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. 73, No. 2, November

50 States by Appreciation Rate
(July 2012 Data, Ranked Worst to Best in Percent Decline from Peak--Includes District of Columbia) Rank State Peak Month % Decline Since 12-Month HPI Change Peak (July 2012) 1 NEVADA ...
A Disturbance in the Force
"I felt a great disturbance in the Force, as if millions of voices suddenly cried out in terror and were suddenly silenced. 1 fear something terrible has happened." --Obi-Wan Kenobi, Star Wars As described in the Dodd-Frank Wall Street Reform...
An Open Letter to the Next President
Dear Mr. President: While I am not sure to whom this letter should be ad-dressed--whether it is President Obama or President Romney--the truth is the name of the addressee is not what matters. The needs we have in this country overall, as well as...
Apartment Fundamentals Strong; Rent Growth Moderates
Apartment market fundamentals remain strong but rent growth rate moderated, reported Reis, New York, and Axiometrics, Dallas. The national apartment vacancy rate inched downward from 4.7 percent to 4.6 percent in the third quarter--which traditionally...
Apartment Fundamentals Strong; Rent Growth Moderates
Apartment market fundamentals remain strong but rent growth rate moderated, reported Reis, New York, and Axiometrics, Dallas.The national apartment vacancy rate inched downward from 4.7 percent to 4.6 percent in the third quarter- which traditionally...
AVMetrics Selects Veros to Distribute AVM Offering
Simi Valley, California--based AVMetrics has selected Santa Ana, California--based Veros Real Estate Solutions as distributor of its CornplianceTRACK automated valuation model (AVM) offering. Lenders and other mortgage stakeholders looking to stay...
AVMetrics Selects Veros to Distribute AVM Offering
Simi Valley, California-based AVMetrics has selected Santa Ana, California-based Veros Real Estate Solu tions as distributor of its ComplianceTRACK automated valuation model (AVM) offering. Lenders and other mortgage stakeholders looking to stay compliant...
Basel III Brings Opportunity to Optimize
These are challenging times for financial institutions. Still feeling the impact of the financial crisis, the industry endures increased oversight, declining margins and fierce competition--all in a lackluster economy. Large bank holding companies...
California Foreclosures Lowest since Early 2007
La Jolla, California-based DataQuick announced that in this year's third quarter, the total notices of default (NOD) recorded hit 49,026 in the state of California. That number was the lowest since 46,760 were recorded in first-quarter 2007, the company...
California Foreclosures Lowest since Early 2007
La Jolla, California-based DataQuick announced that in this year's third quarter, the total notices of default (NoD) recorded hit 49,026 in the state of California. That number was the lowest since 46,760 were recorded in firstquarter 2007, the company...
California Leads Way in Recovery
Robert Cohan opened the Beverly Hills office of Carlyle Financial in June 2012, after spending more than a dozen years as a top producer at several large financial institutions. He saw an opportunity to "fill a hole" in both product and customer service...
ClosingCorp Upgrades SmartGFE for Wholesale Channel
ClosingCorp, La Jolla, California, a provider of residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers, has enhanced its SmartGFE Service offering for wholesale lenders. The SmartGFE...
ClosingCorp Upgrades SmartGFE for Wholesale Channel
ClosingCorp, La Jolla, California, a provider of residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers, has enhanced its SmartGFE Service offering for wholesale lenders.The SmartGFE Service...
CMBS Payoffs Highest since 2008
The percentage of commercial mortgage-backed securities loans paying off on their balloon date reached the highest level in nearly four years in September, reported Trepp LLC, New York. In September, 68.2 percent of CMBS loans reaching their balloon...
CMBS Payoffs Highest since 2008
The percentage of commercial mortgage-backed securities loans paying off on their balloon date reached the highest level in nearly four years in September, reported Trepp LLC, New York.In September, 68.2 percent of CMBS loans reaching their balloon date...
Comergence Creates Anti-Money-Laundering Certification Process
Mission Viejo, California--based Comergence has created a proprietary anti-money-laundering (AML) certification process for the company's existing lender clients, along with reporting and analytics to track which of their residential mortgage loan...
Comergence Creates Anti-Money-Laundering Certification Process
Mission Viejo, California-based Comergence has created a proprietary anti-money-laundering (AML) certification process for the company's existing lender clients, along with reporting and analytics to track which of their residential mortgage loan originators...
Deloitte: CRE Recovery 'Visibly Improved'
The U.S. commercial real estate recovery, although slow, I has visibly improved in fundamentals, capital availability, asset pricing and transactions, according to Deloitte LLP, New York. "Overall, we are seeing recovery in commercial real estate...
Deloitte: CRE Recovery 'Visibly Improved'
The U.S. commercial real estate recovery, although slow, has visibly improved in fundamentals, capital availability, asset pricing and transactions, according to Deloitte LLP, New York."Overall, we are seeing recovery in commercial real estate activity;...
Ellie Mae Finds Lenders Taking Longer to Close Loans
Ellie Mae Inc., Pleasanton, California, released results from its latest Origination Insight Report on Oct. 17, and the findings show it is taking lenders much longer to close both purchase and refinance loans than six months ago. The average days...
Ellie Mae Finds Lenders Taking Longer to Close Loans
Ellie Mae Inc., Pleasanton, California, released results from its latest Origination Insight Report on Oct. 17, and the findings show it is taking lenders much longer to close both purchase and refinance loans than six months ago. The average days to...
Filling the Correspondent Gap
Here's a roadmap for setting up a successful correspondent lending program.Aug. 31, 2011, became a date worth remembering when Charlotte, North Carolina-based Bank of America (BofA) announced its intent to sell its correspondent lending division. · When...
Filling the Correspondent Gap: Here's a Roadmap for Setting Up a Successful Correspondent Lending Program
Aug. 31, 2011, became a date worth remembering when Charlotte, North Carolina-based Bank of America (BofA) announced its intent to sell its correspondent lending division. * When the nation's largest bank announces it no longer wants to be in a niche...
Global CRE Investment Declines Slightly
Though direct commercial investment volumes fell year-over-year in the third quarter, performance in major global property investment markets remains strong, reported Jones Lang LaSalle (JLL), Chicago. Direct commercial investment volumes fell 8...
Global CRE Investment Declines Slightly
Though direct commercial investment volumes fell yearover-year in the third quarter, performance in major global property investment markets remains strong, reported [ones Lang LaSalle (JLL), Chicago.Direct commercial investment volumes fell 8 percent...
Housing Activity
Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING BUILDING STARTS PERMITS Total Single- Multi- Total Single- Multi- ...
JOSEPH SMITH: Not Your Average Joe
Will he ultimately change the way every servicer does business?By the summer of 2010, the dust was finally beginning to clear in the aftermath of the financial crisis. As the industry and its regulators assessed the damage, they saw an economic landscape...
Joseph Smith: Not Your Average Joe: Will He Ultimately Change the Way Every Servicer Does Business?
By the summer of 2010, the dust was finally beginning to clear in the aftermath of the financial crisis. As the industry and its regulators assessed the damage, they saw an economic landscape that looked as if it had been struck by a doomsday comet,...
Key Economic Indicators and Interest Rates
CHANGE IN CONSUMER YEAR-OVER-YEAR PRICES, CHANGE (%) PAYROLL UNEMPLOYMENT ALL ITEMS ALL ITEMS LESS EMPLOYMENT RATE (%) FOOD AND ENERGY ...
LaMalfa on Books
Maestro By Bob Woodward Simon & Schuster, 2000 It's time for a biography. This column hasn't reviewed one before. And what better place to start than with a household name--a world-renowned figure, someone who steered the economy over...
Leadership without Compromise
Scarcity is often a key variable that adds significant value to any resource. When the resource of quality leadership exists, enormous value is present. By contrast, an absence of leadership brings--more often than not--mediocrity and failure. Based...
Loan Quality and Document Intelligence: A Vital Link
With the mortgage industry strongly focused on restoring confidence in loan quality, data management is top of mind for most lenders. High-performing lenders improve the quality of information that moves through the mortgage loan process via effective...
LPS Announces Settlement with Delaware AG
On Oct. 16, Jacksonville, Florida-based Lender Processing Services Inc. (LPS) announced that its subsidiary--DocX LLC--had reached a settlement with the Delaware attorney general (AG). The settlement will end the state's investigation of the document-execution...
Market Trends Overview by State
(July 2012 Data, Ranked Worst to Best by Foreclosure Rate--Includes District of Columbia) Rank State Foreclosure Foreclosure REO REO Rate 90+ Day Rate Rate 12 Rate 12 Delinquency ...
MBA Files Comment Letter on LO Compensation and Qualifications
On Oct. 17, the Mortgage Bankers Association (MBA) filed a comment letter with the Consumer Financial Protection Bureau (CFPB) expressing reservations and suggestions concerning a proposed rule on loan officer (LO) compensation and qualification requirements....
MBA Files Comment Letter on LO Compensation and Qualifications
On Oct. 17, the Mortgage Bankers Association (MBA) filed a comment letter with the Consumer Financial Protection Bureau (CFPB) expressing reservations and suggestions concerning a proposed rule on loan officer (LO) compensation and qualification requirements.The...
Median Income Buys a Median-Priced Home in Only 14 of 25 Largest Metros
Research released by Interest.com, a company owned by Bankrate Inc., Chicago, found that a median-income household can only afford a median-priced home in 14 of the 25 largest metropolitan areas. Detroit was the most affordable metro market, while...
Median Income Buys a Median-Priced Home in Only 14 of 25 Largest Metros
Research released by Interest.com, a company owned by Bankrate Inc., Chicago, found that a median-income household can only afford a median-priced home in 14 of the 25 largest metropolitan areas. Detroit was the most affordable metro market, while the...
MetLife Launches Third-Party Management Platform
New York-based MetLife, the largest life insurance company lender, will launch a third-party asset-management business for institutional investors, including insurance companies, pension plans and sovereign wealth funds. The company already owns...
MetLife Launches Third-Party Management Platform
New York-based MetLife, the largest life insurance company lender, will launch a third-party asset-management business for institutional investors, including insurance companies, pension plans and sovereign wealth funds.The company already owns and manages...
Month in Review
As we enter October, we see a confluence of forces--a steady rally in the mortgage-backed securities (MBS) market, likely powered by a third round of quantitative easing (QE3), offset somewhat by an increase in the fees charged by Fannie Mae and Freddie...
Mortgage Performance
Top 25 Prime Seriously Delinquent* Metros Metropolitan Statistical Area Seriously National (MSA) Delinquent Index (SD) % l Miami, FL...
Moving beyond BRAND X
You don't have to be a faceless competitor with no brand loyalty in the vast mortgage space. Here are some tips on how to build a brand and get some mileage out of it.It's no secret that mortgage lending is a highly competitive industry and that it continues...
Moving beyond Brand X: You Don't Have to Be a Faceless Competitor with No Brand Loyalty in the Vast Mortgage Space. Here Are Some Tips on How to Build a Brand and Get Some Mileage out of It
It's no secret that mortgage lending is a highly competitive industry and that it continues to be extremely difficult for lenders to differentiate themselves from one another. * Mortgage companies often compete on rate alone. Yes, rate is surely a...
People
A mit Kothiyal has been named chief operating officer, Paul Y. Imura has been named chief marketing officer and Badri Narrayen has been named chief human resources officer for ISGN Corporation in Melbourne, Florida.Donald McGuire has been appointed chief...
Preparing the Forbearance Agreement In-House
In these times of unprecedented pressure on lenders and servicers to settle foreclosure cases, the forbearance agreement--always a common approach in any event--becomes all the more meaningful and relevant. While there are compelling reasons why such...
Primary Capital Chooses MortgageFlex's LOS
MortgageFlex Systems Inc., Jacksonville, Florida, a provider of loan origination and servicing technology, has been chosen by Primary Capital, Atlanta, to replace Primary Capital's current loan origination system with MortgageFlex's LoanQuest[TM]....
Primary Capital Chooses MortgageFlex's LOS
MortgageFlex Systems Inc., Jacksonville, Florida, a provider of loan origination and servicing technology, has been chosen by Primary Capital, Atlanta, to replace Primary Capital's current loan origination system with MortgageFlex's LoanQuest(TM).Primary...
Q&A with Dick Bove
Richard (Dick) X. Bove, senior vice president of equity research at Rochdale Securities LLC, Lutz, Florida, is a prominent banking and brokerage analyst. A 1962 liberal arts graduate of Columbia University, New York, he began his Wall Street career in...
Q&A with Dick Bove: This Outspoken Expert on the Financial Services Industry Shares His Thoughts on Current Bank Regulation and Hot Topics like Basel III
Richard (Dick) X. Bove, senior vice president of equity research at Rochdale Securities LLC, Lutz, Florida, is a prominent banking and brokerage analyst. A 1962 liberal arts graduate of Columbia University, New York, he began his Wall Street career...
Recognition of Out-of-State MLO Licenses: Right for MLOs, Right for Consumers
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) was intended to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage...
Regulators on the Speaking Circuit
Joseph Smith, the former North Carolina commissioner of banks who has been tapped to monitor the monster settlement between 49 state attorneys general (AGs) and the Big Five mortgage servicers, rode the speaking circuit late this summer. In late...
Reis: Low Demand for Office Space
The office market recovery continues to languish amid a slow economic recovery, reported Reis Inc., New York. "With the labor market struggling, demand for office space remains at very low levels," said Reis Senior Economist Ryan Severino. He noted...
Reis: Low Demand for Office Space
The office market recovery continues to languish amid a slow economic recovery, reported Reis Inc., New York. "With the labor market struggling, demand for office space remains at very low levels," said Reis Senior Economist Ryan Severino. He noted the...
ROBBINS' Third Time Around
John Robbins, CMB, is back for the third big go-round in his 40-year career in the mortgage business. The founder and former chief executive officer (CEO) of American Residential Mortgage (AmRes) and American Mortgage Network (AmNet) is now president...
Robbin's Third Time Around: John Robbins Is Creating a New Nationwide Mortgage Bank Called Bexil American Mortgage. It Will Be His Third Time in the Driver's Seat of an Independent Mortgage Company
John Robbins, CMB, is back for the third big go-round in his 40-year career in the mortgage business. The founder and former chief executive officer (CEO) of American Residential Mortgage (AmRes) and American Mortgage Network (AmNet) is now president...
Six-Month vs. 12-Month HN Change, June 2012 Data
Six- Month vs. 12-Month HPI Change, June Data 2012 CBSA 6-Mo. 12-Mo. % % 1 Atlanta-Sandy Springs-Marietta, GA 4.13 -2.85 2 Austin-Round Rock-San...
Stepping into the Gap
Big changes are afoot in the origination market these days. Once major players are stepping out of whole production channels. And that creates big opportunities, as any entrepreneurial mortgage banker will tell you. Midsized independent lenders have...
Study Links Smart-Grid Technologies, Commercial Real Estate Growth
"Connected" cities--those that actively apply smart-grid 'a technologies as part of a municipal investment strategy--show improvement in three key commercial real estate (CRE) economic indicators, reported Jones Lang LaSalle (Jn), Chicago. JLL's...
Study Links Smart-Grid Technologies, Commercial Real Estate Growth
Connected" cities - those that actively apply smart-grid technologies as part of a municipal investment strategy - show improvement in three key commercial real estate (CRE) economic indicators, reported Jones Lang LaSalle (JLL), Chicago.JLL's Connected...
The Perfect Storm of Mortgage Regulations
The Dodd-Frank Act rules will pose tremendous compliance challenges for lenders in the coming months.Fourteen years ago this month, the industry was in an uproar in response to thenSecretary of the Department of Housing and Urban Development (HUD) Andrew...
The Perfect Storm of Mortgage Regulations: The Dodd-Frank Act Rules Will Pose Tremendous Compliance Challenges for Lenders in the Coming Months
Fourteen years ago this month, the industry was in an uproar in response to then-Secretary of the Department of Housing and Urban Development (HUD) Andrew Cuomo's directive that the industry begin calculating maximum mortgage amounts differently (you...
The State of Loss-Severity Modeling
Whether you're a non-agency trader, a whole-loan portfolio holder or a government-sponsored enterprise (GSE), all have a common risk: Defaulted loans result in losses. Servicers rely upon projected losses to adjust collections or loss-mitigation strategies....
The Ticker
Company Ticker Price Price 52-Week 52-Week Symbol Close Close High Low 9/28/12 8/31/12 Annaly NLY 16.84 17.31 17.75 14.65 Mortgage Management Inc. Bank...
Top 25 Core-Based Statistical Areas-Sales Price Market Trends
(July 2012 Data, Ranked by Distressed Sales %) Rank Core-Based Statistical Area (CBSA) Short RE0 Sales Sales (Average (Average Price) ...
Top 25 Negative Equity CBSAs (Second-Quarter 2012 Data, Ranked by Total Number of Outstanding Mortgages)
Top 25 Negative (Second-Quarter 2012 Data, Ranked CBSA Mortgages Negative ...
United States Appraisals Unveils New Technology Platform
United States Appraisals, Overland Park, Kansas, a nationwide appraisal management company (AMC), has launched a new proprietary operating system. The new technology platform drives redundancies and non-value-added activities out of the business process;...
United States Appraisals Unveils New Technology Platform
United States Appraisals, Overland Park, Kansas, a nationwide appraisal management company (AMC), has launched a new proprietary operating system. The new technology platform drives redundancies and nonvalue added activities out of the business process;...
Veros Launches Key Enhancements to VeroSCORE
Santa Ana, California--based Veros Real Estate Solutions has made an enhancement upgrade of its VeroSCORE product, which enables lenders to score the quality of appraisal reports in real time. VeroSCORE uses sophisticated automated analysis that allows...
Veros Launches Key Enhancements to VeroSCORE
Santa Ana, California-based Veros Real Estate Solutions has made an enhancement upgrade of its VeroSCORE product, which enables lenders to score the quality of appraisal reports in real time. VeroSCORE uses sophisticated automated analysis that allows...