Top Loan Servicers Who sends your mortgage statement? Bank of America is #1 with $2.1 trillion (20% of the market). Wells is #2 with $1.8 trillion (17% of the market). Chase has $1.4 trillion for about 13% of the market, Citi has about $700 billion for a 6% market share, and GMAC/Ally has about $300 [...]

Less Mortgage Volume, No Rate Spike Expected Mortgage traders are still reporting “below normal” trading volumes, whatever that means. Today we have already had the weekly MBA Mortgage Application Survey for the week ending May 28, which showed apps about flat but purchase apps falling for the 4th straight week. We all know that the [...]

Mortgage Fraud Categories Mortgage Asset Research Institute (MARI) states that reported incidents of mortgage fraud and misrepresentation by professionals in the mortgage industry are continuing to climb and increased by 7% from 2008 to 2009. Is it more fraud or better reporting of previously undiscovered fraud? Either way, MARI believes that mortgage fraud is “significantly [...]

Citi Revenue $25b in Quarter Citgroup announced earnings this morning with earnings per share of 15 cents versus a $0 expected. Revenue was $25 billion versus $21 billion anticipated. Like BofA’s, and Chase’s, these are solid results, but unfortunately overshadowed.

How Does an ARM Adjust? Holders of adjustable-rate mortgages across the country are demonstrating to complain that the rate used to calculate their loans has actually gone up. In some cases loan payments went up by 9%. “What is this ‘COFI’?” asked one borrower in California. “Next thing you’ll tell me is that the value [...]

Homebuyer Tax Credit Expiration Reminder Two nuns, a penguin, and a man with a parrot on his shoulder walk into a bar. The bartender says, “What is this – some kind of joke?” Not a joke are two key deadlines looking: the end of the first time home buyer tax credit is in sight, and [...]

Federal Home Loan Bank of SF Sues Dealers The Federal Home Loan Bank of San Francisco sued nine securities dealers alleging they misled it about the credit quality and risks of loans behind $19.1 billion in private-label residential mortgage-backed securities. Among several dealers, Credit Suisse, Deutsche Bank, JPMorgan Chase, and Bank of America were named [...]

‘The Situation’ On Jersey Investment Fraud If you ever thought Jersey Shore’s Mike “The Situation” Sorrentino was giving Jersey a bad name, consider this situation: Last week in New Jersey Wayne D. Puff, who ran a huge Ponzi scheme from 1998 through 2005, was sentenced to 18 years in federal prison and ordered to pay [...]

Treasury’s Unlimited Fannie/Freddie Backing Regardless of whether or not it is good or bad for our industry, or the debate about the timing of the announcement, on Christmas Eve the U.S. Treasury agreed to provide Fannie & Freddie unlimited capital as needed over the next three years. It is an effort to reassure the investors [...]

Economic/Market News Roundup The big mid-day news yesterday was the Fed’s announcement. They are leaving overnight rates unchanged, as expected, but the markets were more interested in the verbiage of the statement. “Economic activity has continued to pick up and that the deterioration in the labor market is abating. The housing sector has shown some [...]