AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Interim Servicers Under Fire.
Washington -- Nonconforming lenders that sell their loans to Wall Street conduits are starting to express concerns about the quality of "interim" servicers.
One West Coast-based lender told National Mortgage News that he received a buyback notice on a mortgage he sold to an investment banking firm in the fall, but after contacting the consumer learned that the loan should have been current.
The executive, requesting his name not be used, said shortly after he received the buyback notice, "The loan payments for September, October and November all were posted on the same day - on Nov. 15."
He added, "All the paperwork was sitting on a desk in accounting or somewhere."
Executives who work in the nonconforming niche, speaking on the condition of anonymity, said some Wall Street firms have been so overwhelmed by their subprime and alt-A volumes that they aren't paying close enough attention to the newly originated loans they are buying.
One executive who works for at top-five-ranked warehouse provider described the back office of some Wall Street firms "as a total mess." However, no one is suggesting yet that the situation is a crisis. (According to figures compiled by this newspaper, subprime and alt-A funders originated a record amount of loans last year even though conventional production declined.)
A subservicing executive said he has heard "many stories ...
- Interim Servicers Under Fire.
- News wire article from: Mortgage Line March 4, 2005 700+ words
...their loans to Wall Street conduits are...quality of "interim" servicers. One West Coast...office of some Wall Street firms "as a...noted that some interim servicers "are better...also criticized Wall Street conduits for...
- Conduits See Servicing Issues.
- Magazine article from: National Mortgage News Muolo, Paul February 7, 2005 700+ words
...their loans to Wall Street conduits are...quality of "interim" servicers. One West Coast...office of some Wall Street firms "as a...noted that some interim servicers "are better...also criticized Wall Street conduits for...
- Wall Street Institute Opens 400th English Language Instruction Center.
- Press release article from: PR Newswire July 7, 2008 700+ words
...BALTIMORE, July 7 /PRNewswire/ -- Wall Street Institute, the world's premier provider...opened 27 new centers system-wide. Wall Street Institute currently operates in 27 countries...language of business," said Tim Daniels, Wall Street Institute's Chairman and CEO. "People...
- Wall Street's Other Book Value.(growing pool of writers among Wall Street...
- Magazine article from: Investment Dealers' Digest Rozens, Aleksandrs July 16, 2007 700+ words
...born of a rant about the long hours on Wall Street sent as an e-mail to friends. During...you will find books by all of these Wall Street dealmakers on book shelves. Some remained...others adopted a new career. Call it Wall Street's own Nouvelle Vague, professionals...
- Wall Street Systems announces enhancements to CLS functionality for all;...
- Press release article from: M2 Presswire October 11, 2004 700+ words
M2 PRESSWIRE-11 October 2004-Wall Street Systems: Wall Street Systems announces enhancements to CLS functionality...will be the first corporate to go live on CLS with Wall Street Systems in November 2004(C)1994-2004 M2 COMMUNICATIONS...
- Wall Street Systems to present its latest FX and third-party CLS functionality...
- Press release article from: M2 Presswire October 31, 2002 700+ words
M2 PRESSWIRE-31 October 2002-Wall Street Systems: Wall Street Systems to present its latest FX and third-party...COMMUNICATIONS LTD RDATE:10312002 Kuala Lumpur -- Wall Street Systems, Inc., a leading provider of global treasury...
- Wall Street Institute Showcases Unique English Language Instruction Method with...
- Press release article from: PR Newswire January 30, 2008 700+ words
...BALTIMORE, Jan. 30 /PRNewswire/ -- Wall Street Institute, the world's premier provider...wallstreetinstitute.com/. The site highlights Wall Street Institute's unique and proven instruction...teaching grammar out of a textbook. Wall Street Institute students learn how to communicate...
- Wall Street Systems launches FX Limit Orders Module and eOperations tool at ACI...
- Press release article from: M2 Presswire May 24, 2005 700+ words
M2 PRESSWIRE-24 May 2005-Wall Street Systems: Wall Street Systems launches FX Limit Orders Module and eOperations...RDATE:24052005 Stockholm, New York and London - Wall Street Systems, the leading provider of global treasury and...