Page 3A

1998: A Great Year, With Some Hard Lessons for 1999

Several records were set, but the year was difficult for investors because of the drain on their portfolios because of refis.

Page 4A

In a Year of Winners, GMAC Mortgage May Have Been Biggest

The unit of General Motors Acceptance had the largest increase in its servicing portfolio among the top 100 servicers.

Page 5A

Want Loyal Customers? Offer Them No-Cost Refinancings

Lenders haven't had much time to defend their portfolios, but a start-up company is now offering a program that promises big results.

Page 6A

A Great Year for Lenders Was a Disaster for Investors

The heavy runoff from loan portfolios put a number of companies into bankruptcy, and others set about to redefine their businesses.

Page 6A

Redwood Trust Dodged the Liquidity Bullet

The company anticipated the runoff problem, but its stock took a beating anyway. Now it has decided to originate loans for others.

Page 8A

IndyMac, Chastened by Liquidity Crisis, Reinventing Itself

The real estate investment trust saw its stock plunge with the mortgage market in turmoil and is now looking to buy or start a depository unit.

Page 10A

Only Minor Cutbacks Seen as Origination Volume Slows

The purchase market is likely to stay strong as refinancings slip. But many overworked employees are likely to keep their jobs.

Page 22A

How Midsize Lenders Can Compete After the Boom

A mortgage executive writes that mortgage companies must reengineer their businesses to survive when the surge in originations subsides.

Page 23A

H&R Block Still Hoping to Unlock Treasure Chest of Customers

The acquisition of a subprime lender has so far not delivered on its promise, but the company say it is still on the right track.

Alphabetical Index, page 13A

Top 100 Servicers, page 14A

Top 100 Originators, page 16A

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