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The Best of Times.
Last month, we fretted in this space about the prospects of another year of refinancing activity. It's happening, of course, and the fact that most mortgage companies are making up for servicing losses on the origination side of the business may be but small consolation for mortgage servicers.
Or is it. Most of the mortgage executives we've talked to recently are enthusiastic about the servicing side of the business. They're taking lumps on servicing now, but at the same time, they know that when rates rise, it's their servicing portfolio that will help them offset lost loan origination volume.
Just take a look at what some of the biggest players are reporting, buried in their quarterly earnings releases and not receiving the kind of attention that words like "impairment" and "amortization" are getting these days. Wells Fargo said that the average note rate on its MSR portfolio was 6.45% at the end of the first quarter, down 62 basis points. Countrywide reported an average coupon rate of 6.6%.
Sure, those numbers are "in the money" today - meaning many of those borrowers will refinance before rates edge up well above the 6% mark. But it's been many decades since huge mortgage banking firms had portfolios with such low average ...
- Ribboned writings.(NOT YOUR AVERAGE NOTE CARD)
- Magazine article from: Good Housekeeping May 1, 2006 700+ words
For a unique thank-you or get-well card, add a handmade touch. Start with a blank card, available at craft stores; use double-sided tape to attach pieces of coordinating ribbon. We chose sage velvet and green grosgrain with white polka dots. Write on!
- Rights reserved: even the best-laid plans can go amiss. But travel providers...
- Magazine article from: American Drycleaner Steingold, Fred S. June 1, 2003 700+ words
You're on a business trip, and the airline bumps you--then loses your suitcase. The car-rental rep gets you to buy insurance you don't need. And the hotel is overbooked, so the room you reserved isn't available. Business travel can be a pain--there's no telling what to expect. But one thing is
- Your rights reserved? The copy-protection battle will shape Apple's multimedia...
- Magazine article from: Macworld Peoples, Glenn February 1, 2006 700+ words
With its video-capable iPod and a new iMac designed to double as a home entertainment system, Apple is quickly becoming as much a multimedia company as a computer vendor. It has already sold more than 600 million songs and more than 28 million iPods, and it passed the one-million-videos-sold mark
- All rights reserved.... Well, maybe not: copyright in a Web world. (includes...
- Magazine article from: Searcher Ardito, Stephanie C. Ebbinghouse, Carol May 1, 1997 700+ words
STEPHANIE'S POSITION: INTERMEDIARIES VS. END USERS The influence of the Internet on the delivery of bibliographic and full-text databases to end users is a recurring discourse among independent information business owners and librarians. Commercial online services -- Knight-Ridder's DIALOG, Dow
- All rights reserved.(Apple Computer Inc., Apple Computer Inc. iTunes Music...
- Magazine article from: Macworld Snell, Jason June 1, 2005 700+ words
Back when Apple Computer promised Apple Records that it wouldn't switch from computers to the music industry, the idea that the two companies would ever be in the same business seemed silly. Yet today there's no telling where computers stop and music, movies, and television begin. The result is a
- All rights reserved: how the gene-patenting race is affecting science. (Cover...
- Magazine article from: Science News Wuethrich, Bernice September 4, 1993 700+ words
Since the National Institutes of Health first filed for patients on thousands of fragments of human genes in 1992, a sense of unease has permeated much of the international community of human geneticists. Perhaps it is just the disquiet that comes with sudden change and its unknown consequences -
- Mine's a beer (patent pending, all rights reserved). (Philippine brewer to...
- Magazine article from: The Economist (US) October 29, 1988 700+ words
HOW do you introduce a new beer into a market so completely dominated by one brand that when people order it they simply ask for beer? The answer of an enterprising Philippine brewer is to launch a beer that looks and tastes exactly like the monopoly product and give it the name "Beer". Asia
- At a Glance: Wells' MSR Portfolio Grows But Value Keeps Falling.
- Magazine article from: National Mortgage News July 21, 2003 700+ words
...6.21% March 30 $552 billion $4.2 billion 6.45% WAN = weighted average note rate. Source: Wells Fargo. Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.nationalmortgagenews...
Source: HighBeam Research, The Best of Times.