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. 66, No. 12, September

A Risk-Reducing Solution
Three mortgage industry players discuss the benefits of using imaging and workflow solutions.Whether it's created when providing a loan to a new customer or when implementing new procedures for compliance, there's a four-letter word that permeates the...
A Risk-Reducing Solution: Three Mortgage Industry Players Discuss the Benefits of Using Imaging and Workflow Solutions
Whether it's created when providing a loan to a new customer or when implementing new procedures for compliance, there's a four-letter word that permeates the mortgage industry: risk. [??] Effectively managing risk at all levels is what separates the...
ARMs: The Role of the Servicer
In today's competitive mortgage market, a variety of loan products offer the flexibility and variety that savvy borrowers demand. One such product, the option adjustable-rate mortgage (option ARM), is estimated by the Mortgage Bankers Association (MBA)...
Better Options for Subprime Lenders
Returning the Federal Housing Administration (FHA) loan program to its former position as the nation's primary vehicle for assisting first-time homebuyers would reduce predatory lending, says Angelo Mozilo, chairman and chief executive officer of Countrywide...
Canyon-Johnson Urban Fund to Finance Boston Work-Force Housing
Canyon-Johnson Urban Fund, Los Angeles, announced it will make its first investment in Boston by becoming the majority financier of a project to build work-force housing on a former industrial site in the Charlestown section of the city. Located...
Canyon-Johnson Urban Fund to Finance Boston Work-Force Housing
Canyon-Johnson Urban Fund, Los Angeles, announced it will make its first investment in Boston by becoming the majority financier of a project to build work-force housing on a former industrial site in the Charlestown section of the city.Located in the...
Citigroup Combines CitiMortgage, CitiFinancial Mortgage
Citing its desire to better serve its customers, as well as to strengthen and streamline its operations, New York-based Citigroup Inc. announced it has combined its two first-mortgage businesses under a single umbrella organization. Effective July...
Citigroup Combines CitiMortgage, CitiFinancial Mortgage
Citing its desire to better serve its customers, as well as to strengthen and streamline its operations, New York-based Citigroup Inc. announced it has combined its two firstmortgage businesses under a single umbrella organization.Effective ]uly i, O'Fallon,...
Commercial Mortgage Lenders 'Severely Underutilizing Technology'
By 2008, lenders in the United States will spend more than $186 million on commercial mortgage technologies, while during the same period approximately 70 percent of the top-100 lenders will invest in new or enhanced technologies, according to a report...
Commercial Mortgage Lenders 'Severely Underutilizing Technology'
By 2008, lenders in the United States will spend more than $186 million on commercial mortgage technologies, while during the same period approximately 70 percent of the top-100 lenders will invest in new or enhanced technologies, according to a report...
CWCapital Launches New Construction Lending Platform
Needham, Massachusetts-based CWCapital has provided a total of $252 million in financing for the ground-up construction of the Flatbush condominium project in Brooklyn, New York, and the Yale Steam Laundry condominiums located in Washington, D.C. ...
CWCapital Launches New Construction Lending Platform
Needham, Massachusetts-based CWCapital has provided a total of $252 million in financing for the ground-up construction of the Flatbush condominium project in Brooklyn, New York, and the Yale Steam Laundry condominiums located in Washington, D.C.The...
Evaluating AVMs
I recently participated in a panel discussion while attending a conference on subprime lending. I noticed one of the hot topics for the industry is the use of automated valuation models (AVMs). These models are becoming increasingly important to the...
FDIC: Economic Outlook Positive Even as Housing Slows
Job market conditions remained generally positive in most of the United States through the first quarter of 2006, with some pockets of weakness along the Louisiana Gulf Coast and the auto-dependent upper Midwest, according to a report by the Federal...
FDIC: Economic Outlook Positive Even as Housing Slows
Job market conditions remained generally positive in most of the United States through the first quarter of 2006, with some pockets of weakness along the Louisiana Gulf Coast and the auto-dependent upper Midwest, according to a report by the Federal...
FHA Reform Bill Clears the House
The effort to modernize the 72-year-old Federal Housing Administration (FHA) took a giant step forward at the end of July as the House overwhelmingly passed a proposed FHA reform bill. Aimed at increasing national homeownership through compressive...
FHA Reform Bill Clears the House
The effort to modernize the 72-yearold Federal Housing Administration (FHA) took a giant step forward at the end of July as the House overwhelmingly passed a proposed FHA reform bill.Aimed at increasing national homeownership through compressive reform...
Forecast of Hottest and Coolest Markets
Look for widespread cooling in residential real estate across the country as slowing home-price appreciation during the next year will make even the hottest markets seem tepid by comparison to the recently superheated housing market, predicted Santa...
Forecast of Hottest and Coolest Markets
Look for widespread cooling in residential real estate across the country as slowing home-price appreciation during the next year will make even the hottest markets seem tepid by comparison to the recently superheated housing market, predicted Santa...
Forward Thinking
A probing look at the real estate finance industry's future is packaged in a new report from the Council to Shape Change. The council is an independent group of 19 leading industry thinkers recruited by current MBA Chairman Regina Lowrie, CMB, to examine...
Forward Thinking
A probing look at the real estate finance industry's future is packaged in a new report from the Council to Shape Change. The council is an independent group of 19 leading industry thinkers recruited by current MBA Chairman Regina Lowrie, CMB, to examine...
Freddie Mac Adopts Temporary Portfolio Growth Limit
Freddie Mac announced that it would comply with a request from its safety-and-soundness regulator to voluntarily curtail the company's retained mortgage portfolio while it continues its accounting overhaul. Effective July 1, the GSE will limit the...
Freddie Mac Adopts Temporary Portfolio Growth Limit
Freddie Mac announced that it would comply with a request from its safety-and-soundness regulator to voluntarily curtail the company's retained mortgage portfolio while it continues its accounting overhaul.Effective July i, the GSE will limit the growth...
Ginnie Mae's New President, Robert M. Couch
While he may have just recently been installed as president of the Government National Mortgage Association, Robert M. Couch is no stranger to the government-sponsored enterprise (GSE) more commonly known as Ginnie Mae. For years as a mortgage banker,...
Global Real Estate Markets Becoming Increasingly Transparent
Commercial real estate markets around the world have become increasingly transparent over the past two years, with Australia, the United States and New Zealand cited as the most transparent markets, according to Chicago-based Jones Lang LaSalle. ...
Global Real Estate Markets Becoming Increasingly Transparent
Commercial real estate markets around the world have become increasingly transparent over the past two years, with Australia, the United States and New Zealand cited as the most transparent markets, according to Chicago-based Jones Lang LaSalle.Since...
Goldman Sachs Closes $193 Million Loan for Sawgrass Resort
New York-based Goldman Sachs Commercial Mortgage Capital LP (GSCMC) announced the closing of a $193 million, interest-only, floating-rate loan under its Transitional Loan Program. The non-recourse, first-mortgage, acquisition loan finances the redevelopment...
Goldman Sachs Closes $193 Million Loan for Sawgrass Resort
New York-based Goldman Sachs Commercial Mortgage Capital LP (GSCMC) announced the closing of a $193 million, interest-only, floating-rate loan under its Transitional Loan Program.The non-recourse, first-mortgage, acquisition loan finances the redevelopment...
HMDA Revisited
The date is fast approaching for release of Home Mortgage Disclosure Act data for 2005. Make sure you are ready to explain what the data show-and what they don't show.Two years ago significant changes were made to Home Mortgage Disclosure Act (HMDA)...
HMDA Revisited: The Date Is Fast Approaching for Release of Home Mortgage Disclosure Act Data for 2005. Make Sure You Are Ready to Explain What the Data Show-And What They Don't Show
Two years ago significant changes were made to Home Mortgage Disclosure Act (HMDA) regulations and the reporting process. At first, the regulatory adjustments were considered operational headaches due to the amount and type of new information required....
Housing Activity: Residential Structures (Thousands of Units, SAAR)
BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Single- Multi- Single- Multi- Total Family Family Total Family Family JUL-05 2,070 1,776 294 2,206 1,821 385 AUG-05...
HUD Collects $1.6 Million RESPA Captive Title Reinsurance Settlement
A national mortgage lender and two major home builders will pay HUD $1.6 million to settle complaints that the firms engaged in business practices involving captive title reinsurance in violation of the Real Estate Settlement Procedures Act (RESPA)....
HUD Collects $1.6 Million RESPA Captive Title Reinsurance Settlement
A national mortgage lender and two major home builders will pay HUD $1.6 million to settle complaints that the firms engaged in business practices involving captive title reinsurance in violation of the Real Estate Settlement Procedures Act (RESPA).The...
ING Clarion Says Development Conditions Improve
For the first time in several years, look for an improving environment for real estate development, supported by higher levels of occupancy across many property types and a generally strong economy, predicted New York-based ING Clarion. In its latest...
ING Clarion Says Development Conditions Improve
For the first time in several years, look for an improving environment for real estate development, supported by higher levels of occupancy across many property types and a generally strong economy, predicted New York-based ING Clarion.In its latest...
ING Mortgage Selects Metavante's GHR Systems Technology
Milwaukee-based Metavante Corporation--the banking and payments technology subsidiary of Milwaukee-based Marshall & Ilsley Corporation--announced that ING DIRECT USA, Wilmington, Delaware, has licensed its online wholesale point-of-sale and loan...
ING Mortgage Selects Metavante's GHR Systems Technology
Milwaukee-based Metavante Corporation-the banking and payments technology subsidiary of Milwaukee-based Marshall & Ilsley Corporation-announced that ING DIRECT USA, Wilmington, Delaware, has licensed its online wholesale point-of-sale and loan origination...
J.D. Power Ranks USAA Highest in Mortgage Servicing Satisfaction
USAA FSB, San Antonio, Texas, ranked highest in customer satisfaction in terms of servicing of mortgages, according to a study by J.D. Power and Associates, Westlake Village, California. The J.D. Power and Associates 2006 Primary Mortgage Servicer...
J.D. Power Ranks USAA Highest in Mortgage Servicing Satisfaction
USAA FSB, San Antonio, Texas, ranked highest in customer satisfaction in terms of servicing of mortgages, according to a study by J.D. Power and Associates, Westlake Village, California.The J.D. Power and Associates 2006 Primary Mortgage Servicer Study^sup...
Jumping the Paperless Process Hurdles
Today, despite technological advancements and the establishment of standards to govern electronic processing, the mortgage industry is still far from the day when closing a loan in a paperless format is the norm. Many challenges exist, which all parts...
Key Economic Indicators and Interest Rates
CONSUMER PRICES, YEAR-OVER-YEAR CHANGE (%) MBA MORTGAGE CHANGE IN ALL ITEMS INTEREST RATES (%) PAYROLL...
Lawmakers, MBA Urge Withdrawal of Proposed FHA Fee Hike
A bipartisan faction of Congress has urged the Department of Housing and Urban Development (HUD) to withdraw its plan to significantly increase fees on a wide range of FHA affordable multifamily housing and health-care mortgage loan programs. Led...
Lawmakers, MBA Urge Withdrawal of Proposed FHA Fee Hike
A bipartisan faction of Congress has urged the Department of Housing and Urban Development (HUD) to withdraw its plan to significantly increase fees on a wide range of FHA affordable multifamily housing and health-care mortgage loan programs.Led by Reps....
Lessons from International Markets
I come to wive it wealthily in Padua; If wealthily, then happily in Padua. --PETRUCHIO, IN WILLIAM SHAKESPEARE'S The Taming of the Shrew In Shakespeare's play The Taming of the Shrew, Petruchio arrives in Padua from Verona in search of a wife. He...
LICENSING, LENDING AND Losing Your Identity
As anticipated, the first half of 2006 has been active for mortgage banking-related legislation and regulations as state legislatures continue the drumbeat of increased consumer protection. Particular emphasis this year centered on three major areas:...
Licensing, Lending and Losing. Your Identity: Mortgage Banking Regulatory and Legislative Trends at the State and Local Level Covered a Range of Topics in 2006. Watch for Possible State Action on Nontraditional Mortgage Products in 2007
As anticipated, the first half of 2006 has been active for mortgage banking-related legislation and regulations as state legislatures continue the drumbeat of increased consumer protection. Particular emphasis this year centered on three major areas:...
Middle East Mortgages: The Persian Gulf
This second part of a two-part article about the emergence of thriving mortgage markets in the Middle East documents a surge in demand for mortgages in the region.While the rest of the Middle East sorts out the finer points of the home-financing instrument...
Middle East Mortgages: The Persian Gulf; This Second Part of a Two-Part Article about the Emergence of Thriving Mortgage Markets in the Middle East Documents a Surge in Demand for Mortgages in the Region
While the rest of the Middle East sorts out the finer points of the home-financing instrument known as a mortgage, the development-mad lands of the Persian Gulf have adopted the lending practice as if early desert dwellers along Dubai Creek always...
Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index JUL-05 796.9 520.6 2,404.1 592.4 5,077.3 AUG-05 769.9 517.0 2,240.9 575.8 4,832.5 SEP-05...
No End in Sight
When will it all stop? Is there any sign that states and local city governments will end their almost constant stream of new lending laws? Actually, the evidence is in the other direction. They are finding new areas in which to exercise their originality....
Nonresidential Building Jumps during First Half of 2006
Nonresidential construction posted significant gains during the first half of 2006 even as it slipped somewhat during the month of June, buoyed by the cooling single-family construction segment, according to New York-based McGraw-Hill Construction's...
Nonresidential Building Jumps during First Half of 2006
Nonresidential construction posted significant gains during the first half of 2006 even as it slipped somewhat during the month of June, buoyed by the cooling single-family construction segment, according to New York-based McGraw-Hill Construction's...
Office Market Will Be 'Standout Performer' in Short and Long Term
Driven by strong rent and income gains, expect that the office market will continue to lead other major property types in total returns over the next five years, with an expected annual return of 8.1 percent through the end of 2010, predicted Boston-based...
Office Market Will Be 'Standout Performer' in Short and Long Term
Driven by strong rent and income gains, expect that the office market will continue to lead other major property types in total returns over the next five years, with an expected annual return of 8.1 percent through the end of 2010, predicted Boston-based...
People
John M. Draghi has been promoted to chief operating officer; and Marc Rosenthal has been named chief investment officer and co-head of capital markets, along with Noelle Savarese, for C-BASS in New York.Brian Daniells has been named chief operating officer...
PHH Mortgage Renews Dorado ChannelMaster Contract
San Mateo, California-based Dorado Corporation announced that Mount Laurel, New Jersey-based PHH Mortgage--a subsidiary of PHH Corporation--has renewed its commitment to Dorado ChannelMaster for another two years. ChannelMaster provides PHH Mortgage's...
PHH Mortgage Renews Dorado ChannelMaster Contract
San Mateo, California-based Dorado Corporation announced that Mount Laurel, New Jersey-based PHH Mortgage-a subsidiary of PHH Corporation-has renewed its commitment to Dorado ChannelMaster for another two years.ChannelMaster provides PHH Mortgage's wholesale/correspondent...
Q2 Homeownership Rate Unchanged
The percentage of Americans owning their own homes was essentially unchanged during the second quarter of 2006, according to the U.S. Census Bureau. At 68.7 percent, the second quarter's homeownership rate was not statistically different from the...
Servicing Study Shows Strong 2005 Results
Servicers returned to financial profitability in 2005 for the first time since 2000, according to a comprehensive annual servicing study prepared by the Mortgage Bankers Association. Once known as the Cost of Servicing Study, the new name is The 2006...
Servicing Study Shows Strong 2005 Results: Servicers Returned to Financial Profitability in 2005 for the First Time since 2000, According to a Comprehensive Annual Servicing Study Prepared by the Mortgage Bankers Association. Once Known as the Cost of Servicing Study, the New Name Is the 2006 Servicing Operations Study and Forum for Prime and Nonprime Servicers
For prime mortgage servicers, 2005 was a year filled with new records. Net financial income and net operating income were at new study highs during 2005, according to findings collected since the inception of the Cost of Servicing Study (COSS) in 1999....
THE NEW OFHEO Chief
A Bush insider, new OFHEO Director James Lockhart, is a take-charge guy.As the Vietnam War still raged, James B. Lockhart III, a 1968 graduate of Yale University, volunteered for service in the Navy. Aboard the nuclear submarine USS George W. Carver,...
The New OFHEO Chief: A Bush Insider, New OFHEO Director James Lockhart, Is a Take-Charge Guy
As the Vietnam War still raged, James B. Lockhart III, a 1968 graduate of Yale University, volunteered for service in the Navy. Aboard the nuclear submarine USS George W. Carver, Lockhart served as the supply officer. The motto there was "Strength...
The Saga of Restating Financials
Much drama can accompany a restatement of financials. In the mortgage industry it is no different. And it has been a surprisingly common occurrence due to overly complex accounting rules."Change" is a word with which the mortgage industry has become...
The Saga of Restating Financials: Much Drama Can Accompany a Restatement of Financials. in the Mortgage Industry It Is No Different. and It Has Been a Surprisingly Common Occurrence Due to Overly Complex Accounting Rules
"Change" is a word with which the mortgage industry has become very familiar. As economic shifts again send mortgage rates upward, the demand for new flexible loan products rises ever higher. The imperative to stay competitive is keeping mortgage leaders...
The Ticker
Price Price Ticker Close Close 52-Week 52-Week Company Symbol 7/31/06 6/30/06 High Low Indymac Bancorp Inc. NDE 42.25 45.85 ...
Top 25 Counties-Residential ARM Markets
First-Quarter 2006, Nationwide / Sort Order: Number of Loans Market Avg. Rank County Count Dollar Amount Share Amount 1 LOS ANGELES, CA 87,227 $28,598,528,277...
Top 25 Counties-Residential FRM Markets
First-Quarter 2006, Nationwide / Sort Order: Number of Loans Market Avg. Rank County Count Dollar Amount Share Amount 1 MARICOPA, AZ 77,360 $10,583,379,854...
U.S. Mortgage Lenders Lead Financial Services Industry in Offshoring
Over the last decade, the offshoring of mortgage lending processes has taken a permanent and growing position in the U.S. mortgage industry's overall strategy to drive efficiencies and reduce costs, with lenders aggressively moving back-office activities...
U.S. Mortgage Lenders Lead Financial Services Industry in Offshoring
Over the last decade, the offshoring of mortgage lending processes has taken a permanent and growing position in the U.S. mortgage industry's overall strategy to drive efficiencies and reduce costs, with lenders aggressively moving back-office activities...
West Central Residential Lenders-Top 25
First-Quarter 2006 / Sort Order: Total Loan Amount PURCHASE Share Number Share of of Rank ...
Yale Mortgage Taps GMS Solution
Miami-based Yale Mortgage Corporation has selected Lakewood, Colorado-based Guardian Mortgage Services' (GMS') outsource solution to bolster its backroom operations, GMS announced. The selection of GMS will immediately expand Yale Mortgage's closing...
Yale Mortgage Taps GMS Solution
Miami-based Yale Mortgage Corporation has selected Lakewood, Colorado-based Guardian Mortgage Services' (GMS') outsource solution to bolster its backroom operations, GMS announced.The selection of GMS will immediately expand Yale Mortgage's closing capacity...