Mortgage Banking

Founded in 1939, Mortgage Banking Magazine is a professional trade magazine published by Mortgage Bankers Association of America. Its headquarters are located in Washington, D.C. The magazine is published monthly and serves the banking, real estate and financial markets. Janet Hewitt is the editor-in-chief.

Articles from Vol. 64, No. 12, September

A Diversity Journey
In 2000, Irwin Mortgage Corporation, Indianapolis, embarked on an initiative to promote diversity in the company's work force and everyday practices. Here's what happened next.SKETCHES AND BLUEPRINTS SERVE DIFFERENT purposes. A blueprint offers an inch-by-inch...
A Diversity Journey: In 2000, Irwin Mortgage Corporation, Indianapolis, Embarked on an Initiative to Promote Diversity in the Company's Work Force and Everyday Practices. Here's What Happened Next
SKETCHES AND BLUEPRINTS SERVE DIFFERENT purposes. A blueprint offers an inch-by-inch detailed guide for building something; a sketch offers an overall impression. The sketch tries to give the viewer a true feeling for what the thing itself is like....
CONSTRUCTING NEW Affordable Goals
In the spring, the Department of Housing and Urban Development proposed an ambitious set of new affordable-housing goals for Fannie and Freddie. The steep hike in the goals has sparked protests-particularly from the GSEs.FANNIE MAE AND FREDDIE MAC WILL...
Constructing New Affordable Goals: In the Spring, the Department of Housing and Urban Development Proposed an Ambitious Set of New Affordable-Housing Goals for Fannie and Freddie. the Steep Hike in the Goals Has Sparked Protests-Particularly from the GSEs
FANNIE MAE AND FREDDIE MAC WILL HAVE TO SIGNIFICANTLY BOOST the affordable-housing portion of their business, meet three new home purchase subgoals targeting minority and first-time buyers, and nearly double the billions of dollars in affordable multifamily...
Countrywide's Servicing Portfolio Hits $747 Billion
COUNTRYWIDE FINANCIAL CORPORATION, Calabasas, California, released its operational data for the month ended July 31, 2004. According to Countrywide, loan fundings were $30 billion for the month, a decline of 7 percent from the prior month, and a...
Countrywide's Servicing Portfolio Hits $747 Billion
COUNTRYWIDE FINANCIAL CORPORATION, Calabasas, California, released its operational data for the month ended July 31, 2004.According to Countrywide, loan fundings were $30 billion for the month a decline of 7 percent from the prior month, and a decrease...
Del Mar Releases Documenttrac Solution
DEL MAR DATABASE, SAN DIEGO, HAS released DocumentTrac, an electronic document-management solution that is integrated with DataTrac®, the firm's automated back-office processing solution. DocumentTrac allows lenders to electronically image, archive,...
Del Mar Releases DocumentTrac Solution
DEL MAR DATABASE, SAN DIEGO, HAS released DocumentTrac, an electronic document-management solution that is integrated with DataTrac[R], the firm's automated back-office processing solution. DocumentTrac allows lenders to electronically image, archive,...
Don't Call Home
The National Do Not Call Registry has put some teeth into preventing unwanted dinner-hour calls. Here's a brief rundown on how it's being enforced.SINCE THE OCTOBER 2003 INCEPTION OF THE NATIONAE DO NOT CAEE REGISTRY, managed by the Federal Trade Commission...
Don't Call Home: The National Do Not Call Registry Has Put Some Teeth into Preventing Unwanted Dinner-Hour Calls. Here's a Brief Rundown on How It's Being Enforced
SINCE THE OCTOBER 2003 INCEPTION OF THE NATIONAL DO NOT CALL REGISTRY, managed by the Federal Trade Commission (FTC), consumers have placed more than 62 million telephone numbers on the list, according to The Philadelphia Inquirer. Published reports...
Fair Isaac Expands Fico for Credit-Underserved Market
FAIR ISAAC, SAN RAFAEL, CALIFORNIA, HAS extended its FICO® score to cover an expanded population base of people who have minimal or no traditional credit history on file at the major credit bureaus. The new FICO Expansion(TM) score will help lenders...
Fair Isaac Expands FICO for Credit-Underserved Market
FAIR ISAAC, SAN RAFAEL, CALIFORNIA, HAS extended its FICO[R] score to cover an expanded population base of people who have minimal or no traditional credit history on file at the major credit bureaus. The new FICO Expansion[TM] score will help lenders...
Getting Good Results
AT CAMBRIDGE, MASSACHUSETTS-based Forrester Research Inc.'s annual Finance Forum in New York City in June, Thomas Brown questioned the thinking behind bank consolidations. The chief executive officer of Second Curve Capital LLC, a New York investment...
HMDA Compliance Comes of Age
The days of after-the-fact mortgage compliance are numbered. New technology offers solutions that can scrub loan data before loans are funded and help reduce the cost of compliance.ONCE A RELATIVELY OBSCURE BACK-OFFICE OPERATION, REGULATORY COMPLIANCE...
HMDA Compliance Comes of Age: The Days of After-the-Fact Mortgage Compliance Are Numbered. New Technology Offers Solutions That Can Scrub Loan Data before Loans Are Funded and Help Reduce the Cost of Compliance
ONCE A RELATIVELY OBSCURE BACK-OFFICE OPERATION, REGULATORY COMPLIANCE is becoming a far-reaching necessity in response to a cascade of new laws and regulations. Considered a red flag for other potential compliance issues, inaccuracies in Home Mortgage...
Home Schooling
YOU CAN LEARN A LOT FROM THE PAST. AND THE LEGISLATIVE HISTORY OF STATE LAWS passed to curb abusive lending is rich with lessons. We picked the Georgia Fair Lending Act as our first lesson to study. Jack Milligan reported the story we call "Learning...
Housing Politics 2004
The two presidential campaigns are staking out their differences on housing policy. Not surprisingly, you have to search hard to find any mention of housing in the official party platforms.DENISE MUHA WAS A LITTLE CONFUSED. Here it was the middle of...
Housing Politics 2004: The Two Presidential Campaigns Are Staking out Their Differences on Housing Policy. Not Surprisingly, You Have to Search Hard to Find Any Mention of Housing in the Official Party Platforms
DENISE MUHA WAS A LITTLE CONFUSED. Here it was the middle of summer in an election year, and she was supposed to be helping form a housing agenda for one of the presidential candidates--but she was not sure exactly what kind of policy statement she...
How Today's Mortgage Automation Tools Benefit Both David and Goliath
TODAY'S SMALLER MORTGAGE LENDERS often view many of the technology initiatives that can streamline the loan process as unnecessary or out of reach for lenders of their size. They incorrectly accept the myth that these solutions must be too costly,...
Incomes Lag Behind Housing Costs
ACCORDING TO PAYCHECK TO PAYCHECK: Wages and the Cost of Housing in America, a study by the Center for Housing Policy, the Washington, D.C.-based research affiliate of the Washington, D.C.-based National Housing Conference (NHC), incomes are lagging...
Incomes Lag Behind Housing Costs
ACCORDING TO PAYCHECK TO PAYCHECK: Wages and the Cost of Housing in America, a study by the Center for Housing Policy, the Washington, D.C.-based research affiliate of the Washington, D.C.-based National Housing Conference (NHC), incomes are lagging...
Investors Take Lower Returns for Less Risk
CHICAGO-BASED REAL ESTATE RESEARCH Corporation's (RERC's) institutional survey respondents continued to lower their required return expectations for all major property types, according to RERC's July 2004 survey research. Required returns (pre-tax...
Investors Take Lower Returns for Less Risk
CHICAGO-BASED REAL ESTATE RESEARCH Corporation's (RERC's) institutional survey respondents continued to lower their required return expectations for all major property types, according to RERC's July 2004 survey research. Required returns (pre-tax yield...
Learning THE Hard Way
The history of the antipredatory lending Saw in Georgia is a case study in how well-intentioned lawmakers came close to closing down the mortgage market.SINCE ITS PASSAGE IN OCTOBER 2002, the Georgia Fair Lending Act (GFLA) has attracted more attention...
Learning the Hard Way: The History of the Antipredatory Lending Law in Georgia Is a Case Study in How Well-Intentioned Lawmakers Came Close to Closing Down the Mortgage Market
SINCE ITS PASSAGE IN OCTOBER 2002, the Georgia Fair Lending Act (GFLA) has attracted more attention than a lightning rod in a thunderstorm. Talk to just about anybody in the mortgage business and they'll tell you that it was a disastrous piece of...
LOS Market Share Drama
LOOKING OVER THE PAST 10 YEARS, THE loan origination systems (LOSes) that were popular a decade ago are still popular today. However, there have been significant changes in market share, and the only thing we can say for sure is that it's almost impossible...
Markison's New Home
AFTER WORKING WITH THE DEPARTMENT OF HOUSING and Urban Development (HUD) for more than 30 years, Ken Markison joined the Mortgage Bankers Association (MBA) in July. The housing law and policy veteran has signed on to be the new senior director and...
New Uniform Act Allows Electronic Mortgage Filing
THE NEW UNIFORM REAL PROPERTY ELECtronic Recording Act (URPERA), which gives county clerks and recorders the legal authority to prepare for electronic recording of real property records, has been approved by the National Conference of Commissioners,...
New Uniform Act Allows Electronic Mortgage Filing
THE NEW UNIFORM REAL PROPERTY ELECtronic Recording Act (URPERA), which gives county clerks and recorders the legal authority to prepare for electronic recording of real property records, has been approved by the National Conference of Commissioners,...
North American Q2 Cmbs Activity High
ACCORDING TO NEW YORK-BASED STANDARD & Poor's (S&P) Ratings Services' Structured Finance Global Ratings Roundup Quarterly report, rating activity among North American commercial mortgage-backed securities (CMBS) for the second quarter of 2004...
North American Q2 CMBS Activity High
ACCORDING TO NEW YORK-BASED STANDARD & Poor's (S & P) Ratings Services' Structured Finance Global Ratings Roundup Quarterly report, rating activity among North American commercial mortgage-backed securities (CMBS) for the second quarter of...
'Nothing-Down' Loans Stay Popular
GOVERNMENT-INSURED HOME LOANS remain a thriving niche for some originators, despite lingering beliefs in the real estate community that these mortgages are difficult to close. Houston-based Texcorp Mortgage Bankers Inc. has originated $2.5 billion...
Our Interconnected World
WITH WORDS LIKE "GOOGLE" AND "initial public offering" (IPO) back in the headlines, it feels a bit like old times. And it's nice to have some dot-com drama back in our lives. But the revival of the technology industry is not just occurring in the world...
People
Eugene M. McQuade has been appointed president and chief operating officer; Patricia L. Cook has been appointed executive vice president, investments; and Stan Martin has been appointed senior vice president and general auditor for Freddie Mac in McLean,...
Servicing Valuations and Privacy Requirements
THIRD-PARTY SERVICING VALUATIONS have become fairly routine in the mortgage banking industry. Periodic valuations are regularly required to properly manage this volatile asset. Additionally, regulators, examiners and external auditors have long required...
The 2004 Hmda Changes
AS COMPLIANCE AND INFORMATION technology personnel recover from the adoption of the new Home Mortgage Disclosure Act (HMDA) requirements that took effect earlier this year, mortgage executives are now turning their attention to the impact this change...
THE COST of SERVICING in 2003
AS THE INDUSTRY'S SERVICING ENGINES CONTINUED TO CHURN AT FULL STEAM FOR THE THIRD consecutive year, one might expect servicers to have mastered their game plans for these challenging business conditions. Surely the investments in technology, experience...
The Cost of Servicing in 2003: Total Direct Servicing Expenses Rose Last Year by 7.3 Percent for Servicers Participating in the Mortgage Bankers Association's Cost of Servicing Study. A Steady Onslaught of Prepayments Saw Net Financial Income from Servicing Decline for the Third Straight Year
AS THE INDUSTRY'S SERVICING ENGINES CONTINUED TO CHURN AT FULL STEAM FOR THE THIRD consecutive year, one might expect servicers to have mastered their game plans for these challenging business conditions. Surely the investments in technology, experience...
The Predatory Lending Compliance TRAP
A new survey of 27 lending executives shows predatory lending laws and regulations present such serious compliance challenges that lenders are worried about how they can fully comply with the confusing maze of rules. The industry has already paid roughly...
The Predatory Lending Compliance Trap: A New Survey of 27 Lending Executives Shows Predatory Lending Laws and Regulations Present Such Serious Compliance Challenges That Lenders Are Worried about How They Can Fully Comply with the Confusing Maze of Rules. the Industry Has Already Paid Roughly $1 Billion in Penalties and Settlements. No Wonder Lenders Are Worried
MORTGAGE LENDING HAS ALWAYS BEEN SUBJECT TO REGULATORY AND LEGAL hurdles and challenges. Over the years, most lenders found ways to adapt to the combination of federal fair lending and state consumer protection laws. However, in the specialized world...
The View from Washington
NORMALLY, LATE JULY AND AUGUST ARE relatively quiet months for the Mortgage Bankers Association's (MBA's) government affairs department. With Congress out of town from late July through Labor Day, we're able to plan for the fall, have more in-depth...
Training Process Change
AT THE HIGHEST LEVEL OF ALMOST any company, you will hear executives saying, "We have to sharpen our processes," or "We have to execute better," or "We have to reduce the friction." These perceptions are no doubt accurate: The errors and rework...
Washtenaw Group Earnings Lowered by Mortgage Decline
THE WASHTENAW GROUP INC., ANN ARBOR, Michigan, the holding company for Washtenaw Mortgage Co., reported it recorded lower earnings for the second quarter of 2004, reflecting the industry-wide downturn in residential mortgage activity. Washtenaw...
Washtenaw Group Earnings Lowered by Mortgage Decline
THE WASHTENAW GROUP INC., ANN ARBOR, Michigan, the holding company for Washtenaw Mortgage Co., reported it recorded lower earnings for the second quarter of 2004, reflecting the industrywide downturn in residential mortgage activity.Washtenaw Mortgage...