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HomeSide Veterans Mine Niche Market.(Brief Article)
When Phil Laren left HomeSide Lending here two years ago to start his own servicing firm, most people he told about the idea thought he was, well, a bit crazy.
After all, the servicing of residential loans increasingly has become a business dominated by mega-servicers that have at least $300 billion in receivables on their books.
Mr. Laren's new firm, First Palm Financial, has just $175 million in receivables. But not only are he and his partner - another ex-HomeSide executive Ann Mackey - happy, but the firm, he says, is already profitable.
How is First Palm doing it? According to Mr. Laren, there is a huge, undeserved market in small, niche servicing deals.
"Not only are there profitable opportunities in niche deals like 'Alt A,' jumbos and subprime, but there are very small conventional portfolios out there that for us make a lot of sense, but for others don't," he said.
He added that First Palm recently purchased a small servicing portfolio that was $2 million in size - just ...
- Former HomeSide Lending Executive Starts 'Mini' Servicer Business.
- Magazine article from: National Mortgage News Muolo, Paul February 11, 2002 700+ words
When Phil Laren left HomeSide Lending here...Laren's new firm, First Palm Financial, has just $175...already profitable. How is First Palm doing it? According to Mr...said. He added that First Palm recently purchased a small...
- Large Servicing Seller Hires Top Analyst.
- Magazine article from: National Mortgage News Muolo, Paul January 26, 2004 700+ words
...company's history of being a seller. Phil Laren, who took over as director of capital...Mr. Laren left his own firm, First Palm Financial of Jacksonville, Fla., to...own company, Mr. Laren said.) First Palm Financial, a specialty servicer, will...
- As Sale Nears, Top HS Official Leaves.
- Magazine article from: National Mortgage News Muolo, Paul December 3, 2001 700+ words
...George, who could not be reached for comment, is joining First Palm Financial Services, also of Jacksonville, a firm launched by former HomeSide servicing acquisition chief Phil Laren. Mr. Laren was Ms. St. George's supervisor at HomeSide...
- OSB Loses Another Executive.
- Magazine article from: National Mortgage News December 5, 2005 700+ words
CLEVELAND -- Phil Laren, director of capital markets for Ohio Savings Bank here, has left the company, the second top executive to depart the mortgage...
- Servicing Deals Are Heating Up.(Mortgage Servicing News )
- Magazine article from: Mortgage Servicing News February 1, 2005 700+ words
...Lederman, "sells most of what we originate" but also retains servicing for its portfolio. He and his capital markets chief, Phil Laren, believe more bulk portfolios will hit the market in the months ahead. At press time, Matrix Capital, Denver, was about...
- Servicing Deals Are Heating Up.
- News wire article from: Mortgage Line February 18, 2005 700+ words
...Lederman, "sells most of what we originate" but also retains servicing for its portfolio. He and his capital markets chief, Phil Laren, believe more bulk portfolios will hit the market in the months ahead. At press time, Matrix Capital, Denver, was about...
- Wells Buys $9B Servicing, Ohio Selling.
- Magazine article from: National Mortgage News January 17, 2005 700+ words
...Lederman, "sells most of what we originate" but also retains servicing for its portfolio. He and his capital markets chief, Phil Laren, believe more bulk portfolios will hit the market in the months ahead. Copyright 2005 Thomson Media Inc. All Rights Reserved...
- Palm Pays Back Loyal Customers Through New Referral Promotion; Incentives to...
- Press release article from: PR Newswire March 20, 2002 700+ words
SANTA CLARA, Calif. -- For all those Palm enthusiasts who wish they had a dollar for every time they recommended their Palm(TM) handheld to a friend or colleague, Palm, Inc. today announced the Palm Pays Back Promotion...
