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. 72, No. 2, November

50 States by Appreciation Rate
50 States by Appreciation Rate (July 2011 Data, Ranked Worst to Best in Percent Decline from Peak--Includes District of Columbia) Rank State Peak % 12-Month Month Decline HPI ...
A New World Based on Old Values
"It's a new world out there," advised Judith Fehlner. chief credit officer and senior vice president with Franklin American Mortgage Co., Franklin, Tennessee, speaking at the Mortgage Bankers Association's (MBA's) Quality Assurance [QA] and Residential...
Best Practices for Branch Expanses: Two Lenders Are Finding Great Success with a Branching Strategy. Envoy Mortgage and Academy Mortgage Have Found Technology Is Key to Making It Work
The ranks of independent brokers and bankers thinned when the housing market came crashing down in 2008. As the mortgage industry began picking up the pieces, the answer to the collapse was a rash of regulations aimed at reducing the risk of lending....
Betting against Paper: Flagstar Bank Made a Big Bet against Paper Early on by Investing in a System Called DocVelocity. Although Management Was Ready for the Move, Flagstar Found Others Needed a Little Push
Going paperless requires more than just the introduction of imaging technology. Ways must be found to promote its adoption. Troy, Michigan-based Flagstar Bank; a subsidiary of Flagstar Bancorp Inc., had begun converting to an imaging system and scanning...
Clear Capital Sees Chance of Triple-Dip in Home Prices by Spring
Truckee, California-based Clear Capital released its latest forecast that extends through the first quarter of 2012, and the news is rather gloomy. The company expects a continuing slide in home prices through the first three months of next year. The...
ClosingCorp Introduces SmartGFE Service 2.0 for Lenders
La Jolla, California-based ClosingCorp, an independent real estate data and technology company that develops online data services for mortgage lenders, real estate professionals and consumers to expedite closing activities, has launched SrnartGFE[R]...
CMBS Special Servicing-A World of Conflict
Special servicers are unique market participants that provide the resources and expertise to address and resolve credit issues, delinquencies and default in commercial mortgage-backed securities (CMBS) transactions. According to the most recent CMBS...
Code Violation Services Launches HOA Plus
Code Violation Services Inc. (CVS), Windsor, Colorado, a national provider of risk and loss-severity management services, has launched HOA Plus[TM], a technology platform to help investors, lenders, servicers, asset management, title and closing companies...
CoreLogic to Act as Supplemental Consumer Credit Repository
CoreLogic, Santa Ana, California, a provider of information, analytics and business services, has introduced its CoreScore[TM] Credit Report containing fully decisionable, Fair Credit Reporting Act-compliant (FCRA-compliant) consumer credit-risk information....
Dear Editor
Voices from ivy towers have been whispering, and boots on the ground know it to be true. Higher housing-starts figures [would be] the scourge of a housing recovery, not a harbinger. [I believe] the question about when prices will stabilize is more...
Ellie Mae's TQL Program in Pilot with Wells Fargo Funding
Ellie Mae Inc., Pleasanton, California, a provider of automation solutions for the residential mortgage industry, has enabled investor customization to its TQL (Total Quality Loan) program, a set of Ellie Mae and third-party services and technologies...
Equifax and Arthur J. Gallagher & Co. Launch Solution for Hidden Debt
Equifax Inc., Atlanta, has launched a comprehensive borrower-misrepresentation solution for hidden debt. Lenders that use Equifax's undisclosed debt-monitoring solution can now gain access to an exclusive insurance program offered through Arthur J....
First American Title Insurance and eLynx Expand Electronic Closing Services
Santa Ana, California-based First American Title Insurance Co., through its Mortgage Services division, and Cincinnati-based eLynx, a portfolio company of American Capital, have integrated the eLynx electronic closing network (eCN) with First American...
Fixing a Flawed Process: Servicers Have an Opportunity to Turn a Flawed Process into Something Positive When It Comes to Working with Troubled Borrowers. Here Are Some Best Practices for How a Single Point of Contact Could Work
Unprecedented levels of seriously delinquent loans are transforming the servicing industry. The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS); collectively...
GMAC Launches Responsible Homeowner Reward Pilot for Veterans
Fort Washington, Pennsylvania-based GMAC Mortgage LLC announced on Oct. 6 it was going to offer to a select group of military borrowers with a current mortgage guaranteed under the Department of Veterans Affairs (VA) home loan program the Responsible...
Housing Activity
Housing Activity Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Single- Multi- Single- Multi- Northeast Total Family Family Total...
HUD's Donovan on REOs, FHA Actuarial Report and 203(k) Program
Secretary of the Department of Housing and Urban Development (HUD) Shaun Donovan told the Mortgage Bankers Association annual convention in Chicago that investors have a real role to play in absorbing the inventory of real estate owned properties,...
Interthinx Enhances Collateral Risk Solution
A golira Hills, California-based Interthinx has released major enhancements to ValueGUARD[R], its collateral risk solution. The improvements strengthen the platform with data fortification, improved visibility and an elevated user experience offering...
Key Economic Indicators and Interest Rates
Key Economic Indicators and Interest Rates CHANGE IN MBA PAYROll UNEMPLOYMENT CONSUMER MORTGAGE EMPLOYMENT RATI (%) PRICES. INTEREST (THOUSANDS)...
Management of MSSMO to Transfer to MBA
The Mortgage Bankers Association (MBA) and Rcston, Virginia-based MERSCORP Inc. (parent company of Mortgage Electronic Registration Systems Inc. jointly announced that management of the Mortgage Industry Standards Maintenance Organization Inc. (MISMO[R])...
Marcus & Millichap Arranges $50 Million for Commercial Properties
Marcus & Millichap Real Estate Investment Services, Encino, California, arranged $50 million in total financing for three commercial properties in Chicago, Atlanta and Evansville, Indiana. The company also arranged $17 million in construction financing...
Market Trends Overview by State
Market Trends Overview by State (July 2011 Data, Ranked Worst to Best by Foreclosure Rate--Includes District of Columbia) Rank State Foreclosure Foreclosure REO REO Rate Rate Rate 12 Rate 12 ...
MBA Announces New COMBOG Leadership, Membership
At its 98th Annual Convention & Expo in Chicago in October, the Mortgage Bankers Association (MBA) announced the election of Tari Flannery, CMB, president of M&T Realty Capital Corporation, as the new chair of its Commercial Real Estate/Multifamily...
MBA Forecasts Single-Family Volume Dropping to $907 Billion in 2012
Paced by weaker refinancing volume, residential origination volume is expected to slip below $1 trillion next year, according to the latest forecast from the Mortgage Bankers Association (MBA). The new forecast projects refinancing volume to total...
Miami Home Sales Jump, Prices Fall, in August
San Diego--based DataQuick reported that Miami-area home sales spiked in August, paced by especially large gains in low-end and high-end homes. Overall, home sales in the Miami area in the month of August jumped by 25 percent from year-earlier levels....
Mortgage Applications Indexes
Mortgage Applications Indexes Mortgage Bankers Association (MBA) MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index SEP-10 772.7 171.2 ...
MortgageFlex Launches Next-Generation LOS Platform
MortgageFlex Systems Inc., Jacksonville, Florida, a provider of mortgage lending solutions, has launched the newest generation of LoanQuest[R], its flagship enterprise loan origination system. The release combines more than 30 years of mortgage lending...
Mortgage Lessons from San Antonio: This Resilient Texas Market Has Unique Characteristics That Can Provide a Roadmap for Success to Mortgage Lenders
When people talk about the growing state of Texas, the conversation often focuses on Houston, Austin or Dallas. Often overlooked in that conversation, however, is San Antonio, which is the state's second-largest metropolis and the seventh-largest city...
New York, Distressed CRE Attracts Foreign Investment
Two reports suggest foreign investors, some taking advantage of distressed properties, are "flooding" back to commercial property markets in core global cities, led by New York. Cushman & Wakefield Inc., New York, reported that with volatility...
Office Demand Improves in 3Q
The third-quarter US Office Trends Report from Cassidy Turley, Washington, D.C., reported net demand for office space registered at 14.9 million square feet, the largest gain in more than four years. Average asking rents increased by 4 cents to...
Private Efforts Strengthen the Market
America's real estate industry combines government and private activities. Lenders often assert that public policy needs to support housing--such as by keeping interest rates low--while at the same time reducing regulatory burdens. But relying solely...
Quality Assurance Requires Executive Accountability
A year after Fannie Mae put its Loan Quality Initiative (LQI) into effect and just months until Freddie Mac does the same with its new Quality Control rules (effective Dec. i), it's clear the industry has gotten serious about producing loans that can...
QuestSoft Releaces Enhanced Validation
Laguna Hills, California-based QuestSoft Corporation, a provider of mortgage compliance software and services for the mortgage industry, has significantly enhanced its Compliance EAGLE module that helps lenders validate and review multi-state and single-state...
Riding out the Storm
"Our first slide into the abyss itself ... carried us to a great distance down the slope. ... Round and round we swept--not with any uniform movement--but in dizzying swings and jerks, that sent us sometimes only a few hundred feet--sometimes nearly...
Robbins Forms Bexil American Mortgage Inc
Veteran mortgage banker John M. Robbins, CMB, has returned to the mortgage business with the announcement of a new company to be called Bexil American Mortgage Inc. Robbins, a respected mortgage industry executive with a history of building successful...
Seeing Blue Skies
It's time to roll out the old tried-and-true glass metaphor--so, what do you think, half-full or half-empty? Who could forgive mortgage executives today for seeing the glass as pretty devoid of liquid? But wait--as they say in the land of infomercials....
Study Show Gains for Lenders That Embrace the Online Channel
Mequon, Wisconsin-based Mortgagebot LLC's Benchmarks 2011 Report, a study of more than 500,000 consumer-direct online mortgage applications submitted in 2010 to nearly 1,000 mortgage lenders, identifies methods that optimize lenders' online presence...
The Glass House: The Making of Transparent Mortgage Processes in a Modern Age
In Paris, a city renowned for its architecture, there is a famous building known as the Maison du Verre, or translated, the House of Glass. Built in the period 1928-1932, it stretched the boundaries of modernism and is considered to be not just a home,...
The Housing Problem Isn't Getting Better-Maybe It's Time for Scary Thinking
Recently, DC Comics[TM], the publishers of Superman, Batman and 50 other superhero comic hook series, came up with a bold plan to halt the steady decline it was seeing in its sales: It abruptly ended all of its famous series, some of which had been...
The Legacy of the Consent Orders: Few Quick Fixes Exist When It Comes to the Consent Orders Issued to 14 Large Servicers. Compliance Will Require Comprehensive Re-Engineering of the Servicing Operation
In April 2011, the Interagency Review of Foreclosure Policies and Practices, a report from the Federal Reserve System, Office of the Comptroller of the Currency (OCC) and Office of Thrift Supervision (OTS), was released following on-site reviews of...
The New Borrower Microscope: It Hasn't Been This Tough to Get a Mortgage in Years. One Way or Another, It's about to Get Even Tougher
If you've ever tried selling something that nobody wants, Michael Chon can relate. * Years ago, when Veri-Tax, an Irvine, California-based nationwide verification and fraud-detection company, began selling borrower income-verification tools, all but...
The New Wholesale: Companies Such as 360 Mortgage Group LLC, Based in Austin, Texas, Are Part of a New Wave of Players Bringing Wholesale Back. It's Not Big-Bank Wholesale-It's a Whole Different Breed
Back in January 2009, a blogger calling himself "Mr. Mortgage" wrote an online column with the startling headline that began with the words: "The End of Large-Bank Wholesale Lending." * What prompted Mr. Mortgage's hysterics was the report that JPMorgan...
The Ticker
Company Ticker Price Price 52- 52- Symbol Close Close Week High Week Low 9/30/11 8/31/11 BB&T Corp. BBT 21.33 22.29 29.60 18.92 Pulte...
Top 25 Core-Based Statistical Areas-Sales Price Market Trends
Top 25 Core-Based Statistical Areas--Sales Price Market Trends (July 2011 Data, Ranked by Distressed Sales %) Rank Carebassed Short RE0 Sates Short REO Distressed Statistical Area Sales (Average Sales Sales Sales...
Top Originators Thriving: New Research Reveals a Lot about What Makes Top Originators So Highly Effective. Many Are Seeking a Good Home in Today's Hostile Regulatory Environment. but They Remain Upbeat about the Market
It's fair to say the world of the mortgage originator has been transformed markedly today. * An ailing housing market, record foreclosures and sweeping regulatory reform have all made for a vastly changed landscape for mortgage originators. O As the...
Veros Launches Enterprise-Level System to Manage Valuation Strategies
Santa Ana, California-based Veros Real Estate Solutions, a provider of collateral valuation technology, enterprise risk management and predictive analytics, has launched Sapphire, a Web-based ordering and review platform that the company said will...
Waiting for the Funding to Begin
Historically low rates along with the prospect of a revamped government refinancing program have set the stage for new opportunities in the loan origination market. At the same time, strict underwriting combined with the expiration of the government-sponsored...
Xerox Mortgage Services Chooses a la Mode's Mercury Network
lpharetta, Georgia-based Xerox Mortgage Services will now use Oklahoma City-based a la mode Inc.'s Mercury Network's DataCourier service to add a new appraisal-management service to Xerox Mortgage Service's BlitzDocs[R] intelligent collaborative network....
Zandi, Policy Experts, Suggest Fixes for Housing Paralysis
Temporarily lifting oversight for Fannie Mae and Freddie Mac out of the Federal Housing Finance Agency (FHFA) and moving it into the White House was one idea floated by a member of a panel of housing policy experts at the third general session of the...
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