In its new company newsletter, Garrett, McAuley & Co. notes that one of its regular duties is to review mortgage companies that are underperforming. Joe Garrett notes, “Earlier this year, we were at such a company, and the problem was clearly a CEO who was beyond horrible. She had one of the best resumes you’ve ever seen, and on the surface, she spoke exactly like the kind of person you’d want in that position. Sadly, we were shocked at how bad she was and how much money she had lost the investors.” The CEO was not named…
Not too long ago we interviewed mortgage headhunter Rick Glass, who told us that demand for new residential finance executive talent is now at an “all-time high,” at least at his shop. In particular, nonbank lender/servicers “are looking to fill the void left by the banks’ retreat from mortgage banking…”
Glass said some of the firms he represents “are positioning with well-capitalized sponsorship, patience and commitment to sustainable plans that have proven successful and growing during these times of market volatility and heightened risk…”
Did you know that Fannie Mae and Freddie Mac are losing money? Actually, the two are quite profitable, but Ginnie Mae points out on its website: “Unlike the GSEs, Ginnie Mae is profitable.” We mentioned this to the agency last week and are waiting to hear back regarding the phrasing…
And finally, it’s that time of the year again when mortgage companies start to plan their budgets for the coming year. Is it safe to assume nonbanks are preparing for growth while depositories are being cautious?
