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Inside Mortgage Trends

July 3, 2008

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Thrifts See MSR Losses Mount in 2008, Mostly From Writeoffs at Two Firms

The thrift industry recorded a $133.7 million loss from mortgage servicing business during the first quarter of 2008, according to federal regulators, but most of the losses stemmed from two companies. According to thrift financial report data, revenue of servicing mortgages held by other investors – typically in mortgage securities pools – actually grew by about... [Includes one chart] Read More

Enterprise Risk Management Can Address Shortcomings in Mortgage Industry

Unforseen mortgage risks have bushwhacked many lenders over the past two years, but a New Jersey-based technology vendor says its Mortgage Enterprise Risk Management system allows companies to define, measure, analyze, improve controls and get better reports on operational risk performance. The service, used by Chase and IndyMac banks, is designed to return functions such as... Read More

Inadequate Liability Policy Is No Protection, Experts Say

There’s nothing more painful to business than a deep cut to the bottom line, and an inadequate liability policy can do you great harm, said experts at a recent Mealey’s conference on subprime litigation and insurance coverage. As subprime losses mount among primary and secondary market participants, experts are urging lenders to take a closer look at their existing liability... Read More

LenderLive Offers an Option for Lenders Looking to Expand Operations or Avoid Losses on Foreclosures

Increasing delinquencies and foreclosures have battered the value of servicers’ portfolios. While the market could take years to recover, one outsourcing provider suggests it can add value to deflated portfolios almost immediately. LenderLive Network, a business process outsourcing and technology provider for the financial industry, uses automated loss mitigation techniques to help... Read More

BofA and NatCity Unit Follow Different Stars; IndyMac Tries to Fight Off Negative News

The toughest housing downturn in decades continues to shape fortunes in the mortgage industry this week. At the top of the heap, Bank of America completed its acquisition of Countrywide Financial this week, putting a new name at the top of mortgage industry rankings. BofA had already signaled that it would steer clear of a lot of the business lines that led to problems for Countrywide, including... Read More

HUD RESPA Plan Could Improve Pricing, But Lenders Say Proposal Could be Better

Mortgage industry experts have offered mixed reviews of the Bush administration’s proposals to clarify the legal status of average cost pricing for settlement services arranged by lenders. The Department of Housing and Urban Development in March unveiled a controversial proposal to make sweeping changes to its regulation implementing the Real Estate Settlement Procedures Act. Although... Read More

Refinancing Troubled Borrowers into Conforming Loans Seen as Best Option

Mortgage servicers have been more concerned with loss mitigation than squeezing more profits out of their portfolio, and canny servicers are figuring out how to stem losses in a worsening housing environment. At the Securities Industry and Financial Markets Association’s MBS due diligence conference last week in New York, John Anderson, senior vice president of special servicer Quantum... Read More

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