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Big Lenders Replenish No More Than 33%.(Brief Article)
Mortgage executives often like to say the best "true" hedge against servicing run-off is production. But an analysis of the nation's largest servicers reveals that none of the top-five servicers have replenishment ratios north of 33%.
Dime/North American Mortgage, Tampa, Fla., has the highest replenishment ratio, 69%, based on annualized production of $38.8 billion and housing receivables of $56.4 billion.
That's good news for Washington Mutual, Seattle, which is in the process of buying Dime.
WaMu, without Dime, has a replenishment ratio of 28%. However, that figure also excludes WaMu's purchase of Fleet Mortgage which didn't close until the second quarter. (Fleet Mortgage had a replenishment ratio of 29%, based on first-quarter production and servicing figures.)
The replenishment ratio is calculated by taking a servicer's total origination volume for the year and dividing it by housing receivables (servicing rights).
In theory, the higher the ratio, the better a firm can weather servicing "running off" caused by a refi boom.
There is a concern among some analysts ...
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