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Inside Nonconforming Markets

July 14, 2006

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Freddie Tops Agency IO Business in First Half

Freddie Mac and Fannie Mae maintained a healthy appetite for interest-only mortgages during the first half of the year – a period that saw many major players split their volume among the rival GSEs, a new Inside Alternative Mortgages analysis reveals. Combined, Fannie and Freddie purchased $76.32 billion in prime IO loans during the first two months of the year. That put the GSEs on pace to obliterate the record they set in 2005,… Read More

IndyMac Reverses Course on Reverse Loan Unit

On second thought, keeping its reverse mortgage unit in-house seems like a pretty good idea to IndyMac. The California-based lender made headlines earlier this year when it revealed plans to spin off its Financial Freedom reverse mortgage shop through an IPO, though it planned to keep a majority stake. But in a reversal, IndyMac said last week that it has decided to take a 100 percent stake in the business, making it a wholly-owned subsidiary.… Read More

Option ARM Risk Factors Vary, Greenwich Finds

The largest originator of option ARMs, Countrywide Financial, also has the most problems with late payments by its borrowers. That was one of the key findings of a recent study by analysts at RBS Greenwich Capital, which looked at delinquency performance on option ARMs securitized in 2004 and 2005, based on information in a database maintained by research firm LoanPerformance. … Read More

Deutsche Bank Purchase Continues Alt A Shift

A Wall Street investment bank, Deutsche Bank, hopes that a series of recent acquisitions will make it a major player in the alternative mortgage market. Last week, Deutsche Bank announced that it has agreed to pay an estimated $429 million to acquire wholesale lender MortgageIT. The New York-based lender operates out of 50 branches around the country and touts itself as one of the fastest growing lenders in the U.S., with originations that have… Read More

MILA Sees Opportunity in 50-Year Product

Another alternative mortgage lender is testing the waters with a 50-year loan product. But while Mortgage Investment Lending Associates, better known as MILA, prides itself on innovation, officials aren’t sure that there is much bang-for-the-buck in going beyond the half century mark. MILA rolled out its suite of 50-year products for its nonprime and Alt A loan programs in late June. On the subprime side, the 50-year option is offered on 2/6, 3/6, and… Read More

New Service Offers Audits on ARM Payments

A Florida-based firm is offering borrowers the chance to determine if they paid too much on their adjustable-rate mortgages by putting a new twist on an idea that has been around for a while – loan audits. “Adjustable rate mortgages involve changing index values and computer calculations that invite human and software errors,” cautions Mortgage Audit Services, a division of consulting firm Golden & Associates headquartered in Winter Garden, on its Web site. “You… Read More

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