SUBPRIME MORTGAGE LENDING REPORT:
NEW Most Aggressive as Lenders Relax Standards
September 21, 2005–
Executive Summary: Lenders are focused on maintaining or increasing share in an expanding subprime loan market, requiring many to reduce qualifi cation requirements, accept higher loan-to-value ratios and promote new loan products. In addition, some are lowering rates and fees. Consumer demand for subprime loans is accelerating because of attractive interest rates, relaxed qualifications and need for speedy closings.Filed under Mortgage Lending, New Century Financial Corp. at 04:00 PM
BUSINESS LENDING REPORT:
Wells Fargo's Commercial Business Seeing Slightly Lower Margins and Solid Growth
September 09, 2005–
Research Objective:
To examine Wells Fargo's commercial lending and real estate business in the 3Q05.Filed under Business Lending, Wells Fargo & Co. at 01:00 PM
CREDIT CARD REPORT:
Amex Poised to Gain Share of Consumer Payments
August 31, 2005–
Research Objective: To determine if American Express Co.'s (NYSE: AXP) contactless credit card system ExpressPay is gaining share and customer interest in early pilot testing with select merchants. Also, to compare and contrast ExpressPay with JPMorgan Chase & Co.'s (NYSE: JPC) recently introduced contactless system Blink. American Express Co. (AXP: $55.23)
JPMorgan Chase & Co. (JPM: $33.89)
SOVEREIGN BANK REPORT:
Local Touch Accelerates Commercial Lending
August 26, 2005– Executive Summary: The volume of commercial loans at Sovereign Bancorp Inc.'s Sovereign Bank is expected to post a healthy qq increase during 3Q05 — a period when such activity traditionally slows. Sovereign branch lenders are using personal relationships to grow business relationships with customers who are underserved by regional and national institutions. Sources expect commercial loan activity to remain strong regardless of interest rate levels, while mortgage demand is less certain. Sovereign customers are the primary source for mortgage applications, and independent brokers rate Sovereign as a leading provider.
Filed under Business Lending, Sovereign Bancorp Inc. at 01:30 PM
MORTGAGE LENDING REPORT:
National City Mortgage Excelling in Five Key States
Research Objective: To determine how National City Mortgage is competing its top five states (California, Texas, Virginia, Illinois and Maryland) that combined have been home to roughly 50% of the unit's current year loan originations.
National City Mortgage (NCC: $35.38)
Filed under Mortgage Lending, National City Corp. at 09:00 AM
COMPANY REPORT: Washington Mutual Inc.
WaMu's Problems with Mortgage Service, Employee Retention Continue
August 17, 2005–
Research Objective:
To determine if Washington Mutual Inc. (NYSE: WM) is improving its service and support to independent mortgage brokers and if the bank is continuing to lose key mortgage employees and top producers. (20
FRONTSIDE sources including senior executives or top brokers with U.S. mortgage brokerage companies) Negative:
Washington Mutual Inc. (WM: $41.88)
Filed under Washington Mutual at 04:00 PM
BUSINESS LENDING REPORT:
Wells Fargo Winning Business in Central U.S's Hottest Regions
August 10, 2005–
Research Objective: To examine the
Central U.S.'s commercial lending market and determine
which banks are the region's most active lenders. Positive:
Wells Fargo & Co. (WFC: $60.31)
Cullen/Frost Bank Inc. (CFR: $49.30)
UMB Financial Corp. (UMBF: $62.88)
Filed under Business Lending, Cullen/Frost Bank Inc., UMB Financial Corp., Wells Fargo & Co. at 04:00 PM
HOME EQUITY REPORT :
JPMorgan Chase's Home Equity Product Gaining Preference Among Brokers
August 04, 2005–
Research Objective:
To determine which banks mortgage brokers prefer for home equity loans in highly appreciated housing markets in the western and southwestern U.S. Positive:
JPMorgan Chase & Co. (JPM: $35.46)
IndyMac Bancorp Inc. (NDE: $45.06)
MORTGAGE LENDING REPORT:
Speculator Activity
July 29, 2005–
Research Objective:
To determine if career-based residential real estate speculators are pulling
money out of the market and/or changing investment strategies, and which banks
are receiving most of their business.Positive:
Washington Mutual Inc. (WM: $42.48)
Countrywide Financial Corp. (CFC: $36.00)
CREDIT CARD REPORT:
Amex Maintaining Premium Discount Fees with Retailers
July 21, 2005–
Research
Objective: To determine if American Express is gaining share
of consumer payments and is continuing to maintain its premium discount
rate compared with Visa International Service Association
and MasterCard Inc.Positive:
American Express Co. (AXP: $54.33)
Filed under American Express, Credit Cards at 04:00 PM