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Second-Lien Servicing Soars in 1Q07.
NEW YORK -- As opposed to residential second-lien lending, which saw flat results in the first quarter, second-lien servicing gained substantially over the same period, based on the top residential second-lien servicers' gains at March 31.
According to MSN's data affiliate, the top 25 second-lien servicers serviced $832.3 billion in seconds at March 31, an 87% gain from the $444.4 billion serviced in the year-earlier period. Out of the 25 servicers surveyed, 16 saw increases in volume. Also, of those 16, three saw triple-digit percentage increases.
The company to see the largest gain was Salt Lake City-based subprime specialist Select Portfolio Servicing, which serviced nearly $3.4 billion in seconds at March 31, a whopping 253% up from the $960 million it serviced in the same period the year prior. Ocwen Loan Servicing LLC, West Palm Beach, Fla., serviced $6.5 billion, up 223% from last year. Navy FCU, Merrifield, Va., serviced 130% more in seconds at the end of March compared to the end of March 2006.
Also, O'Fallon, Mo.-based CitiMortgage Inc. saw a 91% increase in servicing volume at March 31, compared to the same period the year prior.
Only four of the top 25 servicers ...
- Residential 2nd Lien Servicers At 9/30/07 (Sample).
- Magazine article from: National Mortgage News December 3, 2007 700+ words
($ in Millions) 2nds Serviced % Rk Organization Name Location at 9/30/07 at 9/30/06 Change 1 Accredited Home Lenders (BC) San Diego, CA $108 na na 2 America First CU Riverdale, UT $687 $619 11% 3 Branch Banking & Trust Co. Wilson, NC $5,629 $5,351 5% 4 Countrywide Financial Corp. Calabasas, CA
- Several Second-Lien Servicers Get Ratings.
- Magazine article from: Mortgage Servicing News August 1, 2006 700+ words
NEW YORK -- Several servicers of second lien loans and home equity lines have recently received new ratings or ratings upgrades. Among those upgraded is Select Portfolio Servicing, which was upgraded by Fitch Ratings. Fitch raised SPS' residential primary servicer rating to 'RSS2' from 'RSS2-minus'
- Top 2nd Lien Servicers at June 30, 2006.
- Magazine article from: National Mortgage News November 6, 2006 700+ words
($ in Millions) 2nds Serviced % Rk Organization Name Location at 6/30/06 at 6/30/05 Change 1 Bank of America Charlotte, NC $78,306 $65,952 19% 2 Chase Home Finance Iselin, NJ $76,742 $69,945 10% 3 Wells Fargo Home Mortgage San Francisco, $64,727 $55,989 16% CA 4 Countrywide Financial Corp.
- Top Residential 2nd Lien Servicers.
- Magazine article from: National Mortgage News October 11, 2004 700+ words
(Dollars in Millions) (part 1 of 2) Rk Organization Name, Location 1 Countrywide Financial Corp., Calabasas, CA 2 Bank of America, Charlotte, NC 3 Washington Mutual, Seattle, WA 4 Chase Home Finance, Edison, NJ 5 National City Bank, Cleveland, OH 6 CitiMortgage, Inc., O'Fallon, MO 7 GMAC
- Top Residential Second Lien Servicers at Dec. 31, 2004.
- Magazine article from: Mortgage Servicing News April 1, 2005 700+ words
(Dollars in Millions) (part 1 of 2) Rk Organization Name Location 1 Chase Home Finance Edison, NJ 2 Bank of America Charlotte, NC 3 Countrywide Financial Corp. Calabasas, CA 4 National City Bank Cleveland, OH 5 Washington Mutual Seattle, WA 6 CitiMortgage, Inc. O'Fallon, MO 7 GMAC Residential
- Top Residential 2nd Lien Servicers at 9-30-05.
- Magazine article from: National Mortgage News January 16, 2006 700+ words
($ in Millions) (part 1 of 2) Rk Organization Name Location 1 Chase Home Finance Iselin, NJ 2 Bank of America Charlotte, NC 3 Wells Fargo Home Mortgage San Francisco, CA 4 Countrywide Financial Corp. Calabasas, CA 5 CitiMortgage, Inc. (1) O'Fallon, MO 6 National City Bank Cleveland, OH 7 Washington
- Top Residential Second Lien Servicers at June 30; (Dollars in Millions).
- Magazine article from: HomeEquityWire September 1, 2009 700+ words
2nds Serviced % Rank Organization Name Location at 6/30/09 at 6/30/08 Change 1 Chase (1) Iselin, NJ $152,316 $94,938 60% 2 Bank of America (E) (2) Charlotte, NC $129,932 $129,308 0% 3 Wells Fargo & Co. San Francisco, CA $106,879 $75,261 42% 4 CitiMortgage Inc. O'Fallon, MO $57,643 $63,364 -9% 5
- Top Residential 2nd-Lien Servicers at 3/31/07.
- Magazine article from: National Mortgage News August 13, 2007 700+ words
($ in Millions) 2nds Serviced % Rk Organization Name Location at 3/31/07 at 3/31/06 Change 1 Residential Capital, LLC (GMAC) Minneapolis, MN $295,484 na na 2 Bank of America Charlotte, NC $89,857 $74,381 21% 3 Chase Home Finance Iselin, NJ $85,888 $74,610 15% 4 Wells Fargo Home Mortgage San
Source: HighBeam Research, Second-Lien Servicing Soars in 1Q07.