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. 65, No. 1, October

2004 in Review
SINCE THE MORTGAGE BANKERS ASSOCIAtion (MBA) last gathered, at our 90th annual convention in San Diego in 2003, MBA's government affairs department has secured several significant legislative and regulatory victories and has laid substantial groundwork...
A Multifamily Man
Michael F. Petrie, president of P/R Mortgage & Investment Corporation, is the incoming chair of the Mortgage Bankers Association. He is the first leader of the trade group to come from the multifamily side of the business.MIKE PETRIE, CMB, SITS COMFORTABLY...
A Multifamily Man: Michael F. Petrie, President of P/R Mortgage & Investment Corporation, Is the Incoming Chair of the Mortgage Bankers Association. He Is the First Leader of the Trade Group to Come from the Multifamily Side of the Business
MIKE PETRIE, CMB, SITS COMFORTABLY IN HIS OFFICE ON the fifth floor of the Meridian Mark II office building. His wall of windows looks out on the manicured landscape of a modern business park in suburban Indianapolis. Petrie is the "P" in P/R Mortgage...
A New Vision for Valuation
TODAY'S MORTGAGE LENDERS HAVE many tools they can use to evaluate the collateral backing the loans they make. The territory between the traditional appraisal and the high-tech automated valuation model (AVM) has been populated with a host of solutions,...
A New Vision for Valuation: What If There Was a Simple FICO-Like Score for Property Valuations? It Could Dramatically Change the Risk Associated with Collateral. and It's Closer Than You Think
TODAY'S MORTGAGE LENDERS HAVE many tools they can use to evaluate the collateral backing the loans they make. The territory between the traditional appraisal and the high-tech automated valuation model (AVM) has been populated with a host of solutions,...
Annual Home-Value Growth at Highest Rate since 1980
FREDDIE MAC ANNOUNCED ITS QUARTERLY Conventional Mortgage Home Price Index (CMHPI) rose 10 percent, on an annual basis, from the second quarter of 2003 through the second quarter of 2004, up from the prior year (the second quarter of 2002 to the second...
Annual Home-Value Growth at Highest Rate since 1980
FREDDIE MAC ANNOUNCED ITS QUARTEREY Conventional Mortgage Home Price Index (CMHPI) rose 10 percent, on an annual basis, from the second quarter of 2003 through the second quarter of 2004, up from the prior year (the second quarter of 2002 to the second...
A Small World
Global capital markets mean real estate investors worldwide often share the same concerns and insights about market opportunities. We tracked down some of the best and asked them for their thoughts on where markets are going on both sides of the Atlantic.IT'S...
A Small World: Global Capital Markets Mean Real Estate Investors Worldwide Often Share the Same Concerns and Insights about Market Opportunities. We Tracked Down Some of the Best and Asked Them for Their Thoughts on Where Markets Are Going on Both Sides of the Atlantic
IT'S SORT OF A XENOPHOBE'S WORST NIGHTMARE: YOU CAN'T KEEP foreign investors out of any domestic real estate market, anywhere on the globe. An international commercial real estate community has truly developed in the past decade; though ironically,...
Branch Office LOS Selection
THERE'S A QUIET DEBATE RAGING OVER branch-office automation. Retail mortgage origination companies that have a dozen or more branch offices face a difficult decision about what loan origination system (LOS) to use at the branch level. While I can't...
Cenlar Uses Mortgage-Serv to Enter Private-Label Heloc Servicing
CENLAR FSB, EDISON, NEW JERSEY, WILL use the MortgageServ loan servicing platform from Fiserv Inc., Brookfield, Wisconsin, to support home-equity lines of credit (HELOCs). According to Cenlar, the addition of line-of-credit subservicing to its service...
Cenlar Uses MortgageServ to Enter Private-Label HELOC Servicing
CENLAR FSB, EDISON, NEW JERSEY, WILL use the MortgageServ loan servicing platform from Fiserv Inc., Brookfield, Wisconsin, to support home-equity lines of credit (HELOCs). According to Cenlar, the addition of line-of-credit subservicing to its service...
Changing the Industry
THE INTERNET IS NOW WIDELY ESTABLISHED AS A BUSINESS MEDIUM IN the mortgage industry. MortgageHub, Conshohocken, Pennsylvania, considers Web services the biggest technology change to influence the industry since the advent of computing. To help continue...
Clear Capital Unveils New Valuation Tool
CLEAR CAPITAL (FORMERLY BPO TRACKER), Truckee, California, has launched a new valuation tool. Clear Capital's new proprietary PI + AVM[TM] product applies supportable human adjustments to an automated valuation model (AVM) value conclusion for a more...
Clear Capital Unveils New Valuation Tool
CLEAR CAPITAL (FORMERLY BPO TRACKER), Truckee, California, has launched a new valuation tool. Clear Capital's new proprietary PI+AVM(TM) product applies supportable human adjustments to an automated valuation model (AVM) value conclusion for a more refined...
Commercial and Multifamily Originations Up 17 Percent in Q2
MBA HAS RELEASED ITS QUARTERLY commercial and multifamily mortgage loan originations survey for the second quarter of 2004, which shows continued growth in mortgage originations. Commercial mortgage bankers originated $33.2 billion, up by 17.4 percent...
Commercial and Multifamily Originations Up 17 Percent in Q2
MBA HAS RELEASED ITS QUARTERLY commercial and multifamily mortgage loan originations survey for the second quarter of 2004, which shows continued growth in mortgage originations. Commercial mortgage bankers originated $33.2 billion, up by 17.4 percent...
Complying with Gramm-Leach-Bliley: Complex and Expensive
IMPLEMENTATION OF THE GRAMM-LEACH-Bliley Act (GLB) Safeguards Rule has implications not only for servicers, but for all of their vendors and transaction counterparties. There is no doubt that the rule is good for consumers and business. But what may...
Gmd Expands Offerings through Interface with Complianceease
GUARDIAN MORTGAGE DOCUMENTS (GMD), Lakewood, Colorado, and ComplianceEase, a division of LogicEase Solutions Inc., San Francisco, have formed a strategic alliance agreement through which GMD's Web-based document production and workflow services will...
GMD Expands Offerings through Interface with ComplianceEase
GUARDIAN MORTGAGE DOCUMENTS (GMD), Lakewood, Colorado, and ComplianceEase, a division of LogicEase Solutions Inc., San Francisco, have formed a strategic alliance agreement through which GMD's Web-based document production and workflow services will...
Got Game?
NASCAR races, Major League Baseball, the PGA Tour and the Athens Olympics are some venues where mortgage brands have been spotted. It's part of a growing trend of sports marketing by lenders.WHEN BUDDY RICE TOOK THE CHECKERED FLAG AT THE INDIANAPOLIS...
Got Game? NASCAR Races, Major League Baseball, the PGA Tour and the Athens Olympics Are Some Venues Where Mortgage Brands Have Been Spotted. It's Part of a Growing Trend of Sports Marketing by Lenders
WHEN BUDDY RICE TOOK THE CHECKERED FLAG AT THE INDIANAPOLIS 500 EARLIER this year, there were a lot of happy people in the stands--including TV talk-show host David Letterman and former Indy 500 winner Bobby Rahal, co-owners of Rahal-Letterman Racing....
Grubb & Ellis Reports Net Income of $12.6 Million
GRUBB & ELLIS CO., NORTHBROOK, ILLINOIS, reported net income of $12.6 million, or $0.83 per share, for the fiscal year ending June 30, 2004, compared with a net loss of $17.9 million, or $1.19 per share, for the prior year. For fourth-quarter 2003,...
Hotels Are Hot
COMMERCIALBusiness and leisure travelers are streaming back to hotels and resorts, propelling a healthy lodging industry recovery after a painful three-year slump. Major chains are beating their own forecasts for second-quarter 2004 earnings. Profitability,...
Hotels Are Hot: Business and Leisure Travelers Are Streaming Back to Hotels and Resorts, Propelling a Healthy Lodging Industry Recovery after a Painful Three-Year Slump. Major Chains Are Beating Their Own Forecasts for Second-Quarter 2004 Earnings. Profitability, Investors and Lenders Are All Back. but Will It Last?
"THERE IS STILL A LOT OF HESITANCY IN BUSINESS AND LEISURE MARKETS [blame 9/11, SARS and jitters over terrorism], but it has certainly eased, with a strong uptick in central business districts of main cities, [and with] business travel and the economy...
Hud Launches Campaign on Predatory Lending Education
THE BUSH ADMINISTRATION ANNOUNCED A $3 million national campaign to educate consumers on how to avoid becoming victims of predatory lending when purchasing Department of Housing and Urban Development (HUD) homes. North American Management, a diversified...
Hud Launches Campaign on Predatory Lending Education
THE BUSH ADMINISTRATION ANNOUNCED A $3 million national campaign to educate consumers on how to avoid becoming victims of predatory lending when purchasing Department of Housing and Urban Development (HUD) homes. North American Management, a diversified...
Jobs and the Global Market
THE CURRENT ECONOMIC RECOVERY, LIKE THE ONE FOLLOWING THE 1990-1991 recession, has been sluggish in adding payroll jobs. As a result, it's not surprising that recent business outsourcing decisions and overseas job relocations have become politically...
MARKETS AWASH with CAPITAL
A roundup of lender views from three regional markets indicates commercial and multifamily origination volume gains are likely this year. More strong volume is expected in 2005. The capital is continuing to rain down on real estate.THE NATION'S COMMERCIAL...
Markets Awash with Capital: A Roundup of Lender Views from Three Regional Markets Indicates Commercial and Multifamily Origination Volume Gains Are Likely This Year. More Strong Volume Is Expected in 2005. the Capital Is Continuing to Rain Down on Real Estate
THE NATION'S COMMERCIAL LENDERS are steering a course through a market awash with capital and are generating loan volume gains. It's happening despite the uneven economic recovery and real estate fundamentals that range from weak to slowly recovering....
MBA Releases Midyear Rankings of Top CMBS Servicers
THE MORTGAGE BANKERS ASSOCIATION (MBA) has released its midyear rankings of the top commercial mortgage-backed securities (CMBS) servicers of multifamily and commercial loans. GMAC Commercial Mortgage, Wachovia Securities and Midland Loan Services...
MBA Supports Tria Extension Study
MBA HAS AGREED WITH THE CONCLUSIONS OF a study released in September finding that a two-year extension of the Terrorism Risk Insurance Act of 2002 (TRIA) would enhance U.S. economic performance in the near term, strengthen the nation's overall economy...
MBA Supports TRIA Extension Study
MBA HAS AGREED WITH THE CONCLUSIONS OF a study released in September finding that a two-year extension of the Terrorism Risk Insurance Act of 2002 (TRIA) would enhance U.S. economic performance in the near term, strengthen the nation's overall economy...
Nar Expects Record Existing-Home Sales in 2004
ACCORDING TO THE NATIONAL ASSOCIATION of Realtors® (NAR), Washington, D.C., greater-than-expected sales of existing homes in the first seven months of the year could help set a record for annual existing-home sales in 2004.Existing-home sales will increase...
NAR Expects Record Existing-Home Sales in 2004
ACCORDING TO THE NATIONAL ASSOCIATION of Realtors[R] (NAR), Washington, D.C., greater-than-expected sales of existing homes in the first seven months of the year could help set a record for annual existing-home sales in 2004. Existing-home sales...
New Study Shows Negative Effects of NC Mortgage Lending Law
THE MORTGAGE BANKERS ASSOCIATION (MBA) has released Mortgage Lending in North Carolina After the Anti-Predatory Lending Law, a study on the effects of the 1999 North Carolina antipredatory lending law. The study illustrates that the North Carolina...
New Study Shows Negative Effects of NC Mortgage Lending Law
THE MORTGAGE BANKERS ASSOCIATION (MBA) has released Mortgage Lending in North Carolina After the Anti-Predatory Lending Law, a study on the effects of the 1999 North Carolina antipredatory lending law. The study illustrates that the North Carolina law...
Ofheo's Hpi Shows Largest One-Year Home-Price Increase since 1979
THE OFFICE OF FEDERAL HOUSING ENTERprise Oversight's (OFHEO's) quarterly House Price Index (HPI) shows that average U.S. home prices increased 9.36 percent from the second quarter of 2003 through the second quarter of 2004. Appreciation for the second...
OFHEO's HPI Shows Largest One-Year Home-Price Increase since 1979
THE OFFICE OF FEDERAL HOUSING ENTERprise Oversight's (OFHEO's) quarterly House Price Index (HPI) shows that average U.S. home prices increased 9.36 percent from the second quarter of 2003 through the second quarter of 2004. Appreciation for the second...
People
FLOYD ROBINSON HAS BEEN NAMED PRESIdent of Bank of America's Consumer Real Estate Division in Charlotte, North Carolina. David Kuhn has been named executive vice president, agency and business insurance operations, for Balboa Insurance Group Inc. in...
Residential Mortgage Delinquencies and Foreclosure Inventory Down
MBA RELEASED ITS SECOND-QUARTER 2004 National Delinquency Survey (NDS), showing the seasonally adjusted (SA) delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 4.43 percent at the end of the second quarter, down...
Residential Mortgage Delinquencies and Foreclosure Inventory Down
MBA RELEASED ITS SECOND-QUARTER 2004 National Delinquency Survey (NDS), showing the seasonally adjusted (SA) delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 4.43 percent at the end of the second quarter, down 54...
SERVICING'S Next Phase
The servicing business is moving into a new phase where outsourcing becomes central and business process management is key. Pulling together all the disaggregated functions Into a functioning enterprise wilt be a major management challenge.DRAMATIC CHANGE...
Servicing's Next Phase: The Servicing Business Is Moving into a New Phase Where Outsourcing Becomes Central and Business Process Management Is Key. Pulling Together All the Disaggregated Functions into a Functioning Enterprise Will Be a Major Management Challenge
DRAMATIC CHANGE IS OCCURRING IN THE SERVICING WORLD. It's enabled by technology, but it's based on management's need to reduce costs, streamline operations and improve flexibility. This is forcing the nation's servicing companies to redefine what they...
SPOTLIGHT: Changing the Industry
THE INTERNET IS NOWWIDELY ESTABLISHED AS A BUSINESS MEDIUM IN the mortgage industry. MortgageHub, Conshohocken, Pennsylvania, considers Web services the biggest technology change to influence the industry since the advent of computing.To help continue...
Study Confirms Mortgage Lending Drop in New Jersey
ACCORDING TO A NEW STUDY BY RICHARD F. DeMong and Richard G. Netemeyer, professors at the University of Virginia, Charlottesville, Virginia, New Jersey's consumers are finding it harder to qualify for mortgages since the implementation of the state's...
Study Confirms Mortgage Lending Drop in New Jersey
ACCORDING TO A NEW STUDY BY RICHARD F. DeMong and Richard G. Netemeyer, professors at the University of Virginia, Charlottesville, Virginia, New Jersey's consumers are finding it harder to qualify for mortgages since the implementation of the state's...
Ten Surprises for 2005?
MANY ORIGINATORS WILL BE PAYING more attention to fourth-quarter planning sessions this year than they have in the past. Rising rates are certain to get their attention, and a changing market means some unexpected developments probably will occur in...
The Emergence of a Mortgage Processing Utility
Lenders are searching for ways to reduce operating costs as loan volume plummets. This has spawned demand for technology that can deliver substantial new efficiencies. Some suggest a mortgage processing utility might be the answer.PROCESS AND INFORMATION...
The Emergence of a Mortgage Processing Utility: Lenders Are Searching for Ways to Reduce Operating Costs as Loan Volume Plummets. This Has Spawned Demand for Technology That Can Deliver Substantial New Efficiencies. Some Suggest a Mortgage Processing Utility Might Be the Answer
PROCESS AND INFORMATION TECHNOLOGY (IT) adoption in recent years has been effective, yet limited. That may be about to change. Recent mortgage volumes have played a key role in sustaining lenders' growth. Yet, lenders were challenged by clogged...
The End Is Near
HIGHER RATES HAVE BEEN ON THE HORIZON FOR MONTHS NOW, BUT THEY HAVEN'T come close to stifling consumer demand for homeownership. Mostly this is because the long-anticipated higher rates haven't fully materialized. But the question remains: When will...
THE FED's SHIFT IN POLICY
The mortgage industry is poised for a hit from higher interest rates in 2005. Here's some insight into the Fed's thinking as it reacts to economic news and positions itself to move rates higher in the months ahead.THE FEDERAL OPEN MARKET COMMITTEE (FOMC),...
The Fed's Shift in Policy: The Mortgage Industry Is Poised for a Hit from Higher Interest Rates in 2005. Here's Some Insight into the Fed's Thinking as It Reacts to Economic News and Positions Itself to Move Rates Higher in the Months Ahead
THE FEDERAL OPEN MARKET COMMITTEE (FOMC), the arm of the Federal Reserve that sets interest rate policy, earlier this spring set a new course to restore the central bank's monetary policy stance to neutrality. For four years, it has pursued a policy...
The Interest-Only Craze
Newfangled loan products are taking over the market. One loan in particular-the interest-only loan-has rapidly gained a following with cash-strapped borrowers as well as their wealthier brethren.A CENTURY AGO, HENRY FORD IS SAID TO HAVE SNIFFED that...
The Interest-Only Craze: Newfangled Loan Products Are Taking over the Market. One Loan in Particular-The Interest-Only Loan-Has Rapidly Gained a Following with Cash-Strapped Borrowers as Well as Their Wealthier Brethren
A CENTURY AGO, HENRY FORD IS SAID TO HAVE SNIFFED that consumers could have "any color car they want, so long as it's black." This unsubtle (if not paternal) offer suggested that buyers ought to be happy just to get a vehicle and ought not trouble...
The Neglected End of End-to-End
On the journey to the eMortgage, a rocky road remains, in a new survey of closing and title agents done for Mortgage Bonking, we see just how far away we are from a standardized paperless mortgage.THE MORTGAGE INDUSTRY HAS WHOLE-heartedly embraced Internet...
The Neglected End of End-to-End: On the Journey to the eMortgage, a Rocky Road Remains. in a New Survey of Closing and Title Agents Done for Mortgage Banking, We See Just How Far Away We Are from a Standardized Paperless Mortgage
THE MORTGAGE INDUSTRY HAS WHOLE-heartedly embraced Internet technology as the present and future medium for fast, efficient and cost-effective loan processing. The Internet's potential was first visible in the origination process as brokers and lenders...
The Next Big Thing
The real growth in the mortgage business seems to be in loans that are anything but cookie-cutter. The competition in the subprime business is really heating up.IF THE MORTGAGE MARKET WERE A GARDEN and conventional, conforming loans were everyday English...
The Next Big Thing: The Real Growth in the Mortgage Business Seems to Be in Loans That Are Anything but Cookie-Cutter. the Competition in the Subprime Business Is Really Heating Up
IF THE MORTGAGE MARKET WERE A GARDEN and conventional, conforming loans were everyday English ivy, then this year's subprime market would be kudzu, the southern vine that grows as much as a foot a day. * "The subprime market is growing like crazy even...
Top 200 Lenders: First-Half 2004 (by $ Amount)
OUR RANKINGS FOR THE FIRST HALF of 2004 show the mortgage market continues to be very strong. While not quite up to the volume from 2003's first half, the rankings show that many lenders are still doing a whole lot of loans. And the average loan size...
Training Resistance
SOMETIMES TRAINERS WILL ENCOUNTER disproportionate resistance to a training event. The term "disproportionate" implies that some resistance is normal, and that is correct. Most training events, especially traditional classroom events, have some...
Valuing a Company for an IPO
THE CONSIDERABLE PRESS GARNERED BY Google's going public is good reason to address the process of valuing a company for an initial public offering (IPO). As demonstrated by the Google process, valuing any company for an IPO is a combination of art...
Welcome Home Program Launched for U.S. Bilingual Military Servicemembers
THE U.S. DEPARTMENT OF DEFENSE RESERVE Forces Policy Board, MBA, National Association of Hispanic Real Estate Professionals (NAHREP), National Puerto Rican Coalition, Univision and Freddie Mac launched a new effort to expand Latino homeownership opportunities...
Welcome Home Program Launched for U.S. Bilingual Military Servicemembers
THE U.S. DEPARTMENT OF DEFENSE RESERVE Forces Policy Board, MBA, National Association of Hispanic Real Estate Professionals (NAHREP), National Puerto Rican Coalition, Univision and Freddie Mac launched a new effort to expand Latino homeownership opportunities...
Welcome to the New Market
FROM HOME BUILDERS AND MORTGAGE bankers to institutional investors and consumers, the housing industry has revitalized our economy and created new wealth. Worth $15.2 trillion, homes have become the most valuable investment for many Americans, according...
Welcome to the New Market
FROM HOME BUILDERS AND MORTGAGE bankers to institutional investors and consumers, the housing industry has revitalized our economy and created new wealth. Worth $15.2 trillion, homes have become the most valuable investment for many Americans, according...

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