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VA Specialist Keeps MSRs.
Mortgage Investors Corp. here, the largest VA refi specialist in the nation, has decided to keep the servicing rights it originates instead of selling its production servicing-released.
MIC, though, will not be doing the servicing chores itself. The privately-held mortgage banker has hired GMAC Mortgage, Horsham, Pa., as its subservicer.
"We will own the servicing rights, but GMAC will be the contractor," said MIC chief executive Bill Edwards.
In other words, when consumers sign onto MIC's website to check their mortgage account, they will see the MIC name, but GMAC will be doing all the underlying work.
"It's a total private label arrangement," said Mr. Edwards. The past two years, GMAC has made a big push into the subservicing arena.
MIC hopes to produce upwards of $6 billion in residential loans this year, almost all of it Veterans Administration refinancings.
It anticipates that its servicing portfolio will total at least $3 billion by year-end.
- Accounting for mortgage servicing rights. (Statement of Financial Accounting...
- Magazine article from: The National Public Accountant Ratcliffe, Thomas A. Stewart, Robert E. May 1, 1996 700+ words
...entitled "Accounting for Mortgage Servicing Rights." SFAS No. 122 amends SFAS No...accounting attributable to mortgage servicing rights associated with loan origination activities...retroactive capitalization of mortgage servicing rights related to transactions entered into...
- SFAS No. 122 eliminates inconsistencies in reporting mortgage-servicing rights....
- Magazine article from: The Ohio CPA Journal Jordan, Charles E. Clark, Stanley J. Li, June F. February 1, 1996 700+ words
...their mortgage loans but retain the servicing rights to these loans. Retaining the servicing rights benefits a bank in two primary ways...collections. Although many banks maintain servicing rights when mortgages are sold, the market...
- Accounting for mortgage servicing rights.
- Magazine article from: The National Public Accountant Reynolds, Brian M. September 1, 1995 700+ words
...No. 122, Accounting for Mortgage Servicing Rights, amending SFAS No. 65 (the third...the accounting treatment of mortgage servicing rights. The MBAA wanted the FASB to eliminate...accounting distinction between mortgage servicing rights chat are acquired through loan origination...
- Regulators asked to lift curbs on mortgage servicing rights.
- Magazine article from: American Banker Fox, Justin October 16, 1995 700+ words
...capping the amount of mortgage servicing rights that can count toward capital...thrifts to include the mortgage servicing rights they originate in regulatory...Previously, only mortgage servicing rights purchased from other originators...
- Pitfalls in new accounting rule on servicing rights. (Financial Accounting...
- Magazine article from: American Banker Ryan, Timothy F. July 27, 1995 700+ words
...capitalization of originated mortgage servicing rights and the creation of more conservative...for increased hedging of mortgage servicing rights. Basically, FAS 122 requires mortgage...or acquiring a loan and the related servicing rights. As a result, these costs, which...
- FASB rule change permits originated servicing rights to be counted as assets....
- Magazine article from: American Banker Fox, Justin May 16, 1995 700+ words
...Friday to allow lenders to count servicing rights on loans they originated as...Previously, only purchased servicing rights could be carried on the books...understanding the marketability of servicing rights," said Marti Sworobuk, a...
- Banks weigh servicing strategies: trading mortgage servicing rights may have...
- Magazine article from: ABA Banking Journal Cocheo, Steve October 1, 1993 700+ words
...and selling of mortgage servicing rights was a relatively small business...comes yet another fax on servicing rights, from a broker." NOT...and selling of mortgage servicing rights, once looked at askance...
- Servicing rights: still in demand. (mortgage servicing)
- Magazine article from: US Banker Muolo, Paul January 1, 1996 700+ words
...quarter of 1995, the transfer of servicing rights to loans purchased by the nation...indication to some that the market for home servicing rights is leveling off. After all, in the...capitalize" on their balance sheets the servicing rights to loans they originate. Previously...
