the Federal Home Loan Bank System over to the Treasury Department appears to be growing, but the real test comes this week when a congressional panel votes on a GSE regulatory restructuring bill. ...

Mortgage Industry Equity Composite.
October 6, 2003... MIEC Index: 174.5 Change: 4.9 (part 1 of 3) 9/25/03 10/2/03 Wkly % Chg Countrywide Financial Corp. (CFC) 77.93 82.00 5% Capstead Mtg.(CMO) ...

Publicly Traded 'Subprime' Related Firms.
October 6, 2003... B&C Stock Price Index: 219.8 Change: 8.8 (part 1 of 2) Company 52 wk/lo 52 wk/hi 10/2/03 Aames (AMSF) 0.43 3.47 2.75 American Business Fin. (ABFI) ...

Mortgage Software Solutions Upgrades Product.
October 6, 2003... A new feature added to The Mortgage Solution, the flagship loan origination and processing solution offered by Mortgage Software Solutions here, will allow originators to dynamically look up the status of a loan online. The upgraded...

MGIC Enhances Time Saver Service.
October 6, 2003... Mortgage Guaranty Insurance Corp. has released a second version of its online mortgage insurance ordering tool, MI on the Web. The company said the new version makes it faster and easier to order MGIC mortgage insurance and facilitates more...

Two More MI Firms Cutting Back.
October 6, 2003... Two more mortgage insurance companies are cutting back on captive reinsurance arrangements where they share premium revenue with their lender-customers. The MIs cutting back on captives are GE Mortgage Insurance, Raleigh, N.C., and United...

Lenders Looking for Ways to Beat Expected Lending Slowdown in '04.
October 6, 2003... Rates may have slipped recently, but with production estimates falling dramatically for the coming year, brokers and lenders need to consider new ways to keep their pipelines full. One alternative is to offer construction-to-permanent loans...

60-Day Locks Allowed on HECM Loans.
October 6, 2003... Effective immediately, lenders can offer a 60-day interest rate lock on Federal Housing Administration reverse mortgages for the first time. The Department of Housing and Urban Development announced the improvement to its Home Equity...

Capping 30-Year Tenure with MBA.
October 8, 2003... Unlike many of John Courson's recent predecessors, who didn't have businesses or even jobs when they finished their terms as chairman of the Mortgage Bankers Association, his company, like most in the lending business, has thrived over the past...

Sailing Along.
October 8, 2003... It fits that the Mortgage Bankers Association of America has picked harbor city San Diego for its annual convention this year, because the mortgage business has been sailing along smoothly for most of the time since last year's MBA meeting in...

Beach Boys Back in California to Perform at MBA Annual.
October 8, 2003... It was a Grateful Dead song that contained the line "What a long, strange trip it's been," but the Beach Boys could just as easily have written that legendary lyric, because they lived it. The band, which is set to perform Oct. 21 at the...

Attendees Cruise into Well Apportioned San Diego Convention Hall.
October 8, 2003... The San Diego Convention Center is readying itself for the Mortgage Bankers Association's 90th annual convention. About 5,000 of the mortgage industry's closest friends are expected to arrive here for three days in late October. A practiced...

Industry Anticipating What Martinez Will Say.
October 8, 2003... Given that Mel Martinez, secretary of the Department of Housing and Urban Development, has been associated with what - for some - has been a controversial proposal to reform the Real Estate Settlement Procedures Act, it is likely that when he...

Gore, Dole Set for Debate at MBA.
October 8, 2003... Former Sen. Bob Dole and former vice president Al Gore obviously have their differences, given that they come from opposing political parties. But they also have some things in common - and that has often led to spirited debate between them....

OK, What If a Fannie, Freddie or an FHLB Did Fail?
October 8, 2003... A few years back, I was having lunch with some folks who were involved, shall I say, with FM Watch (now called FM Policy Focus), a group whose mission in life is to block and check the alleged charter creep of Fannie Mae and Freddie Mac. ...

The MBA's Guide to Booth Assignments at the Convention Center.
October 8, 2003... Company Booth 1st National Bank of Arizona 1008 3S/RealServ Corp. 637 3T Systems, Inc. 517,...

The MBA's Scheduled Events for Its Annual Convention, Oct. 17-21.
October 8, 2003... Friday, October 17 State & Local Workshop Registration: America's Cup Foyer, Manchester Grand Hyatt San Diego Location: America's Cup Foyer, Manchester Grand Hyatt San Diego 10:00am - 1:00pm State & Local Workshop:...

Golfer Scores Wins On and Off the Course.
October 8, 2003... Johnny Miller's contributions to his sport go far beyond his work as a competitor on the golf course. As part of his commitment to strengthen junior golf, he formed the Johnny Miller Junior Golf Association, which opened the door for hundreds...

Triad President Is Convention Veteran.
October 8, 2003... Know how someone has been in the mortgage business a long time? Ask them how many Mortgage Bankers Association of America's annual conventions they have been to and they answer "too many!" That was the response to the question when it was...

Canadian Executive Looking for Partners in the U.S.
October 8, 2003... Andy Charles, a vice president of bank-owned mortgage brokerage and construction lender Home Loans Canada-CIBC Mortgages Inc., is coming south of the border to the Mortgage Bankers Association of America's convention in hopes of, among other...

First American Raises the Roof with Its Exhibit Hall Booth.
October 8, 2003... What is 40 feet by 40 feet for 1,600 square feet of interior space, two stories tall, and equipped with three plasma TV screens? It may sound like a high-tech starter home, but at this year's convention in San Diego it will be the First...

AccuPost Demos Post-Closing Technology at MBA Convention.
October 8, 2003... AccuPost PCS, a provider of post-closing technology and outsource services, is rolling out a new enterprise software solution designed to help mortgage lenders better manage post-closing activities on their loans. The company, which is...

Servicers Have Full Plate at the MBA Annual Show.
October 8, 2003... Mortgage servicing executives attending this year's annual convention in San Diego will have a chance to make a return trip in the near future. The MBA "National Mortgage Servicing Conference and Expo" will also be held in San Diego next...

FHLB-New York MPF Gearing Up for Possible Future Challenge.
October 8, 2003... The Federal Home Loan Bank of New York's Mortgage Finance Partnership program will not be affected by the recent problems with the FHLBank of New York's manufactured housing bonds, said the MPF program's vice president Robert Hearn. But...

U.K. Lending Execs Seek B&C Knowledge.
October 8, 2003... Two representatives from Birmingham Midshires, a fast-growing niche lender here, are hoping to learn more about the subprime market in the United States by attending the Mortgage Bankers Association of America's annual convention in San Diego....

Executive: FHLB-Chicago's MPF Effort Sailing Along.
October 8, 2003... As senior vice president at the Federal Home Loan Bank of Chicago, Frank Whalen is close to the action - and always moving swiftly. Mr. Whalen, who has headed day-to-day operations at the bank's Mortgage Partnership Finance program since...

Loan Protector Augments Outsourcing with In-House Tracking Control.
October 8, 2003... Like many vendors, Loan Protector Insurance Services, Solon, Ohio, expects the 90th Mortgage Bankers Association convention to be a great place to showcase new offerings. LP (www.loanprotector.com) has developed a new service called Electronic...

Washington Law Firm Planning San Diego Visit.
October 8, 2003... We're on the cusp of a very exciting time in the mortgage business, according to a Washington, D.C., attorney planning to attend the Mortgage Bankers Association of America's 90th Annual Convention. Robert Lotstein, managing partner of...

Netupdate CEO Says You Can Get Deals Signed at MBA National.
October 8, 2003... When Netupdate's Diane Holmstrom goes to this year's MBA convention in San Diego, she will be telling mortgage lenders and potential partners about the next-generation version of the company's flagship product, Originator Pro. She also will be...

Scott Lehrer Seeks to Help Make Smaller MBA Members Heard.
October 8, 2003... When Scott Lehrer gets in his car to drive to the MBA convention in San Diego, he will have a message for any officials he can find: Do more for the little guys. Over the years, Diamond Bar, Calif.-based First Mortgage senior leaders have...

Things to Do in San Diego When You're Attending the MBA Annual.
October 8, 2003... You're going to San Diego to work. Let's just say that upfront because everything below this is about all the fun you can have while you're at the Mortgage Bankers Association of America's 90th Annual Convention. I found so many exciting...

Going 'Absolutely Ape' and Taking the 'Polar Bear Plunge' at the Zoo.
October 8, 2003... Guests attending the Mortgage Bankers Association of America's 90th Annual Convention can take a side trip to the wild side and have a pretty good chance of going ape with a visit to the renowned San Diego Zoo. They'll be just in time to...

A City So Haunting You May Want to Make It a 'Second Second Home'.
October 8, 2003... Though I don't spend nearly as much time there as I used to, I still consider San Diego my second second home. My first second home is South Florida. That's where my folks moved in the early 1970s. They lived there about 10 years. But the...

Author David Sedaris in Town on Oct. 22.
October 8, 2003... Looking for something to do Wednesday night? Author and performer David Sedaris, whose best selling books include "Me Talk Pretty One Day," "Holidays on Ice," and "Barrel Fever," will be appearing at Spreckles Theatre, 121 Broadway in San...

Hungry? Local Cuisine Ranges from Seafood to Some 'Top Gun' BBQ.
October 8, 2003... No one attending the annual Mortgage Bankers Association of America's 90th Annual Convention in San Diego should leave town hungry. There are, of course, some who say San Diego dining is every bit as swell as San Francisco's - without all the...

Enter an Aquatic World Where the Fourth Dimension Can Be Explored.
October 8, 2003... Have you ever wondered what the day-to-day work of a dolphin handler entails or wanted to meet penguins and polar bears in their Arctic habitats? For convention attendees who want to mix business with pleasure, San Diego's SeaWorld offers these...

Want to Avoid Automotive Hassles? You May Want to Try the Trolley.
October 8, 2003... Tijuana is a good place to take a day trip for those who have some spare time before, during or after the Mortgage Bankers Association of America's annual convention. (See related story, page 41.) Getting there, however, is the issue....

Braving a Border Crossing to Find Shopping, 'Zonkeys' and Dining.
October 8, 2003... MBA convention goers visiting San Diego can make the occasion an international adventure with side trips to Old Mexico, less than 20 miles to the south where the world's busiest border crossing is the gateway to Tijuana. For those with...

After Dark, Light Up the Gaslamp, Go Belly Up and to Tijuana?
October 8, 2003... San Diego is justly recognized for its natural splendor - surfers and golfers alike flock there to take advantage of the abundance of beaches and blue-chip golf courses. But the urban municipality in Southern California (which is to say, a...

Go Beyond the Zoo: Take a Walk in the Museums of Balboa Park.
October 8, 2003... Most people think of Balboa Park as the home of the world-famous San Diego Zoo. (See related story, page 33.) But it's much more than that. This 1,200-acre expanse on the northeastern edge of downtown San Diego is a "green wonderland dotted...

San Diego Literary Scene Gets a Boost from Growing Library System.
October 8, 2003... Looking for a little quiet, "down" time during a break from the convention? Perhaps San Diego's main public library should be on your destination list. Located at 820 St., between Eighth and Ninth Avenues, about half a mile from the...

Adams Avenue A Book Lovers' Turf.
October 8, 2003... Book lovers may want to spend some time exploring the Adams Avenue book row, which runs from Kensington to Normal Heights and contains a number of new and used bookstores. The bookstores are especially concentrated between 32nd and 35th...

Looking for Sports? Try College Football.
October 8, 2003... If you are a professional sports fan and are looking for something to watch during the Mortgage Bankers Association of America's annual convention in San Diego, you might have to head to the nearest sports bar. College football fans though...

Old Globe Theatre Brings World Class Drama to Balboa Park.
October 8, 2003... Thinking about spending an evening at the theatre during the convention? Then San Diego's Old Globe Theatre may be of interest to you. Like many of San Diego's cultural attractions, the Old Globe is located in Balboa Park, and serves as the...

San Diego Provides a Forum for Discussing 'Smart Communities'.
October 8, 2003... San Diego may be the last place affordable housing developers look when researching the next great idea in 21st century housing. But I suggest they do. As early as 1993, a housing development committee brought together all the scholars on...

A Local 'Photo Opportunity'.
October 8, 2003... Art lovers interested in discovering unique collections of paintings, sculpture, photography or other artistic creations out and about San Diego and who want to take a break from the convention, have a lot to chose from. The Museum of...

Refinancing Rates: California's MSAs.
October 8, 2003... ($ in thousands) MSA Refi Production Name Rate Amount San Jose 79.40% $70,335,551 San Francisco 76.30% ...

Top Lenders in the San Diego MSA.
October 8, 2003... (Dollars in Thousands) (part 1 of 2) Rank Organization Name City 1 Washington Mutual Bank, FA Seattle 2 Countrywide Home Loans Rosemead 3 Bank Of America, N.A. ...