Mortgage Industry Insider - Weekly insight from MortgageDaily.com


DALLAS, November 6 /PRNewswire/ Senior mortgage banking executives recently delivered dour forecasts for the next year, according to coverage from MortgageDaily.com, the dominant source of online news for the mortgage industry.

Speaking at the recent annual conference of the Mortgage Bankers Association, the chairmen and CEOs of Freddie Mac, Fannie Mae and IndyMac predicted rising delinquency and a cooling mortgage market as rates reset. "Obviously we're going to have a period where delinquencies and foreclosures are going to exponentially grow," one of the executives said. "It's going to be a fairly tough correction," another added. (http://www.mortgagedaily.com/MortgageMarketMba103006.asp?spcode=pr)

Allied Home Mortgage Capital Corp. recently announced the opening of new branches in Portsmouth, N.H., West Allis, Wis., and Raleigh, N.C. Allied said this brings to more than 650 the number of branches it operates. (http://www.mortgagedaily.com/AlliedBranches103006.asp?spcode=pr)

Advantage Credit recently announced the launch of a new wholesale loan search database. A spokeswoman told MortgageDaily.com, "It is an online tool that customers of Advantage Credit can use for free." But competitor LenderLab told MortgageDaily.com "you will get what you pay for." (http://www.mortgagedaily.com/WholesalerDatabase103106.asp?spcode=pr)

Taylor, Bean & Whitaker Mortgage Corp. announced the establishment of its correspondent lending group division. The new unit will enable lenders "who want to make more loan sales and higher profits ... eliminate the burden and cost of loan servicing," said the company's chairman in a written statement. (http://www.mortgagedaily.com/CorrespondentTbw110206.asp?spcode=pr)

Countrywide Financial Corp.'s CEO recently picked up his phone and began calling the company's pay-option borrowers, according to a conference call reviewed by MortgageDaily.com. He wanted to find out why they were making only minimum payments on their pay-option loans. "The answer was, 'I'm doing it because the rate of negative amortization is less than the increased value in my house each month," he said. (http://www.mortgagedaily.com/MoziloCalls110306.asp?spcode=pr)

LeadPolice has started policing the mortgage lead industry, drawing skeptical support from mortgage leads providers. Loan lead companies applying for LeadPolice's seal of approval supply the company with 25 data points and then are run through a proprietary approval system. (http://www.mortgagedaily.com/LeadPoliceLaunch110306.asp?spcode=pr)


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Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.


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Source: MortgageDaily.com