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. 1, October

50 States by Appreciation Rate
50 States by appreciation Rate (June 2011 Data, Ranked Worst to Best in Percent Decline from Peak-Includes District of Columbia) Rank State Peak % 12-Month Month Decline HPI ...
A Growing Housing Imbalance
The housing sector has struggled in recent years to find some balance between supply and demand. But equilibrium on a national scale seems to be slipping further away. As a result, a fully recovered housing market may not return until 2016. [ILLUSTRATION...
A la Mode Releases Free UAD Reader
Oklahoma City-based a la mode Inc. has released its UAD Reader product, a free desktop tool that allows anyone to open, view, error-check and manage appraisals in the new UAD MISMO[R] 2.6 extensible markup language (XML) format. It works with any UAD-formatted...
A la Mode Releases Free UAD Reader
Oklahoma City-based a la mode Inc. has released its UAD Reader product, a free desktop tool that allows anyone to open, view, error-check and manage appraisals in the new UAD MISMO® 2.6 extensible markup language (XML) format. It works with any UAD-formatted...
Apartment Pipeline Growing, but Deliveries Still below Peak
Stronger economic fundamentals could jump-start planned apartment projects under way in many major markets next year, but most markets will see deliveries "well below" peak levels, according to Axiometrics Inc., Dallas. The firm forecasts strong...
Apartment Pipeline Growing, but Deliveries Still below Peak
Stronger economic Fundamentals could jump-start planned apartment projects under way in many major markets next year, but most markets will see deliveries "well below" peak levels, according to Axiometrics Inc., Dallas.The firm forecasts strong rent...
A Tale of Two Processes
California has more than three times as many loans that are 90-plus days delinquent or in foreclosure as New Jersey, yet at the current pace of foreclosure sales, it would take New Jersey almost eight times longer to work through its inventory. ...
A Tech Retrospective
Two decades of innovation in the mortgage technology industry, seen through the eyes of a tech executive.In 199 1; m a sleepy side street on the southern edge of San Diego, a man who had previously occupied himself doing computer consulting for small...
A Tech Retrospective: Two Decades of Innovation in the Mortgage Technology Industry, Seen through the Eyes of a Tech Executive
In 1991, in a sleepy side street on the southern edge of San Diego, a man who had previously occupied himself doing computer consulting for small and medium-sized businesses got a call from a mortgage banker. It wasn't about a loan. It was about hundreds...
Beige Book: Little Changes
Commercial real estate conditions remained weak or little changed in most parts of the country, while New York, Minneapolis and Dallas districts noted improvement, according to the Federal Reserve's Beige Book. In the New York district, office markets...
Beige Book: Little Changes
Commercial real estate conditions remained weak or littJe changed in most parts of the country, while New York, Minneapolis and Dallas districts noted improvement, according to the Federal Reserve's Beige Book.In the New York district, office markets...
Capitalizing on Chaos
Feeding off industry transformation, ISGN focuses on easing lenders' pain.In the past five years, the mortgage industry has seen one significant trend or event after another. And each one has had far-reaching implications for the industry. The list includes:...
Capitalizing on Chaos: Feeding off Industry Transformation, ISGN Focuses on Easing Lenders' Pain
In the past five years, the mortgage industry has seen one significant trend or event after another. And each one has had far-reaching implications for the industry. The list includes: Record declines in housing values. Huge numbers of mortgage defaults...
CMBS Spreads Widen as Delinquencies Drop
August commercial mortgage-backed securities (CMBS) spreads widened as increasing economic concerns accelerated market volatility. Spreads represent differences between two related prices, such as London interbank offered rate (LIBOR) to fixed-rate...
Commerce Velocity Addresses Fannies QRPC Requirements
Commerce Velocity, Irvine, California, a member of the Fidelity National Financial family of companies and a provider of default technology, has enhanced its Optimizer solution to help achieve the new requirements for Fannie Mae's Quality Right Party...
Commerce Velocity Addresses Fannie's QRPC Requirements
Commerce Velocity, Irvine, California, a member of the Fidelity National Financial family of companies and a provider of default technology, has enhanced its Optimizer solution to help achieve the new requirements for Fannie Mae's Quality Right Party...
CoreLogic Finds Nevada Has Highest Share of Negative-Equity Loans in Q2
On Sept. 13, Santa Ana, California-based CoreLogic reported the share of mortgage properties that were underwater stayed essentially flat in the second quarter at 22.5 percent. The negative-equity share in the first quarter was 22.7 percent. Fully...
CoreLogic Finds Nevada Has Highest Share of Negative-Equity Loans in Q2
On Sept. 13, Santa Ana, California-based CoreLogic reported the share of mortgage properties that were underwater stayed essentially flat in the second quarter at 22.5 percent. The negative-equity share in the first quarter was 22.7 percent.Fully 10.9...
Data Integrity: The Key to Recovery
Trust and reputation are not discretionary. They are as necessary in business as the people in whom they reside. --TONY ALESSANDRA The theme of the Mortgage Bankers Association's (MBA's) Annual Convention this year is "Driving Change." There...
Ellie Mae Acquires del Mar Data Trac
Pleasanton, California-based Ellie Mae Inc., a provider of automation solutions for the residential mortgage industry, has acquired San Diego-based Del Mar Data Trac Inc. According to Ellie Mae, the acquisition accelerates its growth strategy by expanding...
Ellie Mae Acquires del Mar DataTrac
Pleasanton, California-based Ellie Mae Inc., a provider of automation solutions for the residential mortgage industry, has acquired San Diego-based Del Mar DataTrac Inc. According to Ellie Mae, the acquisition accelerates its growth strategy by expanding...
Equifax and Interthinx Expand Relationship
St. Louis-based Equifax and Agoura Hills, California-based Interthinx have expanded their existing relationship to give financial institutions unprecedented visibility into the underwriting process, according to the companies. Now, Interthinx clients...
Equifax and Interthinx Expand Relationship
St. Louis-based Equifax and Agoura Hills, California-based Interthinx have expanded their existing relationship to give financial institutions unprecedented visibility into the underwriting process, according to the companies. Now, Interthinx clients...
FHFA Files 17 Suits against Private MBS Issuers on Behalf of GSEs
On Sept. 2, the Federal Housing Finance Agency (FHFA) filed 17 suits against major private-label mortgage backed securities (MBS) issuers seeking damages on behalf of Fannie Mae and Freddie Mac for purchases of MBS that FHFA argues differed materially...
FHFA Files 17 Suits against Private MBS Issuers on Behalf of GSEs
On Sept. 2, the Federal Housing Finance Agency (FHFA) filed 17 suits against major private-label mortgage-backed securities (MBS) issuers seeking damages on behalf of Fannie Mae and Freddie Mac for purchases of MBS that FHFA argues differed materially...
First Do No Harm
In his remarks at the signing ceremony for the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Obama promised that the arsenal of consumer protections included in the new law would be "enforced by a new consumer watchdog with just...
Getting Off-Track
Many industry veterans saw the train wreck coming way back in the early 2000s. In our October 2005 issue, we ran a cover with a photo of a house sitting on the moon with the headline: "Uncharted Territory," and that pretty well summed things up. The...
Getting Off-Track
Many industry veterans saw the train wreck coming way back in the early 200OS. In our October 2005 issue, we ran a cover with a photo of a house sitting on the moon with the headline: "Uncharted Territory," and that pretty well summed things up. The...
Global Retail Markets Rebound
Amid fears of economic slowdown, at least one sector of the global economy--retail--rebounded strongly over the past year, reported Cushman & Wakefield Inc., New York. Cushman & Wakefield's Main Streets Across the World 2011 report said...
Global Retail Markets Rebound
Amid fears of economic slowdown, at least one sector of the global economy - retail - rebounded strongly over the past year, reported Cushman & Wakefield Inc., New York.Cushman & Wakefield's Main Streets Across the World 201 1 report said that...
House Oversight Chairman Issa Questions BofA Servicing Sale to Fannie
Chairman of the House Committee on Oversight and Government Reform, Darrell Issa (R-California), announced his committee has opened an investigation into Fannie Mae's purchase of servicing rights for 400,000 loans from Bank of America (BofA), Charlotte,...
House Oversight Chairman Issa Questions BofA Servicing Sale to Fannie
Chairman of the House Committee on Oversight and Government Reform, Darrell Issa (R-California), announced his committee has opened an investigation into Fannie Mae's purchase of servicing rights for 400,000 loans from Bank of America (BofA), Charlotte,...
Housing Activity
Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Total Single-Family Multi-Family Total Single-Family AUG-10 606...
Iceland's Meltdown
Iceland seemed an unlikely place to be on the leading edge of the mortgage meltdown. One reporter wrote a first-hand account just as things were falling apart. Now he revisits and finds a vastly changed market.In June, Iceland's government raised $1...
Iceland's Meltdown: Iceland Seemed an Unlikely Place to Be on the Leading Edge of the Mortgage Meltdown. One Reporter Wrote a First-Hand Account Just as Things Were Falling Apart. Now He Revisits and Finds a Vastly Changed Market
In June, Iceland's government raised $1 billion through the issue of five-year bonds at a yield of just under 5 percent. The terms, according to the Central Bank of Iceland (CBI), were equivalent to a 3.2 percent premium on interbank market rates....
Imagine
I'm not a dreamer. I'm a realist--a cynic, even. But I for me, the mortgage business is not a job, a pay-Hcheck, a method of supporting my family or lifestyle. It's a way of life, a way in which I can make a difference. I have intolerance for the...
In the Wake of the Bubble
The dominant financial and economic fact of 2011 is that we are still living in the wake of the great 21st-century bubble. * The dominant problem with being in the wake of the bubble is that we cannot escape Pollock's Law of Finance, which states:...
In the Year 2016
Five bold predictions for the mortgage industry in the not-too-distant future.Predicting the future of the mortgage industry is a dicey proposition at best. There are an endless confluence of factors: market trends and shifts; market and regulatory reaction...
In the Year 2016 ... Five Bold Predictions for the Mortgage Industry in the Not-Too-Distant Future
Predicting the future of the mortgage industry is a dicey proposition at best. There are an endless confluence of factors: market trends and shifts; I market and regulatory reaction to the events of the past several years; adjustments to these events...
ISGN Offers Direct Connection to United Guaranty
Bensalem, Pennsylvania-based ISGN Corporation, a provider of end-to-end technology solutions and services to the U.S. mortgage industry, now offers a direct connection to United Guaranty Residential Insurance Co./United Guaranty Mortgage Indemnity...
ISGN Offers Direct Connection to United Guaranty
Bensalem, Pennsylvania-based ISGN Corporation, a provider of end-to-end technology solutions and services to the U.S. mortgage industry, now offers a direct connection to United Guaranty Residential Insurance Co./United Guaranty Mortgage Indemnity Co....
J.D. Power Finds Satisfaction with Servicers Plunges in 2011
Not surprisingly, consumers are not happy with mortgage servicers in general and the industry's report card is suffering as a result. That was the central finding of Westlake Village, California-based J.D. Power and Associates in its 2011 U.S. Primary...
J.D. Power Finds Satisfaction with Servicers Plunges in 2011
Not surprisingly, consumers lare not happy with mortI gage servicers in general and the industry's report card is suffering as a result. That was the central finding of Westlake Village, California-based J.D. Power and Associates in its 201 1 U.S. Primary...
Kennebunk Savings Bank Chooses MortgageFlex
Kennebunk, Maine-based Kennebunk Savings Bank has chosen Jacksonville, Florida-based MortgageFlex Systems Inc.'s loan origination system (LOS) for its lending needs. Kennebunk Savings provides a full range of financial services, with offices serving...
Kennebunk Savings Bank Chooses MortgageFlex
Kennebunk, Maine-based Kennebunk Savings Bank has chosen Jacksonville, Florida-based MortgageFlex Systems Inc.'s loan origination system (LOS) for its lending needs.Kennebunk Savings provides a full range of financial services, with offices serving Southern...
Key Economic Indicators and Interest Rates
CONSUMER MBA PRICES, MORTGAGE YEAR-OVER-YEAR INTEREST CHANGE(%) ...
Knights of Columbus Expands Case against Bank of New York Mellon
The Knights of Columbus, a Dallas-based Catholic men's organization, has expanded its suit against The Bank of New York Mellon (BNYM), the trustee that has negotiated a large settlement on behalf of a large group of beneficiaries with Bank of America...
Knights of Columbus Expands Case against Bank of New York Mellon
The Knights of Columbus, a Dallas-based Catholic men's organization, has expanded its suit against The Bank of New York Mellon (BNYM), the trustee that has negotiated a large settlement on behalf of a large group of beneficiaries with Bank of America...
Market Outlook 2012
Prediction is very difficult, especially if it's about the future. --Nils Bohr, Nobel Laureate in physics [ILLUSTRATION OMITTED] While analysts have always realized that forecasting is challenging, the recent volatility in the mortgage market...
Market Outlook 2012
Slightly lower overall loan volume is likely for next year, with purchase loan volume expected to remain flat.Prediction is very difficult, especially if it's about the future.NILS BOHR, NOBEL LAUREATE IN PHYSICSWhile analysts have always realized that...
Market Trends Overview by State
Market Trends Overview by State (June 2011 Data, Ranked Worst to Best by Foreclosure Rate--Includes District of Columbia) Rank State Foreclosure Foreclosure REO REO Rate rate 12 Rate Rate 12 ...
MBA Says Long-Term Delinquencies Improve in 2Q NDS
Mortgage Bankers Association Chief Economist Jay Brinkmann found good news and bad news in the latest edition of MBA's National Delinquency Survey (NDS)--the good news being the continued decline in long-term delinquencies, while the bad being a rise...
MBA Says Long-Term Delinquencies Improve in 2Q NDS
Mortgage Bankers Association Chief Economist Jay iBrinkmann found good news and bad news in the latest edition of MBA's National Delinquency Survey (NDSj - the good news being the continued decline in longterm delinquencies, while the bad being a rise...
MBA Study Finds Production Volume and Per-Loan Profit Up in 2Q
Average mortgage production volume and per-loan profits were up in the second quarter, according to a study in which the sample is heavily made up of independent mortgage banks. The study done by the Mortgage Bankers Association (MBA) found average...
MBA Study Finds Production Volume and Per-Loan Profit Up in 2Q
Average mortgage production volume and per-loan profits were up in the second quarter, according to a study in which the sample is heavily made up of independent mortgage banks. The study done by the Mortgage Bankers Association (MBA) found average production...
Miami New-Home Sales Hit Record Low for July
DataQuick, San Diego, reported that the Miami-Fort Lauderdale-Miami Beach metropolitan statistical area (MSA) saw new-home sales plunge by 29.2 percent in July from a year earlier. Only 459 new homes closed escrows in July compared with 648 in July...
Miami New-Home Sales Hit Record Low for July
DataQuick, San Diego, reported that the Miami-Fort Lauderdale-Miami Beach metropolitan statistical area (MSA) saw new-home sales plunge by 29.2 percent in July from a year earlier. Only 459 new homes closed escrows in July compared with 648 in July 2010.The...
Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index AUG-10 842.8 184.2 4,674.9 831.7 1,087.6 SEP-10...
Mortgage Performance
SOURCE: CoreLogic, San Franciso. Prime and subprime data are sourced from the Loan Performance cooperative servicing database, representing approximately 80 percent of outstanding mortgages nationwide, and provide loan-level information on 96 percent...
People
Michael Harris has been named president of Carrington Property Services LLC in Santa Ana, California. Dominick Marchetti has been named executive vice president and a member of the executive leadership team for Blueberry Systems LLC in Greenwood Village,...
PROPERTY INFORMATION: Superheroes
DataQuick is one of those companies that the mortgage industry relies on every day. It provides property information, data analytics and settlement services to companies large and small. Not anything superhuman, just super-reliable.Picture the stereotypical...
Property Information Superheroes: DataQuick Is One of Those Companies That the Mortgage Industry Relies on Every Day. It Provides Property Information, Data Analytics and Settlement Services to Companies Large and Small. Not Anything Superhuman, Just Super-Reliable
Picture the stereotypical executive of a financial services technology company. Suit. Short hair combed to the side. Maybe a pair of glasses. * The image is certainly more Peter Parker--Spiderman's humble alter ego--than the web-slinging hero. But...
PwC: Sluggish Economy Drags Down Lodging Recovery
PricewaterhouseCoopers U.S. (PwC), New York, revised downward its expectations on revenue per available room (Rev PAR) growth to 7.5 percent this year and 6.2 percent in 2012. The numbers dropped from 7.6 percent and 7 percent, respectively. PwC...
PwC: Sluggish Economy Drags Down Lodging Recovery
PricewaterhouseCoopers U.S. (PwC), New York, revised downward its expectations on revenue per available room (Rev PAR) growth to 7.5 percent this year and 6.2 percent in 2012. The numbers dropped from 7.6 percent and 7 percent, respectively.PwC said...
Recovering Cmbs Market Hits Rough Patch
Although volatility in the capital markets over the summer - especially following the downgrade of U.S. Treasuries on Aug. 5 - has spooked commercial mortgage-backed securities (CMBS) market participants, this financing source is definitely back, say...
Recovering CMBS Market Hits Rough Patch: With the Prospect of Commercial Real Estate Transaction Reaching $200 Billion in 2011, the Market May Not Be Able to Expand Further without Mortgage-Backed Securities (CMBS) as a Lending Source. Even So, Capital Markets Volatility Became an Issue in Late Summer, Clouding the Outlook for the Rest of the Year
Although volatility in the capital markets over the summer--especially following the downgrade of U.S. Treasuries on Aug. 5--has spooked commercial mortgage-backed securities (CMBS) market participants, this financing source is definitely back, say...
Risk Preparedness Transforms CRE Post-9/11
Sept. 11, 2001, not only changed the political landscape, it also rewired the commercial real estate (CRE) industry's approach to risk management and emergency procedures. "The impact of September was far-reaching--not only on deeply personal, social...
Risk Preparedness Transforms CRE Post-9/11
Sept. 11, 2001, not only changed the political landscape, it also rewired the commercial real estate (CRE) industry's approach to risk management and emergency procedures."The impact of September 1 1 was far-reaching - not only on deeply personal, social...
Servicing Value - A Zero-Sum Game
Servicing values have plummeted once again. The last significant drop was October 2010. Figure 1 shows interest-only (IO) market multiples (IO markets tend to parallel mortgage servicing rights [MSR] markets) and summarizes the pricing, and mood, of...
Servicing Value-A Zero-Sum Game
Servicing values have plummeted once again. The last significant drop was October 2010. Figure 1 shows interest-only (10) market multiples (10 markets tend to parallel mortgage servicing rights |MSR] markets) and summarizes the pricing, and mood, of...
SPECIAL SERVICING Comes of Age
Wingspan Portfolio Advisors did not invent the concept of special servicing, but it may have come close to perfecting it.Maria Duran did not need anyone to tell her that she and her husband were in a fix. Like too many U.S. homeowners, the Durans (not...
Special Servicing Comes of Age: Wingspan Portfolio Advisors Did Not Invent the Concept of Special Servicing, but It May Have Come Close to Perfecting It
Maria Duran did not need anyone to tell her that she and her husband were in a fix. Like too many U.S. homeowners, the Durans (not their real name) were facing the prospect of losing their house to foreclosure as a result of a job loss. Her husband,...
Surging Refis Help Brokers
Lower rates in August produced "a ton of refis," says Jodi York-Caraballo, president of Green Valley Mortgage, Bloomingdale, Illinois. "We [were] bombarded" with loan requests from homeowners, she adds. Even owners with 30-year loans at 5 percent were...
The Good Fight
Mike Young is a fighter. Not the brash, mouthy kind like Muhammad Ali, but more the determined and supremely effective kind like Sugar Ray Robinson. That may explain why Young has a framed poster of Sugar Ray hanging on his office wall in Ewing, New...
The Quiet Housing Crisis
Housing affordability remains an acute problem for homeowners and renters.Today's news is filled with headlines about falling home prices and the foreclosure crisis ravaging the nation. And for good reason - the foreclosure crisis is acute, with about...
The Quiet Housing Crisis: Housing Affordability Remains an Acute Problem for Homeowners and Renters
Today's news is filled with headlines about falling home prices and the foreclosure crisis ravaging the nation. And for good reason-- the foreclosure crisis is acute, with about 10 million foreclosures initiated since 2007 and still climbing. With...
THE Teflon Analyst
Despite the subprime scandal, the credit rating agencies' new era may look a lot like the old one.In most times and places, partial responsibility for an enormous economic meltdown like the 2008 subprime mortgage collapse would have had consequences:...
The Teflon Analyst: Despite the Subprime Scandal, the Credit Rating Agencies' New Era May Look a Lot like the Old One
In most times and places, partial responsibility for an enormous economic meltdown like the 2008 subprime mortgage collapse would have had consequences: ritual suicide, heads on pikes, revolution. * But Americans are a forgiving people. Four years...
The Ticker
Company Ticker Price Price 52-Week 52-Week Symbol Close Close High Low 8/31/11 7/31/11 BB&T Corp. BBT 22.29 25.68 29.60 18.92 PulteGroup PHM 4.80 6.87...
The X's and O's of Property Preservation-Playing Offense
"Defense wins championships," we are told every year by generations of football announcers. Maybe so. But not without being complimented by a strong offense. The past three years have been marked by record-setting foreclosure volumes as well as...
Top 25 Core-Based Statistical Areas-Sales Price Market Trends
Top 25 Core-Based Statistical Areas--Sales Price Market Trends (June 2011 Data, Ranked by Distressed Sales %) Rank Core-Based Statistical Area (CBSA) Short REO Sales Sales (Average ...
Unemployment Rate Holds at 9.1 Percent; Job Creation Stalls
Job creation--the driver of economic recovery--stalled in August, the Bureau of Labor Statistics (BLS) reported on Sept. 2. The disappointing report said nonfarm payroll employment (131.1 million) remained unchanged in August, while the unemployment...
Unemployment Rate Holds at 9.1 Percent; Job Creation Stalls
Job creation - the driver of economic recovery - stalled in August, the Bureau of Labor Statistics (BLS) reported on Sept. 2.The disappointing report said nonfarm payroll employment (131.1 million) remained unchanged in August, while the unemployment...
Veros Connects First Lender to UCDP
Veros Real Estate Solutions, Santa Ana, California, a provider of collateral valuation technology, enterprise risk management and predictive analytics, has announced the first successful integration of a mortgage lending client with the Uniform Collateral...
Veros Connects First Lender to UCDP
Veros Real Estate Solutions, Santa Ana, California, a provider of collateral valuation technology, enterprise risk management and predictive analytics, has announced the first successful integration of a mortgage lending client with the Uniform Collateral...