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Inside Mortgage Trends

February 6, 2009

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Mortgage Banking Profits Still Solid In Fourth Quarter Despite Losses

New data from several of the largest mortgage lending businesses appear to confirm that the overall industry posted solid profits during the fourth quarter, despite some hefty losses at a number of firms. A new Inside Mortgage Profitability analysis of earnings reports from nine lenders found that the group posted a combined $1.239 billion loss on... [Includes one chart and one graph] Read More

Capital Lifelines Reinvigorate Flagstar – For Now

On Jan. 30, just as Flagstar Bancorp’s fourth quarter investor/analyst call was winding down, bank executives learned that $516 million in fresh capital from two major sources had closed and been funded, extending a lifeline for one of the last large thrifts that continues to rely heavily on a mortgage banking model. One source was the Capital Purchase Program under the... Read More

Servicer Protection Measure Advances in Congress

It’s not often that an industry resists government efforts to provide legal immunity, but mortgage banking lobbyists remain cool to Congressional efforts to inoculate mortgage servicers from investor lawsuits over their loan modification efforts. The House Financial Services Committee this week approved legislation to create a “servicer safe harbor” that would protect lenders... Read More

Early Modification Key to Stemming Foreclosures

Loan modification efforts are paramount in the fight to help struggling borrowers stay in their homes. Rather than focusing on those homeowners on the brink of losing their homes, Austin Logistics is offering a program aimed at targeting at-risk borrowers before they become delinquent. In a joint effort, Austin Logistics, Convergys Corp., Bridgeforce Inc. and Collections... Read More

Profitability May Revive Under Bad Bank Proposal

Mortgage lenders may be on the verge of getting out from underneath the staggering weight of billions of dollars worth of deteriorating assets, under a comprehensive plan expected any day from the new administration. Industry sources say President Barack Obama will likely include some kind of plan to let banks get rid of distressed assets as part the... Read More

Service Offers Maximized ‘Collectible’ Value

Response Analytics is offering a solution to pricing distressed mortgage assets and improving portfolio performance by concentrating on “collectible” value. The Distressed Portfolio Management Solution looks at loan-level data and borrower behavior modeling to determine the value that investors and sellers can expect for assets in the current troubled market. “In existing mythology... Read More

FHA Boom Still Presents Opportunities

The FHA is coming off a record year in terms of market share, accounting for a record 31 percent of new mortgage originations during the final three months of 2008, and 17 percent for the year. Industry sources expect 2009 to present more chances to get in on the action. “I think if you’re not in now, why would you have waited?” said Brian Chappelle of industry consulting firm Potomac... Read More

Technology Briefs

The Mortgage Industry Standards Maintenance Organization is under new management, according to a statement released by... Overture Technologies announced the release of its Mozart for Special Servicing program, aimed at helping servicers deal with... Many lenders want to improve data quality in a cost-efficient way, which is what 1st Mariner Bank, a Baltimore-based retail... Read More

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