2010 - promo.sourcemedia.compromo.sourcemedia.com/promoart/sm_csglibraries/...resume its traditional...
TRANSCRIPT
media kit
2010
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media kit
2010
Mortgage SuiteS – integrated & online Marketing SolutionS
in Print WeB SiteS eneWSletterS
BrokerS
Origination News BrokerUniverse.com Broker Universe daily mortgageStats.com
BankerS National mortgage News NationalmortgageNews.com National mortgage News daily Briefing mortgageStats.com National mortgage News Weekend & Week aheadmortgage technology mortgage-technology.com mortgage technology Newsletter
ServicerS
mortgage Servicing News mortgageServicingNews.com mortgage Servicing News Bulletin managingReO.com managing ReO
mortgageStats.com
About the MortgAge groupSourcemedia’s mortgage Group has provided readers with unmatched coverage for over 30 years. Our publications have the breadth and depth of industry coverage to help you reach and target any segment of the mortgage industry – whether it’s mortgage bankers or brokers, originators or servicers.
there’s no more effective, affordable way to get your message to the mortgage industry professionals than advertising in our flagship publications and Web sites, like NationalmortgageNews.com and BrokerUniverse.com for credible, high quality news and information. With our Web sites, enewsletters and live conferences, we offer an exceptional multi-channel opportunity to connect with and influence mortgage industry decision-makers.
With Sourcemedia’s mortgage Group, you get the benefit of years of editorial expertise and excellence, coupled with the pioneering, entrepreneurial spirit of our sales and marketing team. We’ll help create custom campaigns that target the RiGHt audience with your powerful messages – and get you real results.
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media kit
2010
WrApping our heAds Around An industry in Flux...
the mortgage market in 2009 continued to reset to a sustainable pace of business after the convulsions of 2007 and 2008. many expect 2010 to be the year in which the market starts to resume its traditional bellwether role in the national economy.
With the help of government intervention, the business is starting to get its hands around the wave of delinquencies and foreclosures that have recently arisen. and there are signs that the real estate contraction is bottoming out, as buyers use tax credits and discounted foreclosed home prices to get back in the market.
Fannie mae, Freddie mac and Ginnie mae/FHa lending dominate the current market as liquidity has returned for conventional, good-credit finance. Nonconventional finance remains largely absent for jumbo and subprime lending and may not return for some time. Commercial mortgages, meanwhile, are facing the same pressures residential mortgage finance faced a few years ago, and seem to be following in the same negative path.
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“SourceMedia’s mortgage publications and Web vehicles have been valuable tools in helping us to build a strong, consistent brand awareness for Flagstar and continue to expand our market share. We like the way SourceMedia’s vehicles allow us to target different segments of our industry audience with different key messaging; that targeting and variety of media offerings have given us useful channels to connect with our audience on an ongoing basis in the most cost-effective manner. Though the industry has continued to change significantly and quickly, SourceMedia’s diversified vehicles and responsiveness have helped us to remain highly visible and to continue to build brand leadership.” - David S. Joyce, First Vice President & Director, Flagstar Bank
“Source Media’s Mortgage Group has been a strong partner and advisor to help us maximize our promotional dollars. It is an effective resource to utilize a variety of print and online publications to target important segments of our industry.” - Diane Roman Fusco, Director of Public Relations, Safeguard Properties
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media kit
2010
industry leAders look to nAtionAl MortgAge neWs For credible, coMprehensive coverAge.National Mortgage News provides insight on the critical issues and trends that affect the mortgage and banking industries, proving to be an essential tool for mortgage professionals. Offering in-depth coverage – in print and online – on the primary and secondary mortgage markets, lending, servicing, loss mitigation and technology, National Mortgage News provides readers with one single source to keep them fully informed.
also, our proprietary data helps readers successfully analyze market trends and plot their future course of business. the editorial covered has become a source our readers have come to rely on to successfully do business. For 33 years, National Mortgage News has been the media choice for mortgage professionals, dedicated to providing readers with a well-rounded outlook on the industry.
Sub-ServicingFHa Lendingtechnology to Watchmortgage Servicingmortgage insuranceappraising & Valuing assetsdocument ServicesCommercial Lending
our reach extendS online and via eMail, With
nationalMortgageneWS.coM & the daily Briefing eneWSletter,
reaching More than 40,000 oPt-in online SuBScriBerS each day.
Mortgage NewsMortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
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Mortgage News
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Mortgage News
Origination News
Servicing NewsMortgage
Origination News
Servicing NewsMortgage
Mortgage
By Paul Muolo
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial
banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes
Wider Margins Look Good For Now But May Not LastSome wonder if lender will have to shi� gears to make hay
By Brian Collins
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port La-vaca, Texas, a Gulf Coast town used
by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coast-al Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas
branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil
prices declined, slamming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private equity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings accounts, small business credit lines and plain vanilla investment products like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s borrowing window have proved to fare better overall against the mort-gage credit market collapse, spur-ring Goldman and Morgan Stanley to shed their independent-broker-age style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Continued on page 3
Continued on page 3
Continued on page 3
Continued on page 3
FDIC SetsToxic-LoanPortfolio forMarket Test
�e Newsweekly for America’s Mortgage Industry
REOWATCH
Thrift GivingBreaks TriesTo Arrange OneFor Itself
Aanuel Mehos, chairman of Green Bancorp, knows something about buying
banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Mon-day, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
INSIDETAKEBy Paul Muolo
Plain vanilla investment products like certi�cates of deposit may at-tract much broader private equity fund interest than in years past. Traditional depository banks with access to. PAGE 6
A New Trade Group
1 Wells Fargo & Co. $54,012 $41,521 30% 24.66% +2.25%
2 Bank of America $46,398 $38,316 21% 21.18% +0.50%
3 Chase $14,829 $18,848 -21% 6.77% -3.40%
4 National City Mortgage $6,844 $6,821 0% 3.12% -0.56%
5 Quicken Loans Inc. $6,800 $4,190 62% 3.10% +0.84%
6 SunTrust Mortgage Inc. $6,516 $5,597 16% 2.97% -0.05%
7 CitiMortgage Inc. $5,715 $14,090 -59% 2.61% -4.99%
8 MetLife Home Loans $5,020 na na 2.29% na
9 Branch Banking & Trust Co. $4,379 $3,086 42% 2.00% +0.33%
10 U.S. Bank Home Mortgage $4,151 $1,932 115% 1.89% +0.85%
Top Retail Lenders in 1Q 2009 (Dollars in Millions)
natioinalmortgagenews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
O P E N F O R U MServicing borowers who aren't current page 4
ST R E E T S M A R T STime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
Sheila Bair, FDIC chairman ready to launch new loan program
Mortgage NewsMortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Origination News
Servicing NewsMortgage
Origination News
Servicing NewsMortgage
Mortgage
By Paul Muolo
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial
banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes
Wider Margins Look Good For Now But May Not LastSome wonder if lender will have to shi� gears to make hay
By Brian Collins
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port La-vaca, Texas, a Gulf Coast town used
by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coast-al Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas
branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil
prices declined, slamming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private equity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings accounts, small business credit lines and plain vanilla investment products like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s borrowing window have proved to fare better overall against the mort-gage credit market collapse, spur-ring Goldman and Morgan Stanley to shed their independent-broker-age style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Continued on page 3
Continued on page 3
Continued on page 3
Continued on page 3
FDIC SetsToxic-LoanPortfolio forMarket Test
�e Newsweekly for America’s Mortgage Industry
REOWATCH
Thrift GivingBreaks TriesTo Arrange OneFor Itself
Aanuel Mehos, chairman of Green Bancorp, knows something about buying
banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Mon-day, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
INSIDETAKEBy Paul Muolo
Plain vanilla investment products like certi�cates of deposit may at-tract much broader private equity fund interest than in years past. Traditional depository banks with access to. PAGE 6
A New Trade Group
1 Wells Fargo & Co. $54,012 $41,521 30% 24.66% +2.25%
2 Bank of America $46,398 $38,316 21% 21.18% +0.50%
3 Chase $14,829 $18,848 -21% 6.77% -3.40%
4 National City Mortgage $6,844 $6,821 0% 3.12% -0.56%
5 Quicken Loans Inc. $6,800 $4,190 62% 3.10% +0.84%
6 SunTrust Mortgage Inc. $6,516 $5,597 16% 2.97% -0.05%
7 CitiMortgage Inc. $5,715 $14,090 -59% 2.61% -4.99%
8 MetLife Home Loans $5,020 na na 2.29% na
9 Branch Banking & Trust Co. $4,379 $3,086 42% 2.00% +0.33%
10 U.S. Bank Home Mortgage $4,151 $1,932 115% 1.89% +0.85%
Top Retail Lenders in 1Q 2009 (Dollars in Millions)
natioinalmortgagenews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
O P E N F O R U MServicing borowers who aren't current page 4
ST R E E T S M A R T STime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
Sheila Bair, FDIC chairman ready to launch new loan program
Mortgage NewsMortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Origination News
Servicing NewsMortgage
Origination News
Servicing NewsMortgage
Mortgage
By Paul Muolo
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial
banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes
Wider Margins Look Good For Now But May Not LastSome wonder if lender will have to shi� gears to make hay
By Brian Collins
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port La-vaca, Texas, a Gulf Coast town used
by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coast-al Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas
branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil
prices declined, slamming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private equity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings accounts, small business credit lines and plain vanilla investment products like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s borrowing window have proved to fare better overall against the mort-gage credit market collapse, spur-ring Goldman and Morgan Stanley to shed their independent-broker-age style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Continued on page 3
Continued on page 3
Continued on page 3
Continued on page 3
FDIC SetsToxic-LoanPortfolio forMarket Test
�e Newsweekly for America’s Mortgage Industry
REOWATCH
Thrift GivingBreaks TriesTo Arrange OneFor Itself
Aanuel Mehos, chairman of Green Bancorp, knows something about buying
banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Mon-day, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
INSIDETAKEBy Paul Muolo
Plain vanilla investment products like certi�cates of deposit may at-tract much broader private equity fund interest than in years past. Traditional depository banks with access to. PAGE 6
A New Trade Group
1 Wells Fargo & Co. $54,012 $41,521 30% 24.66% +2.25%
2 Bank of America $46,398 $38,316 21% 21.18% +0.50%
3 Chase $14,829 $18,848 -21% 6.77% -3.40%
4 National City Mortgage $6,844 $6,821 0% 3.12% -0.56%
5 Quicken Loans Inc. $6,800 $4,190 62% 3.10% +0.84%
6 SunTrust Mortgage Inc. $6,516 $5,597 16% 2.97% -0.05%
7 CitiMortgage Inc. $5,715 $14,090 -59% 2.61% -4.99%
8 MetLife Home Loans $5,020 na na 2.29% na
9 Branch Banking & Trust Co. $4,379 $3,086 42% 2.00% +0.33%
10 U.S. Bank Home Mortgage $4,151 $1,932 115% 1.89% +0.85%
Top Retail Lenders in 1Q 2009 (Dollars in Millions)
natioinalmortgagenews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
O P E N F O R U MServicing borowers who aren't current page 4
ST R E E T S M A R T STime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
Sheila Bair, FDIC chairman ready to launch new loan program
Mortgage NewsMortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Mortgage News
Origination News
Servicing NewsMortgage
Origination News
Servicing NewsMortgage
Mortgage
By Paul Muolo
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial
banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes
Wider Margins Look Good For Now But May Not LastSome wonder if lender will have to shi� gears to make hay
By Brian Collins
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port La-vaca, Texas, a Gulf Coast town used
by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coast-al Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas
branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil
prices declined, slamming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private equity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings accounts, small business credit lines and plain vanilla investment products like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s borrowing window have proved to fare better overall against the mort-gage credit market collapse, spur-ring Goldman and Morgan Stanley to shed their independent-broker-age style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Continued on page 3
Continued on page 3
Continued on page 3
Continued on page 3
FDIC SetsToxic-LoanPortfolio forMarket Test
�e Newsweekly for America’s Mortgage Industry
REOWATCH
Thrift GivingBreaks TriesTo Arrange OneFor Itself
Aanuel Mehos, chairman of Green Bancorp, knows something about buying
banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Mon-day, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
INSIDETAKEBy Paul Muolo
Plain vanilla investment products like certi�cates of deposit may at-tract much broader private equity fund interest than in years past. Traditional depository banks with access to. PAGE 6
A New Trade Group
1 Wells Fargo & Co. $54,012 $41,521 30% 24.66% +2.25%
2 Bank of America $46,398 $38,316 21% 21.18% +0.50%
3 Chase $14,829 $18,848 -21% 6.77% -3.40%
4 National City Mortgage $6,844 $6,821 0% 3.12% -0.56%
5 Quicken Loans Inc. $6,800 $4,190 62% 3.10% +0.84%
6 SunTrust Mortgage Inc. $6,516 $5,597 16% 2.97% -0.05%
7 CitiMortgage Inc. $5,715 $14,090 -59% 2.61% -4.99%
8 MetLife Home Loans $5,020 na na 2.29% na
9 Branch Banking & Trust Co. $4,379 $3,086 42% 2.00% +0.33%
10 U.S. Bank Home Mortgage $4,151 $1,932 115% 1.89% +0.85%
Top Retail Lenders in 1Q 2009 (Dollars in Millions)
natioinalmortgagenews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
O P E N F O R U MServicing borowers who aren't current page 4
ST R E E T S M A R T STime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
Sheila Bair, FDIC chairman ready to launch new loan program
regularly featured toPicS
37% mortgage Banks28% Commercial Banks16% mutual Savings Banks/S&L’s15% Credit Unions4% OtherSource: Publisher’s Own Data, December 2009
circulation: 8,000 Pass along rate: 1.5total reach: 12,000
5 |
Month issue date space close Materials due special Features conferences/bonus distribution
JAnuAry 1/4 12/23 12/281/11 12/30 1/4 Colorado mortgage Lenders 1/18 1/6 1/8 mortgage Risk analysis1/25 1/20 1/22
FebruAry 2/1 1/20 1/22 maximizing Portfolio Recovery2/8 1/27 1/292/15 2/3 2/5 Collateral Risk management mBa Servicing Pre-Convention issue2/22 2/10 2/12 mBa National mortgage Servicing Conference
MArch3/1 2/17 2/193/8 2/24 2/26 Reverse mortgage Lending3/15 3/3 3/5 New Jersey mortgage Bankers Regional3/22 3/10 3/12 managing documents electronically3/29 3/17 3/19
April4/5 3/24 3/264/12 3/31 4/2 Lender Placed insurance ReOmaC Spring Conference
Fema National Flood Conference midwest Lending Conference
4/19 4/7 4/94/26 4/14 4/16 Origination technology mBa National technology Conference
MAy5/3 4/21 4/235/10 4/28 4/30 Selling Your ReO
ReO investors Guide5/17 5/5 5/75/24 5/12 5/14 mBa National Secondary Show5/31 5/19 5/21
June6/7 5/26 5/28 making assignments and Reconveyances easy6/14 6/2 6/46/21 6/9 6/11 Warehouse Lending
July7/5 6/23 6/25 Western Secondary 7/12 6/30 7/2 Lender Placed insurance7/19 7/7 7/97/26 7/14 7/16 Staying in Compliance
August8/2 7/21 7/238/9 7/28 7/30 mortgage Fraud Western States Loan Servicing8/16 8/4 8/68/23 8/11 8/13 Collateral Risk management 8/30 8/18 8/20
septeMber9/6 8/25 8/27 maximizing Portfolio Recovery9/13 9/1 9/39/20 9/8 9/10 training and Career development9/27 9/15 9/17
october10/4 9/22 9/24
10/11 9/29 10/1 Selling Your ReO ReO investors Guide
10/13 mBa Pre-Convention issue10/18 10/6 10/810/25 10/13 10/15 mBa annual Convention
noveMber11/1 10/20 10/22 Sub-Servicing11/8 10/27 10/2911/15 11/3 11/5 Reverse mortgage Lending National Reverse mortgage Lenders Show
11/29 11/15 11/17deceMber
12/6 11/24 11/29 Warehouse Lending12/13 12/1 12/312/27 12/13 12/15
The edit calendar and bonus distribution are subject to change. Please contact your sales manager for the current schedule.
nAtionAl MortgAge neWs editoriAl cAlendAr
6 |
media kit
2010
PUBLISHER RESERVES THE RIGHT TO CHANGE RATES UPON THIRTY (30) DAYS NOTICE
GeNeRal RaTe POlIcy 1. advertising copy, including illustrations, is subject to approval of the publisher.
2. advertising which, in the opinion of the publisher, simulates editorial format will be labeled “advertisement.”
3. advertisers will be short-rated if the contract space is not used within the period upon which their billing is based.
4. all cancellations must be in writing prior to the run date. cancellations received after the 5th day of the month will incur a 25% cancellation fee.
5. The publisher is not responsible for failure to publish or to circulate all or part of any issue or issues, because of strikes, work stoppages, accidents, fires, acts of God, or any circumstances outside the publisher’s control.
6. The publisher reserves the right to reject or cancel any advertisement any time before run date.
7. Pre-payment required for first-time advertisers.
cOMMISSION: agency commission to recognized advertising agencies: 15% of gross billing for space, color and special position.
ShORT RaTe: advertisers will be short-rated if, within a 12-month period from date of first insertion, they do not use the amount of space (frequency) upon which their billings have been based. advertisers will be rebated if, within a 12-month period from date of first insertion, they have used sufficient additional space to warrant a lower rate than that at which they have been billed. Rebates will be offered as a credit toward future advertising scheduled or as a cash reimbursement.
caNcellaTION: cancellations are accepted only before final date for reservation and must be in writing. 90-day advanced written notice is required for preferred positions and 120-day advanced written notice is required for all custom publishing projects. cover posi-tions are noncancellable. advertisers will be responsible for late cancellations.
frequency discountsBased on the number of insertions within a 12-month period. a spread counts as two insertions. apply the following discounts to space only: 6x 12x 26x 52x 104x 5% 10% 12% 15% 20% classified $200 per column inch @ 2 1⁄4” wide column. Column Widths: 1 column = 2 1⁄4”
2 columns = 4 3⁄4”
all classified ads will be placed on the Classified Page of our Web site for 30 days at no extra charge.
Premium Positions Pages 2-15: Right Page extra $700 Pages 2-15: Left Page extra $550 Center Spread extra $1,350 Back Cover extra $1,200 any Other Call Position extra $500 color rates Standard 2-color (CmYk) extra $425/pg matched 2-color (PmS) extra $900/pg 4-color process extra $1,100/ pg Bleed: Not available
Marketplace One-time annual cost. Column width: 3” Bold all Cap Listing* $1,095 1” box $2,995 1 1⁄2” box $3,995 2” box w/ logo $4,8953” box w/ logo $5,995
*additional lines available @ $195 each. marketplace advertising is non-commissionable.
tabloid Page Size B/W rate w x h
Full Page Spread $ 11,495 20 1⁄2 x 12 3⁄4
Full Page $ 6,350 10 x 12 3⁄4
1/2 Page Junior Spread $ 8,295 16 x 10
Junior Vertical $ 4,500 7 1⁄2 x 10
Junior Horizontal $ 4,500 10 x 7 1⁄2
1/3 Page Square $ 3,800 7 1⁄2 x 7 1⁄2
Vertical $ 3,800 5 x 10
1/4 Page Vertical $ 3,000 5 x 7 1⁄2
Horizontal $ 3,000 7 1⁄2 x 5
1/6 Page Square $ 2,350 5 x 5
Vertical $ 2,350 2 1⁄4 x 10
1/8 Page island $ 1,900 5 x 3 1⁄2
Horizontal $ 1,900 7 1⁄2 x 2 1⁄4
Vertical $ 1,900 2 1⁄4 x 7 1⁄2
displAy Advertising
Printing Process: Web offset, SWOP standards applyBinding method: Fold
triM Size: 11 3 ⁄8 x 13 3 ⁄4
7 |
media kit
2010
MortgAge technology delivers An engAged AudienceMortgage Technology reaches industry insiders at all levels, from senior executives assessing overall business and technology goals, to technology managers who implement technology solutions. Whether their intent is to increase efficiency, improve sales processes, or strictly gain a competitive edge, Mortgage Technology offers these individuals the critical information necessary to achieve success in their business.
through their exclusive and high-level access to technology leaders and mortgage technology events, Mortgage Technology’s editorial staff provides readers the knowledge they need to navigate the fast paced world of mortgage technology.
technology online ProductSMortgage-technology.coMMortgage technology neWSletter
data Security advancesautomating Loss mitigationCompliance tacticsimproving Customer Retentionautomating FHaFraud detection StrategiesReO & Foreclosure PreventionRisk mitigation Strategiese-mortgage adoption
regularly featured toPicS
44% mortgage Banks25% Commercial Banks15% Credit Unions9% mutual Savings Banks/S&L’s 7% OtherSource: Publisher’s Own Data, December 2009
circulation: 8,000 Pass along rate: 1.5total reach: 12,000
8 |
media kit
2010
Month space close Materials due special Features conferences/bonus distribution
JAnuAry: online
12/21 12/28 Fraud detection Strategies Pros and Cons of Software as a Service
FebruAry: print
1/20 1/26 expediting Loan modifications Simplifying Short Sales mBa National Servicing Conference
MArch: online
2/17 2/23 ReO disposition Outsourcing vs. in-House New Jersey mortgage Bankers Regional
April : print
3/24 3/30 e-docs: automating Upfront disclosures Risk management
ReOmaC Spring Conference mBa National technology Conference
MAy: online
4/21 4/27 e-docs: automating Closing documents m&a Outlook mBa National Secondary
June: online
5/25 6/1 LOS advances data integrity
July : print
6/23 6/29 top Service Providers Listing decreasing Regulatory Pressure
August: online
7/21 7/27 top 25 tech-Savvy Lenders Fraud detection at the Point-of-Sale
septeMber: online
8/25 8/31 tackling FHa Streamlining Workflow
october : print
9/22 9/28 11th annual mortgage tech award Winners Process Re-engineering mBa annual Convention
noveMber: online
10/20 10/26 Collateral Valuation electronic document management trends
deceMber: online
11/22 11/30 New Compliance methods 2011 Forecast
The edit calendar and bonus distribution are subject to change. Please contact your sales manager for the current schedule.
MortgAge technology editoriAl cAlendAr
9 |
media kit
2010
frequency discounts Based on the number of insertions within a 12-month period. a spread counts as two insertions. apply the following discounts to space only:3x 6x 12x 26x 52x5% 10% 15% 17.5% 20%
classified $200 per column inch @ 2 1⁄4” wide column.Column Widths: 1 column = 2 1⁄4”
2 columns = 4 1⁄4”all classified ads will be placed on the Clas-sified Page of our Web site for 30 days at no extra charge.
Premium Positions Pages 2-15: Right Page extra $700Center Spread extra $1,350Back Cover extra $1,200inside Front Cover extra $900inside Back Cover extra $600any Other Call Position extra $500
color rates Standard 2-color (CmYk) extra $425/pgmatched 2-color (PmS) extra $900/pg4-color process extra $1,100/pgBleed Not available
Marketplace One-time annual cost. Column width: 3 1⁄4”1” box $8951 1⁄2” box $1,350 2” box w/logo $1,795 marketplace advertising is non-commissionable.
displAy Advertising triM Size: 7 7⁄8 x 10 1⁄2
Page Size B/W rate dimensions non-Bleed (w x h)
dimensions Bleed (w x h)
Full Page Spread $ 7,695 15 x 10 16 1⁄2 x 10 3⁄4
Full Page $ 4,350 7 x 10 8 1⁄8 x 10 3⁄4
2/3 Page Vertical $ 3,700 4 1⁄2 x 10
1/2 Page island $ 3,000 4 1⁄2 x 7 1⁄2
Horizontal $ 3,000 7 x 5
1/3 Page Square $ 2,300 4 1⁄2 x 4 7⁄8
Vertical $ 2,300 2 1⁄8 x 10
1/4 Page island $ 1,800 4 1⁄2 x 3 3⁄4
Horizontal $ 1,800 4 1⁄2 x 3 3⁄4
Vertical $ 1,800 2 1⁄8 x 7 1⁄2
PRiNtiNG PROCeSS: Web offset, SWOP standards applyBiNdiNG metHOd: Saddle stitch
PUBLISHER RESERVES THE RIGHT TO CHANGE RATES UPON THIRTY (30) DAYS NOTICE
GeNeRal RaTe POlIcy 1. advertising copy, including illustrations, is subject to approval of the publisher.
2. advertising which, in the opinion of the publisher, simulates editorial format will be labeled “advertisement.”
3. advertisers will be short-rated if the contract space is not used within the period upon which their billing is based.
4. all cancellations must be in writing prior to the run date. cancellations received after the 5th day of the month will incur a 25% cancellation fee.
5. The publisher is not responsible for failure to publish or to circulate all or part of any issue or issues, because of strikes, work stoppages, accidents, fires, acts of God, or any circumstances outside the publisher’s control.
6. The publisher reserves the right to reject or cancel any advertisement any time before run date.
7. Pre-payment required for first-time advertisers.
cOMMISSION: agency commission to recognized advertising agencies: 15% of gross billing for space, color and special position.
ShORT RaTe: advertisers will be short-rated if, within a 12-month period from date of first insertion, they do not use the amount of space (frequency) upon which their billings have been based. advertisers will be rebated if, within a 12-month period from date of first insertion, they have used sufficient additional space to warrant a lower rate than that at which they have been billed. Rebates will be offered as a credit toward future advertising scheduled or as a cash reimbursement.
caNcellaTION: cancellations are accepted only before final date for reservation and must be in writing. 90-day advanced written notice is required for preferred positions and 120-day advanced written notice is required for all custom publishing projects. cover posi-tions are noncancellable. advertisers will be responsible for late cancellations.
10 |
media kit
2010
originationnews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
E D I TO R I A LServicing borowers who aren’t current page 4
SUPERSTARS OF THE MONTHTime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
For Mortgage Lenders, Brokers, Correspondents and Wholesalers
SPECIAL REPORT REO Disposition: Occupying Vacant Homes PAGE 9
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It
was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his think-
ing. US commercial banks o�ering traditional checking and savings accounts, small business credit lines
and plain vanilla investment prod-ucts like certi�cates of deposit may
McMansion Revolution Swings Back For Boomers
Continued on page 5
Continued on page 3Continued on page 3
Continued on page 8
Panuel Mehos, chairman of Green Bancorp, knows some-thing about buying banks and
bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding
By Paul Muolo
WASHINGTON–Manuel Meos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a smer purchased a smer purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic
Surging FHA Deals with Fast GrowthInsurer cuts reverse loans to decrease risk exposure and then �nds a cushion
By BonnieSinnock
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, em-barked on a series of acquisitions,
several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings
accounts, small business credit lines and plain vanilla investment prod-ucts like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s bor-rowing window have proved to fare better overall against the mortgage credit market collapse, spurring Goldman and Morgan Stanley to shed their independent-brokerage style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Re-Defaults Still TakingToll on Fed
STREETSMARTSBy Bonnie Sinnock
Origination News
Origination News
Origination News
GNMAS as a Percentage Total of Production (Dollars in Billions)
Wells Fargo & Co. $51.0 $234 22%
Bank of America $61.1 $203 30%
JPMorgan Chase $16.6 $81.4 20%
Citigroup $10.8 $55.7 19%
ResCap/GMAC $11.1 $31.5 35%
TOTALS $150.6 $606 325%
Rick Thompson, a founder of Envoy Mortgage, wants to be a midtier lender
originationnews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
E D I TO R I A LServicing borowers who aren’t current page 4
SUPERSTARS OF THE MONTHTime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
For Mortgage Lenders, Brokers, Correspondents and Wholesalers
SPECIAL REPORT REO Disposition: Occupying Vacant Homes PAGE 9
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It
was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his think-
ing. US commercial banks o�ering traditional checking and savings accounts, small business credit lines
and plain vanilla investment prod-ucts like certi�cates of deposit may
McMansion Revolution Swings Back For Boomers
Continued on page 5
Continued on page 3Continued on page 3
Continued on page 8
Panuel Mehos, chairman of Green Bancorp, knows some-thing about buying banks and
bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding
By Paul Muolo
WASHINGTON–Manuel Meos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a smer purchased a smer purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic
Surging FHA Deals with Fast GrowthInsurer cuts reverse loans to decrease risk exposure and then �nds a cushion
By BonnieSinnock
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, em-barked on a series of acquisitions,
several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings
accounts, small business credit lines and plain vanilla investment prod-ucts like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s bor-rowing window have proved to fare better overall against the mortgage credit market collapse, spurring Goldman and Morgan Stanley to shed their independent-brokerage style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Re-Defaults Still TakingToll on Fed
STREETSMARTSBy Bonnie Sinnock
Origination News
Origination News
Origination News
GNMAS as a Percentage Total of Production (Dollars in Billions)
Wells Fargo & Co. $51.0 $234 22%
Bank of America $61.1 $203 30%
JPMorgan Chase $16.6 $81.4 20%
Citigroup $10.8 $55.7 19%
ResCap/GMAC $11.1 $31.5 35%
TOTALS $150.6 $606 325%
Rick Thompson, a founder of Envoy Mortgage, wants to be a midtier lender
originationnews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
E D I TO R I A LServicing borowers who aren’t current page 4
SUPERSTARS OF THE MONTHTime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
For Mortgage Lenders, Brokers, Correspondents and Wholesalers
SPECIAL REPORT REO Disposition: Occupying Vacant Homes PAGE 9
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It
was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his think-
ing. US commercial banks o�ering traditional checking and savings accounts, small business credit lines
and plain vanilla investment prod-ucts like certi�cates of deposit may
McMansion Revolution Swings Back For Boomers
Continued on page 5
Continued on page 3Continued on page 3
Continued on page 8
Panuel Mehos, chairman of Green Bancorp, knows some-thing about buying banks and
bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding
By Paul Muolo
WASHINGTON–Manuel Meos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a smer purchased a smer purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic
Surging FHA Deals with Fast GrowthInsurer cuts reverse loans to decrease risk exposure and then �nds a cushion
By BonnieSinnock
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, em-barked on a series of acquisitions,
several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings
accounts, small business credit lines and plain vanilla investment prod-ucts like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s bor-rowing window have proved to fare better overall against the mortgage credit market collapse, spurring Goldman and Morgan Stanley to shed their independent-brokerage style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Re-Defaults Still TakingToll on Fed
STREETSMARTSBy Bonnie Sinnock
Origination News
Origination News
Origination News
GNMAS as a Percentage Total of Production (Dollars in Billions)
Wells Fargo & Co. $51.0 $234 22%
Bank of America $61.1 $203 30%
JPMorgan Chase $16.6 $81.4 20%
Citigroup $10.8 $55.7 19%
ResCap/GMAC $11.1 $31.5 35%
TOTALS $150.6 $606 325%
Rick Thompson, a founder of Envoy Mortgage, wants to be a midtier lender
originationnews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
E D I TO R I A LServicing borowers who aren’t current page 4
SUPERSTARS OF THE MONTHTime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
For Mortgage Lenders, Brokers, Correspondents and Wholesalers
SPECIAL REPORT REO Disposition: Occupying Vacant Homes PAGE 9
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It
was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his think-
ing. US commercial banks o�ering traditional checking and savings accounts, small business credit lines
and plain vanilla investment prod-ucts like certi�cates of deposit may
McMansion Revolution Swings Back For Boomers
Continued on page 5
Continued on page 3Continued on page 3
Continued on page 8
Panuel Mehos, chairman of Green Bancorp, knows some-thing about buying banks and
bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding
By Paul Muolo
WASHINGTON–Manuel Meos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a smer purchased a smer purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic
Surging FHA Deals with Fast GrowthInsurer cuts reverse loans to decrease risk exposure and then �nds a cushion
By BonnieSinnock
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, em-barked on a series of acquisitions,
several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings
accounts, small business credit lines and plain vanilla investment prod-ucts like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s bor-rowing window have proved to fare better overall against the mortgage credit market collapse, spurring Goldman and Morgan Stanley to shed their independent-brokerage style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Re-Defaults Still TakingToll on Fed
STREETSMARTSBy Bonnie Sinnock
Origination News
Origination News
Origination News
GNMAS as a Percentage Total of Production (Dollars in Billions)
Wells Fargo & Co. $51.0 $234 22%
Bank of America $61.1 $203 30%
JPMorgan Chase $16.6 $81.4 20%
Citigroup $10.8 $55.7 19%
ResCap/GMAC $11.1 $31.5 35%
TOTALS $150.6 $606 325%
Rick Thompson, a founder of Envoy Mortgage, wants to be a midtier lender
origination Market online ProductSBrokeruniverSe.coMBroker univerSe daily
prActicAl inForMAtion And innovAtive ideAs For MortgAge originAtorsOrigination News delivers unrivaled editorial coverage dedicated to mortgage loan origination, positioning itself as one of the largest distributed publications serving the industry. Providing a combination of strategic information and fresh, innovative ideas, Origination News is a proven must-have resource for industry professionals seeking business growth.
Origination News’ content addresses the direct interests of mortgage brokers, bankers, retail loan officers and lenders, reporting on the latest loan program information, marketing ideas, regulatory changes, industry trends, technology advancements and overall developments.
regularly featured toPicSFHa LendingLoss mitigationdocument ServicesLead Generationasset ValuationsLoan modification SystemsFraud Prevention and detectionReverse mortgage LendingOrigination technologyWarehouse availability
60% mortgage Brokers22% mortgage Banking Companies7% Loan officers or managers at
Commercial Banks6% Loan officers/mortgage Production
managers at S&L’s/Community Banks/Credit Unions
5% OtherSource: Publisher’s Own Data, December 2009
circulation: 15,000 Pass along rate: 1.5total reach: 22,500
11 |
media kit
2010
Month space close Materials due special Features conferences/bonus distribution
JAnuAry
12/17 12/21 Originating FHa Colorado mortgage Lenders
FebruAry
1/15 1/19 Compliance and Compliance technology
MArch
2/12 2/16 Wholesaler Round-up New Jersey Regional mortgage Bankers
April
3/19 3/23 Origination technologymBa National technology Conference midwest Lending Conference
MAy
4/16 4/21 Reverse mortgage Lending mBa National Secondary Conference
June
5/14 5/18 top mortgage Brokers and top Brokerage Companies
July
6/18 6/22 Loan modificationsFlorida Brokers annual Conference Western Secondary Conference
August
7/16 7/20 Credit Restoration California Brokers annual Conference
septeMber
8/13 8/17 Branch OpportunitiesNew england mortgage Bankers annual Conference texas association of mortgage Professionals
october
9/17 9/21 ensuring CompliancemBa annual Conventionarizona mortgage Brokers annual Conference
noveMber
10/15 10/19 Reverse mortgage Lending National Reverse mortgage Lenders annual Conference
deceMber
11/12 11/16 training NamB West
JAnuAry 2011
12/16 12/20 Originating FHa
originAtion neWs editoriAl cAlendAr
The edit calendar and bonus distribution are subject to change. Please contact your sales manager for the current schedule.
12 |
media kit
2010
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13 |
media kit
2010
MortgAge servicing neWs provides essentiAl inForMAtion For More eFFicient And proFitAble operAtionsWith its in-depth range of coverage, Mortgage Servicing News is the most widely read publication in the servicing industry, both online and off. Striving to provide critical information on how to make operations more efficient and profitable, Mortgage Servicing News’ editors consistently offer comprehensive, timely coverage of the issues that keep borrowers updated on the latest programs, asset valuation and disposition and managing ReO.
Our history of covering topics such as outsourcing, technology, fraud detection, collections and default remediation has made Mortgage Servicing News and our mortgage Servicing online products assets industry professionals depend on to facilitate success.
included in every issue of Mortgage Servicing News is Managing ReO, a multi-page section dedicated to the default and ReO issues that have become such a large part of the servicing landscape recently.
Marketing Versions MSN Logo
For Residential and Commercial ServicersFEBRUARY, 2010 • Volume 14, No. 2
SPECIAL REPORT Property Valuations Become Hot Industry Topic PAGE 15
By Lew Sichelman
Servicing Values Increase But SRPs Are Still Anemic
B ad news, occasionally, has a way of turning into a pro�t opportunity for someone.
By now, readers probably are fully aware that the price being o�ered on “servicing released premiums” is in the tank and has been since the credit markets disintegrated in
the fall of 2008 and interest rates began their historic decent.
Currently, the SRP on new pro-duction is roughly 100 basis points or about four times the servicing fee on newly originated Fannie Mae and Freddie Mac loans. Before the market cracked up, the SRP was as high as 175 basis points. It was a sweet premium and seller/servicers knew it.
Nonbanks and even deposi-tories were doing quite well with their SRPs and they took the
Subservicing Business Could Boom, Here’s Why
Continued on page 6
Continued on page 14
New Online Lender Is Looking For Share
IRVINE, CA—A new online lender, loanDepot.com here, is looking to in-dustry consolidation to give it a chance to get signi�cant market share.
�e chief executive and founder of the company is Anthony Hsieh, who previously created and sold LoansDirect and Home Loan Cen-ter. He is receiving �nancial support from Parthenon Capital Partners, San Francisco.
Mr. Hsieh has approximately 25 years’ experience in the business and he sees an opportunity because of the amount of consolidation that has occurred. He noted that when he started, the top lender had a 4% market share. Now it is in the range of 25%.
In addition, the changes to the regulatory scene have created sig-ni�cant barriers to entry to the
Continued on page 12
money while the getting was good. And that meant many originators, especially the small- to medium-sized nonbanks, were not bother-ing to keep the servicing “strip” on the loans they produced. �e idea was to take the SRP cash now and let the big aggregators (Wells Far-go, Bank of America/Countrywide, CitiMortgage and Chase) worry about it. (Some institutions main-tained a small servicing portfolio while selling everything “released” into the secondary market.)
Oh, but that was then. Today, Fannie, Freddie and HUD are tightening up their net worth requirements. Eventually, all three
By Brad Finkelstein
Servicing Cost Per Loan
1 American Internet Mortgage San Diego, CA $6 1,777
2 Cornerstone Mortgage Co. Houston, TX $25 68
3 Provident Funding Associates Burlingame, CA $42 210,109
4 TD Banknorth Mortgage Falmouth, ME $47 44,529
5 Webster Bank Waterbury, CT $47 14,645
6 America First CU Riverdale, UT $53 13,030
7 U.S. Bank Home Mortgage Bloomington, MN $54 1,223,584
8 NATIXIS Real Estate Capital New York, NY $55 66,624
9 Regions Mortgage Inc. Montgomery, AL $61 308,502
10 MetLife Home Loans Memphis, TN $65 553,924
WASHINGTON—More than any-thing else, Tom Marano has a repu-tation for being one of the mortgage industry’s premier loan traders. But is the chief of GMAC’s mortgage operations ready to begin unload-ing the company’s mortgage toxins in the secondary market or will he (like many other sellers) hold out for higher prices?
So far, Mr. Marano isn’t letting on, but one thing seems certain — as the head of Residential Capital Corp. he is cleaning up the lender’s balance sheet for an eventual sale. As one investment banker noted: “It’s pretty clear at this point that the only thing that GMAC wants to �nance is cars.”
A hedge fund manager who re-cently talked to GMAC about buy-ing its nonperforming loans por-trayed the situation as thus: “If they admit to everyone they want to sell their nonperformers that puts them at a disadvantage. But they have a price in mind — they’re just not telling us what it is yet.”
Preferably, ResCap would like to unload as many of its nonperform-ing loans (and ABS) as possible prior to o�ering the company to a buyer, a move that would create a “clean” bank.
WASHINGTON—Lenders who dump foreclosed condominium units on the market at �re-sale prices may be shooting themselves in the foot, according to an expert in peddling real estate-owned.
Pointing to a recent transaction in Miami Beach in which a bulk buyer of foreclosed condo apart-ments made a tidy pro�t in less than four months, Jack Studnicky of the International Sales Group, Aventu-ra, Fla., says that lenders could have pocketed that money if only they had been a little more patient.
“It’s not a matter of holding on and waiting for the market to turn,” says Studnicky, who cut his teeth on selling real estate-owned in Ocean City, Md., more than 30 years ago. Rather, it’s about hiring a special-ist to devise and carry out a sound marketing and sales program.
Case in point: �e plan ISG pro-posed recently for a 117-unit Col-lins Avenue condo. �e �ve-build-ing property had been taken back by the original lender and resold to
Continued on page 8
MORTGAGESCENEBy Paul Muolo
mortgageservicingnews.com
V I E W P O I N TGood Property Management Can Improve Portfolios page 4
E D I TO R I A LThe Government Is Trying To Shame Servicers page 4
M A N AG I N G R E OMatching the RightProperties to Buyers page 5
P E O P L E page 22
I N S I D E
a new developer at roughly 10 cents on the dollar.
ISG had sold the place out for the �rst developer, who ran out of mon-ey before he could �nish the com-plex. Now, it was proposing to do the same for the second developer.
�e company said that if the new developer would go along with its plan, it could not only sell all 117 apartments within a 12-month time span, it would fetch the $275-$300 per square foot the developer need-
ed to be successful.�is, by the way, in a market that
is absolutely �ooded with unsold apartments, many being o�ered at less than what it currently costs to build them. At midyear, developers alone were said to be holding some-thing like 9,400 built or un�nished condos, making Miami perhaps the epicenter of the Sunshine State’s condo glut.
To achieve its goal, ISG told the
By Brian Collins
GMAC May Put NPLsUp For Sale
Tom Marano may be cleaning up ResCap’s balance sheet for sale
For Residential and Commercial ServicersFEBRUARY, 2010 • Volume 14, No. 2
SPECIAL REPORT Property Valuations Become Hot Industry Topic PAGE 15
By Lew Sichelman
Servicing Values Increase But SRPs Are Still Anemic
B ad news, occasionally, has a way of turning into a pro�t opportunity for someone.
By now, readers probably are fully aware that the price being o�ered on “servicing released premiums” is in the tank and has been since the credit markets disintegrated in
the fall of 2008 and interest rates began their historic decent.
Currently, the SRP on new pro-duction is roughly 100 basis points or about four times the servicing fee on newly originated Fannie Mae and Freddie Mac loans. Before the market cracked up, the SRP was as high as 175 basis points. It was a sweet premium and seller/servicers knew it.
Nonbanks and even deposi-tories were doing quite well with their SRPs and they took the
Subservicing Business Could Boom, Here’s Why
Continued on page 6
Continued on page 14
New Online Lender Is Looking For Share
IRVINE, CA—A new online lender, loanDepot.com here, is looking to in-dustry consolidation to give it a chance to get signi�cant market share.
�e chief executive and founder of the company is Anthony Hsieh, who previously created and sold LoansDirect and Home Loan Cen-ter. He is receiving �nancial support from Parthenon Capital Partners, San Francisco.
Mr. Hsieh has approximately 25 years’ experience in the business and he sees an opportunity because of the amount of consolidation that has occurred. He noted that when he started, the top lender had a 4% market share. Now it is in the range of 25%.
In addition, the changes to the regulatory scene have created sig-ni�cant barriers to entry to the
Continued on page 12
money while the getting was good. And that meant many originators, especially the small- to medium-sized nonbanks, were not bother-ing to keep the servicing “strip” on the loans they produced. �e idea was to take the SRP cash now and let the big aggregators (Wells Far-go, Bank of America/Countrywide, CitiMortgage and Chase) worry about it. (Some institutions main-tained a small servicing portfolio while selling everything “released” into the secondary market.)
Oh, but that was then. Today, Fannie, Freddie and HUD are tightening up their net worth requirements. Eventually, all three
By Brad Finkelstein
Servicing Cost Per Loan
1 American Internet Mortgage San Diego, CA $6 1,777
2 Cornerstone Mortgage Co. Houston, TX $25 68
3 Provident Funding Associates Burlingame, CA $42 210,109
4 TD Banknorth Mortgage Falmouth, ME $47 44,529
5 Webster Bank Waterbury, CT $47 14,645
6 America First CU Riverdale, UT $53 13,030
7 U.S. Bank Home Mortgage Bloomington, MN $54 1,223,584
8 NATIXIS Real Estate Capital New York, NY $55 66,624
9 Regions Mortgage Inc. Montgomery, AL $61 308,502
10 MetLife Home Loans Memphis, TN $65 553,924
WASHINGTON—More than any-thing else, Tom Marano has a repu-tation for being one of the mortgage industry’s premier loan traders. But is the chief of GMAC’s mortgage operations ready to begin unload-ing the company’s mortgage toxins in the secondary market or will he (like many other sellers) hold out for higher prices?
So far, Mr. Marano isn’t letting on, but one thing seems certain — as the head of Residential Capital Corp. he is cleaning up the lender’s balance sheet for an eventual sale. As one investment banker noted: “It’s pretty clear at this point that the only thing that GMAC wants to �nance is cars.”
A hedge fund manager who re-cently talked to GMAC about buy-ing its nonperforming loans por-trayed the situation as thus: “If they admit to everyone they want to sell their nonperformers that puts them at a disadvantage. But they have a price in mind — they’re just not telling us what it is yet.”
Preferably, ResCap would like to unload as many of its nonperform-ing loans (and ABS) as possible prior to o�ering the company to a buyer, a move that would create a “clean” bank.
WASHINGTON—Lenders who dump foreclosed condominium units on the market at �re-sale prices may be shooting themselves in the foot, according to an expert in peddling real estate-owned.
Pointing to a recent transaction in Miami Beach in which a bulk buyer of foreclosed condo apart-ments made a tidy pro�t in less than four months, Jack Studnicky of the International Sales Group, Aventu-ra, Fla., says that lenders could have pocketed that money if only they had been a little more patient.
“It’s not a matter of holding on and waiting for the market to turn,” says Studnicky, who cut his teeth on selling real estate-owned in Ocean City, Md., more than 30 years ago. Rather, it’s about hiring a special-ist to devise and carry out a sound marketing and sales program.
Case in point: �e plan ISG pro-posed recently for a 117-unit Col-lins Avenue condo. �e �ve-build-ing property had been taken back by the original lender and resold to
Continued on page 8
MORTGAGESCENEBy Paul Muolo
mortgageservicingnews.com
V I E W P O I N TGood Property Management Can Improve Portfolios page 4
E D I TO R I A LThe Government Is Trying To Shame Servicers page 4
M A N AG I N G R E OMatching the RightProperties to Buyers page 5
P E O P L E page 22
I N S I D E
a new developer at roughly 10 cents on the dollar.
ISG had sold the place out for the �rst developer, who ran out of mon-ey before he could �nish the com-plex. Now, it was proposing to do the same for the second developer.
�e company said that if the new developer would go along with its plan, it could not only sell all 117 apartments within a 12-month time span, it would fetch the $275-$300 per square foot the developer need-
ed to be successful.�is, by the way, in a market that
is absolutely �ooded with unsold apartments, many being o�ered at less than what it currently costs to build them. At midyear, developers alone were said to be holding some-thing like 9,400 built or un�nished condos, making Miami perhaps the epicenter of the Sunshine State’s condo glut.
To achieve its goal, ISG told the
By Brian Collins
GMAC May Put NPLsUp For Sale
Tom Marano may be cleaning up ResCap’s balance sheet for sale
For Residential and Commercial ServicersFEBRUARY, 2010 • Volume 14, No. 2
SPECIAL REPORT Property Valuations Become Hot Industry Topic PAGE 15
By Lew Sichelman
Servicing Values Increase But SRPs Are Still Anemic
B ad news, occasionally, has a way of turning into a pro�t opportunity for someone.
By now, readers probably are fully aware that the price being o�ered on “servicing released premiums” is in the tank and has been since the credit markets disintegrated in
the fall of 2008 and interest rates began their historic decent.
Currently, the SRP on new pro-duction is roughly 100 basis points or about four times the servicing fee on newly originated Fannie Mae and Freddie Mac loans. Before the market cracked up, the SRP was as high as 175 basis points. It was a sweet premium and seller/servicers knew it.
Nonbanks and even deposi-tories were doing quite well with their SRPs and they took the
Subservicing Business Could Boom, Here’s Why
Continued on page 6
Continued on page 14
New Online Lender Is Looking For Share
IRVINE, CA—A new online lender, loanDepot.com here, is looking to in-dustry consolidation to give it a chance to get signi�cant market share.
�e chief executive and founder of the company is Anthony Hsieh, who previously created and sold LoansDirect and Home Loan Cen-ter. He is receiving �nancial support from Parthenon Capital Partners, San Francisco.
Mr. Hsieh has approximately 25 years’ experience in the business and he sees an opportunity because of the amount of consolidation that has occurred. He noted that when he started, the top lender had a 4% market share. Now it is in the range of 25%.
In addition, the changes to the regulatory scene have created sig-ni�cant barriers to entry to the
Continued on page 12
money while the getting was good. And that meant many originators, especially the small- to medium-sized nonbanks, were not bother-ing to keep the servicing “strip” on the loans they produced. �e idea was to take the SRP cash now and let the big aggregators (Wells Far-go, Bank of America/Countrywide, CitiMortgage and Chase) worry about it. (Some institutions main-tained a small servicing portfolio while selling everything “released” into the secondary market.)
Oh, but that was then. Today, Fannie, Freddie and HUD are tightening up their net worth requirements. Eventually, all three
By Brad Finkelstein
Servicing Cost Per Loan
1 American Internet Mortgage San Diego, CA $6 1,777
2 Cornerstone Mortgage Co. Houston, TX $25 68
3 Provident Funding Associates Burlingame, CA $42 210,109
4 TD Banknorth Mortgage Falmouth, ME $47 44,529
5 Webster Bank Waterbury, CT $47 14,645
6 America First CU Riverdale, UT $53 13,030
7 U.S. Bank Home Mortgage Bloomington, MN $54 1,223,584
8 NATIXIS Real Estate Capital New York, NY $55 66,624
9 Regions Mortgage Inc. Montgomery, AL $61 308,502
10 MetLife Home Loans Memphis, TN $65 553,924
WASHINGTON—More than any-thing else, Tom Marano has a repu-tation for being one of the mortgage industry’s premier loan traders. But is the chief of GMAC’s mortgage operations ready to begin unload-ing the company’s mortgage toxins in the secondary market or will he (like many other sellers) hold out for higher prices?
So far, Mr. Marano isn’t letting on, but one thing seems certain — as the head of Residential Capital Corp. he is cleaning up the lender’s balance sheet for an eventual sale. As one investment banker noted: “It’s pretty clear at this point that the only thing that GMAC wants to �nance is cars.”
A hedge fund manager who re-cently talked to GMAC about buy-ing its nonperforming loans por-trayed the situation as thus: “If they admit to everyone they want to sell their nonperformers that puts them at a disadvantage. But they have a price in mind — they’re just not telling us what it is yet.”
Preferably, ResCap would like to unload as many of its nonperform-ing loans (and ABS) as possible prior to o�ering the company to a buyer, a move that would create a “clean” bank.
WASHINGTON—Lenders who dump foreclosed condominium units on the market at �re-sale prices may be shooting themselves in the foot, according to an expert in peddling real estate-owned.
Pointing to a recent transaction in Miami Beach in which a bulk buyer of foreclosed condo apart-ments made a tidy pro�t in less than four months, Jack Studnicky of the International Sales Group, Aventu-ra, Fla., says that lenders could have pocketed that money if only they had been a little more patient.
“It’s not a matter of holding on and waiting for the market to turn,” says Studnicky, who cut his teeth on selling real estate-owned in Ocean City, Md., more than 30 years ago. Rather, it’s about hiring a special-ist to devise and carry out a sound marketing and sales program.
Case in point: �e plan ISG pro-posed recently for a 117-unit Col-lins Avenue condo. �e �ve-build-ing property had been taken back by the original lender and resold to
Continued on page 8
MORTGAGESCENEBy Paul Muolo
mortgageservicingnews.com
V I E W P O I N TGood Property Management Can Improve Portfolios page 4
E D I TO R I A LThe Government Is Trying To Shame Servicers page 4
M A N AG I N G R E OMatching the RightProperties to Buyers page 5
P E O P L E page 22
I N S I D E
a new developer at roughly 10 cents on the dollar.
ISG had sold the place out for the �rst developer, who ran out of mon-ey before he could �nish the com-plex. Now, it was proposing to do the same for the second developer.
�e company said that if the new developer would go along with its plan, it could not only sell all 117 apartments within a 12-month time span, it would fetch the $275-$300 per square foot the developer need-
ed to be successful.�is, by the way, in a market that
is absolutely �ooded with unsold apartments, many being o�ered at less than what it currently costs to build them. At midyear, developers alone were said to be holding some-thing like 9,400 built or un�nished condos, making Miami perhaps the epicenter of the Sunshine State’s condo glut.
To achieve its goal, ISG told the
By Brian Collins
GMAC May Put NPLsUp For Sale
Tom Marano may be cleaning up ResCap’s balance sheet for sale
For Residential and Commercial ServicersFEBRUARY, 2010 • Volume 14, No. 2
SPECIAL REPORT Property Valuations Become Hot Industry Topic PAGE 15
By Lew Sichelman
Servicing Values Increase But SRPs Are Still Anemic
B ad news, occasionally, has a way of turning into a pro�t opportunity for someone.
By now, readers probably are fully aware that the price being o�ered on “servicing released premiums” is in the tank and has been since the credit markets disintegrated in
the fall of 2008 and interest rates began their historic decent.
Currently, the SRP on new pro-duction is roughly 100 basis points or about four times the servicing fee on newly originated Fannie Mae and Freddie Mac loans. Before the market cracked up, the SRP was as high as 175 basis points. It was a sweet premium and seller/servicers knew it.
Nonbanks and even deposi-tories were doing quite well with their SRPs and they took the
Subservicing Business Could Boom, Here’s Why
Continued on page 6
Continued on page 14
New Online Lender Is Looking For Share
IRVINE, CA—A new online lender, loanDepot.com here, is looking to in-dustry consolidation to give it a chance to get signi�cant market share.
�e chief executive and founder of the company is Anthony Hsieh, who previously created and sold LoansDirect and Home Loan Cen-ter. He is receiving �nancial support from Parthenon Capital Partners, San Francisco.
Mr. Hsieh has approximately 25 years’ experience in the business and he sees an opportunity because of the amount of consolidation that has occurred. He noted that when he started, the top lender had a 4% market share. Now it is in the range of 25%.
In addition, the changes to the regulatory scene have created sig-ni�cant barriers to entry to the
Continued on page 12
money while the getting was good. And that meant many originators, especially the small- to medium-sized nonbanks, were not bother-ing to keep the servicing “strip” on the loans they produced. �e idea was to take the SRP cash now and let the big aggregators (Wells Far-go, Bank of America/Countrywide, CitiMortgage and Chase) worry about it. (Some institutions main-tained a small servicing portfolio while selling everything “released” into the secondary market.)
Oh, but that was then. Today, Fannie, Freddie and HUD are tightening up their net worth requirements. Eventually, all three
By Brad Finkelstein
Servicing Cost Per Loan
1 American Internet Mortgage San Diego, CA $6 1,777
2 Cornerstone Mortgage Co. Houston, TX $25 68
3 Provident Funding Associates Burlingame, CA $42 210,109
4 TD Banknorth Mortgage Falmouth, ME $47 44,529
5 Webster Bank Waterbury, CT $47 14,645
6 America First CU Riverdale, UT $53 13,030
7 U.S. Bank Home Mortgage Bloomington, MN $54 1,223,584
8 NATIXIS Real Estate Capital New York, NY $55 66,624
9 Regions Mortgage Inc. Montgomery, AL $61 308,502
10 MetLife Home Loans Memphis, TN $65 553,924
WASHINGTON—More than any-thing else, Tom Marano has a repu-tation for being one of the mortgage industry’s premier loan traders. But is the chief of GMAC’s mortgage operations ready to begin unload-ing the company’s mortgage toxins in the secondary market or will he (like many other sellers) hold out for higher prices?
So far, Mr. Marano isn’t letting on, but one thing seems certain — as the head of Residential Capital Corp. he is cleaning up the lender’s balance sheet for an eventual sale. As one investment banker noted: “It’s pretty clear at this point that the only thing that GMAC wants to �nance is cars.”
A hedge fund manager who re-cently talked to GMAC about buy-ing its nonperforming loans por-trayed the situation as thus: “If they admit to everyone they want to sell their nonperformers that puts them at a disadvantage. But they have a price in mind — they’re just not telling us what it is yet.”
Preferably, ResCap would like to unload as many of its nonperform-ing loans (and ABS) as possible prior to o�ering the company to a buyer, a move that would create a “clean” bank.
WASHINGTON—Lenders who dump foreclosed condominium units on the market at �re-sale prices may be shooting themselves in the foot, according to an expert in peddling real estate-owned.
Pointing to a recent transaction in Miami Beach in which a bulk buyer of foreclosed condo apart-ments made a tidy pro�t in less than four months, Jack Studnicky of the International Sales Group, Aventu-ra, Fla., says that lenders could have pocketed that money if only they had been a little more patient.
“It’s not a matter of holding on and waiting for the market to turn,” says Studnicky, who cut his teeth on selling real estate-owned in Ocean City, Md., more than 30 years ago. Rather, it’s about hiring a special-ist to devise and carry out a sound marketing and sales program.
Case in point: �e plan ISG pro-posed recently for a 117-unit Col-lins Avenue condo. �e �ve-build-ing property had been taken back by the original lender and resold to
Continued on page 8
MORTGAGESCENEBy Paul Muolo
mortgageservicingnews.com
V I E W P O I N TGood Property Management Can Improve Portfolios page 4
E D I TO R I A LThe Government Is Trying To Shame Servicers page 4
M A N AG I N G R E OMatching the RightProperties to Buyers page 5
P E O P L E page 22
I N S I D E
a new developer at roughly 10 cents on the dollar.
ISG had sold the place out for the �rst developer, who ran out of mon-ey before he could �nish the com-plex. Now, it was proposing to do the same for the second developer.
�e company said that if the new developer would go along with its plan, it could not only sell all 117 apartments within a 12-month time span, it would fetch the $275-$300 per square foot the developer need-
ed to be successful.�is, by the way, in a market that
is absolutely �ooded with unsold apartments, many being o�ered at less than what it currently costs to build them. At midyear, developers alone were said to be holding some-thing like 9,400 built or un�nished condos, making Miami perhaps the epicenter of the Sunshine State’s condo glut.
To achieve its goal, ISG told the
By Brian Collins
GMAC May Put NPLsUp For Sale
Tom Marano may be cleaning up ResCap’s balance sheet for sale
managing ReOevaluating CreditPrepayment & default SpeedsLoan modificationsmortgage FraudLoss mitigationRecent appraisal issuesdelinquency issues
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Month space close Materials due special Features conferences/bonus distribution
JAnuAry
11/25 12/2 Outsourcing default Servicing
FebruAry
1/4 1/6 Valuing Real estate assets - BPO's, aVm's, appraisals
MArch
1/29 2/3 making Sure You’re in Compliance mBa’s mortgage Servicing Show
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June
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July
6/4 6/9 maximizing Portfolio Recovery Western Secondary Conference
August
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septeMber
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october
9/2 9/8 Selling Your ReO Portfolios Five Star Conference
noveMber
10/1 10/6mBa annual Convention ReOmaC Fall Conference
deceMber
10/29 11/3 Servicing technology
JAnuAry 2011
12/3 12/8 maximizing Portfolio Recovery
MortgAge servicing neWs editoriAl cAlendAr
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eneWsletters oFFer Advertising opportunities With MAxiMuM iMpActnational Mortgage neWS daily Briefing neWSletter more than 40,000 mortgage professionals read this critical newsletter every day. it’s the primary source for daily breaking news in the industry.frequency: daily
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2010 MortgAge industry buyer’s guidethe 2010 Mortgage industry Buyer’s guide is the most comprehensive collection of contact information on products and services available to the mortgage industry. this vast wealth of information is organized in convenient categories, making it an easy to use invaluable resource.
With its broad distribution, the Mortgage industry Buyer’s guide print and online version will be seen by mortgage bankers, brokers, mortgage departments within commercial banks, savings institutions, credit unions, insurance companies, pension funds and government sponsored entities, and at every tradeshow we attend, providing advertisers with the opportunity to make year-long impression on every segment of the industry.
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MortgAgestAts.coM the MortgAge industry’s Most coMprehensive reseArch toolFinally, there’s a place you can go for current mortgage industry data.
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Plus You get 2009, the yeAr in revieW — a special white paper on the state of the mortgage banking industry written by National Mortgage News executive editor and author of Bestseller, “Chain of Blame: How Wall Street Caused the mortgage and Credit Crisis,” Paul muolo, including ten Firms to keep an eye on in 2009/2010.
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tech aWardS
Since Mortgage Technology ’s tech awards program was first launched in 2000, it has become the mark of distinction for outstanding leadership, innovation and technological excellence in the mortgage industry. each year, Mortgage Technology recognizes outstanding innovation in the mortgage industry. the awards spotlight industry professionals, as well as leading vendors and mortgage lenders, who are moving the mortgage technology sector of the industry forward. Become a sponsor and show that your company supports innovation and forward-thinking.
the best source for the latest mortgage information and data continues to be Mortgage Servicing News, National Mortgage News, and Managing ReO. in the spring of 2010, join us for our 4th annual mortgage Servicing Conference. this event is specifically designed for CeOs, COOs and senior executives in mortgage servicing. Focusing on servicing, best practices, regulatory issues, case studies from the top servicers, and loss mitigation techniques, this dynamic program combines expert speakers, peer networking, cutting edge content and interaction with solution providers.
How will mortgage professionals stay ahead and turn today’s problems into opportunities? in an era of overdues, defaults and foreclosures, loss mitigation has taken center stage in lender efforts to stem losses due to the implosion of the market. Mortgage Servicing News offers you an opportunity to hear industry experts discuss the latest issues at the Best Practices in Loss mitigation Conference.
Mortgage Servicing News offers servicing professionals an unparalleled opportunity to learn the industry’s best practices for loan modifications and how to get more for your efforts at the Loan modifications Conference. this event offers timely tips and techniques to help navigate the loan modification maze.
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For more information, please visit www.sourcemediaconferences.com
OUR mORtGaGe CONFeReNCeS Let YOU: netWork with industry leaders and mortgage Group editors
acceSS information on the latest tools, trends, technologies and strategies Share ideas and hear success stories from industry executives Meet “face-to-face” with potential customers through sponsorship and exhibit opportunities ParticiPate in speaker and advisory boards shaping the future of the marketplace gather industry research and feedback
4th
An
nuAl Mortgage Servicing
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BEST PRACTICES IN LOSS MITIGATION
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Loan ModificationSCONFERENCE
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integrAted And online MArketing solutionsprovide options designed to Meet your every need.BRaNd aWaReNeSS StUdieSOur research staff develops a custom course of inquiry that produces effective data. Brand awareness Studies help you to determine your competitive position and facilitates adjusting your marketing message to maximize interest. CaSe StUdieSReach an audience of industry decision-makers to show how your business solution is yielding tangible results through this custom email campaign. CLaSSiFied adVeRtiSiNGClassified advertising is a cost-effective way to reach a high volume of potential customers and generate significant responses from one small message. Generate leads, test elements of larger display advertisements, build prospect databases and generate direct contact. CO-BRaNded emaiLSLeverage the power of our brand recognition through a co-branded email. Your message is sent out under the brand name of the list you rent, highlighting your association with our publication. CONFeReNCe daiLieSindustry events are packed with information. dailies provide an opportunity for you to funnel developments into a tangible custom piece that attendees can use for reference on-site and beyond for long-term retention of your message. CONFeReNCe SPONSORSHiPSWe deliver the highest quality information, speakers, presenters, networking opportunities and venues to help our readers make sound business decisions and achieve outstanding results.
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originationnews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
E D I TO R I A LServicing borowers who aren’t current page 4
SUPERSTARS OF THE MONTHTime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
For Mortgage Lenders, Brokers, Correspondents and Wholesalers
SPECIAL REPORT REO Disposition: Occupying Vacant Homes PAGE 9
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It
was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his think-
ing. US commercial banks o�ering traditional checking and savings accounts, small business credit lines
and plain vanilla investment prod-ucts like certi�cates of deposit may
McMansion Revolution Swings Back For Boomers
Continued on page 5
Continued on page 3Continued on page 3
Continued on page 8
Panuel Mehos, chairman of Green Bancorp, knows some-thing about buying banks and
bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding
By Paul Muolo
WASHINGTON–Manuel Meos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a smer purchased a smer purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic
Surging FHA Deals with Fast GrowthInsurer cuts reverse loans to decrease risk exposure and then �nds a cushion
By BonnieSinnock
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, em-barked on a series of acquisitions,
several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings
accounts, small business credit lines and plain vanilla investment prod-ucts like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s bor-rowing window have proved to fare better overall against the mortgage credit market collapse, spurring Goldman and Morgan Stanley to shed their independent-brokerage style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Re-Defaults Still TakingToll on Fed
STREETSMARTSBy Bonnie Sinnock
Origination News
Origination News
Origination News
GNMAS as a Percentage Total of Production (Dollars in Billions)
Wells Fargo & Co. $51.0 $234 22%
Bank of America $61.1 $203 30%
JPMorgan Chase $16.6 $81.4 20%
Citigroup $10.8 $55.7 19%
ResCap/GMAC $11.1 $31.5 35%
TOTALS $150.6 $606 325%
Rick Thompson, a founder of Envoy Mortgage, wants to be a midtier lender
Mortgage NewsMortgage News
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By Paul Muolo
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
By Brian Collins
WASHINGTON–Manuel Mehos, chair-man of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private eq-uity �rm Belvedere Capital.
A large number of commercial
banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an opportu-nity to invest in what Mehos believes
Wider Margins Look Good For Now But May Not LastSome wonder if lender will have to shi� gears to make hay
By Brian Collins
WASHINGTON–Manuel Mehos, chairman of Green Bancorp, knows something about buying banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Monday, the former Goldman Sachs investment bank-er purchased a small bank with a group of local investors in Port La-vaca, Texas, a Gulf Coast town used
by blockade runners in the Civil War. In 1988, Mehos’ thri�, Coast-al Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas
branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil
prices declined, slamming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s troubling days for the US bank-ing industry, says the 54-year-old Mehos, whose Green Bancorp is a holding of San Francisco private equity �rm Belvedere Capital.
A large number of commercial banks failed in the late 1980s as
borrowers caught in regional down-turns couldn’t repay debts.
�e chaos in �nancial services now, though, represents an op-portunity to invest in what Mehos believes will be a “golden age in banking.” He may not be alone in his thinking.
US commercial banks o�ering traditional checking and savings accounts, small business credit lines and plain vanilla investment products like certi�cates of deposit may attract much broader private equity fund interest than in years past. Traditional depository banks with access to the Federal Reserve’s borrowing window have proved to fare better overall against the mort-gage credit market collapse, spur-ring Goldman and Morgan Stanley to shed their independent-broker-age style and become bank holding companies this past month.
�ere are plenty of indications that old-fashioned teller banking
Refund Anticipation Loans Down, Some Think for Good
Continued on page 3
Continued on page 3
Continued on page 3
Continued on page 3
FDIC SetsToxic-LoanPortfolio forMarket Test
�e Newsweekly for America’s Mortgage Industry
REOWATCH
Thrift GivingBreaks TriesTo Arrange OneFor Itself
Aanuel Mehos, chairman of Green Bancorp, knows something about buying
banks and bringing them back to life amid a �nancial storm. In 1986, just a year before Black Mon-day, the former Goldman Sachs investment banker purchased a small bank with a group of local investors in Port Lavaca, Texas, a Gulf Coast town used by blockade runners in the Civil War.
In 1988, Mehos’ thri�, Coastal Bend Savings & Loan, embarked on a series of acquisitions, several of them involving insolvent Texas branch banks that were being sold by the Resolution Trust Corp. It was an era fraught with economic peril—oil prices declined, slam-ming Texas’ economy and eroding the state’s real estate values. �at, in turn, hobbled many banks.
�ere are parallels to today’s
INSIDETAKEBy Paul Muolo
Plain vanilla investment products like certi�cates of deposit may at-tract much broader private equity fund interest than in years past. Traditional depository banks with access to. PAGE 6
A New Trade Group
1 Wells Fargo & Co. $54,012 $41,521 30% 24.66% +2.25%
2 Bank of America $46,398 $38,316 21% 21.18% +0.50%
3 Chase $14,829 $18,848 -21% 6.77% -3.40%
4 National City Mortgage $6,844 $6,821 0% 3.12% -0.56%
5 Quicken Loans Inc. $6,800 $4,190 62% 3.10% +0.84%
6 SunTrust Mortgage Inc. $6,516 $5,597 16% 2.97% -0.05%
7 CitiMortgage Inc. $5,715 $14,090 -59% 2.61% -4.99%
8 MetLife Home Loans $5,020 na na 2.29% na
9 Branch Banking & Trust Co. $4,379 $3,086 42% 2.00% +0.33%
10 U.S. Bank Home Mortgage $4,151 $1,932 115% 1.89% +0.85%
Top Retail Lenders in 1Q 2009 (Dollars in Millions)
natioinalmortgagenews.com
V I E W P O I N TObama policy’s impact on portfolio values page 4
O P E N F O R U MServicing borowers who aren't current page 4
ST R E E T S M A R T STime to build better vendor relationships page 15
C L A S S I F I E D S page 34
I N S I D E
Sheila Bair, FDIC chairman ready to launch new loan program
For Residential and Commercial ServicersFEBRUARY, 2010 • Volume 14, No. 2
SPECIAL REPORT Property Valuations Become Hot Industry Topic PAGE 15
By Lew Sichelman
Servicing Values Increase But SRPs Are Still Anemic
B ad news, occasionally, has a way of turning into a pro�t opportunity for someone.
By now, readers probably are fully aware that the price being o�ered on “servicing released premiums” is in the tank and has been since the credit markets disintegrated in
the fall of 2008 and interest rates began their historic decent.
Currently, the SRP on new pro-duction is roughly 100 basis points or about four times the servicing fee on newly originated Fannie Mae and Freddie Mac loans. Before the market cracked up, the SRP was as high as 175 basis points. It was a sweet premium and seller/servicers knew it.
Nonbanks and even deposi-tories were doing quite well with their SRPs and they took the
Subservicing Business Could Boom, Here’s Why
Continued on page 6
Continued on page 14
New Online Lender Is Looking For Share
IRVINE, CA—A new online lender, loanDepot.com here, is looking to in-dustry consolidation to give it a chance to get signi�cant market share.
�e chief executive and founder of the company is Anthony Hsieh, who previously created and sold LoansDirect and Home Loan Cen-ter. He is receiving �nancial support from Parthenon Capital Partners, San Francisco.
Mr. Hsieh has approximately 25 years’ experience in the business and he sees an opportunity because of the amount of consolidation that has occurred. He noted that when he started, the top lender had a 4% market share. Now it is in the range of 25%.
In addition, the changes to the regulatory scene have created sig-ni�cant barriers to entry to the
Continued on page 12
money while the getting was good. And that meant many originators, especially the small- to medium-sized nonbanks, were not bother-ing to keep the servicing “strip” on the loans they produced. �e idea was to take the SRP cash now and let the big aggregators (Wells Far-go, Bank of America/Countrywide, CitiMortgage and Chase) worry about it. (Some institutions main-tained a small servicing portfolio while selling everything “released” into the secondary market.)
Oh, but that was then. Today, Fannie, Freddie and HUD are tightening up their net worth requirements. Eventually, all three
By Brad Finkelstein
Servicing Cost Per Loan Servicing # of Loans Rank Organization Name Location Cost Per Loan Serviced
1 American Internet Mortgage San Diego, CA $6 1,777
2 Cornerstone Mortgage Co. Houston, TX $25 68
3 Provident Funding Associates Burlingame, CA $42 210,109
4 TD Banknorth Mortgage Falmouth, ME $47 44,529
5 Webster Bank Waterbury, CT $47 14,645
6 America First CU Riverdale, UT $53 13,030
7 U.S. Bank Home Mortgage Bloomington, MN $54 1,223,584
8 NATIXIS Real Estate Capital New York, NY $55 66,624
9 Regions Mortgage Inc. Montgomery, AL $61 308,502
10 MetLife Home Loans Memphis, TN $65 553,924
WASHINGTON—More than any-thing else, Tom Marano has a repu-tation for being one of the mortgage industry’s premier loan traders. But is the chief of GMAC’s mortgage operations ready to begin unload-ing the company’s mortgage toxins in the secondary market or will he (like many other sellers) hold out for higher prices?
So far, Mr. Marano isn’t letting on, but one thing seems certain — as the head of Residential Capital Corp. he is cleaning up the lender’s balance sheet for an eventual sale. As one investment banker noted: “It’s pretty clear at this point that the only thing that GMAC wants to �nance is cars.”
A hedge fund manager who re-cently talked to GMAC about buy-ing its nonperforming loans por-trayed the situation as thus: “If they admit to everyone they want to sell their nonperformers that puts them at a disadvantage. But they have a price in mind — they’re just not telling us what it is yet.”
Preferably, ResCap would like to unload as many of its nonperform-ing loans (and ABS) as possible prior to o�ering the company to a buyer, a move that would create a “clean” bank.
WASHINGTON—Lenders who dump foreclosed condominium units on the market at �re-sale prices may be shooting themselves in the foot, according to an expert in peddling real estate-owned.
Pointing to a recent transaction in Miami Beach in which a bulk buyer of foreclosed condo apart-ments made a tidy pro�t in less than four months, Jack Studnicky of the International Sales Group, Aventu-ra, Fla., says that lenders could have pocketed that money if only they had been a little more patient.
“It’s not a matter of holding on and waiting for the market to turn,” says Studnicky, who cut his teeth on selling real estate-owned in Ocean City, Md., more than 30 years ago. Rather, it’s about hiring a special-ist to devise and carry out a sound marketing and sales program.
Case in point: �e plan ISG pro-posed recently for a 117-unit Col-lins Avenue condo. �e �ve-build-ing property had been taken back by the original lender and resold to
Continued on page 8
MORTGAGESCENEBy Paul Muolo
mortgageservicingnews.com
V I E W P O I N TGood Property Management Can Improve Portfolios page 4
E D I TO R I A LThe Government Is Trying To Shame Servicers page 4
M A N AG I N G R E OMatching the RightProperties to Buyers page 5
P E O P L E page 22
I N S I D E
a new developer at roughly 10 cents on the dollar.
ISG had sold the place out for the �rst developer, who ran out of mon-ey before he could �nish the com-plex. Now, it was proposing to do the same for the second developer.
�e company said that if the new developer would go along with its plan, it could not only sell all 117 apartments within a 12-month time span, it would fetch the $275-$300 per square foot the developer need-
ed to be successful.�is, by the way, in a market that
is absolutely �ooded with unsold apartments, many being o�ered at less than what it currently costs to build them. At midyear, developers alone were said to be holding some-thing like 9,400 built or un�nished condos, making Miami perhaps the epicenter of the Sunshine State’s condo glut.
To achieve its goal, ISG told the
By Brian Collins
GMAC May Put NPLsUp For Sale
Tom Marano may be cleaning up ResCap’s balance sheet for sale
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media kit
2010
dediCated diaLOGUeSWe bring together key executives to discuss major issues on your topic. We help create a thought-provoking list of questions to ensure a stimulating conversation. excerpts and photos from this discussion are published in a magazine format and inserted into a selected print issue.
dONOR SUBSCRiPtiON PROGRamReach National Mortgage News’ PdF subscribers with our donor subscription Program. PdF issues of the paper are sent to a specific number of recipients labeled as “Compliments of XYZ Company.” eBOOkSeBook sponsorship programs incorporate a complete marketing package to drive your audience to a required registration page for visitors. You get these leads as part of this powerful program. eXeCUtiVe ROUNdtaBLeSWe host a number of exclusive roundtables geared to the C-level client. they are by invitation- only and consist of senior executives who share their successes, challenges and ideas in a confidential environment. LiSt ReNtaLSmarketing to decision-makers is easy when using our rental list of over 750,000 financial industry professionals. Our readers are highly targeted, top-level executives among the world’s leading firms. maRketPLaCe BUYeR’S GUideSShowcase your products and services in the industry’s most comprehensive buyer’s guide, which offers integrated print and online listings, searchable and organized by key categories. miCROSiteSa microsite includes content from archives, repositories and custom information. microsites are hosted for a 1-year minimum and include a full marketing package. ONLiNe adVeRtiSiNGthe mortgage Group offers a strong editorial environment with proven ROi for your online marketing campaign. ONLiNe SURVeYSWhether you are undertaking a competitive analysis, positioning a new product or interested in gathering more market data, an online survey is a valuable element to any marketing program. POdCaStSengage potential customers with a monthly series using our editorial team to record interviews and discussions with content experts and client case studies.
RePRiNt SeRViCeSCustom reprints complement existing marketing programs and are a valuable communication tool. they are high-quality reproductions designed to meet customized marketing needs. ReSeaRCH LiBRaRY/WHite PaPeRSOur Custom media group can write your white paper using our editorial resources. it’s then posted and promoted in our online library and marketed to our readers. RiCH mediainteractive media includes streaming video, audio and animation. it allows site visitors access to more information and an opportunity to interact with your brand. extensive usage reports are included. SPONSORed SUPPLemeNtSdistinguish your company as an industry thought leader through participation in a custom supplement that accompanies our publications and reaches thousands of subscribers. VideOCaStSOur editorial team will record a compelling segment in a studio, for broadcasting on demand. it’s a great branding opportunity with logo placement and a video clip pre-roll opening. WeB SemiNaRSCommunicate live, online with an audience. in addition to a full marketing package, the 1-hour session includes 45 minutes of a slide pre-sentation and a 15-minute Q&a session, with real-time polling capability.
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media kit
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online ad SPecificationS
digital ad SPecificationSPDF SpecificationsWe prefer to receive digital advertising files in Adobe’s PDF format created from an Adobe application using the PDF/X-1a:2001 specification. Typically, PDF files are created from Postscript files utilizing Adobe Acrobat Distiller, but PDF’s created directly from InDesign will work as well. We do NOT recommend exporting PDF files directly from your native operating system, Quark or other non-Adobe applications. The results of exporting from non-Adobe applications can be unreliable and will not meet our specifications because the profiles listed below were not used in the creation process. Creating PDFs from InDesignFrom the File –> Adobe PDF Presets menu, choose PDF/X-1a:2001. Then choose Export from the File menu.
Creating PDFs from QuarkFirst you will need to create a Postscript file from Quark and then create the PDF with Acrobat Distiller using the PDF/X-1a:2001 settings. There are two files you should download and utilize in the creation of both your PostScript and PDF files from our FTP site:
Postscript and PDF ChecklistPrior to making the Postscript file, please check your file to make sure that it meets the following SourceMedia’s specifications:
Check Page Size q Page size should not be larger than the maximum allowable dimensions. Maximum
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resolution of 200 DPI for newsprint ads and 300 DPI for magazine ads. 2. Do not nest EPS file into another EPS file. 3. Do not embed ICC profile with images. 4. Total ink density should not exceed 280% for magazine ads, or 240% for newsprint.
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Compiling your *.fla file into a *.swf file. 1. Create the Flash ad in the form of a button. In the button object Action (TOP LAYER): •UseclickTagcommandaspartofthegetURLandchecktheURLExpressionbox. TheclickTagvariablemeansthatyoudonotneedtohardcodeaclickthroughURLorclick
command into the .swf file. The clickTag variable is given a value in the Rich Media code in DART, which is passed into the clickTag variable in the .swf file once the ad is clicked on..
•SetthetargetWindowas_blank.DonotchecktheWindowExpressionbox. •SettheVariablesas“Don'tSend.”
2.Useasingleclick-throughURLforyourcampaign. ButtonObjectActiongetURLexample: on (release) {
getURL(_level0.clickTag,"_blank"); }
3. All files should begin with the same file name and may not exceed 12 characters excluding the extension name. For example, abc468x60.fla, abc.468x60.swf and abc468x60.gif
4. In order to preview the background color of your .swf file in DART for Publishers, ensure it is not set in Flash. Instead, set the bottom/last layer to have a graphic that spans the complete movie, so no matter what the background color is set to the user will always see the background color.
Note: When submitting a Macromedia Flash banner(s), you must supply a compiled .swf file and a standard GIF or JPEG image file used as backup for non-Rich Media enabled browsers. PleaseincludetheURLforeachadcampaign.
Submission InformationOne-pixel border: SourceMedia highly recommends inserting a one-pixel border around the ads that have a white background so the user may be able distinguish it from white background areas of the site.Referring URL/link and Tracking: SourceMedia will not schedule any campaigns with inactive referringURL/link(destinationpage/site).Email or FTP Information: Send materials and files using the following FTP. Please use the name of the folder or the subject line of the email to specify the name of the product where your ad will run. Email to your online ad traffic coordinator at [email protected] Site Address: ftpfiles.sourcemedia.comUsername: aduserPassword: fulcrum29
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media kit
2010
Advertising contActs 2010
steven schloss Northeastern Sales manager Phone: 212.803.8829 Fax: 212.843.9678 [email protected]
John cahill midwestern/Southeastern Sales manager Phone: 773.519.5092 Fax: 773.519.5092 [email protected]
Mark Majors Western Sales manager Phone: 312.526.3315 Fax: 212.843.9678 [email protected]
steven gallego Classified/marketplace Sales manager Buyer’s Guide/Classified Phone: 866.752.7966 List Rentals Phone: 212.803.8822 Fax: 866.274.1954 [email protected]
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4c
tim Murphy VP & Group Publisher Phone: 212.803.8760 Fax: 212.843.9678 [email protected]