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Inside Mortgage Trends

September 21, 2007

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Warehouse Funding Sources are Drying Up, But Some Lenders are Bucking the Trend

Sources of warehouse funding are drying up as the mortgage industry’s credit crunch continues to worsen, but not all warehouse lenders are running scared. This week, Washington Mutual, one of the largest warehouse lenders, reportedly... Read More

CardIt Aims to Profit by Processing Credit Card Payments for Cash-Strapped Mortgage Borrowers

A new company has launched a Web site that allows borrowers to make mortgage payments with their credit cards. CardIt acts as an intermediary, accepting payments from consumers, processing them, and forwarding the money to lenders and servicers. “The need for... Read More

PHH Sale Threatened as Investment Banks Lose Their Appetite for Funding Buyouts

The planned sale of PHH Corp., whose mortgage interests are promised to the Blackstone Group, is on the ropes after JPMorgan Chase and Lehman Brothers developed second thoughts about providing the necessary funding. Fears about the lender’s mortgage business are... Read More

Freddie Mac and American Home Mortgage Strike an Agreement on Servicing Rights

With thousands of homeowners’ mortgages hanging in the balance, Freddie Mac and American Home Mortgage Investment Corp. struck a deal this week under which Bank of America will temporarily service the loans. Freddie had seized millions of dollars from... Read More

Thrifts Continue to Reap Healthy Servicing Income From Smaller MSR Balances in Second Quarter

Thrift servicers continued to reap healthy income from their servicing business in the second quarter of 2007, and thrifts’ servicing income for the first half of 2007 was up 63.2 percent from the first two quarters of 2006... [Includes one charts and one graph] Read More

Community Bank Salaries Increased In Most Categories in 2006

Salaries at community banks increased for nearly all employees compared to the previous year, according to a recent survey by America’s Community Bankers. However, the growth rate could decrease next year if problems in the mortgage market persist. The survey... Read More

First Franklin Downsizes While Impac Suspends All Originations

First Franklin, the subprime lender some thought would shrug off the troubles that felled other companies, is laying off staff as its parent is set to take a hit to its third quarter earnings. Meanwhile, HSBC Finance announced just before press time that it... Read More

B of A Named Least Risky of Top Lenders, HSBC Bank Riskiest in New Study

The subprime storm that hit lenders across the credit spectrum is “probably nearing an end” according to a new report on lenders’ credit risk. The report suggests that most lenders in danger of failing due to poor underwriting have already failed and the rest... Read More

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