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Inside Nonconforming Markets

November 11, 2005

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Alt A MBS Market Soars to Record Heights in 3Q

Issuance of securities backed by Alternative A mortgages soared to record heights during the first nine months of the year – a period when sky-high home prices across the country fueled strong borrower demand for a host of alternative mortgage products. Overall, $245.54 billion in new Alt A loans were securitized through the end of September, a 121 percent increase from last year’s nine-month mark. Putting that performance into perspective… Read More

Alt Loans Grow Footprint – But Profit Margins Dip

The story of the mortgage market in 2005 is largely written, with a little less than two months left to go in the year, and the growth of the alternative mortgage market is one of its major themes. In fact, aside from congressional efforts to check the growth of Fannie Mae and Freddie Mac – a campaign that has gained steam recently – no mortgage-related issue has garnered more headlines this year... Read More

IndyMac Finds Success in Alternative Niches

One of the largest originators of option ARM products says that its borrowers appear to be showing a lot of savvy in managing their finances. During the third quarter of this year, IndyMac originated $4.29 billion in new option ARMs loans, a total equal to 30 percent of its total $13.97 billion in total mortgage production. In a recent conference call with shareholders, IndyMac officials said that the credit characteristics... Read More

HEL Underwriting Standards Stable, Banks Say

Despite growing concerns about their performance risks, banks haven’t made many changes in the way that they underwrite open-end home-equity loans. That was apparent in the Federal Reserve Board’s recent Senior Loan Officer Survey of Bank Lending Practices. Released last week, the poll indicates that banks have largely held the line on credit standards, interest rates and points and fees. In fact, just five out of the 55 banks responding... Read More

Co-op Bank Grows HEL Business With Cards

Is your home-equity business a David looking to compete with the market’s Goliath banks and finance companies? Consider home-equity credit cards as a way to even the playing field. That’s what National Cooperative Bank did, with its “equity plus” program, offered through its thrift subsidiary, NCB, FSB. “It’s a good example of how a small bank can offer the same services as big banks,” Chris Goettke senior vice president at... Read More

Catalyst Gives GMAC Residential Funding a Spark

Although little fanfare accompanied the rollouts, GMAC Residential Funding has released a slew of new or refreshed product offerings in a corporate-wide strategic initiative to transform the lender into a leader in the nonconforming and alternative mortgage markets. Dubbed the Catalyst Initiative, the project calls for redoing all the conduit’s guidelines and products to keep them current and more competitive, noted Robert Meachum, managing director and senior vice president of… Read More

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