April 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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Viewing Goldman Sachs from a Mortgage Banker's Perspective

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by C.M. "Corky" Watts, CMB on April 30 2010, 12:09 PM

Let’s do a short review of what I believe RMBS traders were thinking in 2006 and 2007 and what they did to address increasing risk to the firm. They were essentially hedging the firm against financial losses as a result of a growing concern over the...
Fewer People Servicing More Loans: Is Technology Improving Both Productivity and Profitability?

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by C.M. "Corky" Watts, CMB on April 29 2010, 1:04 PM

Political thinkers like George Orwell and Hannah Arendt used to think technology would be the permanent boot-jack on the neck of mankind. You only need remember in 1984 how TVs were watching the viewer and hidden cameras were everywhere. It turned out...
Setting Standards for Loan Officers Is Key Part of Profitability

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by C.M. "Corky" Watts, CMB on April 27 2010, 10:47 AM

Mortgage bankers can’t survive without loan originations. Loan originations create the opportunity to generate revenue through loan fees and secondary market gain-on-sale. Loan officers are essential for loan originations. Retail mortgage lenders need...
One Example of How an ARM Loan Isn't All That Toxic

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by C.M. "Corky" Watts, CMB on April 23 2010, 1:47 AM

I recently received my ARM notice from Aurora Loan Services that my interest rate was going to adjust in 30 days. Remember ALS? It was the savings bank owned by Lehman Brothers that pioneered the Interest Only Stated Income Loan. This is the type of...
Mortgage Technology Reduces Costs and Improves Processing Flow

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by C.M. "Corky" Watts, CMB on April 20 2010, 11:21 AM

This last Saturday I paddled something new. I’ve had a habit of kayaking 2-3 places and not exploring something new. There are many great bays and lakes in Northern California to explore. We find habits the main culprit for employees not using their...
Retaining Mortgage Servicing Rights vs. Selling in the Secondary Market

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by C.M. "Corky" Watts, CMB on April 15 2010, 2:44 PM

During our visits to mortgage companies, we often get asked: Does it make sense to retain servicing? And, if it does, when should be it considered?...
Consistent Counterparty Risk Check-Ups are Key to Sustained Mortgage Banker Profitability

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by C.M. "Corky" Watts, CMB on April 12 2010, 10:01 PM

We almost never see mortgage bankers doing formal, ongoing due diligence on their counter-party risk, and it always concerns us. The point of looking at counterparty risk on an ongoing basis is to keep you from being caught off-guard when a key partner...
Reviewing an Operation Where Secondary Marketing is Managed by Loan Officers

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by C.M. "Corky" Watts, CMB on April 09 2010, 11:32 AM

This week, I visited a small North West retail mortgage banker that is doing around $20M per month. I was hired to perform a FOCIS study on the company. What really jumped out at me was their approach to secondary marketing. Management allows loan officers...
Mortgage Compliance: The New Four Letter Word

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by C.M. "Corky" Watts, CMB on April 08 2010, 11:01 AM

If you are a mortgage banker, you know what the new four letter word is: COMPLIANCE. Investors, regulators and consumers will be using compliance violations as a way to extort money from mortgage bankers or exert profound pressure. This is Darwinism...
Loan Approvals Before Delegated Underwriting; Repurchase Liability and the Value of a Mortgage Company; Flagstar Stock Dilution; Citi and TARP

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by C.M. "Corky" Watts, CMB on April 05 2010, 9:20 AM

Loan Approvals Before Delegated Underwriting; Repurchase Liability and the Value of a Mortgage Company; Flagstar Stock Dilution; Citi and TARP ...
The Law of Unintended Consequences: Repurchase Requests and Loan Loss Reserves

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by C.M. "Corky" Watts, CMB on April 01 2010, 1:42 PM

If a mortgage banker has been originating and selling loans to investors, it should it should prepare for The Law of Unintended Consequences. One does not intend on repurchasing loans from investors, but it has become part of being a mortgage banker...

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