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. 71, No. 2, November

50 States by Appreciation Rate
50 States by Appreciation Rate (July 2010 Data, Ranked Worst to Best in Percent Decline from Peak--Includes District of Columbia) Rank State Peak Month % Decline 12-Month Since Peak HPI...
Alice in Wonderland
Lately, a lot of things in our industry really don't make sense to me. I know how they came about and why, but that doesn't change how perplexing and frustrating they are, or how much more difficult they will make our business going forward. Let's...
A New Online Lending Venture
LoanDepot.com just opened its digital doors in January 2010, yet it's currently approving mortgages at a $3 billion annual rate, says Chief Executive Officer Anthony Hsieh. He forecasts the Irvine, California-based firm will fund $8 billion in 2011...
Bank of America Exits Wholesale Channel
On Oct. 5, Calabasas, California-based Bank of America Home Loans announced it was exiting the first-mortgage wholesale channel. The lender will remain in the retail and correspondent lending channels. The exit will be completed "following an orderly...
Bank of America Exits Wholesale Channel
On Oct. 5, Calabasas, California-based Bank of America Home Loans announced it was exiting the first-mortgage wholesale channel. The lender will remain in the retail and correspondent lending channels. The exit will be completed "following an orderly...
Change on Many Levels
Mortgage lenders are facing a staggering number of regulatory changes at the moment. These changes strike at the heart of the business, ranging from the way originators get paid to how appraisals must be done. Many of the changes are so new, that the...
CoreLogic Forms Agreement with Intex Solutions and Vichara Technologies
Santa Ana, California-based CoreLogic Inc., a provider of consumer, financial and property information and business services, has formed an agreement with Needham, Massachusetts-based Intex Solutions Inc., a global provider of structured finance deal...
CoreLogic Forms Agreement with Intex Solutions and Vichara Technologies
Santa Ana, California-based CoreLogic Inc., a provider of consumer, financial and property information and business services, has formed an agreement with Needham, Massachusetts-based Intex Solutions Inc., a global provider of structured finance deal...
Debt Leverage Still Concerns Risk Managers
Debt leverage remains the key risk factor affecting the U.S. economy, despite increased influences of a "jobless recovery" and other macroeconomic factors, reported the Global Association of Risk Professionals (GARP), Jersey City, New Jersey. Based...
Debt Leverage Still Concerns Risk Managers
Debt leverage remains the key risk factor affecting the U.S. economy, despite increased influences of a "jobless recovery" and other macroeconomic factors, reported the Global Association of Risk Professionals (GARP), Jersey City, New Jersey.Based on...
'Economically Challenged' States Elevate CMBS Defaults
Loans secured by properties in economically challenged states are defaulting at an elevated rate and driving commercial mortgage-backed securities delinquencies higher, reported Fitch Ratings, New York. Fitch's CMBS delinquency index for the United...
'Economically Challenged' States Elevate CMBS Defaults
Loans secured by properties in economically challenged states are defaulting at an elevated rate and driving commercial mortgage-backed securities delinquencies higher, reported Fitch Ratings, New York.Fitch's CMBS delinquency index for the United States...
Ellie Mae Adds NetMore America to Encompass360 Select
Walla Walla, Washington-based NetMore America, a retail and wholesale mortgage lender, has been added to Pleasanton, California-based Ellie Mae's Encompass360[TM] Select program, which is accessible to preferred customers of Encompass36o. Ellie Mae...
Ellie Mae Adds NetMore America to Encompass360 Select
Walla Walla, Washington-based NetMore America, a retail and wholesale mortgage lender, has been added to Pleasanton, California-based Ellie Mae's Encompass36o(TM) Select program, which is accessible to preferred customers of Encompass36o. Ellie Mae is...
Employment Falls for Fourth Straight Month
Nonfarm employment decreased by 95,000 in September, driven by a 159,000 decrease in government sector jobs, though partially offset by an increase of 64,000 private-sector jobs, the Labor Department reported on Oct. 8. This was the fourth monthly...
Falling Property Values Ail U.S. Cities
Property tax revenue declines this year could keep most cities from meeting their fiscal needs, according to a survey of city finance officers conducted by the National League of Cities (NLC), Washington, D.C. City finance officers who relied on...
Falling Property Values Ail U.S. Cities
Property tax revenue declines this year could keep most cities from meeting their fiscal needs, according to a survey of city finance officers conducted by the National League of Cities (NLC), Washington, D.C.City finance officers who relied on property...
Hotel Distress Shadows California Market
Hotel defaults and foreclosures in California continued to increase last quarter, according to Atlas Hospitality Group (AHG), Irvine, California. AHG's third-quarter Distressed California Hotel Survey showed 529 California hotels are in default...
Hotel Distress Shadows California Market
Hotel defaults and foreclosures in California continued to increase last quarter, according to Atlas Hospitality Group (AHG), Irvine, California.AHG's third-quarter Distressed California Hotel Survey showed 529 California hotels are in default or have...
Housing Activity
BY TYPE OF UNIT HOUSING STARTS Total Single-Family Multi-Family SEP-09 586 516 70 OCT-09 529 480 49 NOV-09 589 513 76 DEC-09 576 498...
HUD Proposes Strengthening FHA Indemnification Process
On Oct. 8, the Department of Housing and Urban Development proposed new rules to strengthen its authority to force lenders to indemnify or reimburse the Federal Housing Administration (FHA) for claims paid on mortgages that don't meet FHA guidelines....
HUD Proposes Strengthening FHA Indemnification Process
On Oct. 8, the Department of Housing and Urban Development proposed new rules to strengthen its authority to force lenders to indemnify or reimburse the Federal Housing Administration (FHA) for claims paid on mortgages that don't meet FHA guidelines.FHA...
'Jobless Recovery' Factors into CRE Outlook
Slow job recovery will keep long-term commercial real estate (CRE) vacancy levels up for the next few years, according to a study by Reis Inc., New York. "Vacancy levels are still very high, and a recent study we completed showed that we don't expect...
'Jobless Recovery' Factors into CRE Outlook
Slow job recovery will keep long-term commercial real estate (CREj vacancy levels up for the next few years, according to a study by Reis Inc., New York."Vacancy levels are still very high, and a recent study we completed showed that we don't expect...
Key Economic Indicators and Interest Rates
Key Economic Indicators and Interest Rates CONSUMER PRICES, YEAR-OVER-YEAR CHANGE (%) ...
Kirchmeyer & Associates/Real Info and Valligent Release ParcelView
Roseville, California-based Valligent, a provider of collateral-valuation and risk-management services, and Buffalo, New York-based Kirchmeyer & Associates/Real Info Inc., a national appraisal, database and real estate appraisal consulting company,...
Kirchmeyer & Associates/Real Info and Valligent Release ParcelView
Roseville, California-based Valligent, a provider of collateral-valuation and risk-management services, and Buffalo, New York-based Kirchmeyer & Associates/Real Info Inc., a national appraisal, database and real estate appraisal consulting company,...
Loan-Score PPE and AUS Platforms Integrated into Calyx Point
Calyx Software, San Jose, California, a provider of mortgage solutions for banks, credit unions, mortgage bankers and brokers, and Loan-Score Decisioning Systems, Irvine, California, an enterprise-class pricing and automated underwriting provider,...
Loan-Score PPE and AUS Platforms Integrated into Calyx Point
Calyx Software, San Jose, California, a provider of mortgage solutions for banks, credit unions, mortgage bankers and brokers, and Loan-Score Decisioning Systems, Irvine, California, an enterprise-class pricing and automated underwriting provider, have...
MBA Reports 40 Percent Decline in 2009 Multifamily Lending
The Mortgage Bankers Association's (MBA's) Annual Report on Multifamily Lending 2009, released on Oct. 14, reported that 2,725 different multifamily lenders provided $52.5 billion in new financing for apartment buildings with five or more units--a...
MBA Reports 40 Percent Decline in 2009 Multifamily Lending
The Mortgage Bankers Association's (MBA's) Annual Report on Multifamily Lending 200p, released on Oct. 14, reported that 2,725 different multifamily lenders provided $52.5 billion in new financing for apartment buildings with five or more units - a 40...
Mediation Nation?
There are many factors to consider when evaluating state foreclosuremediation programs. What's been learned so far is-there's still a lot to learn.In the wake of a national mortgage crisis; and in response to an extended recessionary period that has...
Mediation Nation? There Are Many Factors to Consider When Evaluating State Foreclosure-Mediation Programs. What's Been Learned So Far Is-There's Still a Lot to Learn
In the wake of a national mortgage crisis, and in response to an extended recessionary period that has left lenders and homeowners struggling to come to terms with new financial realities, a number of states have proposed--and in many cases implemented--a...
Mortgage Applications Indexes
Mortgage Applications Indexes Mortgage Bankers Association (MBA) MARKET COMPOSITES (Unadjusted) Market Purchase Refinance Index FRM Index ARM Index Index Index SEP-09 621.5 273.0 ...
Mortgage Marketing: The Rules Have Changed
Not so long ago, marketing in the mortgage industry was pretty typical--direct mail, newsletters, public relations (PR), print and radio advertising, maybe even some TV spots. But with the explosion of interactive online sites like Facebook, Twitter,...
MRG Prepared to Assist Lenders with Multi-State Exam Compliance
MRG Document Technologies (MRG), Dallas, a provider of mortgage document-preparation software and compliance technology to banks, credit unions and other lenders nationwide, is prepared to assist lenders with the 2011 transition to the new industry-standard...
MRG Prepared to Assist Lenders with Multi-State Exam Compliance
MRG Document Technologies (MRG), Dallas, a provider of mortgage document-preparation software and compliance technology to banks, credit unions and other lenders nationwide, is prepared to assist lenders with the 2011 transition to the new industrystandard...
National Quarterly Home Prices Dip into Negative Territory
Clear Capital, Truckee, California, released its latest Home Data Index (HDI) Market Report on Oct. 7, and the data produced new evidence that a home-pricing slowdown was under way even among the highest-performing major markets. The report also found...
National Quarterly Home Prices Dip into Negative Territory
Clear Capital, Truckee, California, released its latest Home Data Index (HDI) Market Report on Oct. 7, and the data produced new evidence that a home-pricing slowdown was under way even among the highest-performing major markets. The report also found...
ONE of a Kind
Burton Wood - MBA's longtime legislative counsel - was truly one of a kind.The man who sells scratchand-win lottery tickets from the liquor store at the corner of 18th and Eye Streets is feeling blue. One of his alltime best customers is gone. This particular...
One of a Kind: Burton Wood-MBA's Longtime Legislative Counsel-Was Truly One of a Kind
The man who sells scratch-and-win lottery tickets from the liquor store at the corner of 18th and Eye Streets is feeling blue. One of his all-time best customers is gone. This particular customer would hand out lottery tickets like they were business...
Paramount Selects MDA DataQuick's PropertyFinder 2G
Corona, California-based Paramount Residential Mortgage Group (PRMG) has selected MDA DataQuick's PropertyFinder[R] 2G for property information verification. MDA DataQuick is a division of Wilmington, Delaware-based MDA Lending Solutions and a provider...
Paramount Selects MDA DataQuick's PropertyFinder 2G
Corona, California-based Paramount Residential Mortgage Group (PRMG) has selected MDA DataQuick's PropertyFinder® 2G for property information verification. MDA DataQuick is a division of Wilmington, Delaware-based MDA Lending Solutions and a provider...
Pay by the Rules
Three recent developments have turned traditional pay practices upside-down in the mortgage origination field. Sorting them out will take some effort.In professional sports, there are periodic rule changes that dramatically alter how participants must...
Pay by the Rules: Three Recent Developments Have Turned Traditional Pay Practices Upside-Down in the Mortgage Origination Field. Sorting Them out Will Take Some Effort
In professional sports, there are periodic rule changes that dramatically alter how participants must compete. Think of the impact of the designated-hitter rule in baseball, instant-replay challenges in football or the three-point line in basketball....
People
John F. Merrill has been appointed president, chief financial designer and chief lending officer for Fidelity Bank in Leominster, Massachusetts. Michele John Kelaart has been named president of First Preston Housing Solutions LLC in Dallas. Arden Karson...
Perfect Storms and Their Unintended Consequences
At a panel discussion on refinance and modification program execution and risks at the Mortgage Bankers Association's (MBA's) Quality Assurance and Residential Underwriting Conference in Dallas in September, an audience member, Vickie Bourassa, vice...
Q&A with Neil Barofsky
Neil M. Barofksy was appointed special inspector general for the Troubled Asset Relief Program-SIGTARP-on Dec. 8, 2008. His mission under the Emergency Economic Stabilization Act of 2008 is to audit and investigate the purchase, management and sale of...
Q&A with Neil Barofsky: The Special Inspector General for TARP Discusses How and Why the Program Has Failed to Meet Some of Its Stated Goals
Neil M. Barofksy was appointed special inspector general for the Troubled Asset Relief Program--SIG-TARP--on Dec. 8, 2008. His mission under the Emergency Economic Stabilization Act of 2008 is to audit and investigate the purchase, management and sale...
Still Holding On
Poised for a comeback, home builders are in a holding pattern waiting for demand to return. Too bad the economy isn't cooperating.Richard Dalton's first year running his own home-building company hasn't gone exactly as planned. * Last October, when Dalton...
Still Holding On: Poised for a Comeback, Home Builders Are in a Holding Pattern Waiting for Demand to Return. Too Bad the Economy Isn't Cooperating
Richard Dalton's first year running his own home-building company hasn't gone exactly as planned. * Last October, when Dalton was featured in these pages in an article on the outlook for the new-home sector, he was getting ready to take advantage of...
The Evolving Market for Servicing Rights
A review of the many factors shaping the value and demand for mortgage servicing rights.Twenty-five years ago, when I started out in the mortgage banking industry, the consensus was that mortgage servicing rights (MSRs) were always worth a point (that...
The Evolving Market for Servicing Rights: A Review of the Many Factors Shaping the Value and Demand for Mortgage Servicing Rights
Twenty-five years ago, when I started out in the mortgage banking industry, the consensus was that mortgage servicing rights (MSRs) were always worth a point (that is, 100 basis points). In other words, a portfolio of $1 billion of Fannie Mae, Freddie...
The Rise of Extreme Delinquencies
For this month's Full Disclosure column, let's take a look at some of the activity we're seeing around severe delinquencies and foreclosures. With home-retention efforts, recent moratoria and increased scrutiny virtually certain to extend timelines...
The Road Less Traveled
There are many hurdles to overcome for lenders contemplating owning an affiliated title agency. But it can be done, with a little planning and due diligence.Your residential mortgage lending business is still standing. Congratulations for making it through...
The Road Less Traveled: There Are Many Hurdles to Overcome for Lenders Contemplating Owning an Affiliated Title Agency. but It Can Be Done, with a Little Planning and Due Diligence
Your residential mortgage lending business is still standing. Congratulations for making it through the storm. However, to continue to survive and be profitable, you are no doubt considering alternative sources of revenue to ensure that your business...
The Ticker
The Ticker Company Ticker Price Price 52-Week 52-Week Symbol Close Close High Low 9/30/10 8/31/10 BB&T Corp. BBT 24.08 22.12...
Three Lenders Choose InHouse Connexions Platform
InHouse Inc., Orange, California, an appraisal solutions company, announced that three mortgage lenders--Bank of Manhattan NA, El Segundo, California; Terrace Mortgage, Atlanta; and Wintrust Mortgage, Oakbrook, Illinois--have joined the company's Connexions...
Three Lenders Choose InHouse Connexions Platform
InHouse Inc., Orange, California, an appraisal solutions company, announced that three mortgage lenders - Bank of Manhattan NA, El Segundo, California; Terrace Mortgage, Atlanta; and Wintrust Mortgage, Oakbrook, Illinois - have joined the company's Connexions...
Top 25 Core-Based Statistical Areas-Combined REO + Short Sales
Top 25 Core-Based Statistical Areas--Combined REO + Short Sales (July 2010 Data, Ranked by REO + Short Sales--Percentage of all Sales) Rank CBSA Total New-Home ...
Top Core-Based Statistical Areas (CBSAs) by Percentage of Loans within Next Year
Top Core-Based Statistical Areas (CBSAs) by Percentage of Loans Resetting Within Next Year Single-Family Detached (July 2010 Data) Ranked by Percentage of Outstanding Prime Loans Resetting Within the Next 12 Months * Rank CBSA...
Where Is the Tipping Point for Outsourcing REO?
Fears of shadow inventory, regulations, strategic defaults and an uptick in foreclosure filings have all been piled onto the plates of servicers over the past year. With no two problems being handled the same way, mortgage servicers are working hard...
Why Johnny/Jane Can't Originate
Don't settle for originators who don't have what it takes. Research shows what makes for a strong producer, and much of it can't be trained.Most executives agree the current banking crisis is unlike any other business downturn they have ever experienced....
Why Johnny/Jane Can't Originate: Don't Settle for Originators Who Don't Have What It Takes. Research Shows What Makes for a Strong Producer, and Much of It Can't Be Trained
Most executives agree the current banking crisis is unlike any other business downturn they have ever experienced. The new normal in lending has much different drivers than in previous years: consumers lessening their debt loads while being wary of...
Why TEXAS?
The Dallas-Fort Worth metro area is the epicenter of special servicing operations for the nation's shaky mortgages. Is it something in the water?Road warriors in the mortgage servicing business may have noticed their airline luggage tags bearing the...
Why Texas? the Dallas-Fort Worth Metro Area Is the Epicenter of Special Servicing Operations for the Nation's Shaky Mortgages. Is It Something in the Water?
Road warriors in the mortgage servicing business may have noticed their airline luggage tags bearing the letters "DFW" more often in the past few years. That's because the 12-county Dallas-Fort Worth area of Texas has become an epicenter of industry-related--specifically,...
Wipro Gallagher Solutions Offers Loan Process Outsourcing
Wipro Gallagher Solutions Inc. (WGS), Franklin, Tennessee, a provider of end-to-end loan origination technology and fulfillment services for mortgage lenders, has combined its fully hosted and managed origination system, NetOxygen Cirrus, with the...
Wipro Gallagher Solutions Offers Loan Process Outsourcing
Wipro Gallagher Solutions Inc. (WGS), Franklin, Tennessee, a provider of end-to-end loan origination technology and fulfillment services for mortgage lenders, has combined its fully hosted and managed origination system, NetOxygen Cirrus, with the loan...