September 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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Loan Level Reviews Slow the Mortgage Funding Process. Lenders Turn to Technology

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by C.M. "Corky" Watts, CMB on September 30 2010, 11:47 AM

Industry evolutions over the past 5 years cemented the growing requirement for loan level reviews of collateral before warehouse lenders would release advances on funding. The problem with this: Extensive loan level credit reviews by warehouse lenders...
Total Secondary Marketing Transparency: Removing Hidden Margin to Produce Profits

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by C.M. "Corky" Watts, CMB on September 23 2010, 2:50 PM

How is it that a small mortgage banker is able to fund 100% of their production through a mortgage bank and pay only 40% commission to its loan officers without losing them to another shop? The owners have created total secondary market transparency for...
Community Banks Seek Investment Return. Mortgage Bankers Need Funding. Partnership Opportunities Obvious

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by C.M. "Corky" Watts, CMB on September 21 2010, 9:49 AM

In the last several months we’ve seen several banks and mortgage bankers create partnerships that are mutually beneficial. If you are bank, poke around in your region for profitable mortgage bankers who originate quality loans. If you are a mortgage...
The DOs and DON'Ts of Paying a Secondary Marketing Manager

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

Secondary market revenues are a large piece of the revenues and profits of a mortgage bank. They are predicated on both volume and GOS. A secondary market manager needs to be incentivized based on the overall objectives of the company. A good approach...
Responding to Lender Buyback Demands with Loss Mitigation Procedures

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by C.M. "Corky" Watts, CMB on September 10 2010, 2:58 PM

The large bank owned aggregators have “well oiled” processes that put much of the responsibility on mortgage bankers for any loan level issues that might result in delinquencies or foreclosures. To effectively manage and defend a loan repurchase request...
Eliminate Investor Credit Overlays by Selling Directly to the GSEs

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by C.M. "Corky" Watts, CMB on September 02 2010, 11:02 AM

Many of our clients feel like the large aggregators are being managed by the risk management departments. There may be some truth in this because most large aggregators are owned by banks. Banks are risk averse and continue to add credit overlays on...

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Loan Level Reviews Slow the Mortgage Funding Process. Lenders Turn to Technology

Total Secondary Marketing Transparency: Removing Hidden Margin to Produce Profits

Community Banks Seek Investment Return. Mortgage Bankers Need Funding. Partnership Opportunities Obvious

The DOs and DON'Ts of Paying a Secondary Marketing Manager

Responding to Lender Buyback Demands with Loss Mitigation Procedures

Eliminate Investor Credit Overlays by Selling Directly to the GSEs

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