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. 10, July

A Bridge over Troubled Waters: Integrated "Smart" Point-of-Sale Origination Technology Is a Solution Whose Time Has Come. the Branch, the Call Center and the Web Site May Never Be the Same
When you're weary, feeling small, When tears are in your eyes, I will dry them all. I'm on your side When times get rough And friends just can't be found, Like a bridge over troubled water I will lay me down. --PAUL SIMON, Bridge Over Troubled Water [C]1969,...
A Customer Satisfaction Makeover
As mortgage lenders negotiate one of the most difficult environments in decades--one in which capital, credit and cost-cutting are dominating C-suite agendas--the presumably "softer" and more discretionary customer satisfaction imperative is in danger...
A Growth Opportunity
The government's mortgage programs are hot right now. There's no doubt about it. The numbers tell the story--even though everyone's numbers have a slightly different take on the situation. Bottom line, however, is most lenders today see government...
Appraisal Management Companies on the Rise
On May 1, the Home Valuation Code of Conduct (HVCC) went into effect--and immediately changed the appraisal process for many mortgage brokers. HVCC came into existence after New York State Attorney General Andrew Cuomo "threatened to sue government-sponsored...
Bottom 25 Counties-Combined REO and Short Sales
Bottom 25 Counties-Combined REO and Short Sales (March 2009 Data, Ranked by REO + short sales) Rank County Total Count New-Home Sales Existing-Home (All Sales) Count Sales Count 1 JACKSON, FL...
Byte Software Announces Software for Loan Mods
Byte Software, Kirkland, Washington, has released the BytePro Loan Modification Edition, providing servicers with an all-in-one software tool for processing modifications under the Treasury's Home Affordable Modification Program (HAMP). The BytePro...
Clear Capital Unveils Home Data Index Market Report
If someone told you Cleveland would land in second place on someone's list of highest-performing housing markets (based on most recent quarterly price gains), would you believe them? Well, you should, because it's true. In the inaugural edition...
Credit-Rating Agencies Pummeled in House Hearing
Chairman of the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Paul Kanjorski (D-Pennsylvania) minced no words in telling the credit-rating agencies what he thought of their recent performance. At the May...
Delinquencies Soar for Prime and Subprime Loans
While home-price trends may be showing a glimmer of hope, delinquency and foreclosure numbers are anything but hopeful. The latest numbers released by the Mortgage Bankers Association (MBA) in its National Delinquency Survey (NDS) for the first quarter...
Demographics Are Destiny: The Bulge of Commercial/multifamily Loans Made during the Boom Years of 2006 and 2007 Will Have Major Market Effects for Many Years to Come
For the past half-century, many of the key social and economic trends that have affected the United States have had demographics at their roots. The baby boom, baby bust and Generation Y have all led to fundamental shifts in demand for schools, apartments,...
Equifax and FICO Introduce BEACON 09 Credit Score
Minneapolis-based FICO and Equifax have introduced the BEACON 09 Score for lenders and other businesses. This newest version of the FICO credit-risk score is expected to provide the greatest performance upgrade of the score's 20-year history, without...
Equifax Integrations Provide Complete Data Source for Mortgage Lending
Atlanta-based Equifax Inc. recently completed the full integration of Discover Source, which it acquired in late 2008, into its TALX unit. Discover Source, formerly one of a number of standalone providers of automated Internal Revenue Service (IRS)...
Federal Agencies Propose Originator Registration Rules under SAFE Act
Federal financial regulatory agencies have published for comment rules that would implement the loan originator registration requirements included in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The proposed rules...
FHA'S Revival: Those Looking to Become Federal Housing Administration Lenders Need to Do Their Homework First. There Are Plenty of Pitfalls for the Unprepared
The federal government established the Federal Housing Administration (FHA) during the banking crisis of the 1930s as a means to stimulate the housing market by reducing risk to lenders, thus making them more likely to loan money. To accomplish that...
First-Time Buyer Tax Credit Can Be Used Upfront for Purchase Costs
First-time buyers got a nice boost when HUD ruled they didn't have to wait for their taxes to be filed to access their $8,000 first-time homebuyer tax credit. HUD Secretary Shaun Donovan announced at the spring board of directors meeting of the National...
Flashpoint-FHA Fraud: Where There's Smoke, There's Fire. and Wherever Heavy Mortgage Lending Is Being Done, the Fraudsters Are Not Far Behind
Every year just before the start of fire season, local fire departments across the country make the effort to warn residents and business owners alike to take precautions against fire. Yet more often than not, it's human nature for fire prevention...
FNC Endorses Fannie Mae Electronic Appraisal Delivery Initiative
Oxford, Mississippi-based FNC Inc., in response to inquiries from its mortgage lender and appraiser clients, said it fully supports Fannie Mae's Announcement 09-14. The announcement requires lenders to submit electronic appraisal data when selling...
Geithner, Donovan Announce MHA Lender/servicer Incentives
In a May 14 press conference, Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan announced new options for homeowners facing foreclosure, through the administration's Making Home Affordable (MHA) program. "In just over two months,...
Hallmarks of Excellent Training
Training interventions come in every imaginable permutation of size, complexity, cost, glamour, quality, scope and originality. Obviously, some are better than others. And obviously, better training events are what you want for your company. How...
Home-Price Spotlight
50 States by Appreciation Rate (March 2009 Data, Ranked Worst to Best in Percent Decline from Peak-- Includes District of Columbia) Rank State Peak Month % 12-Month 12-Month Decline...
Housing Activity: Residential Structures
Housing Activity Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Total Single-Family Multi-Family Total Single- Multi- ...
HUD Ramps Up Crackdown on Fraud, Suspends Three Lenders
In a growing crackdown on lenders suspected of violating lending requirements under the Federal Housing Administration program, in May three lenders were suspended based on evidence of serious violations. The Housing and Urban Development's (HUD's)...
HUD Shelves 'Required Use' RESPA Provision
After getting 1,200 public comments on its proposed definition of "required use" in the Real Estate Settlement Procedures Act (RESPA) final rule, HUD decided to drop the controversial new definition. HUD made the announcement on May 11, but indicated...
Key Economic Indicators and Interest Rates
CONSUMER MBA MORTAGE INTEREST PRICES, YEAR RATES (%) -OVER-YEAR CHANGE (%) CHANGE...
MBA Letter Details Concerns with S&P CMBS Rating Methodology Proposal
The Mortgage Bankers Association (MBA) filed a comment letter on June 9 with Standard & Poor's (S&P), New York, expressing concerns over a proposal that would result in a "dramatic change of direction" in how the ratings agency assesses risks...
Mortgage Application Indexes
Mortgage Application Indexes: Mortgage Bankers Association (MBA) MARKET COMPOSITES (Unadjusted) Market Index Purchase Refinance FRM Index ARM Index Index Index MAY-088 647.6...
MortgageDashboard Selects Interthinx for Fraud Solution Integration
Agoura Hills, California-based Interthinx announced it has successfully integrated its fraud-prevention system with Austin, Texas-based MortgageDashboard Inc.'s loan origination system, MortgageDashboard. The integration enables MortgageDashboard to...
Multifamily Faces Default 'Wave' Warnings
Multifamily debt and equity holders could face significant losses as a larger wave of overvalued assets and loan maturities in multifamily prepare to sweep the market, according to Caldera Asset Management, Denver. Mike Kelly, president and co-founder...
OCC's Dugan Says Reverse-Mortgage Borrowers Need More Protections
In a speech before bankers in Orlando, Florida, Comptroller of the Currency John C. Dugan warned that seniors need more consumer protections when it comes to reverse mortgages. At a regulatory compliance conference sponsored by the American Bankers...
Overture Technologies Enhances Mozart for Special Servicing
Overture Technologies, Bethesda, Maryland, today announced it has enhanced its Mozart for Special Servicing solution to be the first comprehensive software program to provide mortgage servicers with automated implementations of all requirements of...
Potential Inflation Raises More Bank Concerns
A recent blip jump in 10-year Treasury yields has some industry analysts concerned about inflation and its impact on commercial real estate finance. "It is hard to separate out how much the run-up in [10-year Treasury] yields is the reverse of the...
PriceMyLoan Announces Mobile Quick Pricer for Smart-Phones
PriceMyLoan, Costa Mesa, California, has released Mobile Quick Pricer, an extension of its automated underwriting and loan pricing engine designed to work on Internet-enabled smart-phones. "Loan officers are always on the go," said Gigi Campbell,...
Private Financing Supports CRE Funding Opportunities
A 10 Capital, Boise, Idaho, provided $4.6 million financing to an opportunity fund that purchased a $10 million distressed commercial mortgage-backed securities loan. The opportunity fund purchased the defaulted loan that had a $22 million balance....
ProLender Integrates with QuestSoft to Automate Compliance
Laguna Hills, California-based QuestSoft Corporation, a provider of compliance software and services for lenders, announced that its Compliance EAGLE platform has been integrated into San Diego-based ProLender Solutions Inc.'s loan management system...
REO Alternatives Launches eMortgage System Processing
REO Alternatives LLC, Dallas, in partnership with Overture Technologies, Bethesda, Maryland; Rapid Reporting Verification Company, Fort Worth, Texas; and SigniaDocs, Houston, announced its plans to offer expedited electronic loan modifications through...
Short-Term CRE Maturities Heighten Bank Pressures
Faulty fundamentals and inadequate liquidity make refinancing more than $1 trillion in commercial real estate (CRE) maturities a short-term concern for local and regional banks. Commercial real estate mortgage volume not able to obtain refinancing...
Slight Improvement Seen in Annual National Home-Price Decline
At first glance, the news is hard to cheer about. But First American CoreLogic, Santa Ana, California, reported that national home prices for March 2009 compared with March 2008 had declined by 11.5 percent. That is a very slight improvement from the...
The Changing Servicing Landscape
Traditionally, servicers have managed loss-mitigation efforts in-house. However, delinquency rates and borrower-inquiry call volumes continue to reach record numbers. The Federal Reserve reported that in the first quarter of 2009, the delinquency rate...
The Stress of Distressed Assets: Lenders Need to Think Twice about Foreclosing on Partially Completed Residential Developments
It's undeniable: The United States economy currently faces the worst recession since the Great Depression. Constricted credit markets combined with plummeting real estate values have had a disastrous impact on much of the nation's residential development...
The Ticker
Company Ticker Price Price 52-Week 52-Week Symbol Close Close High Low 5/29/09 4/30/09 Fannie Mae FNM 0.73 0.78 27.84...
Top 25 Counties-Combined REO and Short Sales
Top 25 Counties--Combined REO and Short Sales (March 2009 Data, Ranked by REO + Short Sales) Rank County Total New-Home Existing- REO Short REO + Count Sales Home Sales Sales Sales Short ...
Top Core-Based Statistical Areas (CBSAs) by Percentage of Loans Resetting within Next Year
Top Core-Based Statistical Areas (CBSAs) by Percentage of Loans Resetting Within Next Year Single-Family Detached (March 2009 Data) Top 25 CBSAs Ranked by Percentage of outstanding Prime Loans Resetting Within the Next 12 Months * Rank ...
Underwater: Reality or Myth, the Specter of Borrowers Simply Walking Away from Their Homes Has Pressed Servicers into Action
It was the sort of thing our parents drummed into our heads: Quitters never win, and winners never quit. * Yet few relationships--professional, personal or otherwise--are as complicated as the ones that exist in today's mortgage industry. When you...
What Have Data Done for You Lately?
The housing market is not the same nationwide. It is not a blanket of homogenous home prices in every state, county and metropolitan statistical area (MSA), but an elaborate quilt of distinct submarkets influenced by a complex patchwork of issues such...
Wolters Kluwer Solution Automates Early-Disclosure Process
Wolters Kluwer Financial Services, Minneapolis, announced it can help financial institutions quickly and cost-effectively meet the Federal Reserve Board's (FRB's) new mortgage early-disclosure requirements with its Disclosure Manager solution. On May...
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