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Inside Mortgage Trends

May 4, 2007

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Mortgage Banking Profits Plummet In Turbulent First Quarter of 2007

Mortgage banking operations posted sharply lower earnings in the first quarter of 2007 as turmoil in the nonprime markets exerted a huge downward pull on profitability. A new analysis by Inside Mortgage Profitability of... [Includes one chart and one graph] Read More

Mortgagebrokers.com Expanding to U.S.; Fast-Growing Canadian Firm Seeks Broker Partners

Mortgagebrokers.com, a fast-growing Canadian mortgage company, is poised to move into the U.S. on a large scale, having retained an attorney to acquire the necessary state licenses. The company’s plan, which has brought it success in Canada, is consolidating... Read More

Opteum Suspends Wholesale, Conduit Business; American Home Posts First Quarter Loss

Citing a slumping secondary market for Alt A loans, Opteum has suspended the conduit and wholesale lending businesses of its subsidiary, Opteum Financial Services, and inked an agreement to sell a majority of its private-label and agency mortgage servicing... Read More

New Century Gives Up, FBR Takes a Hit, Option One Struggles With Financing

New Century Financial finally shut down its subprime lending unit late this week after failing to find a buyer, as the implosion of the subprime sector continues. New Century closed its lending operation, 2006’s second-ranked subprime lender according to... Read More

Expanding to Alt A and Conforming Loans Fails to Save Technology-Based Lender MILA

A fast rate of growth, astute use of technology and an effort to diversify from subprime lending failed to keep Mortgage Investment Lending Associates in business. The Mountain Lake Terrace, WA-based company closed its doors suddenly last month, apparently the first... Read More

CML Touts Success Amid Subprime Woes, Offers Rare Nonprime Second Mortgages

Creative Mortgage Lending, a wholesale lender specializing in Alt A and subprime lending, has dodged the bullet that cut down many of its peers. Blaise Dietz, co-president and co-chief executive officer at the Springfield, MI-based lender, attributes its success to a... Read More

New Washington Mutual Product Allows Borrowers To Reset Rates, Switch Between Fixed Rate and ARM

Washington Mutual is launching a new retail product that will reduce the need for refinancing and give its customers more control over their loan structure, it announced last week. The new product, called “WaMu Mortgage Plus,” allows borrowers to reset their fixed... Read More

House Approves Legislation Requiring Shareholder Votes on Compensation

The House recently approved legislation that would guarantee shareholders of public companies the opportunity to approve or disapprove their executive compensation plans in nonbinding votes. The “Shareholder Vote on Executive Compensation Act,” H.R. 1257,... Read More

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