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. 67, No. 6, March

A Buyer's Market
Consumers are discovering that home sellers are willing to drop their asking price as the spring buying season unfolds. When combined with continued low mortgage rates, that translates into a buyer's market in many areas of the country. Mortgage...
A Growth Enterprise: Midland Loan Services Boasts a Web-Based Commercial and Multifamily Servicing System That Is Producing Significant Productivity Gains. Midland's Enterprise! Is the Platform Enabling This Growth in Servicing Efficiencies
The folks at Midland Loan Services Inc., Overland Park, Kansas, are feeling pretty good about themselves these days. It's one thing to tout the efficiency benefits of your core servicing system, but it's another to be able to produce the data proving...
Balanced Responsibility
One of the ongoing goals of the mortgage banking industry is to create products that help people buy homes. There is no question that alternative mortgages have allowed a significant number of individuals to purchase homes they could have only dreamed...
Castle Point Implements Mortgage Cadence's Lending Platform
Mortgage Cadence, Greenwood Village, Colorado, and Castle Point Mortgage Inc., Elkridge, Maryland, announced the implementation of the Mortgage Cadence Orchestrator[TM] enterprise lending solution (ELS) application. Prompted by the substantial amount...
Citigroup Acquires ABN AMRO Mortgage Group
New York-based Citigroup announced it would acquire ABN AMRO Mortgage Group (AAMG), Ann Arbor, Michigan, a major national originator and servicer of prime residential mortgage loans. Terms of the transaction were not disclosed. Under the transaction...
Commercial/multifamily Originations Rise during Fourth Quarter
Commercial and multifamily mortgage bankers' loan originations in the fourth quarter of 2006 were 3 percent higher than during the same quarter last year, according to MBA. Fourth-quarter loan originations were also up compared with the third quarter...
Commercial/multifamily Sector in 'Perfect Calm'
Commercial and multifamily real estate is poised to have a good year in 2007, thanks to a growing economy, the struggling housing sector and an overall "perfect calm" in the market, noted experts at MBA's annual Commercial Real Estate Finance/Multifamily...
Debunking eMortgage Myths: The Full Adoption of eMortgages Is Inevitable. Current Myths about the Obstacles to That Adoption Won't Make the Outcome Otherwise
The effort to achieve the industrywide adoption of eMortgage has rolled on for nearly eight years now. As an early member of MISMO[R] and the eMortgage Alliance, an activist for electronic mortgages and a business owner who discusses this topic daily...
Dynatek's Plug-In Partner Network Grows
Livonia, Michigan-based Dynatek Inc. announced that its Plug-In Partner Network experienced major growth in 2006 through its expansion of the number of plug-ins and partners from 110 to 125. Dynatek's addition of 15 new plug-ins in 2006 represented...
Executives Expect Congress to Renew Terrorism Insurance
Leaders of the property/casualty insurance industry expect Congress to extend the Terrorism Risk and Insurance Act (TRIA) in 2007, according to a survey conducted by the New York-based Insurance Information Institute (I.I.I.). Eighty-nine percent...
Fannie Mae Sets Multifamily Bar High in 2007
Officials at Fannie Mae said they are optimistic they can improve the company's multifamily housing performance in 2007, even following what they describe as Fannie's "second-best year ever" in multifamily financing. Fannie Mae's goal this year...
First American RES Merges with CoreLogic
The First American Corporation, Santa Ana, California, announced it has merged its First American Real Estate Solutions (RES) division--a part of its FARES LLC subsidiary--with Sacramento, California-based CoreLogic Systems Inc. The new, combined...
First American Unveils TitleSmart
Santa Ana, California-based First American Title Insurance Co. announced that its Lenders Advantage Division has completed development of TitleSmart[TM], a new technology designed to deliver insured title commitments in less than 60 seconds. By...
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 JAN-06 2,265 1,841 424 2,195 1,767 428 FEB-06...
Housing Market to Regain Footing in 2007
Look for the housing market to regain its footing by mid- to late 2007, while mortgage originations will fall in this year relative to 2006 as a result of a decline in home sales and diminished refinance activity, according to a paper by the Mortgage...
HUD Budget Pushes Homeownership, FHA Reform
The Department of Housing and Urban Development (HUD) has proposed a $35.2 billion budget for fiscal year 2008--a $1.6 billion or 4.5 percent increase over the department's proposed fiscal year 2007 spending plan, according to HUD. Homeownership...
IT All-Stars: This Year Mortgage Banking Honors Two Groups of Mortgage Industry Technologists. the First Consists of Outstanding IT Leaders Who Have Made Notable Contributions during Their Entire Careers. the Second Is a Group Selected for Making a Significant Impact in 2006
Mortgage Banking's group of information technology (IT) All-Stars this year has given the industry lasting gifts from their work in furthering mortgage technology. Some have done so over decades-long careers in mortgage technology, while others are...
John Walsh, President, del Mar Database
As president of San Diego-based Del Mar Database (now part of Fiserv Lending Solutions), John Walsh is responsible for the firm's stated mission of delivering "innovative solutions to mortgage lenders that leverage their existing tools to improve profitability...
Key Economic Indicators and Interest Rates
CONSUMER PRICES, YEAR-OVER-YEAR CHANGE (%) MBA MORTGAGE CHANGE IN ALL ITEMS INTEREST RATES (%) PAYROLL...
MBA Releases Top Commercial/multifamily Servicers Ranking
The Mortgage Bankers Association released its end-of-year 2006 rankings of the top commercial and multifamily loan servicers at the association's 2007 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in February. Topping...
MISMO, FHA Announce Alliance
MISMO[R], the not-for-profit subsidiary of the Mortgage Bankers Association (MBA), announced it has formed an alliance with the Federal Housing Administration (FHA). The purpose of the alliance is the development and publication of government standards...
Moody's: Credit Downgrades Likely to Exceed Upgrades in 2007
Expect downgrades in global credit quality to exceed upgrades in 2007 following the downward trend begun during the fourth quarter of 2006, according to a report by New York-based Moody's Investors Service. The Moody's report, Moody's Rating Actions,...
Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index JAN-06 527.0 351.8 1,546.7 388.0 3,440.6 FEB-06 585.2 412.0 1,593.8 434.1 3,753.0 MAR-06...
Nonresidential Construction Jumps, Multifamily Building Falls in 2006
Nonresidential construction posted an even faster rate of growth in 2006 than during the previous two years, while the multifamily segment of residential building retreated compared with 2005, according to New York-based McGraw-Hill Construction's...
PMI Sees Higher Risk of Home-Price Declines across Country
Continued deceleration in home-price appreciation and decreased affordability have caused the risk of home-price declines to rise in cities across the country, according to Walnut Creek, California-based PMI Mortgage Insurance Co. PMI's winter 2007...
Pricing-The Last Stand: With the Prospect of a More Challenging Economic Environment Ahead and the Absence of Alternative Profit Levers to Pull, the Financial Services Industry Has Turned to Price- and Revenue-Management Techniques to Enhance Profitability
In a tough economic environment with fewer available profit levers to pull, pricing has become one of the last opportunities that business executives can use to achieve sustained profit growth. This is true also for the mortgage industry. [??] If you...
Record Hotel Construction in 2006; More Growth Expected in 2007
The hotel construction pipeline hit a record level by year-end 2006, surpassing the previous high set in 1999, with more growth expected in 2007, according to Portsmouth, New Hampshire-based Lodging Econometrics (LE). At the end of the fourth quarter...
Re-Examining the Market's Transformation
At the beginning of 2006, I devoted two columns to examining the dramatic growth witnessed in the alternative-A and subprime sectors. This month, I revisit and refresh that examination while taking stock of the impact that this growth has had and may...
Root Markets Acquires LeadROI
Root Markets Inc., New York, announced the acquisition of LeadROI Inc., Costa Mesa, California. Terms of the transaction were not disclosed. LeadROI will operate as Root LeadROI, a subsidiary of Root Markets, and will continue to service its clients...
Senate Predatory Lending Hearing to Be Followed by More Hearings
Expect more hearings and possible legislation to address the problem of predatory lending practices, promised the new chairman of the Senate Banking Committee. [ILLUSTRATION OMITTED] Senate Banking Chairman Christopher Dodd (D-Connecticut) said...
Smaller Servicers Can Stay in the Game
As originations have slowed this last year and seem settled in for a continued soft spell in 2007, mortgage companies have an excellent opportunity to start or expand a loan servicing operation. Historically, this new or expanded venture was not...
South Residential Lenders-Top 25
Third-Quarter 2006 / Sort Order: Total Loan Amount PURCHASE Number Share of Rank Lender Total $ Volume of Loans $ Volume ...
Spotting and Avoiding Trouble
The secondary market is involved in the predatory lending debate "whether we like it or not," insisted Donald Lampe, partner in the law firm of Womble Carlyle Sandridge & Rice PLLC, Charlotte, North Carolina. A familiar conference figure on government...
Teamwork
The mortgage industry is working on various fronts in many different ways to lay the groundwork for a paperless mortgage. Data standards, of course, are integral to this effort, and drafting them is the core mission of MISMO[R] and its many volunteers....
Test-Driving the Hybrid eMortgage
Faced with a tightening mortgage market, lenders are seeking ways to boost efficiency and sustain financial growth. Electronic loan processing can accomplish both, although many lenders are concerned about making the switch to a fully electronic eMortgage...
The Limits of Offshore Outsourcing: The Mortgage Industry Is Still Discovering the Benefits and Nuances of Both Offshore and Domestic Outsourcing
Offshoring has historically been a widely accepted and successfully utilized strategy in dozens of major industries. Only recently has it been embraced by the mortgage lending industry. An increasingly competitive mortgage market and broader recognition...
The New Battle against Fraud: There Is a New, Better Way to Prevent Mortgage Fraud, with Tools That Just Keep Getting Smarter at Zeroing in on the Bad Guys
"Loan No. 16523 contains questionable information in 4 categories, has a score of 223 and an 85 percent to 95 percent chance of not performing." [??] Sound like a reading from a crystal ball? Welcome to the very real future of risk mitigation. [??]...
The New Risk Revolution: A Much Broader Approach to Measuring Mortgage Risk Holds Great Promise for Lenders. Risk-Behavior Scoring Can Help Assess the Global Risk of a Mortgage Transaction-Including Collateral, Third-Party and Borrower-Related Risks
If you are rowing a boat across the ocean and want to make a swift, clean crossing, you put as many oars in the water as possible. Navigating the sea of residential mortgage-risk information to negotiate an effective, low-risk loan also requires a...
The Thin-File Problem: The Lack of Sufficient Credit Information to Produce a Traditional Credit Score Is Preventing Some Borrowers from Becoming Homeowners. New Advancements with Alternative Scoring Technology Hold Great Promise for a Whole New Population of Borrowers
With mortgage volume having slowed dramatically, there is renewed interest today in being able to expand the pool of potential home-loan borrowers. In particular, the credit industry, perhaps feeling pressure from lenders or even regulators (but also...
The Ticker
Price Price Ticker Close Close 52-Week 52-Week Company Symbol 1/31/07 12/29/06 High Low Indymac Bancorp Inc. NDE 38.89 45.16 ...
The Web Services Advantage: The Data-Access Challenge Long Associated with Legacy Systems Is Being Addressed through the Growing Use of Web Services
Mortgage servicers and retail banking institutions with a mortgage servicing arm have a tremendous need to get the right data to the right system at the right time. They must easily and instantly exchange mortgage data with employees and customers,...
Timing Is Everything: MortgageFlex Systems Inc. Is Taking on Some Tough Competition in the Servicing Systems Arena. but with Enthusiastic Customers-And the Right Price-The Company's New Servicing Product Has a Shot at Grabbing Some Market Share
More than two decades ago, when Lester Dominick decided to launch his own company, you could have found him drawing up the business plans at his dining room table. Credit cards were his funding source. Venture capital was out of the question. This...
Top 25 Counties-Purchase Markets
Third-Quarter 2006, Nationwide / Sort Order: Number of Loans Market Avg. Rank County Count Dollar Amount Share Amount 1 LOS ANGELES, CA 46,200 $15,045,293,282...
Top 25 Counties-Refinance Markets
Third-Quarter 2006, Nationwide / Sort Order: Number of Loans Market Avg. Rank County Count Dollar Amount Share Amount 1 LOS ANGELES, CA 129,914 $31,489,474,306...
Wolters Kluwer Acquires Desert Document Services
Minneapolis-based Wolters Kluwer Financial Services announced it has acquired Desert Document Services Inc., Tempe, Arizona. Terms of the purchase agreement were not released. Desert Document Services, a provider of automated document-preparation...
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