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Inside Mortgage Trends

February 15, 2008

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Production Losses Moderate in 4th Quarter, Servicing Holds Up Its End of the Business

The severe losses reported by mortgage bankers during the third quarter of 2007 eased up a bit during the final three months of the year, but industry-wide performance remained in the red. At the same time, servicing operations... [Includes one chart and one graph] Read More

IndyMac Reports Fourth Quarter Loss, Tightens Lending Guidelines Further for 2008

IndyMac Bancorp last week reported a net loss of $509.1 million for the fourth quarter of 2007, giving the company a net loss of $614.8 million for the year, IndyMac’s first annual loss in its 23-year history. The lender earned $342.9 million in 2006... Read More

Wachovia Stands by Option ARMs Despite Mounting Losses, Expects Product to Be Profitable in 2008

Wachovia isn’t backing away from its option adjustable-rate mortgage program, even as losses in the portfolio mount. In a fourth quarter that was disastrous for nearly the whole mortgage banking industry, Wachovia reported net income of $51 billion, down... Read More

GMAC Considers Unloading ResCap After Five Consecutive Losing Quarters

GMAC is considering unloading its mortgage unit, Residential Capital, after the lender lost $921 million in the fourth quarter of 2007, its fifth consecutive losing quarter. On the year, ResCap posted a $4.35 billion loss, due primarily to “stresses in the... Read More

Proposed Increase in Conforming Loan Limits Could Boost Struggling Jumbo Loan Market

The strained jumbo loan market may get a boost from the temporary increase in the loan size limit for mortgages purchased by Fannie Mae and Freddie Mac that was just approved by Congress and President Bush. Some lenders see an opportunity... [Includes one chart] Read More

Thornburg Mortgage Rebounds in Fourth Quarter, Expects Growth in Wholesale Channel in 2008

Thornburg Mortgage reported $64.8 million in net income during the fourth quarter, rebounding from a disastrous third quarter, but not enough to put the jumbo loan specialist in the black for the year. The lender had a $874.9 million loss in 2007 compared... Read More

Mortgage Insurers Tighten Standards As Profits Continue to Plunge; More Losses Predicted in 2008

The private mortgage insurance industry continued to take a pounding in the fourth quarter, and that trend is likely to continue for the foreseeable future. Last week, Genworth Financial announced that its earnings dropped about 50 percent between 2006 and 2007, from $361... Read More

Mortgage-Related Direct Mail Dropped in 2007, Offers Shift from ARMs to Fixed Rates

The number of mortgage and home-equity offers mailed to Americans dropped sharply in 2007, according to new findings from Mintel Comperemedia. Lenders sent approximately 2.6 billion direct mail pieces during the year, down 30 percent from the 3.7 billion sent... Read More

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