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Inside Nonconforming Markets

April 27, 2007

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Replacing Volume with Alternative Credit

As defaults and foreclosures continue to increase throughout the mortgage market, many lenders are looking for new ways to replace lost lending volume. For some, alternative credit reports may be an answer. Between 35 million and 54 million people would like to... Read More

Alt A MBS Issuance Slows in First Quarter

Issuance of Alt A mortgage-backed securities continued to increase in the first quarter of 2007, though at a much slower rate than in recent quarters, perhaps reflecting tightening guidelines throughout the secondary market. Still... [Includes two charts and one graph] Read More

IndyMac ‘Disappointed’ by Reduced Profits

IndyMac, the top Alt A lender in 2006, reported this week that its profits are down 34 percent for the first quarter of 2007 despite several changes to its lending and personnel structure. The company attributed the decline in profits to “spread widening caused by the... Read More

Wachovia Finding Success in Alt A

Wachovia Corp’s first quarter profits rose 33 percent from the same period a year ago due in part to its acquisition of Golden West and its option-ARM focused lending platform, the bank said this week, also citing lower than expected expenses. Wachovia’s success... Read More

Opteum Leaves Conduit and Wholesale Lending

Apparently rethinking its business strategies in the face of a slumping Alt A market, Opteum has decided to suspend the conduit and wholesale lending businesses of its subsidiary, Opteum Financial Services (OFS). Opteum, a Florida-based lender, has already stopped... Read More

WaMu Launches Increased Flexibility Product

Washington Mutual is launching a new product that will reduce the need for refinancing and give its customers more control over their loan structure, it announced this week. The new product, called “WaMu Mortgage Plus,” allows its borrowers to reset their... Read More

EverBank Purchases BNY Mortgage Company

EverBank, a private financial services holding company, recently announced it will purchase the Bank of New York’s interest in BNY Mortgage Company, a major reverse mortgage originator that was originally a joint venture between the two larger companies... Read More

HUD Clarifies HECM Collateral

The Department of Housing and Urban Development has clarified its definition of “existing properties” that may serve as security for FHA home equity conversion mortgages. According to Mortgagee Letter 2007-06, FHA now defines “existing properties” as “those... Read More