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. 12, September

50 States by Appreciation Rate: (May 2009 Data, Ranked Worst to Best in Percent Decline from Peak-Includes District of Columbia)
Rank State Peak Month % Decline Since Peak 1 NEVADA MAY 2006 -47.29% 2 CALIFORNIA JUNE 2006 -46.16% 3 FLORIDA JUNE 2006 -42.88% 4 ARIZONA ...
A Big Megaphone
The Obama administration is walking a fine line. On the one hand, it is trying to encourage servicers to do more loan modifications by giving them a standardized template (Home Affordable Modification Program [HAMP]) and some modest incentives for...
A Blueprint for Sales Training
In most companies in our industry, the biggest, highest-profile and most expensive training event is the course that is run regularly to train newly hired salespeople. That's as it should be, because the training is extensive and the function is critical....
Administration Holds High-Profile Meeting with Servicers in D.C
On July 28, a high-level meeting with servicers in Washington, D.C, took place in an effort to speed up relief to troubled borrowers who are on the brink of foreclosure. The meeting featured some high-powered administration officials and the message...
Administration Issues Report Card on Servicers' Loan-Mod Efforts
On Aug. 4, the Obama administration released its first detailed report card on how well servicers are doing in carrying out the administration's Making Home Affordable (MHA) modification program. The grade they got was "incomplete"--or in the words...
Beige Book: Tight Credit, Weak Fundamentals Stifle CRE
Tightened credit standards and deteriorating fundamentals affected all districts in July's Federal Reserve Beige Book. New York, Philadelphia, Richmond, Chicago, St. Louis, Kansas City, Dallas and San Francisco districts reported weak or dropping...
Bottom 25 Counties-Combined REO and Short Sales: (May 2009 Data, Ranked by REO + Short Sales)
Rank County Total Count New-Home Exiting-Home REO Sales (All Sales) Sales Count Sales Count Count 1 MONO, CA 25 4 16 5 2 PLUMAS, CA 12 0...
Class Dismissed: A Team-Building Program to Generate Next-Generation Leaders for the Mortgage Industry Proved an Enriching Experience for This 2008 Participant. the Group Tackled Writing Mock Party Platforms for the Presidential-Nominating Conventions. Now It's Time to Take It into the Real World
In January 2008, I was asked by the managing partner of my law firm to review a brochure about the Mortgage Bankers Association's (MBA's) Future Leaders Program. The letter and brochure described an executive leadership development program that promised...
Commercial Property Values Still Fall as Recession Hits Bottom
Rising unemployment through next year could keep commercial real estate values falling, even as the recession bottoms out. Victor Calanog, director of research at Reis Inc., New York, said the rapid ramp-up in capitalization rates reveals "further...
Credit Plus Helps Combat Increasing Fraud with Tax Return Verification
Credit Plus Inc., Salisbury, Maryland, has announced that mortgage professionals, in today's climate of increased fraud, find significant value in its tax return verification system to validate income and help detect and prevent fraud. The company...
CWCapital, Freddie Mac Refinance $130 Million on Church Park
Needham, Massachusetts-based CWCapital LLC's Boston office provided $130 million to refinance Church Park, a 508-unit mixed-use building in Boston's fine arts and culture district. Andrew Gnazzo and Michael Darling, vice presidents in CWCapital's...
Deficiency Judgments-A New Look
In these most extraordinary times, are deficiency judgments really something to think about and plan for? There may be two schools of thought on the subject. Skeptics would point to the subprime crisis and say too many borrowers are in deep distress;...
DMD Releases DataTrac Version 9.0
San Diego-based Del Mar DataTrac Inc. (DMD) has released version 9.0 of its widely recognized workflow automation platform. The 9.0 release encompasses the core products within the suite, including new versions of DataTrac[R], WebTrac[R], Doc-umentTrac[TM],...
Encouraging Growth and Exercising
Despite nearly two years of public and private efforts to improve mortgage market conditions, "underwriting deficiencies are on the rise," reports Connie Ferran, vice president of customer credit management for Freddie Mac, McLean, Virginia. Speaking...
eSign: Now It's Real: The First Head-to-Head Comparison of Some Leading Electronic Closing and Signing Platforms Designed Specifically for the Real Estate Finance Industry
As one leading eSigning platform vendor asks, "What if your customers could sign their loan documents whenever they wanted to, even at 2:00 in the morning--in pajamas?" Dream no longer: Today's industry-leading electronic signing and closing platforms...
Falling Values Raise Future Refinancing Obstacles
Borrowers could face major obstacles in refinancing $2.2 trillion of highly leveraged properties in the next few years, said Real Capital Analytics Inc. (RCA), New York. Moody's/REAL Commercial Property Price Index said $2.2 trillion of properties...
Fannie Mae Reports Loss of $14.8 Billion in Second Quarter
Fannie Mae's performance in the second quarter resulted in a negative net worth of $10.6 billion, prompting its regulator to request from the Treasury Department a new infusion of an additional $10.7 billion. That new funding will come on top of the...
FHA Suspends Taylor, Bean & Whitaker from Originating New FHA Loans
On Aug. 4, the Department of Housing and Urban Development (HUD) announced it was suspending Taylor, Bean & Whitaker Mortgage Corporation (TB&W), Ocala, Florida, preventing the company from originating new Federal Housing Administration (FHA)...
FHA to the Forefront
Low-down-payment requirements encouraged originators in the past to rely on Federal Housing Administration (FHA) loans in first-time buyer situations. But FHA mortgages are taking more of a primary lending role in today's less-flexible marketplace....
First American Adds HAMP Support Features to Loss-Mit Program
Dallas-based First American Outsourcing and Technology Solutions, a member of The First American Corporation family of companies and a provider of business outsourcing solutions, has enhanced the loss-mitigation module of its VendorScape[TM] platform...
Foreclosure Gridlock: Lawyers Defending Mortgage Servicers Have Their Hands Full Today. the Courts Are Jammed with Motions to Delay Foreclosure Actions, and Frivolous Litigation Is Going Is Going Viral
If you want to change the foreclosure process these days, you may have to take a number and get in line. Across the nation, state lawmakers, attorneys general, municipal officeholders, local attorneys and even borrowers are attempting to rewrite the...
Freddie Mac Announces Net Income of $768 Million in Q2
Freddie Mac announced its second-quarter 2009 earnings on Aug. 7, and the $768 million in net income came as good news at a time when financial companies have been more likely to report big losses than positive income. The second-quarter net income...
Freddie Mac Teams with Home Retention Services to Help Servicers Handle Loan Mods
On July 24, Freddie Mac announced an agreement with Home Retention Services--a wholly owned subsidiary of Stewart Lender Services Inc., Houston--to help "several regional servicers process thousands of applications for Home Affordable [Modification...
Has the Game Really Changed? the Industry Has Run through Yet Another Cycle. the Wholesale Broker Channel Has Fallen out of Favor. It's Back to Basics Now in the Origination Business
More than 14 years ago, I wrote an article for this magazine titled "Being in the Right Game" (see December 1995 issue of Mortgage Banking). It chronicled the evolution of the entrepreneurial mortgage origination culture for the past 100-plus years....
Housing Activity: Residential Structures (Thousands of Units, SAAR)
BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Total Single-Family Multi-Family Total Single-Family Multi- ...
Investors View Distressed Debt Differently from Early 1990s
Investors suggest this market will not follow quite the same pattern of distressed debt sales from the 1990s savings-and-loan (S&L) crisis days, according to a survey from Ernst & Young LLP (E&Y), New York. "It's clear from what we're...
Jobs Data and the Annual Economic Spring
Between January and June 2009, the U.S. economy lost 2.6 million jobs. Between January and June 2009, the U.S. economy gained 300,000 jobs. Furnishing proof that economics and quantum physics may have more in common than most of us suspect, both...
Key Economic Indicators and Interest Rates
Key Economic Indicators and Interest Rates CONSUMER PRICES, MBA MORTGAGE YEAR-OVER INTEREST -YEAR CHANGE (%) RATES (%) ...
LoanSifter Integrates Its PPE into Encompass
Ellie Mae Inc., Pleasanton, California, has announced that LoanSifter Inc., Appleton, Wisconsin, a provider of Web-based product and pricing tools, has integrated its namesake product and pricing engine (PPE) into Ellie Mae's Encompass[R] Mortgage...
Lockhart to Step Down as GSE Regulator
On Aug. 6, James B. Lockhart, director of the Federal Housing Finance Agency (FHFA), announced his intent to step down from his post as primary regulator of the government-sponsored enterprises (GSEs) and the Federal Home Loan Banks. The pending departure...
LPS Desktop Loss Mitigation Deploys HAMP Functionality
Lender Processing Services Inc. (LPS), Jacksonville, Florida, a leading provider of integrated technology and services to the mortgage and real estate industries, announced the release of Home Affordable Modification Program (HAMP) functionality for...
MBA: Q2 Commercial/multifamily Originations Up from Q1, Down from Last Year
Second-quarter 2009 commercial and multifamily mortgage loan originations fell 54 percent compared with the same period last year, the Mortgage Bankers Association (MBA) reported in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations,...
MBA-Supported Bill Targets FHA Multifamily Loan Limits for Elevator Buildings
A bill introduced in the House on July 31 would increase Federal Housing Administration (FHA) multifamily loan limits for elevator properties in high-cost areas, a provision strongly supported by the Mortgage Bankers Association. The bill, introduced...
Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
MARKET COMPOSITES (Unadjusted) Market Index Purchase Index Refinance Index FRM Index ARM Index JUL-08 487.8 354.9 1,261.4...
National Home-Price Decline Easing
In late July, First American Core-Logic reported some modestly hopeful signs about the nation's housing markets. Home prices nationally for detached single-family homes fell by 9.2 percent in May compared with the same month last year. That was down...
New FHA Loan-Mod Program Launched to Curb Foreclosures
As of Aug. 15, borrowers with Federal Housing Administration (FHA) home loans became eligible to seek a loan modification under the terms of a newly announced FHA-Home Affordable Modification Program (FHA-HAMP). FHA released the program's implementation...
Q2 Commercial Delinquency Dollar Volume Doubles in California
California commercial/multifamily mortgage delinquencies more than doubled in dollar volume during the second quarter, to 0.26 percent from 0.12 percent at the end of the first quarter, according to the California Mortgage Bankers Association's (CMBA's)...
REO Sales as Share of Total Home Sales Hit 33 Percent
In its most recent Home Data Index [TM] Market Report, Clear Capital, Truckee, California, reported the percentage of REO sales as a share of all properties sold nationally hit an average of 33.1 percent in its latest rolling-quarter snapshot. The...
Report Card on Reform: The Federal Government Has Pulled out All the Stops in Its Efforts to Stabilize the Credit Markets. Has Any of It Worked?
During the first 16 days of September 2008, the nation watched as the government took over two powerful mortgage finance organizations--Fannie Mae and Freddie Mac--that between them owned or guaranteed nearly half of the country's $12 trillion mortgage...
Restructuring for the Next Generation
"Stabilize and stimulate" was the theme of congressional and executive-level response to the financial crisis in the first half of the year. Between January and June, the administration's Financial Stability Plan, the Homeowner Affordability and Stability...
Separating Fact from Fiction: Myths Abound about the Home Valuation Code of Conduct. Here Are Some Insights to Help Set the Record Straight
Faster than a speeding bullet. More powerful than an ulterior motive. Able to impart false information in a single instant. It's not a bird, not a plane: It's the HVCC rumor mill. * Rumors have always seemed to travel faster than facts, but add the...
Sollen Technologies Integrates Its PPE into Ellie Mae's Encompass
Sollen Technologies LLC, Dallas, an Internet-based application services provider of product, pricing and best-execution capabilities for the mortgage industry, has integrated its Lender Online product and pricing engine (PPE) into Ellie Mae Inc.'s...
Teletrack Introduces Summary Credit Attributes to Expedite Risk Assessment
Teletrack Inc., Norcross, Georgia, a provider of credit-risk and fraud-risk solutions for non-traditional lenders, has announced its ability to return more than 100 credit attributes along with the Teletrack credit report to accelerate and optimize...
The Art of the Possible: By Adopting Best Practices for Sustainable Loan Modifications, One Non-Profit Is Showing How Effective Loss Mitigation Can Lead Us out of the Current Crisis
Let's face it: The foreclosure crisis isn't going anywhere anytime soon. In fact, it's poised to get worse before it gets better. Yet, despite broad-based efforts for more than a year, loan modifications remain an uphill challenge. * Pressure is mounting...
The Burden of Good Intentions
As I write this Executive Suite column, The Wall Street Journal is reporting glimmers of hope for the economy. The Dow Jones Industrial Average topped 9,000 in late July and housing sales have increased for the third straight month. From my perspective,...
The Ticker
Company Ticker Price Price 52-Week High 52-Week Low Symbol Close Close 7/31/09 6/30/09 Fannie Mae FNM 0.58 0.58 13.60 0.30 Freddie Mac FRE ...
Top 25 Counties-Combined REO and Short Sales: (May 2009 Data, Ranked by REO + Short Sales)
Rank County Total Count New-Home Existing-Home (All Sales) Sales Count Sales Count 1 MARICOPA, AZ 8,480 718 3,017 2 CLARK, NV 4,503 348 ...
Top Core-Based Statistical Areas (CBSAs) by Percentage of Loans: Single-Family Detached (May 2009 Data)
Top 25 CBSAs Ranked by Percentage of Outstanding Prime Loans Resetting Within the Next 12 Months * Rank CBSA Percentage of all Loans Rsetting in Next 12 ...
Vegas Revisited: The Land of High Rollers Is Now the Land of High Weeds. the Foreclosure Inventory Is High in Sin City, but Buyers (Especially Investors) Are out There Looking for Bargains and Deals Are Getting Done
Across the sunny desert city of Las Vegas, there is misery and there is excitement. Casinos and hotels have been more likely to slash hours than to lay off, making it impossible for the service employees who make the town tick to collect unemployment....
Victory Financial Integrates PriceMyLoan Technology
Dayton, Ohio-based Victory Financial Group LLC has successfully integrated Costa Mesa, California-based PriceMyLoan's automated underwriting and loan pricing engine into its online mortgage lending platform, myTurboLoan. The integration between the...
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