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• W296768156 abstract "Freddie Mac's long-time chief believes technology combined with local market knowledge is a powerful combination Freddie Mac, which so many bankers rely on for access to secondary mortgage markets, isn't resting on its laurels, and that's good news for community banks. Freddie is doing nothing less than spectacular business these days and it's pouring full force of this prosperity into a plan to bring more cost-efficient technology to banks, give them greater ability to sell subprime loans and help them better explore under-utilized minority home mortgage markets. If plan works, Freddie should be able to continue its double-digit growth. man behind plan is Leland Brendsel, who has been Freddie's chief executive officer for 15 unusual longevity for a top CEO these days. He helped Freddie become a viable public corporation and made it a worthy competitor of Fannie Mae. He can also claim credit for some spectacular growth. Copping its share of economic boom, company just completed a record performance year, with net income surpassing $2 billion for first time. company was able to post an extraordinary 31% increase in net income and a 28% increase in earnings in 1999, while keeping its credit and interest-rate risk at historically low levels. We remain committed to mid-teens earnings growth over next few years, says Brendsel. But Brendsel is not without his woes. government wants to increase Freddie's affordable housing goals, a move that could threaten its profitability. And company is saddled with a pesky discrimination lawsuit that just won't go away and could sour its worthy efforts in expanding minority hiring. Brendsel grew up on a farm near Sioux Falls, S.D. where he says sense of community was very strong. That he would end up at Freddie, a cornerstone of American community, is certainly no stretch. When he was studying finance and economics in graduate school at Northwestern University, he found curriculum awfully abstract and longed for handson sense of productivity he experienced on farm. It's apparent that he's rediscovered it at Freddie. Even though we're a financial institution, I sense that we are directly involved with people who are acquiring American dream, he explains. Brendsel says company's greatest achievement on his watch is that the secondary market became backbone for financing housing in United States. During this period, he says, the reliability and availability and cost of mortgage credit made extraordinary gains and improvements. That's a tribute to Freddie Mac, but it's a credit to Fannie Mae as well. He says second greatest achievement was Freddie's conversion from a government-controlled institution to a publicly held corporation. Loan Prospector goes retail Now Brendsel is spearheading several new initiatives, including bringing Loan Prospector, Freddie's automated underwriter service, to Internet. Freddie recently announced that it will make Loan Prospector available to lenders over Internet for their retail operations later this year. Launched in 1999, Loan Prospector currently is being used to facilitate lending in wholesale channel among lenders and brokers. About 200 wholesalers and 7,000 mortgage broker companies representing 20,000 total users are using service to provide home-buyers with automated underwriting decisions at point of sale. The technical evolution that is going on now will bring Loan Prospector to point of sale, says Brendsel. The lender will be working directly with individual consumers, taking loan applications and giving them immediate decisions. This, he says, will provide greater customer service and eliminate or reduce cost of several time-consuming steps in loan application process that involve collecting and transferring information. …" @default.
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• W296768156 title "Leland Brendsel: The Tide Is Turning toward the Small Lender" @default.
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