Because of the industry's lack of direction, ever changing regulations, clumsy Governmental intervention, slow to develop credit markets, and the overall general disruption and chaos in the residential real estate mortgage lending industry - we are not accepting any new students for this Fall and upcoming Winter semesters.
Even though the climate is improving lately, I have spent the better part of this Summer, working with Investment Bankers and others, trying to get a $2 Million equity investor/partner to help me start up a long over-due ‘Agency Alternative Next-Generation Subprime’ wholesale operation funding mortgage broker sourced 'Portfolio Quality'™ residential real estate mortgage loans. And, that's been a significant uphill battle so far! As that becomes reality, we will be re-purposing our mortgage professional training and educational facility.
This will also result in a coming name change to AMC Institute, our learning center will be focusing instead on creating a completely new curriculum over these next several months, and we strongly encourage you and definitely invite you to contact us with your input on the sort of classes, lessons etc. you would like to see from us when we re-open in the Spring!"
The Industry’s Waking Up!
If you are a careful reader of industry news, then you’ve been seeing things like these items below in last weeks' news, as I have for about four or 5 months now … don’t be asleep at the switch, you don’t want to get surprised by events you didn’t see coming:
Secondary Transactions Listed, Sold
Around $858 million in mortgages owned by Residential Capital LLC were put up for sale by GMAC Inc. last month. Marshall Ilsley Corp. sold 800 primarily non-performing residential loans, according to an announcement. A portfolio of 321 single-family mortgages acquired in July by SilverLeaf Financial LLC is now being marketed on an individual loan basis, a news release stated.
Mortgage Loan Exchanges Launch
DebtMarket announced its launch in August. Sellers list loan portfolios for sale on DebtMarket. Also launching last month was LoanMLS Inc. The company said in a news release that it is an online loan exchange providing a central information point for buyers and sellers.
Warehouse Lending Opportunities
Southwest Securities FSB said in a statement that it hired a new representative to solicit warehouse lending business in the East and Midwest ... Warehouse lending consultant Barry Epstein recently commented that banks don’t understand how lucrative warehouse lending can be. He warned ... mega-banks will control the market if mid-sized mortgage bankers can’t find funding for their originations.
Secondary Update
The Mortgage Bankers Association last month has proposed a draft purchase and sale agreement for whole loans. In a selling notice announcement, Fannie Mae said Refi Plus loans with loan-to-values above 105 percent can continue to be delivered beginning Sept. 1. Correspondent lender Affiliated Mortgage Co. has become a preferred investor for Lenders One Mortgage Cooperative, a press release indicated.
New Century Bank Names Warehouse Chief
New Century Bank, Phoenixville, Pa., which recently entered the warehouse lending arena, has named Glenn Hedde president of the new division. Mr. Hedde will be in charge of approving and monitoring lines of credit extended to non-depository mortgage banking firms ...
New GMAC Correspondent Unit Focuses on Community Lenders
The correspondent and warehouse lending division of Ally Bank, a unit of GMAC Financial Services, has created a correspondent community bank team that will purchase closed residential mortgage loans from banks, thrifts and credit unions. The new unit also will offer a table funding service which means loan brokers should benefit ...
Fed Continues Support for Mortgage Lending
In a Federal Open Market Committee statement, the Federal Reserve said economic activity has picked up and conditions in the financial markets have improved further. The statement indicated that the federal funds rate target will be kept at between 0.0 percent and 0.25 percent. The government plans to maintain support for the mortgage and housing markets by purchasing $1.25 trillion in agency mortgage-backed securities, according to the announcement.
… so … my point? STAY UP TO DATE WITH EVENTS AND DON’T LOOK IGNORANT :-}
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