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Inside Mortgage Trends

July 27, 2007

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Originations Rise in Second Quarter While Earnings Picture is Mixed

A group of 27 large mortgage lenders just finished their best quarter in a year, as second quarter earnings attributed to their mortgage lending operations increased 29 percent over the first quarter, according to a review by... [Includes one graph] Read More

Production Surpasses Servicing Growth For Top Lender-Servicers in First Quarter

Mortgage origination volume began to rebound for the top lender-servicers in the first quarter of 2007, as their new production surpassed servicing growth, according to a new analysis by Inside Mortgage Profitability... [Includes one chart] Read More

Guidance Casts Serious Doubt on Profitability of Subprime Loans

Recently finalized federal guidance on subprime lending is causing lenders to abandon one of their most profitable products and the backbone of the sector. The rules are already starting to tighten in other ways, and a market segment that was a major revenue source... Read More

Wells Fargo Shuts Down Subprime Wholesale Unit; Others May Follow Suit

Wells Fargo this week abruptly shuttered its subprime wholesale division. The move follows the closure of the lender’s subprime correspondent division earlier this month, at which time Wells said it would continue to make wholesale and retail subprime mortgages... Read More

Equity Infusion Buys Time for NovaStar, But Stock Tanks as Investors Anticipated a Sale

NovaStar Financial recently received a commitment for a $150 million equity infusion, and the subprime real estate investment trust said it has concluded its previously announced exploration of “strategic alternatives.” NovaStar’s stock price actually fell 40.5 percent... Read More

Large Lenders Will Profit From Basel II Agreement; Basel IA Scrapped in Favor of Standardized Option

Large mortgage lenders will greet favorably the agreement reached last week by federal banking regulators on implementing the Basel II capital accord in the United States, which paves the way for a dramatic reduction in the amount of capital they will need to... Read More

SEC Agrees That Servicers Can Modify Loans Without Running Afoul of Accounting Rules

The Securities and Exchange Commission agrees with industry groups that servicers can use loan modification to mitigate losses on subprime mortgages without jeopardizing the accounting treatment most issuers rely on. Some securities experts had questioned... Read More

Repurchase Demands Sank MILA; Alliance Bancorp Files for Bankruptcy

Bankruptcy documents indicate that repurchase demands and decreased value of loans not yet sold into the secondary market sank Mortgage Investment Lending Associates. MILA which closed its doors abruptly in May without comment from company officials.The Mountlake... Read More

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