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Servicing Crimps ResCap's Results.(Brief article)
New York -- ResCap, the mortgage lending division of GMAC Financial services, suffered a $2.3 billion loss in the third quarter mostly related to asset writedowns and loss on the sale of loans.
But servicing was also a factor in the companys weak results, as the company doubled its loss reserve compared with the year-earlier period. GMAC serviced $465 billion of home loans at the end of the third quarter, valuing its MSR asset $5.5 billion. Domestic mortgages accounted for $427.4 billion of the companys total home loan servicing volume.
As of Sept. 30, GMAC allowance for loan losses as a percentage of lending receivables was 3%, up from 1.45% a year earlier.
Non-accrual loans accounted for 13.1% of lending receivables at the end ...
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- Magazine article from: Real Estate Weekly May 18, 2005 700+ words
...announced that Popular Mortgage Servicing, a new subsidiary of...will relocate some 200 mortgage servicing employees to the Woodcrest...Hill, N.J. Popular Mortgage Servicing joins as lead tenant...
- Net Economic Value.(mortgage servicing)(Brief Article)
- Magazine article from: Mortgage Servicing News April 1, 2002 700+ words
Under Generally Accepted Accounting Principles, the best way to determine the value of a portfolio of mortgage servicing rights is to turn to the marketplace. Prices established by recent trades of similar portfolios are a company's first and...
- MSR Jolt Doesn't Derail M&T Bank.(mortgage servicing rights)(Brief Article)
- Magazine article from: Mortgage Servicing News December 1, 2004 700+ words
...hit on the value of the bank's mortgage servicing rights. Earnings per share were...funds to reflect the impairment of mortgage servicing rights, the bank said. That was...servicing portfolio. The bank's mortgage servicing rights are valued at $131 million...
- MSP Processes39 Million Loans.(Mortgage Servicing Package )(Brief article)
- Magazine article from: Mortgage Servicing News April 1, 2008 700+ words
...processing of loans serviced using its Mortgage Servicing Package on the first day of the...and services division of the FIS mortgage servicing division, in a news release. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All...
- Popular Financial Forms Servicing Unit.(Popular Mortgage Servicing Inc.)(Brief...
- Magazine article from: Mortgage Servicing News July 1, 2006 700+ words
...Holdings Inc. has created a new mortgage servicing subsidiary called Popular Mortgage Servicing Inc. The company said the new unit...it is headquartered. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All...
- Popular Unit Started.(Popular Mortgage Servicing Inc.)(Brief article)
- Magazine article from: Origination News June 1, 2006 700+ words
MARLTON, NJ -- Popular Financial Holdings Inc. has created a new mortgage servicing subsidiary called Popular Mortgage Servicing Inc. The company said the new unit is "the culmination of a strategic move for the company...
- Countrywide Praised For Low-Cost MSRs.(mortgage servicing portfolio )(Brief...
- Magazine article from: Mortgage Servicing News August 1, 2002 700+ words
...said in a recent report on the firm. And Countrywide's mortgage servicing portfolio "continues its long history of sequential monthly...Historically, Countrywide has been able to "manufacture" mortgage servicing rights through its production platform at a cost equal...
- MSRs Force Mystic To Revise Earnings.(mortgage servicing rights)(Brief Article)
- Magazine article from: Mortgage Servicing News October 1, 2003 700+ words
...four quarters to reflect "capitalization of the value of mortgage servicing rights." Mystic said the adjustment means that net income...June 30, 2003. Mystic said that it had monitored its mortgage servicing rights to determine whether the value of the asset was...
Source: HighBeam Research, Servicing Crimps ResCap's Results.(Brief article)