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Inside Mortgage Finance

May 19, 2006

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Retail, Correspondent Channels See Biggest Quarterly Volume Declines in 2006, Shifting Strategies at the Top

Mortgage origination volume dropped substantially in all production channels during the first quarter of 2006, but the wholesale business held up somewhat better than retail lending. An exclusive Inside Mortgage Finance analysis and ranking shows several of the top lenders in the market have shifted gears in the shrinking originations environment – and more change is likely in coming quarters. … [Three data tables included] Read More

Ameriquest Changes Reflect Vision of New Mortgage Market – But Some Competitors Gamble It’s Wrong

A strategic shift by one of the subprime market’s largest players, Ameriquest Mortgage, has some competitors preparing to take advantage of what they see as a huge new opportunity to gain market share. But if Ameriquest is right, those opportunities may not be there. Ameriquest’s announcement last week that it had closed nearly 300 branches while shifting to a centralized retail origination model underscores a long-raging debate in the subprime market: how, exactly, borrowers… Read More

Regulators, Law Enforcement, Industry Ramp up Efforts To Combat Increasingly Sophisticated Mortgage Fraud

The Office of Federal Housing Enterprise Oversight, the safety and soundness regulator of Fannie Mae and Freddie Mac, will now share certain mortgage fraud data with the Financial Crimes Enforcement Network, or FinCEN, in another sign that greater efforts are being made to crack down on booming mortgage fraud. … Read More

Many Top Mortgage Banking Executives Saw Solid Gains in Compensation in 2005

Many mortgage banking executives posted solid increases in their compensation last year and they appeared to have earned their raises by overseeing increased profitability in their businesses. A new Inside Mortgage Finance analysis of corporate proxy statements showed several top industry officials had very good years in terms of compensation. At the top of the list, Angelo Mozilo, the co-founder and chairman/CEO of Countrywide Financial, earned a hefty $22.57 million in salary and bonuses last… [One data table included] Read More

Government Audit Finds FHA’s Credit Scoring Model Inferior, Not Used as Well as It Could Be

The FHA’s credit scoring model is outdated and inferior compared to its competitors, according to a new Government Accountability Office report. The findings underscore recent years of declines in FHA mortgage originations and product innovations. The GAO found that FHA’s Technology Open to Approved Lenders Scorecard, which evaluates the majority of new loans insured by the FHA, was based on outdated data when it was implemented in 2004. Additionally, the GAO said FHA has not… Read More

Industry Groups Try to Build Congressional Support for FHA Reform in Short Calendar

Mortgage and housing industry groups are pressing House lawmakers to line up in support of legislation to raise FHA loan limits and give the Department of Housing and Urban Development more flexibility in designing FHA programs. The Mortgage Bankers Association joined with the National Association of Realtors, the National Association of Home Builders, the American Bankers Association and six other trade groups in a joint letter urging support for H.R. 5121, the “Expanding American Homeownership… Read More

OFHEO Report on Fannie’s Management and Accounting Problems Ignite Efforts to Enact GSE Reform Legislation

The Office of Federal Housing Enterprise Oversight this week announced that on May 23 it will release a long-awaited report on the management and accounting problems at Fannie Mae, fueling speculation that lawmakers will resume efforts to reform the government-sponsored enterprises. Staff on the Senate Banking, Housing and Urban Affairs Committee say the OFHEO report on Fannie Mae was one thing lawmakers wanted to review before proceeding with GSE reform legislation. The Senate committee cleared… Read More

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