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:
Child of The Money Store Emerges as a Force in Subservicing.(HomeEq Servicing)(Brief Article)(Statistical Data Included)
The Money Store may be gone, but its survivors are positioned to become a player in subservicing nonconforming loans.
Rating agencies have recently evaluated and approved HomeEq Servicing, the First Union division created to service The Money Store's loan portfolio and First Union's own home equity loans.
And now, HomeEq Servicing is offering to service loans for other lenders as well. And executives with the firm say that their investments in technology and innovative staff management allow them to offer superior service at competitive prices.
The company enters the subservicing business with plenty of experience in managing subprime and home equity loans. Its portfolio currently includes about 420,000 loans, or about $20 billion in outstanding principal balances.
Keith Becher, chief operating officer at HomeEq, said that when First Union decided to close down the loan origination operations of The Money Store in 1998, the decision left First Union with a lot of outstanding risk on its loan servicing portfolio. It was the job of the servicing unit to minimize First Union's losses on that $11 billion portfolio from The Money Store, which included many "scratch and dent" loans.
"The idea was to eliminate any risk in that portfolio or mitigate it as much as possible," Mr. Becher said.
The servicing division, now called HomeEq, beat First Union's loss goals, and did it while reducing the units budget by about 10%, Mr. Becher said, with technological innovations laying the groundwork for that success.
- S&P Adds HomeEq Servicing to Select Servicer List.
- Press release article from: Business Wire February 16, 2001 700+ words
...s today added HomEq Servicing Corp., formerly known as The Money Store, a wholly owned subsidiary of First Union National Bank, to its Select Servicer List. HomeEq Servicing Corp. is now a select Residential Subprime Servicer, a select...
- Barclays to lower servicing costs.(Barclays Capital)(Wachovia Corp.)(HomeEq...
- Newspaper article from: Asset Securitization Report Pyburn, Allison July 3, 2006 700+ words
...ABS market late last month through its plans to acquire HomeEq Servicing Corp. from Wachovia Corp. for $469 million. The acquisition...billion. HomeEq - once a part of home equity lender The Money Store - has a staff of 1,300 and a portfolio of about 30,000...
- Fitch Upgrades 1 RMBS Class from Money Store 1998-B.
- Press release article from: Business Wire April 6, 2006 700+ words
...asset-backed certificates from The Money Store, series 1998-B, pool III...mortgage loans were acquired by The Money Store, a subsidiary of Wachovia Corp., and are serviced by HomeEq Servicing Corp. (rated 'RPS1' by Fitch...
- HomeEq Seeks to Outsource Hard-Won Money Store Experience.
- Magazine article from: National Mortgage News February 11, 2002 700+ words
...Union took over The Money Store, the bank found it...evaluated and approved HomeEq Servicing, the First Union division...created to service The Money Store's loan portfolio...on that experience, HomeEq Servicing is offering to service...
- Feature: Barclays HomeEq Buy Caps ABS Integration Trend.
- Magazine article from: Investment Dealers' Digest July 3, 2006 700+ words
...the demise of the Money Store, which First Union...servicing leftover Money Store mortgages, but also...portfolio. By adding the HomeEq servicing business to its already...Wachovia, burnt by the Money Store experience, now focuses...
- Wachovia Subsidiary Renews Call-Center Lease in North Highlands, Calif.
- Newspaper article from: Knight Ridder/Tribune Business News August 23, 2002 700+ words
...Club for another six years. HomeEq Servicing Corp. extended its lease...leased the building to the Money Store for a call center. The announcement...McClellan Air Force Base. The Money Store was purchased in 1998 by...rose from the ashes of the Money Store," said Lyon, ...
- S&P Assigns HomEq Servicing Above Average Rankings.
- Press release article from: Business Wire July 16, 2001 700+ words
...Above Average ranking to HomeEq Servicing Corp. as a residential subprime...and formerly known as The Money Store, is a wholly owned subsidiary...controls. Since acquiring The Money Store platform and portfolio in...third-party clients as The Money Store portfolio ...
- Wachovia Unit to Keep Call Center, Base in North Highlands, Calif.
- Newspaper article from: Knight Ridder/Tribune Business News August 23, 2002 700+ words
...Club for another six years. HomeEq Servicing Corp. extended its lease...leased the building to the Money Store for a call center. The announcement...McClellan Air Force Base. The Money Store was purchased in 1998 by...rose from the ashes of the Money Store," said Lyon, ...
Source: HighBeam Research, Child of The Money Store Emerges as a Force in Subservicing.(HomeEq...