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. 11, August

Accounting for Mortgage Servicing: Revolution or Evolution?
Remember NAFTA--the North American Free Trade Agreement? A vivid image remains of Ross Perot stating during the presidential debates and commercials that if the agreement were ratified, we would hear a "giant sucking sound" of jobs leaving this country,...
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A High-Tech Battle with Fraud
Michael Stuckey is a walking, talking commercial for the mortgage fraud-detection business. * No, he doesn't work for any of the numerous fraud-detection software companies. Stuckey holds the title of director of real estate underwriting at American...
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A High-Tech Battle with Fraud: Three Sophisticated Companies Are Helping Lenders Do Battle with Mortgage Fraud
Michael Stuckey is a walking, talking commercial for the mortgage fraud-detection business. [??] No, he doesn't work for any of the numerous fraud-detection software companies. Stuckey holds the title of director of real estate underwriting at American...
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Apartment Builder Confidence Surges; Condo Outlook Dims
Multifamily builder confidence in the rental apartment market soared to a new high in the first quarter of 2006, as rising occupancies and rental rates pointed to increased consumer demand, according to a joint survey by the National Association of...
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Apartment Builder Confidence Surges; Condo Outlook Dims
Multifamily builder confidence in the rental apartment market soared to a new high in the first quarter of 2006, as rising occupancies and rental rates pointed to increased consumer demand, according to a joint survey by the National Association of Home...
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Argent Expands into Alt-A Loan Market
Argent Mortgage Co., Irvine, California, announced it is expanding its reach in the mortgage industry by introducing a new line of alternative-A products, while it has tapped a professional racecar driver to drive home the company's marketing message...
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Argent Expands into Alt-A Loan Market
Argent Mortgage Co., Irvine, California, announced it is expanding its reach in the mortgage industry by introducing a new line of alternative-A products, while it has tapped a professional racecar driver to drive home the company's marketing message...
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As Housing Cools, Affordability Problems Heat Up
Even as the housing market feels the pressure from rising interest rates and cooling speculative builder demand, don't expect a sharp drop in house-price increases anytime soon, predicted a report by Harvard University's Joint Center for Housing Studies...
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As Housing Cools, Affordability Problems Heat Up
Even as the housing market feels the pressure from rising interest rates and cooling speculative builder demand, don't expect a sharp drop in house-price increases anytime soon, predicted a report by Harvard University's Joint Center for Housing Studies...
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ASP vs. MSP: Is Either Right for You?
You need a replacement point-of-sale system (POS)--but do you have the right infrastructure to support and maintain an in-house system? Should you use an application service provider (ASP) instead? Or how about something even more radical, such as...
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A Toast to BREW
What a great name for one of the newest MISMO[R] Workgroups: BREW. It even works whether you are a Starbucks[R] person or a barfly. BREW stands for Business Rules Exchange Workgroup, and IMHO (in my humble opinion) it has been a long time coming. ...
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Changes in Commercial Property Values Can Affect CMBS Performance
When commercial real estate property values rise, CMBS securitizations see more defeasances and suffer fewer delinquencies, concluded a report by New York-based Moody's Investors Service. The rating agency's report, U.S. CMBS: Property Market Performance...
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Changes in Commercial Property Values Can Affect CMBS Performance
When commercial real estate property values rise, CMBS securitizations see more defeasances and suffer fewer delinquencies, concluded a report by New York-based Moody s Investors Service.The rating agency's report, U.S. CMBS: Property Market Performance...
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Commercial/MF Mortgage Debt Outstanding Surpasses $2.7 Trillion
The level of commercial/multifamily mortgage debt outstanding surpassed $2.7 trillion in the first quarter, growing 2.9 percent over the past three months, according to a Mortgage Bankers Association (MBA) analysis of Federal Reserve Board Flow of...
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Commercial/MF Mortgage Debt Outstanding Surpasses $2.7 Trillion
The level of commercial/multifamily mortgage debt outstanding surpassed $2.7 trillion in the first quarter, growing 2.9 percent over the past three months, according to a Mortgage Bankers Association (MBA) analysis of Federal Reserve Board Flow of Funds...
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Credit Union Implements FICS Systems
Financial Industry Computer Systems Inc. (FICS), Dallas, announced that CFCU Community Credit Union, Ithaca, New York, has successfully implemented Loan Producer[R] FICS' mortgage loan origination system, and Mortgage Servicer[R], its residential mortgage...
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Credit Union Implements FICS Systems
Financial Industry Computer Systems Inc. (FICS), Dallas, announced that CFCU Community Credit Union, Ithaca, New York, has successfully implemented Loan Producer®, FICS' mortgage loan origination system, and Mortgage Servicer®, its residential mortgage...
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Crime Wave
Law enforcement is still trying to get up to speed on one of the faster-growing categories of crime: mortgage fraud. But the crooks are outmaneuvering the good guys. This is why lenders are increasingly turning to technology to track down the miscreants...
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Del Mar Database, Overture Partner to Offer Web-Based Products
San Diego-based Del Mar Database, a unit of Brookfield, Wisconsin-based Fiserv Inc., and Bethesda, Maryland-based Overture Technologies, a developer of decisioning technology, have partnered to offer product eligibility, pricing and automated underwriting...
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Del Mar Database, Overture Partner to Offer Web-Based Products
San Diego-based Del Mar Database, a unit of Brookfield, Wisconsin-based Fiserv Inc., and Bethesda, Maryland-based Overture Technologies, a developer of decisioning technology, have partnered to offer product eligibility, pricing and automated underwriting...
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Expect 'Repercussions' without Final Terrorism-Insurance Solution
Expect "numerous repercussions" for the commercial real estate market if the current federal terrorism-insurance backstop expires before a long-term insurance solution has been crafted, according to a report by Fitch Ratings, New York. In its report,...
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Expect 'Repercussions' without Final Terrorism-Insurance Solution
Expect "numerous repercussions" for the commercial real estate market if the current federal terrorism-insurance backstop expires before a long-term insurance solution lias been crafted, according to a report by Fitch Ratings, New York.In its report,...
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FHA Commissioner Brian Montgomery-One Year Later
For Department of Housing and Urban Development (HUD) Assistant Secretary and Federal Housing Administration (FHA) Commissioner Brian Montgomery, what a difference a year makes. Last year when Mortgage Banking first talked to the new commissioner...
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FHA Reform Bill Filed in Senate, Companion to House Legislation
A bill filed in the Senate designed to modernize and update the Federal Housing Administration (FHA), which also serves as a companion bill to a previously filed measure in the House, has earned the praise of both the Mortgage Bankers Association (MBA)...
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FHA Reform Bill Filed in Senate, Companion to House Legislation
A bill filed in the Senate designed to modernize and update the Federal Housing Administration (FHA), which also serves as a companion bill to a previously filed measure in the House, has earned the praise of both the Mortgage Bankers Association (MBA)...
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Fighting the Good Fight against Mortgage Fraud
The best way to characterize the mortgage industry's battle against fraud is that we as an industry must fight the good fight. Mortgage fraud against lenders is growing faster than it has in the past, and we must be vigilant in protecting not only...
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Freddie Mac Announces Changes to Loan Prospector, Home Possible
Freddie Mac announced it will adjust its Loan Prospector[R] automated underwriting service and upgrade its Home Possible[R] suite of affordable mortgage products to help more low- and moderate-income borrowers qualify for mortgages that are eligible...
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Freddie Mac Announces Changes to Loan Prospector, Home Possible
Freddie Mac announced it will adjust its Loan Prospector® automated underwriting service and upgrade its Home Possible® suite of affordable mortgage products to help more low- and moderate-income borrowers qualify for mortgages that are eligible for...
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Freddie Mac's New Approach
It was just six years ago that the biggest mortgage technology announcement ever rocked our industry. Microsoft Corporation, Freddie Mac, Chase Manhattan Mortgage, GMAC-RFC, Norwest Mortgage Inc. (now a Wells Fargo & Co. company) and Bank of America...
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Fremont Bank Implements Encomia eMortgage Solution
Encomia, Houston, a provider of end-to-end eMortgage technology, announced it is providing electronic mortgage technology to Fremont Bank, Fremont, California, a full-service community bank with more than 20 branches. Fremont plans to originate...
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Fremont Bank Implements Encomia eMortgage Solution
Encomia, Houston, a provider of end-to-end eMortgage technology, announced it is providing electronic mortgage technology to Fremont Bank, Fremont, California, a fullservice community bank with more than 20 branches.Fremont plans to originate fully electronic...
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Homeowners and Renters Manage Credit Differently
A plurality of both homeowners and renters said they believed they manage their credit extremely well, although homeowners made up a much higher percentage of credit-confident homeowners than renters, according to a survey conducted by the Mortgage...
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Homeowners and Renters Manage Credit Differently
A plurality of both homeowners and renters said they believed they manage their credit extremely well, although homeowners made up a much higher percentage of credit-confident homeowners than renters, according to a survey conducted by the Mortgage Bankers...
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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 JUN-05 2,078 1,762 316 2,188 1,776 412 JUL-05...
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HUD Announces Review of Fannie, Freddie Investments
The Department of Housing and Urban Development announced it will undertake a review of Fannie Mae and Freddie Mac's debt and equity investments to ensure that the government-sponsored enterprises (GSEs) are in compliance with their congressionally...
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HUD Announces Review of Fannie, Freddie Investments
The Department of Housing and Urban Development announced it will undertake a review of Fannie Mae and Freddie Mac's debt and equity investments to ensure that the govern nient-sponsored enterprises (GSEs) are in compliance with their congressionally...
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HUD Says Multifamily Sector Improved during First Quarter
The multifamily housing market continued to improve during the first quarter of 2006, according to an analysis by the Department of Housing and Urban Development (HUD). At the end of the first quarter, all multifamily production indicators were...
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Key Economic Indicators and Interest Rates
CONSUMER PRICES, YEAR-OVER-YEAR CHANGE (%) MBA MORTGAGE CHANGE IN ALL ITEMS INTEREST RATES (%) PAYROLL...
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Managing Risk in a Changing World
Danish scientist and Nobel Prize-winner Niels Bohr once commented, "Prediction is very difficult, especially about the future." He was right-but as risk managers, that's our job. From FICO® scores to automated underwriting engines, all of us in the mortgage...
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Managing Risk in a Changing World: Being in the Mortgage Insurance Business Is All about Being Good at Risk Management. PMI Mortgage Insurance Co. Has Created a Variety of Tools to Help Monitor the Multiple Risks of Residential Real Estate
Danish scientist and Nobel Prize-winner Niels Bohr once commented, "Prediction is very difficult, especially about the future." He was right--but as risk managers, that's our job. From FICO[R] scores to automated underwriting engines, all of us in...
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Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index JUN-05 827.9 531.9 2,549.4 600.5 5,586.9 JUL-05 796.9 520.6 2,404.1 592.4 5,077.3 AUG-05...
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Mortgage Delinquencies, Foreclosures Down in Q1
The share of homeowners paying their mortgages late and the percentage of mortgages in foreclosure both dropped slightly in the first quarter of 2006, but mortgage market watchers should expect modest increases in delinquency and foreclosure rates...
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Mortgage Delinquencies, Foreclosures Down in Q1
The share of homeowners paying their mortgages late and the percentage of mortgages in foreclosure both dropped slightly in the first quarter of 2006, but mortgage market watchers should expect modest increases in delinquency and foreclosure rates in...
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Mortgage Shakedown
It's never a good sign when television's most popular crook targets your industry, but Home Box Office (HBO®) gangster Tony Soprano's real estate scams are just a case of art imitating life. In the real world, organized crime-including gangs and drug...
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Mortgage Shakedown: Mortgage Fraud against Lenders Is Definitely on the Rise. Whether Law Enforcement Can Get the Crime Wave under Control Is an Open Question
It's never a good sign when television's most popular crook targets your industry, but Home Box Office (HBO[R]) gangster Tony Soprano's real estate scams are just a case of art imitating life. In the real world, organized crime--including gangs and...
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Mw Industrial Market Roundup
As a distribution hub for global trade, the Midwest industrial real estate market is humming. The outlook remains strong, especially for warehouse distribution centers.The sprawling Midwest industrial property market is moving beyond recovery into an...
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MW Industrial Market Roundup: As a Distribution Hub for Global Trade, the Midwest Industrial Real Estate Market Is Humming. the Outlook Remains Strong, Especially for Warehouse Distribution Centers
The sprawling Midwest industrial property market is moving beyond recovery into an expansion mode. It's being triggered by an improving economy, increased corporate spending and growth in global trade. [??] So while the notion of the Rust Belt suffering...
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New Ginnie Mae and OFHEO Heads Confirmed
As expected, former MBA Chairman Robert M. Couch, CMB, was sworn in as the new president of the Government National Mortgage Association (Ginnie Mae) on June 29 following confirmation by the Senate. Couch now fills the top slot at Ginnie Mae, which...
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New Ginnie Mae and OFHEO Heads Confirmed
As expected, former MBA Chairman Robert M. Couch, CMB, was sworn in as the new president of the Government National Mortgage Association (Ginnie Mae) on June 29 following confirmation by the Senate.Couch now fills the top slot at Ginnie Mae, which had...
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North Central Residential Lenders-Top 25
First-Quarter 2006 / Sort Order: Total Loan Amount PURCHASE Share Number Share of of Rank Lender...
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No Surprises from the Fed
An unexpected rate jump in March 1994 did more than end a refinancing boom. Lenders that hadn't locked their loan pipelines absorbed losses, and some mortgage brokerages went out of business as a result. Many firms were ramping up their practices right...
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Overtime Lawsuits Remain Threat
On Aug. 23, 2004, new and revised regulations regarding the Fair Labor Standards Act (FLSA) went into effect. Lending institutions, banks, mortgage banks and mortgage brokers (collectively, "banks") hoped that these new revised regulations would make...
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Overtime Lawsuits Remain Threat: In Spite of Revisions to Fair Labor Standards Act Rules in Recent Years and a New Opinion Letter from the Labor Department, Lenders Still Face Lawsuits for Overtime Claims by Loan Officers
On Aug. 23, 2004, new and revised regulations regarding the Fair Labor Standards Act (FLSA) went into effect. Lending institutions, banks, mortgage banks and mortgage brokers (collectively, "banks") hoped that these new revised regulations would make...
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Personal, Professional Approach Can Reduce Foreclosures
Strengthening their abilities to keep borrowers in their homes is the primary focus of today's top servicers. While the reasons for foreclosures--bankruptcy, job loss or divorce--remain outside the control of the servicer, there are remedies. A proactive,...
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Realizing the Potential of eSignatures
In the six years since Congress passed the Electronic Signatures in Global and National Commerce Act (E-SIGN), the American mortgage industry has undergone a tremendous amount of technological change. In many quarters the push for paperless loan origination...
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Reflections on My Three Daughters
This fall, the oldest of my three teenage daughters heads off to college--an emotional milestone that has me reflecting on how often the personal and the professional seem to mirror each other in my life. To be successful as a father, one must be a...
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S & P: Reverse-Mortgage Securitization Headed for Growth
With a surge of retirees and the segment of the U.S. population aged 65 and older poised for huge growth within the next 10 years, reverse-mortgage originations are on the rise--so expect to see growth in the securitization of these loans, predicts...
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S&P: Reverse-Mortgage Securitization Headed for Growth
With a surge of retirees and the segment of the U.S. population aged 65 and older poised for huge growth within the next 10 years, reverse mortgage originations are on the rise-so expect to see growth in the securitization of these loans, predicts a...
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Technobabble
This month we are going to quibble some more about language. But we won't just whine, we also plan to offer some refreshing technology straight talk. Yes, even in a side of the industry that has managed to create more arcane vocabulary words than...
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Technobabble
This month we are going to quibble some more about language. But we won't just whine, we also plan to offer some refreshing technology straight talk.Yes, even in a side of the industry that has managed to create more arcane vocabulary words than any...
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Technology-Driven Change Is Inevitable
Are we in universal agreement that this is the dawn of a new era in mortgage banking? Do we agree that superior and efficient mortgage banking derives inevitably from technological innovation? These notions hearken to a technology-centered vision...
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Tech Thought Leaders
For this column, I consulted a panel of mortgage industry technology veterans and thought leaders. The group consisted of the following familiar figures.Sig Anderman is president and chief executive officer of Ellie Mae Inc., Dublin, California. He is...
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The Advent of Mavent
MAVEN : ma-ven or ma-vin; noun. A person who has special knowledge or experience; an expert. * In the world of loan compliance, that definition could apply to Irvine, California-based Mavent Inc., a provider of automated compliance services for the mortgage...
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The Advent of Mavent: An Irvine, California-Based Company Is Coming to the Rescue of Mortgage Lenders Everywhere That Are Struggling to Comply with a Mountain of New Laws and Regulations. Their Solution Is So Effective, Even Fannie Mae Is Using It
MAVEN: ma*ven or ma*vin; noun. A person who has special knowledge or experience; an expert. [??] In the world of loan compliance, that definition could apply to Irvine, California-based Mavent Inc., a provider of automated compliance services for the...
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The Fraud File
Interthin'x Top 10 Hot Spots for possible mortgage fraud are derived from an analysis of all loan application data submitted to the Interthinx fraud-detection and fraud-prevention tools in the first quarter of 2006. Of all the loans submitted to Interthinx...
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The New Face of Imaging
After suffering from a lack of interest for a long time, imaging has suddenly caught on in the mortgage industry.Not that long ago, imaging was often decried as a wrongheaded stop-gap approach on the way to a truly electronic and paperless nirvana. Detractors...
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The New Face of Imaging: After Suffering from a Lack of Interest for a Long Time, Imaging Has Suddenly Caught on in the Mortgage Industry
Not that long ago, imaging was often decried as a wrongheaded stop-gap approach on the way to a truly electronic and paperless nirvana. Detractors bemoaned using "pictures of paper" as a means of getting away from paper. "It's all about the data, stupid,"...
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The Ticker
Ticker Price Close Price Close 52-Week 52-Week Company Symbol 6/30/06 5/31/06 High Low Indymac Bancorp NDE 45.85 45.90 50.50 34.40 Inc. Countrywide CFC 38.08...
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Three Companies Tap Fiserv's UniFi PRO
Lake Mary, Florida-based Fiserv Lending Solutions, a business unit of Fiserv Inc., announced that three separate companies have opted in recent months to implement Fiserv's UniFi[R] PRO loan origination solution. In March, ABN AMRO Mortgage Group,...
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Three Companies Tap Fiserv's UniFi PRO
Lake Mary, Florida-based Fiserv Lending Solutions, a business unit of Fiserv Inc., announced that three separate companies have opted in recent months to implement Fiserv's UniFi® PRO loan origination solution.In March, ABN AMRO Mortgage Group, Ann Arbor,...
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Top 25 Counties-Purchase Markets
First-Quarter 2006, Nationwide/Sort Order: Number of Loans Rank County Count Dollar Amount Market Share 1 LOS ANGELES, CA 47,449 $13,679,806,123 3.76% 2 MARICOPA, AZ 46,068 $8,591,838,233 3.65% ...
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Top 25 Counties-Refinance Markets
First-Quarter 2006, Nationwide/Sort Order: Number of Loans Rank County Count Dollar Amount Market Share 1 LOS ANGELES, CA 116,242 $29,092,478,689 5.00% 2 MARICOPA, AZ 74,919 $11,766,727,880 3.22% ...
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Understanding What Customers Want
Remittances--the practice of sending money (usually cash) across borders, typically by immigrants in the United States to their families back home--are "a huge opportunity to tap a market that historically has not been tapped," said Daniel Ayala, senior...
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What Can We Learn from Deming?
W. Edwards Deming is the person most often credited with converting the label "Made in Japan" from one denoting junk to one meaning quality. At the request of Gen. Douglas MacArthur, in his role as supreme commander of Allied forces in the Southwest...
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What Can We Learn from Deming? Can the Mortgage Business Learn Something from the Principles That Helped Japan Become a Master Global Competitor in Electronics and Automotive Manufacturing?
W. Edwards Deming is the person most often credited with converting the label "Made in Japan" from one denoting junk to one meaning quality. At the request of Gen. Douglas MacArthur, in his role as supreme commander of Allied forces in the Southwest...
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What's the Score?
In March 2006, Atlanta-based Equifax Inc.; Costa Mesa, California-based Experian; and Chicago-based Trans Union LLC jointly introduced VantageScore[sm], a consumer credit score using an identical scoring algorithm across all three credit bureaus. VantageScore...
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Who's Who in Wholesale 2005
Last year saw mortgage banking activity hold steady, no volatility up or down. Primary market origination activity froze at $2.9 trillion in 2005, per the Mortgage Bankers Association (MBA)-virtually the same as the year before. Overall, it was the second-best...
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Who's Who in Wholesale 2005: Countrywide Once Again Emerged as the Top Firm out of This Annual Ranking of Wholesale and Correspondent Lenders
Last year saw mortgage banking activity hold steady, no volatility up or down. Primary market origination activity froze at $2.9 trillion in 2005, per the Mortgage Bankers Association (MBA)--virtually the same as the year before. Overall, it was the...
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Wired to Reach Emerging Markets
Do lenders have the right tools to serve these new borrowers?For the past several years, Fannie Mae and Freddie Mac, the industry's largest secondary market investors, have been preaching the virtues of emerging mortgage markets made up of new immigrants...
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Wired to Reach Emerging Markets: Do Lenders Have the Right Tools to Serve These New Borrowers?
For the past several years, Fannie Mae and Freddie Mac, the industry's largest secondary market investors, have been preaching the virtues of emerging mortgage markets made up of new immigrants and minorities. The government-sponsored enterprises (GSEs),...
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