Servicer Portfolios Up, Earnings Down

Author:  //  Category: Mortgage

The Mortgage Bankers Association reported that the average mortgage servicing portfolio was $6.2 billion in the second quarter.

The average increased from $5.6 billion three months earlier.

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AAA S&P Subprime Ratings Draw Sharp Criticism

Author:  //  Category: Mortgage

A decision by Standard & Poor’s Ratings Service to hand out a higher rating on a new issue of subprime residential mortgage-backed securities than it recently gave the U.S. Government is turning heads.

The New York-based ratings agency gave an AAA rating to Springleaf Mortgage Loan Trust 2011-1.

The deal is backed by $0.5 billion in subprime mortgages.

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AAA S&P Subprime Ratings Draw Sharp Criticism

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Per-Loan Earnings Better at Big Firms

Author:  //  Category: Mortgage

Lenders earned an average net of 33 basis points on production during the second quarter, the Mortgage Banker Association reported.

At smaller lenders, net production income was 25 BPS.

But earnings shot up to 35 BPS at bigger lenders.

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Per-Loan Earnings Better at Big Firms

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Alt-A Jumbo Offering

Author:  //  Category: Mortgage

Kinecta Federal Credit Union announced its new “asset utilization loan program.”

The product enables jumbo borrowers to count a share of their assets as income in order to qualify.

The program is reminiscent of Alt-A programs offered before such features were expanded to subprime borrowers.

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Alt-A Jumbo Offering

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$0.5 Billion in Agency Servicing Portfolios on Market

Author:  //  Category: Mortgage

Two mortgage servicing portfolios with agency loans totaling more than $0.5 billion are on the market.

The first portfolio includes $485 million in Fannie Mae mortgages.

The second is a $45 million Ginnie Mae portfolio.

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$0.5 Billion in Agency Servicing Portfolios on Market

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Problems Ahead for Reverse Mortgage MBS

Author:  //  Category: Mortgage

Moody’s Investors Service announced that it downgraded mortgage-backed securities filled with reverse mortgages.

The securities have a concentration of loans backed by California properties that have plummeted in value.

Expected liquidations at a time when home values have deteriorated are behind the downgrades.

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Problems Ahead for Reverse Mortgage MBS

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BofA’s Correspondent Exit Leaves Chase as No. 2

Author:  //  Category: Mortgage

Bank of America Corp. has decided to exit the correspondent lending business, according to the Wall Street Journal.

Nearly half of the company’s originations are generated through correspondent clients.

The move will likely leave JPMorgan Chase & Co. as the second biggest residential lender.

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BofA’s Correspondent Exit Leaves Chase as No. 2

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Resistance on BofA Settlement

Author:  //  Category: Mortgage

Borrowers and regulators have filed objections to the proposed $8.5 billion settlement with Bank of America Corp.

The objections came this week in U.S. District Court for the Southern District of New York.

Regulators made their filings as they seek more time to study the settlement.

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Resistance on BofA Settlement

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Chase On a Hiring Binge

Author:  //  Category: Mortgage

Chase is recruiting 700 people for mortgage servicing jobs in Texas.

Including production positions, the company has disclosed more than 1,600 hirings planned for the Lone Star state over the past 14 months.

Chase said earlier this year that it expected to add as many as 3,000 mortgage servicing jobs.

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Chase On a Hiring Binge

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Fannie Limits ARM Offerings

Author:  //  Category: Mortgage

Over time, Fannie Mae has expanded adjustable-rate mortgage programs to mirror ARMs available through the issuance of mortgage-backed securities.

But many of the ARM products have had little or no whole loan delivery volume.

So Fannie said it is streamlining the number of ARM products available for whole-loan committing.

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Fannie Limits ARM Offerings

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