February 2010 - The Garrett Watts Report

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The Garrett Watts Report shares stories and day to day experiences of veteran industry consultants Joe Garrett, Corky Watts and Mike McAuley. Writers observe and examine the micro-mortgage market from a viewpoint that helps lenders of all sizes increase revenues, control costs and better manage risks.

Learn more about the authors and their services:
Garrett, Watts & Company | http://www.garrettwatts.com

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Risk Management: Best Effort vs. Mandatory Hedges; FDIC Quarterly Banking Profile; CAMEL Ratings

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by C.M. "Corky" Watts, CMB on February 26 2010, 12:23 PM

We were Compass Analytics users for years back when it was called Tuttle & Co. They were a great hedging advisor then, it may be even better today. One of the many things they track for clients is the spread between best efforts and mandatory pricing...
The Risk/Return Spectrum: Investing in a Mortgage Bank

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by C.M. "Corky" Watts, CMB on February 25 2010, 9:51 AM

The key is to not be an average performer in the mortgage banking space. As an average performer, the risk verses reward is slanted more toward the risk side. Profits margins need to be much higher over an extended period of time considering the known...
Mortgage Brokers Still Making a Living; Printing Money to Escape a Deficit: Inflation and Debt Service

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by C.M. "Corky" Watts, CMB on February 24 2010, 2:59 PM

Will the mortgage broker ever go away? We know some smart people who’ve started up broker shops recently, and we think they’ll find good niches where they add value and make a good living. Scott Van Dellen and Preston James are two such people, both...
Revisiting Revenue Leakage. Time to Call in a Mortgage Plumber

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by C.M. "Corky" Watts, CMB on February 23 2010, 2:28 PM

There’s several sources of gain on sale leakage that result in a reduction of revenues. The key is to monitor each loan to ensure there is little or no difference in the expected and actual gain-on-sale. Just like hidden plumbing leaks in a house, revenue...
Secondary Marketing Revenue Leakage and Proper Budgeting

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by C.M. "Corky" Watts, CMB on February 22 2010, 1:35 PM

It’s well into February. Do you have a 2010 budget which allows you to compare actual performance versus budget performance? We’ll flat out tell you that top performing companies almost all have budgets, and poor performing companies rarely do....
Mortgage Operation Financial Statements: The Roadmap to Profitability

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by C.M. "Corky" Watts, CMB on February 19 2010, 10:48 AM

It is important to have a map or GPS when taking a trip. Without guidance, the journey may take much longer and travel costs could unexpectedly grow. This concept applies to mortgage bankers as well. Managers need a plan to navigate the market's landscape...
Using Profiling as a Means to Hire Productive Loan Officers

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by C.M. "Corky" Watts, CMB on February 18 2010, 11:26 AM

Profiling is not a lawful practice, but certain types of profiling may be a useful tool when recruiting and hiring employees for a company. Let’s be clear we are not talking about physical characteristics when profiling but the behavioral characteristics...
Economic Fortune Telling. Observations from Wells Fargo's Housing Outlook

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by C.M. "Corky" Watts, CMB on February 16 2010, 11:46 AM

Economic forecasting can be both art and science. Reviewing accurate data and reading/listening to legitimate commentary can be valuable in preparing for the future. Owners of businesses need to review macroeconomic drivers to help make business decisions...
Out of Business Mortgage Insurers; Hedging with TBA MBS; Ideas to Help Create Job Growth; Reasons to Buy a Bank

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by C.M. "Corky" Watts, CMB on February 16 2010, 1:56 PM

Out of Business Mortgage Insurers; Hedging with TBA MBS; Ideas to Help Create Job Growth; Reasons to Buy a Bank...
Outlooks for the Future of Mortgage Lending

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by C.M. "Corky" Watts, CMB on February 12 2010, 11:08 AM

We have become pioneers regardless if we want to be one or not. We will have to adapt, adjust and expect the unexpected to survive and thrive. Do you have any insights or thoughts on what the future might look like for the mortgage business?...
Troubled Banks and Construction Loans; More on the Cost of Loan Repurchases; The Size and Scope of NYC

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by C.M. "Corky" Watts, CMB on February 10 2010, 11:13 AM

Troubled Banks and Construction Loans; More on the Cose of Loan Repurchases; The Size and Scope of NYC...
Mandatory vs. Best Effort Loan Commitments. Servicing Values Affect Pricing

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by C.M. "Corky" Watts, CMB on February 10 2010, 9:55 AM

If you’ve worked in the secondary market area or been around someone who manages interest rate risk for a mortgage banker, you may have heard some strange buzz words that seem unrelated to the mortgage business. Terms traders use are delta neutral, beta...
Cost of a Loan Repurchase; Budget Deficit; Financial Sector Peformance; MBA Headquarters; ResCap Earnings

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by C.M. "Corky" Watts, CMB on February 07 2010, 8:26 PM

Cost of a Loan Repurchase; Budget Deficit; Financial Sector Peformance; MBA Headquarters; ResCap Earnings The story about the Mortgage Bankers office building is almost as good as the credit union run by & for OTS employees. It failed in the early...
Centralized Lock Desks Serve as a Gate Keeper. Source of Revenue

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by C.M. "Corky" Watts, CMB on February 08 2010, 3:54 PM

In the past year, we’ve still seen a few companies allow their loan officers to lock directly with investors. Investors today allow their correspondent customers to manage secondary market activities and margins from their web sites. We believe this...
FDIC Doing "A LOT" of Hiring; Less Loan Production in 2010; Neighborhood Watch Scorecard; California Tax Exempt Bonds; FY2011 Budget

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by C.M. "Corky" Watts, CMB on February 05 2010, 6:46 AM

FDIC Doing "A LOT" of Hiring; Less Loan Production in 2010; Neighborhood Watch Scorecard; California Tax Exempt Bonds; FY2011 Budget...

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