Mortgage Bankers Financial Reporting: Fill & Download for Free

Answering for people located in the United States.Answered this question on March 28, 2016. Undoubtedly this list will change as time moves forward.Categories are important. If you're asking for more names that fit into a specific category, just let us know.GOVERNMENT and TRADE ASSOCIATIONSRichard CordrayDirector of the Consumer Financial Protection BureauAbout us > Consumer Financial Protection BureauJulian CastroSecretary of HUDSecretary Julián CastroDavid StevensCEO of the Mortgage Bankers AssociationDavid Stevens | Mortgage Bankers AssociationSenator Elizabeth WarrenU.S. Senator for MassachusettsMORTGAGE BANKINGJamie Dimon, Chairman and CEO of ChaseMike Weinbach, CEO of Mortgage BankingChaseMichael DeVitoHead of Mortgage BankingWells FargoWells Fargo’s Michael DeVito to Lead Mortgage ProductionAvid ModjtabaiSenior EVP, Wells FargoAvid Modjtabai Biography - Executive Officers - Wells FargoRichard BennionEVP, Homestreet BankOfficers & DirectorsNON-BANK MORTGAGE LENDINGDan Gilbert Founder of Quicken Loans, orWilliam Emerson, CEO of Quicken LoansDan Gilbert - Quicken Loans PressroomPatty ArvieloPresident of New American Fundinghttp://www.newamericanfunding.com/leadership-profiles.aspx#pattyMary Ann McGarryPresident and CEO, Guild MortgageGuild Mortgage - LeadershipDan GreenThe Mortgage ReportsAbout Dan Green :: The Mortgage Reports (@MortgageReports)MISCK&L Gates Law FirmConsumer Finance/Lending DivisionConsumer Financial ServicesJack GuttentagThe Mortgage ProfessorThe Mortgage ProfessorSpencer RascofCEOZillowSpencer Rascoff - Real Estate Professional in Seattle, WA - Reviews | ZillowBill McBrideHousing Industry Uber NerdCalculated RiskJacob GaffneyEditorHousingWireU.S. Housing Finance NewsThere are others. I'm sure more folks will add to this list for you.Comments:If you're trying to find influential people based on volume of business, the best source avail online is the Scotsman Guide. Looks like their 2015 list will be published soon. From this page, see the menu across the top. Look for "rankings." The drop down will give you a choice between individual people and companies.Top Mortgage Lenders is closedIf the 2015 list isn't avail, look at the 2014 list of companies. Most of these large non-bank lenders have a regional presence based in some part of the U.S. and their presence/influence is strong near their headquarters. Growth expanded outward from that central location. It is rare to find a strong, well-regarded company licensed to do business all 50 states. And by well-regarded I mean the company and its leaders have the respect from others in the industry. From the Scotsman list, just simply having a lot of volume doesn't necessarily mean the company or its leaders are admired by their customers or by their colleagues. The same would be true of a loan originator on the "top producer list." A handful of LOs from Scotsman's top producer list during the bubble are sitting in jail right now.Influence within the non-bank lender side can sometimes be seen better if you break it down by state and/or region. Find your local Mortgage Bankers Association and see who is actively working on the board, on committees. Look at the board members of the Mortgage Banker's Association. Those folks are from all across the U.S. and have received the respect of their colleagues which transfers into influence on a local, regional, and national level.Governance | Mortgage Bankers AssociationI have posted my list without commenting on why I chose that person.If you have a question as to why I chose a specific person and not someone else, just let me know.

During 2008 World Economic Crisis how this Guy made 500% Profit.This will be the most interesting thing you will read today.Michael J. BurryOk, let’s try to understand how he actually did that.If you want buy a house, you will go a bank will ask for home loan so that you can pay mortgages and one day own that house. Home loans are disbursed on the basis of your credit ratings so basically there are two kinds of mortgages:Traditional mortgages : It generally require a minimum down payment of anywhere from five percent to 20% and a credit score of more than 700.Borrower has to pay a fixed interest rate of say 6% throughout the tenure.Subprime mortgages: A subprime mortgage is a type of mortgage that is normally issued by a lending institution/banks to borrowers with low credit ratings below 700. As a result of the borrower's lower credit rating, a Traditional mortgage is not offered because the lender views the borrower as having a larger-than-average risk of defaulting on the loan. Here interest rates are higher and variable(In ARMs). Say 5% for first 5 years and then 7% for next couple of years and then 10% and so on.So, Bank charged 6% as interest in Traditional and more than 6% in Subprime.Now they got a brilliant idea. They offered big investment bankers like Morgan Stanley, Lehman brothers to buy those mortgages in the form of Mortgage Backed Securities(MBS) and in return, banks demanded commission. It was a win-win deal for Banks and Investment bankers because Banks are transferring the risk and Investment bankers is going to receive high returns in those mortgages in the form of interest.So basically banks were acting like a middleman and what borrowers paid as a mortgages they simple transferred to the investment bank’s investors’ pool of money.That was indeed a perfect profitable scenario where everybody were making making.Borrowers: Got the houses and paying the mortgages.Bankers: Selling the MBS to Investment Bankers and getting commissions.Investment Bankers: Got the best and the continuous source of income for investors.Now the actual game begins, ‘The Game of Greed’When banks observed that they are getting less interest(%) in Traditional mortgages and getting more Interest(%) in Subprime then they started increasing the number of of dark shit in MBS, The Subprime(Risky Mortgages) than that of Traditional ones(Less Risky Mortgages).Banks sold the Mortgage Backed Securities(MBS) in the form of CDOs.A collateralized debt obligation (CDO) is a structured financial product that pools together cash flow-generating assets and repackages this asset pool that can be sold to investors. A collateralized debt obligation is named for the pooled assets — such as mortgages, bonds and loans — that are essentially debt obligations that serve as collateral for the CDO.Big rating agencies also played the game and given AAA rating to all BBB Bonds which were actually Subprime(Too Risky).Now here comes Michael J. BurryHe identified these data already knew that US housing market is going to collapse.This time he has done something that nobody could have imagined, He Shorted (betting against the market) the US housing market with his investor’s $1.3 billion wealth and placed a Moratorium (a legal authorization to debtors to postpone payment) on withdrawals.His own investors thought he went out of his mind but he didn’t stop here. He went to big banks and bought Credit Default Swaps which is kind of insurance of his investments. For ex- If housing market collapsed then those big banks where he visited to buy those swaps will pay him the insured amount to Bonds he shorted and instead of that banks demanded high yearly premiums.A credit default swap or CDS is a particular type of swap designed to transfer the credit exposure of fixed income products between two or more parties. In a credit default swap, the buyer of the swap makes payments to the swap’s seller up until the maturity date of a contract. In return, the seller agrees that, in the event that the debt issuer defaults or experiences another credit event, the seller will pay the buyer the security’s premium as well as all interest payments that would have been paid between that time and the security’s maturity date.NowIn 2003 and 2004, with the U.S. housing boom well under way, Lehman had acquired five mortgage lenders and made to borrowers without full documentation. The firm securitized $146 billion of mortgages in 2006, a 10% increase from 2005. Lehman reported record profits every year from 2005 to 2007. In 2007, the firm reported net income of a record $4.2 billion on revenues of $19.3 billion.However, by the first quarter of 2007, cracks in the U.S. housing market were already becoming apparent as defaults on subprime mortgages rose to a seven-year high.On June 9, Lehman announced a second-quarter loss of $2.8 billion, its first loss since being spun off by American Express,The stock plunged 77% in the first week of September 2008, amid plummeting equity markets worldwide. Hopes that the Korea Development Bank would take a stake in Lehman were dashed on Sept. 9, as the state-owned South Korean bank put talks on hold.The news was a deathblow to Lehman, leading to a 45% plunge in the stock and a 66% spike in credit-default swaps on the company's debt. The company's hedge fund clients began pulling out, while its short-term creditors cut credit lines.The firm reported a loss of $3.9 billion, including a write-down of $5.6 billion and the same day, Moody's Investor Service announced that it was reviewing Lehman's credit ratings, and also said that Lehman would have to sell a majority stake to a strategic partner in order to avoid a ratings downgrade.These developments led to a 42% plunge in the stock on Sept. 11.With only $1 billion left in cash by the end of that week, Lehman was quickly running out of time. Last-ditch efforts over the weekend of Sept. 13 between Lehman, Barclays PLC and Bank of America Corp. (BAC), aimed at facilitating a takeover of Lehman, were unsuccessful.On Monday Sept. 15, Lehman declared bankruptcy, resulting in the stock plunging 93% from its previous close on Sept. 12.With $639 billion in assets and $619 billion in debt, Lehman's bankruptcy filing was the largest in history, as its assets far surpassed those of previous bankrupt giants such as WorldCom and Enron. Lehman was the fourth-largest U.S. investment bank at the time of its collapse, with 25,000 employees worldwide. Lehman's demise also made it the largest victim of the U.S. subprime mortgage-induced financial crisis that swept through global financial markets in 2008. Lehman's collapse was a seminal event that greatly intensified the 2008 crisis and contributed to the erosion of close to $10 trillion in market capitalization from global equity markets in October 2008 – the biggest monthly decline on record at the time.As Berry bet against the market, he sold his SWAPS to another big players and demanded a five fold price as compared with its original SWAP value.As a results Burry along with fellow investors like Jared Vennett got the high valued Cheque of Deutsche Bank.Congratulations! You understood the 2008 World Economic Crisis in minutes.You may Attend Stock Market Learning workshops in IIT Delhi/MUMBAI

What I’m going to write is a story. A story called “reality”. It is a sad story. Very sad.To understand if Bitcoin can cause the next financial crisis, we need to analyze what caused last financial crisis, the one in 2008.In September 2008, the bankruptcy of the US investment bank Lehman Brothers and the downfall of AIG, the world's largest insurance company, triggered a global financial crisis. This caused a global recession, which cost the world tens of trillions of dollars, 30 million people unemployed and doubled the national debt in the United States, not to talk about other countries, especially in Europe.Was that an accident that could not be controlled? No! It was caused by an industry that was out of control and by people who wanted to get more and more because their millions were not enough. People who supposed to regulate and control the financial stability of the Country.This makes me think of a Latin phrase: "quis custodiet ipsos custodes?", which can be translated to: "who will guard the guards themselves?".1980–1989It is known as 2008 financial crisis, but when did it start? I believe that the first important mistake was made in 1982, when the Reagan administration deregulated savings-and-loan companies, allowing them to make risky investments with depositors' money.The FDIC Banking Review reports that 1,043 out of 3,234 savings-and-loan companies collapsed from 1986 to 1995, creating a crisis that today is known as S&L crisis (Saving and loan crisis).By the end of the '80s, hundreds of these companies had already failed. This cost the taxpayers $124 billion and cost many people their life savings.The most popular case was Charles Keating. Keating was investigated by regulators and he hired an economist to evaluate his business plan.This economist publicly praised Keating and said that there was no risk in allowing Keating to invest customers' money.Keating also reportedly paid this economist $40,000. Charles Keating went to prison shortly afterwards... the name of the economist? Alan Greenspan.What happened to him? He was appointed chairman of the Federal Reserve by Reagan. Greenspan was reappointed by presidents Clinton and George W. Bush.1990–1999The deregulation of the financial system continued with Greenspan, till we arrive at the end of '90s, in which the financial system was consolidated into a few gigantic firms, each of them so large that their failure could threaten the whole system.What happened during Clinton administration? In 1990, the top 5 banks controlled around 10% of industry assets. In 2000, only Citigroup controlled over 10% of industry assets.Citigroup Market Capitalization from 1989 to 2000.JP Morgan Market Capitalization from 1989 to 2000.Imagine a giant like Citigroup taking the money of their clients and investing. Billions of dollars moved around the financial system. And this is just one bank.Was it legal? It wasn't. Citigroup was born by the acquisition of Travellers by Citicorp. This merger violated the Glass-Steagall Act, a law passed after the Great Depression, which prevented banks with consumer deposits from engaging in risky investment-banking activities.What did Greenspan do about it? Nothing at all. His politics encouraged this greedy behavior. In 1990 the government passed the so called "Citigroup relief act" (the real name was Gramm-Leach-Bliley Act), which overturned the Glass-Steagall Act.In the 1990s, new financial products were created. They are called derivatives. Warren Buffet said that they created weapons of mass destruction.With derivatives, bankers could gamble on anything. The rise or fall of gold prices, the rise or fall of oil prices, the rise or fall of housing market... you know where I'm going with this.They tried to regulate the derivatives in 1998, but the regulation of derivatives transactions was declared ‘unnecessary’.2000–2008Let's talk about the old and the new system to get a mortgage.In the old system, when a homeowner paid his/her mortgage every month, the money went to his/her local lender. Since mortgages took decades to repay, lenders were careful.The new system is more complicated and it has 4 players.There are home buyers, who ask for the mortgage. Lenders grant the mortgage, but they "sell it" to investment banks. Investment banks combine all the kind of mortgages and loans that they have, such as home mortgages, car loans, student loans and many others, and they create derivatives with them. They create a financial product to invest in.These derivatives are called CDOs (Collateralized Debt Obligations).These CDOs are then sold to investors all around the world. So the real transition of money is from the investors to the home buyers.In this system, lenders can grant any kind of mortgage, because they are not getting paid anymore by the home buyers, so they don't care.Investment banks don't care either. They get commissions on each product they can sell to investors. The more mortgages, the more products. The more products, the more money to bankers.Who is risking in this system? The investors!This was just risky by itself, but it was not enough for bankers. Investment banks paid rating agencies (Moody's, Standard & Poor's and Fitch mainly) to assure that these products got a rating ranging from BBB to AAA, which means that they are safe investments with a practical chance to lose investors' money that is close to 0.What happened? So many loans were given to people who could not repay them and with so many billions invested in this financial instrument that was based on house mortgages, the effect was catastrophic.Today with BitcoinWhat is happening in these years is that an incredibly high number of new hedge funds are being created every day, with the sole purpose of investing in cryptocurrencies. They create different portfolios with cryptocurrencies in there, allowing people all around the world to invest their money in these new products.Some of these hedge funds invest with the so called "leverage". This means that hedge funds borrow money to buy more cryptocurrencies, to create more products to sell to investors all over the world.The ratio between the money of the hedge fund and the money they borrow determines the leverage. Let's say that the hedge fund has $1 billion, but with the money that they borrow they have a total of $20 billion, the leverage will be 20:1.This is risky. This is scary.If the hedge fund loses 5%, instead of losing $50 million (5% of $1 billion, that represents investors’ money), they lose $1 billion, because they are also investing the borrowed money for a total of $20 billion.They need to repay the $19 billion that they borrowed, so they face the loss with the $1 billion of investors' money, they repay the debts ($19 billion) and declare bankruptcy.A tiny 5% decrease in the value of the portfolio would leave the hedge fund insolvent and all the investors lose their money.Another trait is very similar to the previous financial crisis: the market is not regulated. In this case, I would say that it is even worse. Exchanges are not regulated either.With all of this and all the other good answers here, you may think that I'm going to write: “yes, Bitcoin could potentially become the cause of next financial crisis”.But I'm not going to do it. I'm actually going to write: “right now, it is unlikely to see a scenario in which Bitcoin could become the cause of next financial crisis”.I write this for one reason. CDOs reached a monstrous volume of money because they were sold as products with an extremely low risk and high profits.Everyone knows that Bitcoin market is risky and is very volatile, it is unlikely that investments in cryptocurrencies will ever reach the same amount of investments in housing market."The bigger they are, the harder they fall"It can be said that there is a bubble, it can be said that this will end sooner or later, but it is hard to imagine that this will ever lead to a financial crisis of the same proportion of the one that we had in 2008.Also, the CFM (Centre For Macroeconomics) conducted a survey, asking the following question:“Do you agree that cryptocurrencies are currently a threat to the stability of the financial system, or can be expected to become a threat in the next couple of years?”I'm reporting the results weighted by experts' self-assessed confidence levels:The majority of leading European economists do not believe that cryptocurrencies are a threat to the stability of the financial system, either now or in the next couple of years, according to the latest Centre for Macroeconomics and CEPR survey.In writing this, I was inspired by the film “Inside Job”, Michael Lewis’ book “The Big Short” and by tens of books about Bitcoin and the blockchain technology.Federico SellittiWebsiteFacebookTwitter