Further Deterioration in Jumbo Performance
For the second time in six weeks, a report has been released indicating a deterioration in the performance of jumbo borrowers with prime credit. The latest report predicts that the level of jumbo delinquency will soon cross a milestone.

Last month, Lender Processing Services Inc. reported that overall residential delinquency of at least 60 days climbed more than 10 basis points in December.

"Within prime loans, those with current unpaid principal balances between $417,000 and $600,000 have performed the worst," the LPS report said.
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Former NFL Quarterback Joins CA Mortgage Firm
A big mortgage servicing executive was named at Bank of America Corp.'s mortgage unit, while President Barack Obama disclosed his nomination for the chairman of the Federal Agricultural Mortgage Corp. But the most timely appointment -- given Sunday's championship game between the New Orleans Saints and the Indianapolis Colts -- was that of a former professional football player to a California mortgage firm.

MetLife Production Eases
Forward- and reverse-mortgage originations eased during the latest quarter at MetLife Home Loans, while mortgage headcount dropped by nearly 100.

GMAC Originations, Losses Rise
GMAC Financial Services was one of only three major mortgage lenders to report an increase in quarterly mortgage production. But just as originations rose, so did losses. The servicing portfolio, however, declined.

Jumbo Leads Overall Lates Higher
Declining performance on jumbo prime mortgages led overall mortgage delinquency higher.

Service Providers Scooped Up
Several recent acquisitions of mortgage industry service providers include an agency delivery service, a commercial mortgage analysis firm and a mortgage industry public relations firm. Also being acquired is a company that claims to be one of the biggest default service providers.

Flagstar Inflates Fundings, Lowers Losses
Quarterly and annual originations increased at Flagstar Bancorp Inc., while quarterly losses fell. But delinquency and annual earnings didn't fare so well.

Berkshire Unit New No. 3 Commercial Servicer
A recent investment by billionaire Warren E. Buffett's Berkshire Hathaway Inc. has prominently placed the company among the nation's biggest commercial mortgage servicers. The top servicer held on to its top ranking, and a single firm ranked as both the biggest government servicer and agency servicer.

Modification Statistics
As the focus shifts from the number of loan modification trial plans to the number of completed modifications, the country's servicers are touting their strong points. MortgageDaily.com has gathered up a number of modification statistics based on national results, activity at financial institutions and modifications by servicer. Also included are statistics on the government-sponsored enterprises.

Fannie Volume Leaps
Monthly secondary purchases expanded by two-thirds at the Federal National Mortgage Association, while annual activity was up by nearly a third. But the news wasn't so good for delinquency.