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Hammered HomeSide 'On the Block'.(Brief Article)
It's been a cruel summer for HomeSide Lending here, the nation's sixth largest residential servicer.
Not only is the foreign-owned mortgage banker on the auction block, but its parent bank has written down is value by a stunning $2.2 billion.
As Mortgage Servicing News went to press this month, the industry was abuzz with talk of its writedowns and how things turned sour there so fast.
According to industry sources familiar with HomeSide's business, the once proud lender wrote a prescription for its own demise by overpaying for mortgage servicing rights, relying too much on the correspondent channel and not being properly hedged.
When refis continued to gather steam this summer, it got walloped - and good.
Its owner, National Australia Bank is now trying to sell the company.
To boot, NAB recently canned HomeSide's three top officers: chief executive Hugh Harris, president Kevin Race and chief financial officer Blake Wilson. None of the three could be reached for comment.
- HomeSide, Inc. Reports Record Earnings For First Fiscal Quarter 1998
- Press release article from: PR Newswire June 16, 1997 700+ words
...favorable effect on HomeSide's loan servicing...Amortization of mortgage servicing rights decreased...operating subsidiary, HomeSide Lending, Inc...In May 1996, HomeSide acquired the mortgage servicing operations, assets...
- HomeSide, Inc. Reports Sixth Consecutive Quarter of Record Earnings for Second...
- Press release article from: PR Newswire September 15, 1997 700+ words
...annualized basis. Mortgage servicing fees increased...1998. Although HomeSide's credit-related...In May 1996, HomeSide acquired the mortgage servicing operations, assets...Jacksonville, Fla., HomeSide originates or...
- HomeSide, Inc. Reports Fourth Quarter And Fiscal 1997 Earnings
- Press release article from: PR Newswire April 2, 1997 700+ words
...and CEO, Joe Pickett. "HomeSide began operations on March...subsidiary. On May 31, 1996, HomeSide acquired the mortgage servicing operations, assets and proprietary...in late January 1997, HomeSide completed an initial public...
- HomeSide Lending Inc. Seeks Space in Jacksonville, Fla.,.(Originated from The...
- Newspaper article from: Knight Ridder/Tribune Business News Mathis, Karen Brune June 26, 1996 700+ words
Jun. 26--HomeSide Lending Inc...Co. and the mortgage-servicing business of Barnett...new presence. HomeSide has issued a...bought Barnett's mortgage servicing business. As a result, HomeSide now processes...
- AUSTRALIA'S NAB MAKES US$292 MLN WRITEDOWN ON US-BASED HOMESIDE.
- News wire article from: AsiaPulse News July 5, 2001 700+ words
...book value of HomeSide's mortgage servicing rights and is...of years." HomeSide, the sixth largest mortgage servicing organisation...regulations. HomeSide has averaged...years and has a mortgage servicing book of $US187...
- National Australia Bank/HomeSide Announce Strategic Alliance With Banc One
- Press release article from: PR Newswire April 1, 1998 700+ words
...agreement for HomeSide Lending to acquire the mortgage servicing assets of Banc...transaction, HomeSide will rank as...sixth largest mortgage servicing company in the...3 billion. HomeSide's production...
- Chase looking at HomeSide?(Chase Manhattan Mortgage may acquire HomeSide...
- Magazine article from: Origination News Muolo, Paul October 1, 2001 700+ words
...turbulence in the mortgage servicing market." NAB paid $1.2 billion for HomeSide when it bought the...analysts as well as HomeSide's competitors are...sources familiar with HomeSide's business, the...by overpaying for mortgage servicing rights, relying too...
- HomeSide in subprime lending talks. (Brief Article)
- Magazine article from: American Banker La Monica, Paul R. June 18, 1997 700+ words
...but the leading contender to be HomeSide's partner is Equicredit, the...Inc. Barnett is a part owner of HomeSide. Last year, Barnett Banks sold its mortgage servicing operation to HomeSide in exchange for an equity stake...
