While mortgage lenders and servicers have certainly faced challenges over the past two years, their problems are negligible compared to the massive losses that have swamped the credit guaranty business. The worst housing recession in decades has already pushed Fannie Mae and Freddie Mac into government conservatorship, and the six remaining active private mortgage insurers... [Includes one chart and one graph]
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The mortgage banking profit picture for the third quarter of 2009 came into clearer focus as Flagstar and PHH Mortgage reported measurable declines in earnings and GMAC posted significantly lower losses than in recent quarters. Flagstar reported $94.5 million in net mortgage banking earnings, which includes gains on sales of mortgage loans and mortgage servicing... [Includes one chart]
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The Federal Deposit Insurance Corp. this week approved a final rule which would allow loans modified under the government’s Home Affordable Modification Program to retain their lower pre-modification risk weights and avoid higher capital charges. The other federal banking agencies are expected to follow suit. First adopted by banking organizations as an interim final rule in June, the final...
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Getting back into the mortgage banking business may not have been one of the top priorities when PNC Financial Group decided to acquire National City late last year, but company officials like what they see and have opted to integrate the operation. Ironically, PNC hired the same executive to manage the newly re-branded PNC Mortgage business who had been in charge of its mortgage...
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Amid low mortgage origination volumes and a slumping housing market, there is little impetus for outsourcing servicing as lenders try to reconnect with borrowers through improved customer service, industry observers say. Keeping servicing in-house is a great way to reestablish a direct, personal link with borrowers, some say. The pre-meltdown years...
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Chicago Bancorp, a $1 billion company that claims to be one of the nation’s largest independent retail mortgage bankers, continues to move forward to capitalize on some key opportunities in the marketplace and ride the momentum that’s been generated by a fairly shrewd and focused strategic vision over the last decade. During good times, the company has built its reserves so that...
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Investors trying to pull themselves back into the securitization markets are clamoring for more granular data to give them a complete look at the loans backing MBS, and a new solution provides unprecedented access to information on home-equity lines of credit and closed-end second liens. Equifax Capital Markets built on its foundation of products that allow investors to see...
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Wingspan Portfolio Advisors LLC, a mortgage servicer specializing in highly... EAS, a provider of property valuation and risk management solutions, has rebranded... Regulatory Information Security Compliance Associates released Legislation... Experian released its suite of “ability to pay” products – Income Insight and...
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