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. 69, No. 7, April

A Rocky Path Ahead
Reduced overall loan volume is affecting mortgage brokers more than retail loan officers, according to one veteran industry researcher. Broker market share has plummeted by more than half, now claiming just 30 percent of residential loan originations,...
Bottom 25 Counties-Combined REO and Short Sales (2008): (Ranked by REO + Short Sales)
Rank County Total New-Home Existing-Home REO Short REO + Count Sales Sales Count Sales Sales Short (All Count Count Count Sales Sales ...
Credit-Rating-Agency REFORMS
As an outgrowth of the meltdown in the mortgagesecurities (MBS) markets, the Securities and Exchange Commission has adopted new rules to tighten oversight of the credit-rating agencies."The story of the credit-rating agencies is a story of colossal failure....
Credit-Rating-Agency Reforms: As an Outgrowth of the Meltdown in the Mortgage-Backed Securities (MBS) Markets, the Securities and Exchange Commission Has Adopted New Rules to Tighten Oversight of the Credit-Rating Agencies
The story of the credit-rating agencies is a story is a story of colossal failure. The credit-rating agencies occupy a special place in our financial markets. Millions of investors rely on them for independent, objective assessments. The rating agencies...
Data-QUALITY MATTERS
Lenders today face growing pressure to ensure that the quality of their loan data is good. Here are some things to think about to ensure better data quality.For as long as mortgage banking has existed, there have been data-quality and integrity issues....
Data-Quality Matters: Lenders Today Face Growing Pressure to Ensure That the Quality of Their Loan Data Is Good. Here Are Some Things to Think about to Ensure Better Data Quality
For as long as mortgage banking has existed, there have been data-quality and integrity issues. As one executive with a megalender once said, "There are only two types of data in the mortgage business: dirty data and very dirty data." The list of where...
Delinquent Borrowers More Apt to Litigate Than Mitigate
Mortgage servicers should expect to see increased state and federal litigation surrounding servicing activities, as borrowers and even state and local governments are turning to increasingly sympathetic courts to resolve contractual conflicts and/or...
Delinquent Borrowers More Apt to Litigate Than Mitigate
Mortgage servicers should expect to see increased state and federal litigation surrounding servicing activities, as borrowers and even state and local governments are turning to increasingly sympathetic courts to resolve contractual conflicts and/or...
Dennis Hedlund-iEmergent Founder and President
As the founder and president of Des Moines, Iowa-based iEmergent Group--a provider of market research and advisory services targeted to the mortgage banking and real estate industries--Dennis Hedlund oversees the company's operations and provides strategic...
eMortgage Can Help Servicers Survive Today, Thrive Tomorrow
Although the slumping mortgage market currently has lenders economizing in all areas of their business, firms that wish to take the long view should look hard at adopting electronic mortgage alternatives to boost efficiency and save money, a panel...
eMortgage Can Help Servicers Survive Today, Thrive Tomorrow
Although the slumping mortgage market currently has lenders economizing in all areas of their business, firms that wish to take the long view should look hard at adopting electronic mortgage alternatives to boost efficiency and save money, a panel of...
Fallout from a Trade Slump
While weakening trade has caught up with industrial real estate, intermodal-related centers near rail yards are doing better than many other industrial parks.All the economic forces affecting industrial real estate were negative at the beginning of 2009....
Fallout from a Trade Slump: While Weakening Trade Has Caught Up with Industrial Real Estate, Intermodal-Related Centers near Rail Yards Are Doing Better Than Many Other Industrial Parks
All the economic forces affecting industrial real estate were negative at the beginning of 2009. Declining retail sales, a fall in business-capital spending and a deceleration of export volume, as well as a decline in imports, all took their toll on...
Fannie Mae Invests $35.5 Billion in Multifamily Housing in 2008
Fannie Mae announced in February that the government-sponsored enterprise (GSE)--through its lender and housing partners--financed $35.5 billion in multifamily rental housing in 2008, including debt financing through lender partners and bond purchases....
Fannie Mae Invests $35.5 Billion in Multifamily Housing in 2008
Fannie Mae announced in February that the government-sponsored enterprise (GSE) - through its lender and housing partners - financed $35.5 billion in multifamily rental housing in 2008, including debt financing through lender partners and bond purchases.Fannie...
Feeling the Chill: Toronto and New York Are Known for Being the Hottest Condo Markets on the Continent. but the Global Financial Meltdown Is Causing a Chill Even in These High-Flying Markets
Toronto and New York are alike in several ways, even though the Big Apple has more than twice the population and has been around, as a city, 170 years longer. Condo sales in the Greater Toronto Area (GTA) and New York City, for example, both rose sharply...
FinCEN CSI
The government's Financial Crimes Enforcement Network (FinCEN) has been collecting suspicious activity reports from banks for quite some time. Here's an inside look at what happens once those tips are in government hands.Every year, thousands of fraudsters...
FinCEN CSI: The Government's Financial Crimes Enforcement Network (FinCEN) Has Been Collecting Suspicious Activity Reports from Banks for Quite Some Time. Here's an Inside Look at What Happens Once Those Tips Are in Government Hands
Every year, thousands of fraudsters target American financial institutions, attempting to launder the funds they earn from criminal activities in order to obtain fraudulent mortgages or to steal consumers' identities. [ILLUSTRATION OMITTED] And...
FinCEN Notes SAR Increase, Proposes Rule on Information-Sharing
Suspicious activity reports (SARs) filed by depository institutions regarding suspected mortgage fraud increased by nearly 50 percent on a year-over-year basis in 2008 as the growth in mortgage repurchases has increased fraud detection by lenders,...
FinCEN Notes SAR Increase, Proposes Rule on Information-Sharing
Suspicious activity reports (SARs) filed by depository insti- tutions regarding suspected mortgage fraud increased by nearly 50 percent on a year-over-year basis in 2008 as the growth in mortgage repurchases has increased fraud detection by lenders,...
Firms Lack Controls to Prevent Exiting Employee Data-Pilfering
More than half of ex-employees who left their former employers last year--voluntarily or otherwise--admitted they made off with company data and other bits of insider information on their way out the door. The survey by Symantec Corporation, Cupertino,...
Firms Lack Controls to Prevent Exiting Employee Data-Pilfering
More than half of ex-employees who left their former employers last year - voluntarily or otherwise admitted they made off with company data and other bits of insider information on their way out the door.The survey by Symantec Corporation, Cupertino,...
Freddie Launches REO Rental Initiative; Chase Opens Foreclosure-Prevention Centers
Freddie Mac launched in March its new REO Rental Initiative, designed to give qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis. The REO Rental Initiative will be managed by HomeSteps[R],...
Freddie Launches REO Rental Initiative; Chase Opens Foreclosure-Prevention Centers
Freddie Mac launched in March its new REO Rental Initiative, designed to give qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis.The REO Rental Initiative will be managed by HomeSteps®,...
Handling All Those Customer Calls
Real estate professionals attending Alameda, California--based Inman News' annual Real Estate Connect conference in New York this past January commiserated about a soft market, but also shared new ideas for taking advantage of those opportunities that...
Home Prices Show Further Decline in Fourth Quarter
National home prices declined during the fourth quarter of 2008, according to two separate reports by Freddie Mac and the Federal Housing Finance Agency (FHFA). Freddie Mac's Conventional Mortgage Home Price Index (CMHPI) purchase-only series registered...
Home Prices Show Further Decline in Fourth Quarter
National home prices declined during the fourth quarter of 2008, according to two separate reports by Freddie Mac and the Federal Housing Finance Agency (FHFA).Freddie Mac's Conventional Mortgage Home Price Index (CMHPI) purchase-only series registered...
Hotel Industry to Continue Struggling in 2009
Expect global hotel markets to continue to feel pressure from contracting economies, and reduced leisure and business travel across much of the world in 2009, according to a report released in February by New York-based Ernst & Young LLP. Ernst...
Hotel Industry to Continue Struggling in 2009
Expect global hotel markets to continue to feel pressure from contracting economies, and reduced leisure and business travel across much of the world in 2009, according to a report released in February by New York-based Ernst & Young LLP.Ernst &...
Hotel Transactions to Pick Up in 2009 Following Four-Year Low
Decreasing liquidity and deteriorating demand fundamentals caused hotel transaction volumes to trail off throughout 2008 while a pickup is expected later in 2009, according to Chicago-based Jones Lang LaSalle (JLL) Hotels. JLL's Hotels' Hotel Investment...
Hotel Transactions to Pick Up in 2009 Following Four-Year Low
Decreasing liquidity and deteriorating demand fundamentals caused hotel transaction volumes to trail off throughout 2008 while a pickup is expected later in 2009, according to Chicago-based Jones Lang LaSaIIe (JLL) Hotels.JLL 's Hotels' Hotel Investment...
Housing Activity: Residential Structures (Thousands of Units, SAAR)
BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Total Single- Multi- Total Single- Multi- Family Family Family Family FEB-08 1,107 751 356 981 686 ...
HUD Seeks Comments on RESPA's 'Required-Use' Provision
The Department of Housing and Urban Development (HUD) announced in March that it has delayed a portion of its recently reformed Real Estate Settlement Procedures Act (RESPA) rule as it seeks further public comments on how it should define the scope...
HUD Seeks Comments on RESPA's 'Required-Use' Provision
The Department of Housing and Urban Development (HUD) announced in March that it has delayed a portion of its recently reformed Real Estate Settlement Procedures Act (RESPA) rule as it seeks further public comments on how it should define the scope of...
IT Slumps in 2009, but Should Rebound Quickly with Recovery
Expect overall declines in technology investment throughout much of the information technology (IT) market during 2009--especially those related to capital spending on hardware upgrades and new projects--even as the underlying fundamentals of IT demand...
IT Slumps in 2009, but Should Rebound Quickly with Recovery
Expect overall declines in technology investment throughout much of the information technology (IT) market during 2009 - especially those related to capital spending on hardware upgrades and new projects - even as the underlying fundamentals of IT demand...
It's Not Easy to Be a (Profitable) Green Building
Although increased energy efficiency and more environmentally friendly but more expensive construction is supported in concept, "green" building has yet to fully prove its financial viability, according to two separate studies. A study by NAIOP,...
It's Not Easy to Be a (Profitable) Green Building
Although increased energy efficiency and more environmentally friendly but more expensive construction is supported in concept, "green" building has yet to fully prove its financial viability, according to two separate studies.A study by NAIOP, the Commercial...
Job Losses Drive Mortgage Delinquencies to Record High in Q4
Driven by rising job losses, delinquency and foreclosure rates during the fourth quarter of 2008 rose again to record levels, according to the Mortgage Bankers Association (MBA). Released in March, MBA's fourth-quarter 2008 National Delinquency...
Job Losses Drive Mortgage Delinquencies to Record High in Q4
Driven by rising job losses, delinquency and foreclosure rates during the fourth quarter of 2008 rose again to record levels, according to the Mortgage Bankers Association (MBA).Released in March, MBA's fourthquarter 2008 National Delinquency Survey...
Just How Much Commercial/multifamily Mortgage Debt Is There?
The commercial real estate finance market is a big market. But how big? As with many queries, the answer depends on how you define the question. The Fed's numbers Each quarter, the Federal Reserve Board releases its Flow of Funds Account of the...
Key Economic Indicators and Interest Rates
CONSUMER PRICES, YEAR-OVER-YEAR CHANGE (%) CHANGE IN PAYROLL UNEMPLOYMENT ALL ITEMS ALL...
LPS Launches Lien Advisor
Jacksonville, Florida-based Lender Processing Services Inc. (LPS) announced in February the launch of Lien Advisor. The full-service, end-to-end lien-monitoring program is designed to provide greater visibility for the mortgage industry into borrower...
LPS Launches Lien Advisor
Jacksonville, Florida-based Lender Processing Services Inc. (LPS) announced in February the launch of Lien Advisor. The full-service, end-to-end lien-monitoring program is designed to provide greater visibility for the mortgage industry into borrower...
Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index FEB-08 864.2 384.7 3,654.3 796.0 2,300.2 MAR-08 782.8 415.8 2,918.7...
Multifamily Builder Confidence Low in Q4
The deepening recession and ongoing credit crunch continued to drag down builder confidence in the multifamily housing market during the fourth quarter of 2008, according to the National Association of Home Builders (NAHB), Washington, D.C. The...
Multifamily Builder Confidence Low in Q4
The deepening recession and ongoing credit crunch continued to drag down builder confidence in the multifamily housing market during the fourth quarter of 2008, according to the National Association of Home Builders (NAHB), Washington, D.C.The component...
Navigating the Foreclosure Process
Here are some tips that could help protect lenders faced with foreclosing on condominium projects.Many lenders are dealing with the fallout from a booming residential real estate market that seemed to have an insatiable demand for condominiums. As market...
Navigating the Foreclosure Process: Here Are Some Tips That Could Help Protect Lenders Faced with Foreclosing on Condominium Projects
Many lenders are dealing with the fallout from a booming residential real estate market that seemed to have an insatiable demand for condominiums. As market conditions have changed and construction costs continued to escalate, lenders found that many...
NORTH AMERICA'S HOTTEST CONDO MARKETS Feeling the Chill
Toronto and New York are known for being the hottest condo markets on the continent. But the global financial meltdown is causing a chill even in these high-flying markets.Toronto and New York are alike in several ways, even though the Big Apple has...
Obama Administration Rolls out Making Home Affordable Program
The Treasury Department announced in early March new guidelines aimed at enabling servicers to begin modifications of eligible mortgages under the Obama administration's Homeowner Affordability and Stability Plan. The plan also contains a refinance...
Obama Administration Rolls out Making Home Affordable Program
The Treasury Department announced in early March new guidelines aimed at enabling servicers to begin modifications of eligible mortgages under the Obama administration's Homeowner Affordability and Stability Plan. The plan also contains a refinance component...
Overture Technologies, SigniaDocs Collaborate to Boost Loss-Mitigation Services
Bethesda, Maryland-based Overture Technologies and Jacksonville, Florida-based SigniaDocs announced in February the creation of a joint offering that combines Overture's Mozart[TM] for Special Servicing with SigniaDocs' electronic modification technology...
Overture Technologies, SigniaDocs Collaborate to Boost Loss-Mitigation Services
Bethesda, Maryland-based Overture Technologies and Jacksonville, Florida-based SigniaDocs announced in February the creation of a joint offering that combines Overture's Mozart(TM) for Special Servicing with SigniaDocs' electronic modification technology...
People
John A. Koskinen has been named interim chief executive officer (CEO) and Robert F. Glauber has been named interim non-executive chairman for Freddie Mac, effective with the resignation of CEO David M. Moffett.Pete Maselli has been named senior vice...
Recovery to Start Emerging in Late 2009
Look for the slumping economy to slowly crawl toward recovery starting in the second half of 2009 as job losses continue through the next year. But also look for certainty to return to the markets, as the government has begun to demonstrate a more...
Recovery to Start Emerging in Late 2009
Look for the slumping economy to slowly crawl toward recovery starting in the second half of 2009 as job losses continue through the next year. But also look for certainty to return to the markets, as the government has begun to demonstrate a more measured...
REVIVING the Secondary Market
Mortgage finance experts, regulators, lawmakers and industry groups are wrestling with the challenge of remaking the secondary mortgage market into a sustainable model for the long term.Trust - once it's lost, how do you get it back? * tor the world...
Reviving the Secondary Market: Mortgage Finance Experts, Regulators, Lawmakers and Industry Groups Are Wrestling with the Challenge of Remaking the Secondary Mortgage Market into a Sustainable Model for the Long Term
Trust-once it's lost, how do you get it back? * For the world of mortgage finance, that is the paramount question. It is essential to the success of any efforts at reviving the secondary mortgage market on a sustainable basis with and without a federal...
Servicers Must Communicate with Municipalities to Mitigate Losses
Lenders and mortgage servicing firms need to act with dispatch to ensure that every real estate--owned (REO) property that comes into their inventory is preserved and protected, or else risk a hostile and costly confrontation with local government...
Servicers Must Communicate with Municipalities to Mitigate Losses
Lenders and mortgage servicing firms need to act with dispatch to ensure that every real estate-owned (REO) property that comes into their inventory is preserved and protected, or else risk a hostile and costly confrontation with local government officials,...
Solving the Servicing Dilemma: Straight Talk Is the Only Cure
Asage once advised, "If you don't know where you're going, any road will get you there." I'm reminded of this faintly tongue-in-cheek counsel each time a new report emerges on the foreclosure crisis sweeping the country, offering up fresh evidence...
Sparking Reform
The mortgage markets are at a crossroad today. A refi boomlet is clearly in the works, and government and agency loan production is strong. The government side of the secondary market appears to be alive and well, with plenty of help from the Federal...
The Political Climate
Congress is about to completely rewrite the operating rules for the mortgagelending business, and the mood is not pretty.The federal government is setting out to seriously micromanage your business. Wouldn't you feel better if they understood a lot more...
The Political Climate: Congress Is about to Completely Rewrite the Operating Rules for the Mortgage-Lending Business, and the Mood Is Not Pretty
The federal government is setting out to seriously micro-manage your business. Wouldn't you feel better if they understood a lot more about it before they began? * On Feb. 24, the line to enter the Rayburn House Office Building goes out to the street...
The Ticker
Company Ticker Price Price 52-Week 52-Week Symbol Close Close High Low 2/27/09 1/30/09 Fannie Mae FNM 0.42 0.60 35.50 0.30 Freddie Mac...
Top 25 Counties-Combined REO and Short Sales (2008): (Ranked by REO + Short Sales)
Rank County Total Count New-Home Existing-Home (All Sales) Sales Count Sales Count 1 MARICOPA, AZ 88,920 14,729 53,145 2 LOS ANGELES, CA 81,557 5,721 ...
Top Core-Based Statistical Areas (CBSAs) by Percentage of Loans Resetting within Next Year: Single-Family Detached (January 2009 Data)
Top 25 CBSAs Ranked by Number of Outstanding Prime Loans Resetting Within the Next 12 Months * Rank CBSA No. Resets Next 12 Months 1 Los Angeles-Long Beach-Santa...
WHERE Do We Go from HERE?
A look back over the history of mortgage finance reveals how the industry survived past market turmoil. Today's competitors are plotting their strategies for surviving this time around.It was 5:00 on a Friday afternoon, and the men in suits had arrived...
Where Do We Go from Here? A Look Back over the History of Mortgage Finance Reveals How the Industry Survived Past Market Turmoil. Today's Competitors Are Plotting Their Strategies for Surviving This Time Around
It was 5:00 on a Friday afternoon, and the men in suits had arrived at the headquarters building of the bank that I, Jeff Levine, worked for. I was over at the bank's mortgage operation center overseeing a team of file clerks endorsing notes that had...
Worst 25 States by Appreciation Rate: (January 2009 Data, Ranked Worst to Best in Percent Decline from Peak)
Rank State Peak % 12 Month 12 Month Month Decline HPI HPI Since Change Change ...
Your Most Important Training Event
It's not really intuitive, but it is indubitably true: The most critical training event your employees ever go through is their new-hire orientation. Why? Because the new hires have gone through your recruitment and selection process, have accepted...