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Inside Mortgage Trends

May 29, 2009

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Top Mortgage Lenders Could See Gains From Acquisitions If Market Rebounds

A stronger-than-expected recovery in U.S. housing markets could yield a tidy income boost for banking organizations that acquired distressed mortgage lending operations during the industry’s massive upheaval. The industry’s top three mortgage lenders – Wells Fargo, Bank of America and JPMorgan Chase – all took on huge portfolios of distressed mortgage loans when they acquired failing... Read More

Bank United Joins List of Option ARM Victims

Florida-based BankUnited FSB last week became the latest option ARM lender to be dragged down by the severely distressed housing market and weakened U.S. economy. The company was shut down by the Office of Thrift Supervision. The Federal Deposit Insurance Corp. placed the failed bank and its $12.8 billion in assets as of May 2 into receivership. The FDIC said the agency and BankUnited will share... Read More

Monarch Shows Success of Community Lending

The well-publicized troubles of many of the nation’s largest mortgage lenders aren’t trickling down to smaller community banks, which have shown strong profits through the rough times in the housing market. Virginia-based Monarch Financial serves as a good example of the opportunity that community lending presents. Monarch’s net income was $1.06 million for the first quarter of... Read More

Strategist Leads Lend America to ‘Promised Land’

Call it business acumen, but Michael Ashley, chief business strategist of Lend America, saw the storm clouds gathering over the subprime mortgage market in 2005. Ashley, a two-time champion drag racer, saw that behind the real estate market boom was inflated property value fueled by easy financing. It was only a matter of time before the bubble burst because people were getting... Read More

Chase Stays in Warehouse Lending, Joining Others

After suffering $241 million in markdowns on its warehouse lending business last year, JPMorgan Chase seemed poised to bail out of warehouse lending entirely in 2009. But now the company has apparently reversed course, opting to provide lines of credit to only a handful of customers that sell mortgages to it on a correspondent basis. “Chase correspondents must have begun to... Read More

Web-based LOS Helps Boost Efficiency

The Obama administration’s mortgage stabilization efforts are undoubtedly going to result in a dramatic increase in business for lenders. Associated Software Consultants says its new product can help lenders find cost-effective ways to maximize the potential. ASC says its new PowerLender loan origination software system offers the flexibility and power associated with a loan origination... Read More

Banking Gains Made in 1Q09 May be Short-Lived

A mortgage revival in early 2009 helped boost bank earnings, but the gains may be short-lived, according to a new report from Fitch Ratings. Overall, the banks covered by the Fitch analysis saw a combined net income of $8.9 billion in the first quarter, versus an aggregate loss of $33.3 billion in the fourth quarter of last year... Read More

Bank Mortgage Income Rebounds in 2009

The top banking operations in the U.S. reported a hefty $3.149 billion in net income from their mortgage banking businesses during the first quarter of 2009, according to a new Inside Mortgage Profitability analysis of call report data. That reversed a dismal $5.486 billion net loss on... [Includes one chart and one graph] Read More

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