Commercial banks reported $6.422 billion in net income from their mortgage banking activities during the second quarter of 2009, by far the most profitable period since the industry began including these data on bank call reports. That represented a huge 64 percent jump from the first three months of the year, when banks reported a combined $3.929 billion in...[Includes one chart and one graph]
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Fannie Mae and Freddie Mac are working to accelerate their funding and provide some much-needed help for mortgage originators as the stress experienced in the warehouse lending sphere continues, and more support may be forthcoming. “We’re providing liquidity to lenders in new ways so that they can keep making loans,” Fannie’s new president and CEO, Michael Williams, said last week during a...
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All the mortgage compliance changes that have either taken effect or are soon to take effect will leave a serious dent on financial institutions’ bottom lines unless Congress and the federal agencies can come up with one set of rules and guidelines that can be followed and implemented, according to compliance experts. Given that the changes are happening so close to each other, the expense...
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A new production platform can help lenders better integrate and manage their systems and minimize costly errors commonly caused when systems share data, critical goals in a rapidly changing regulatory environment. Relay, developed by Colorado-based Blueberry Systems in partnership with Denver retail lender Cherry Creek Mortgage, was fully implemented into Cherry Creek’s system late in...
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The secondary market opportunities for servicer advance receivables continued to improve, as Fitch Ratings added the collateral to its securitization rating criteria last week. Faced with mounting obligations to forward payments on default loans before they are reimbursed, more servicers are looking to securitize their future cash flows. Servicer advance receivables...
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Mortgage bankers saw significantly improved results in the first quarter of 2009 compared to the second half of last year, according to new data released this week by the Mortgage Bankers Association.The average net operating loss from production activity in the first quarter of 2009 was $1,725 per loan, according to the new MBA data. That marked an improvement over the average loss of $2,291 per...
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The mortgage industry is being pulled onto the Obama administration’s modification bandwagon, but there’s still disagreement over which kinds of mods are the most effective as re-default rates are still high. The Federal Deposit Insurance Corp. this week encouraged institutions that have acquired distressed mortgages as part of loss-share partnerships with the agency to...
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Loan Resolution Corp., a pre-foreclosure asset manager, recently announced that it has implemented an... Loan Sifter, based in Appleton, WI, recently announced a new Banker Edition of its product with... DebtMarket, an automated marketplace that connects buyers and sellers of loan portfolios... DocMagic Inc., developer of DocMagic, technology for compliant mortgage loan document...
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