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. 5, February

A Better Way: Mortgage Foreclosures Are a Major Challenge for the Banking Industry; Bloated Property Inventories, Skyrocketing Costs, Crippled Liquidity Are Dragging Down Balance Sheets with No End in Sight
How bad is it? No need to spend a lot of time talking about that; you lenders know how bad it is. In November, the Federal Deposit Insurance Corporation (FDIC) labeled 171 institutions as "problem banks," meaning their viability is threatened. That's...
A Conversation with Dain Ehring CEO of Dorado Corporation
Those of you who regularly read MORTECH Musings know how bearish we have been on technology spending in the mortgage industry. Down 10 percent in 2008, possibly down another 10 percent in 2009. When the near future of the business is uncertain, managements...
A New Game Plan for Servicing
While the press shrieks about the default volume increases, the fundamental challenge is that the current default-management process doesn't work. The year 2009 arrived with multiple forces driving defaults, including the destruction of value in...
Apartment Firms Benefited from Lower Insurance Costs in 2008
Apartment firms benefited from lower insurance costs across the board and more insurance availability in 2008, according to a survey by the National Multi Housing Council (NMHC), Washington, D.C. NMHC's annual Apartment Cost of Risk Survey (ACORS)...
Avista, DocMagic Announce Collaboration
Columbia, South Carolina-based Avista Solutions--a provider of Web-based, end-to-end mortgage loan origination software--announced in December it has integrated the Avista Agile [TM] loan origination system (LOS) to DocMagic, a loan document solution...
Banks to Seek Technology to Comply with Identity-Theft Regulations
Look for smaller lending institutions to invest in additional technology to support their compliance with federal anti-identity-theft regulations over the next two years, according to a report by The Aite Group, Boston. Based on an Aite Group survey...
Bank Trading Revenue Shoots to $6 Billion in Third Quarter
Insured U.S. commercial banks reported $6 billion in revenues from trading cash and derivative instruments in the third quarter of 2008--a dramatic increase compared with revenues of $1.6 billion in the second quarter of 2008, according to the Office...
Barrett Burns-President and CEO, VantageScore
Barrett Burns is president and chief executive officer (CEO) of VantageScore[R] Solutions LLC, Stamford, Connecticut, a company launched by the three major national credit-reporting companies--Equifax Inc., Atlanta; Experian Information Solutions,...
Best - and Worst-Performing Counties by 3-Month and 1-Year HPI Change; Single-Family Detached (November 2008 Data)
10 Best-Performing Counties by3-Month HPI Change County/State 3-Month HPI Repeat-Sales Median Change Home Price OTTAWA, OH 7.41% $130,200 PEORIA, IL 6.60% $142,700 ROCKDALE,...
Can Technology Adapt to Today's Housing Market?
The technology we have used for the last 20-plus years has always made one major assumption--that borrowers are prequalified and loans are processed with the expectation that home values won't dramatically drop. In the current market, we are seeing...
Commercial Real Estate Investor Confidence Declines
Expect a further decline in investor confidence in commercial real estate even as the appetite for property acquisition remains strong in 2009, according to a survey by Marcus & Millichap Real Estate Investment Services, Encino, California. ...
Commercial Real Estate Outlook Dampened
With the exception of cash transactions, investment activity in commercial real estate sectors is nearly at a standstill, because commercial lending has essentially halted while job losses are curtailing the demand for space, according to the Chicago-based...
Commercial Real Estate to See Slow Recovery in 2009
Despite an overarching wish for a more liquid market, the consensus among commercial real estate investors is that transaction volumes will not pick up until the third quarter of 2009 at the earliest, according to Boston-based Colliers Investment Services...
Congressional Testimony Calls for Tempered FHA Growth
The Federal Housing Administration must improve its operations in order to keep pace with a rapidly changing housing environment, while at the same time being careful not to regain too much lost ground too soon, MBA President and Chief Executive Officer...
Cushman & Wakefield Signs Sustainability Pact with EPA
Cushman & Wakefield Inc., New York, announced in January that it has signed a memorandum of understanding (MOU) with the Environmental Protection Agency (EPA) aimed at addressing environmental issues in the commercial real estate sector. In...
Downturn-Proof Business Models: Many Commercial and Multifamily Lenders Are Looking for Multiplatform Business Models to Weather All Market Conditions
With the conduit market in full collapse over the past 18 months, developers, owners and managers of commercial real estate have turned to an assortment of other capital sources--mostly life insurers and regional banks. But for the most part, those...
DRI's Surfing: More Than the Web
When Paul Wright first joined Newport Beach, California-based DRI Management Systems Inc., he flew down to Orange County from Seattle, where he was living at the time. The first thing he noticed as he walked through the company doors were a couple...
FHFA to Require New Loan-Level Identifier Data for Originators
The Federal Housing Finance Agency (FHFA) announced that effective with mortgage applications taken on or after Jan. 1, 2010, Freddie Mac and Fannie Mae will be required to obtain loan-level identifiers for the loan originator, loan origination company,...
First American Offers ARM Portfolio Audit and Repair Program
Dallas-based First American Outsourcing and Technology Solutions--a member of the Santa Ana, California-based The First American Corporation family of companies--announced the development of its new auditing solution designed to reduce the cost and...
Fitch: Housing Slump, Recession to Continue into 2009
No matter how weak you think the housing sector was in 2008, it's likely to deteriorate further in 2009 amid past and future job losses and a prolonged recession, according to a report by Fitch Ratings, New York. The Fitch report--More Challenges...
Green-Building Trends Focus on Cost, European Advances
Despite the growing popularity of "green" building, the higher costs of construction and compliance remain a major obstacle to environmentally friendly building even as rising energy costs drive Americans to look to Europe for innovative inspiration,...
High Time for High-Touch: The Case for Adopting a Different Servicing Approach in Today's New Reality
Today's unprecedented mortgage delinquency environment has created a new reality that renders conventional servicing solutions inadequate. With overwhelming default levels and limited staff, even the most efficient servicers of the past may find themselves...
Hotel Investors' Short-Term Sentiment Negative
In line with the overall national and global economy, deteriorating economic fundamentals and liquidity restrictions have caused hotel investor sentiment to turn significantly more negative, according to a survey by Jones Lang LaSalle Hotels (JLL),...
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 DEC-07...
Houston Suffering like Everyplace Else: A Strong Port and Diversification into Recession-Proof Industries like Health Care Have Kept the Houston Real Estate Market from Taking a Deep Nosedive. but Global Market Pressures on Oil and a Dearth of Construction Financing Have Finally Caught Up with the Houston Market
As the U.S. economy continues to unravel, it has become harder to identify commercial real estate markets that are immune to the worldwide financial meltdown. Even Houston, which for so long had been insulated from the economic turmoil because of its...
Is the Industry Finally Ready for Online Execution?
Ten years ago, several corporations, including Ultraprise Corporation's ultraprise.com and Pedestal Capital (both now defunct), were blazing a path to revolutionize mortgage banking in the secondary markets by allowing online execution of trades of...
J.D. Power Ranks Wachovia Highest in Customer Satisfaction
Charlotte, North Carolina-based Wachovia Mortgage Corporation ranked highest among home-equity loan servicers in satisfying customers in 2008, even as overall satisfaction across the industry declined last year, according to a study by Westlake Village,...
Keeping Borrowers Afloat
The business of servicing has been dramatically transformed in recent times. Servicing departments were never designed to do wholesale outreach to targeted borrowers in advance of delinquency to try and negotiate brand-new loan terms on existing loans....
Key Economic Indicators and Interest Rates
CONSUMER PRICES, MBA MORTGAGE YEAR-OVER- INTEREST YEAR RATES (%) ...
Lower Rates Spur Refis
Falling long-term mortgage rates at year-end 2008 led to a five-year high for loan applications, the Mortgage Bankers Association (MBA) reported. Rates on 30-year loans had dropped in December to their lowest point since Freddie Mac began doing weekly...
MBA White Paper Maps Compliance for Anti-Identity-Theft Mandate
Businesses must assess the risk to any account that permits multiple payments or transactions, establish a program to mitigate those risks and institute administrative oversight in order to stay on the right side of federal anti-identity-theft and...
MCS Launches Mobile Technology for Inspection Services
Tampa, Florida-based Mortgage Contracting Services (MCS)--a provider of property preservation and inspection services to the mortgage industry--announced in early January that it has launched its mobile technology platform that enables inspectors to...
Moody's: Global Stagnation Likely in 2009-2010
Expect the current financial market disruptions to most likely be followed by global economic stagnation in 2009 and 2010, with lower growth and less capital being risked across the globe, according to a report by Moody's Investors Service, New York....
Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index DEC-07 530.4 283.9 1,965.3 501.4 1,145.3 JAN-08 824.4 327.9 3,713.2 786.1...
Now Is the Time to Invest in Technology for Lights-Out Fulfillment
For good reason, the mortgage industry's attention is currently dominated by issues relating to servicing and default management. Addressing these issues with the appropriate mix of people, process and technology is a matter of survival for many lenders....
Ocwen Financial to Spin off Ocwen Solutions
Ocwen Financial Corporation, West Palm Beach, Florida, formally announced in December plans to spin off its knowledge-based business process outsourcing operation, Ocwen Solutions, to Ocwen Financial shareholders. Once the transaction is completed,...
Recession Impacts the Outlook: A Group of Leading Commercial Real Estate Finance Experts Scopes out Expectations for the Market in 2009
Commercial real estate lenders in 2009 are facing the bleakest lending market since the early 1990s, according to industry experts. It's one more facet of the ongoing recession. Moreover, no glimmer of improvement is seen on the horizon until late...
Reinventing Our Industry
The magnitude and severity of the mortgage crisis has been nothing short of stunning to many in our industry. As we progress into 2009, the threat of foreclosure continues to loom for millions of American homeowners. But the news, while grim, also...
Steady Progress on Pragmatic Goals
This is probably not the year to try to sell big technology initiatives to top management or the board. However, those same people are looking for solutions to some big industry problems. When the Mortgage Bankers Association's (MBA's) technology steering...
Subprime Mortgage Lawsuits Reach 'Unprecedented Escalation'
The number of subprime-related lawsuits filed in federal courts reached an "unprecedented escalation" through the third quarter of 2008, while worsening economic conditions promise to drive litigation volume ever higher, according to a study by Chicago-based...
Technobabble
We think enthusiasm is a good thing; let's just start by saying that. But like everything else, enthusiasm must be used in moderation. Technobabble recently found some examples where enthusiasm may have been used in excess, and we'd like to share our...
The Business of HOPE: The HOPE NOW Alliance Has Gotten a Lot of Press in the Last Year, Some of It Critical. but Those Closest to the Program Say It Has Made a Big Difference in Helping Borrowers Avoid Foreclosure
Think you're busy? Over the past year, the HOPE NOW phone line has rung more than a million times. As the executive director of Washington, D.C.-based HOPE NOW, an alliance of mortgage servicers, housing counselors, securities investors and others...
The Fraud File
TOP 10 'HOT SPOTS' FOR FOURTH-QUARTER 2008 (For states with more than 2,000 total submissions for the quarter) State Loans with Variances Employment/Income Identity Occupancy NV 44.26% 3.79% 26.95% 4.33% MI...
The Myth of FHA as the New Subprime
Popular perceptions are dangerous, particularly when reports in the media turn erroneous notions into things that "everyone knows." A recent article in a national business publication, for example, referred to the Federal Housing Administration's...
The Ticker
Company Ticker Price Price 52-Week 52-Week Symbol Close Close High Low 12/31/08 11/28/08 Fannie Mae FNM 0.76 1.16 40.45 0.30 Freddie Mac ...
The Wallet
According to a study prepared by the William Mills Agency, Atlanta, even though the credit slowdown began in 2007, its effect on the market hit hardest in 2008 in the form of declining home prices, mortgage defaults, and the failure of large financial...
The Worst of the Foreclosure Crisis: Are We There Yet?
One of the biggest questions these days at business functions and family gatherings has to be, "When do you think the mortgage crisis will bottom out?" The mortgage crisis made big news in 2008. Subprime loans were the first wave, blamed for the...
Top 25 Counties-Government Lending Markets; Third-Quarter 2008, Nationwide/sort Order: Number of Loans
Rank County Count Dollar Amount Market Avg. Share Amount 1 MARICOPA, AZ 6,682 $1,256,931,857 1.80% $188,107 2 CLARK, NV 6,332 $1,323,595,520...
Top 25 Counties-High-Priced Lending Markets; Third-Quarter 2008, Nationwide/sort Order: Highest Average Loan Amount
Rank County Count Dollar Amount Market Avg. Share Amount 1 PITKIN, CO 236 $279,287,007 0.08% $1,183,420 2 WARREN, GA 33 $32,524,423...
Welcome to the Stress Test: The Current Economic Downturn Is Creating a Real-Life Stress Test for Commercial and Multifamily Real Estate
Banks, life insurance companies, rating agencies, commercial mortgage-backed securities (CMBS) investors, Fannie Mae, Freddie Mac--and almost every other investor in commercial and multifamily mortgages--has some level of experience with stress testing....
Wells Fargo: Recession Will End in Second Half of 2009
Look for the current recession--the worst economic downturn since the Great Depression--to end during the second half of 2009 as confidence returns to the market place, according to a trio of senior economists from Wells Fargo & Co., San Francisco....
Winners and Losers: Amid All the Dreary Economic News, It Seems Impossible to Think of Any Winners in the Current Environment. but, Actually, There Are Some
Awry observation making the rounds of recent business conferences lands a serious point wrapped in humor: "American high school students," it goes, "rank 15th in the world in math and science proficiency, but No. 1 in feeling good about it." * So much...
Wither Commercial Mortgage Technology?
The commercial mortgage space is very different from its residential counterpart, so it shouldn't be too surprising that the technology used also differs. As is the case with the residential market, however, some commercial lenders have made strategic...
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