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. 71, No. 11, August

50 States by Appreciation Rate
(April 2011 Data, Ranked Worst to Best in Percent Decline from Peak--Includes District of Columbia) Rank State Peak % 12-Month Month Decline HPI Since Change ...
Avista Solutions Adds Washington State Employees Credit Union as New Customer
Avista Solutions, Charleston, South Carolina, a provider of the Web-based, all-in-one, end-to-end Avista Agile[TM] mortgage loan origination system (LOS), has added Olympia, Washington-based Washington State Employees Credit Union (WSECU) as a new...
BofA Announces $8.5 Billion Settlement on MBS Exposure
Bank of America Corporation (BofA), Charlotte, North Carolina, announced on June 29 that it would take a charge of $8.5 billion to settle representation and warranty and servicing claims on nearly all private-label mortgage backed securitizations issued...
Clear Capital Sees More Price Declines in Second-Half 2011
Truckee, California-based Clear Capital released a second-half forecast for 2011 that predicts home prices will fall by another 2.4 percent, after dropping by 3.2 percent in the first half. The forecast, released on July 8, is based on the company's...
Coalition Joins 326 Members of Congress in Pushing Changes to QRM
In June, a wide coalition of housing industry and consumer advocacy I groups joined a healthy list of senators and congressmen in voicing strong opposition to certain aspects of the proposed Qualified Residential Mortgage (QRM) definition. At a press...
Coastal Markets Dominate Apartment Rent Growth
Two California apartment markets lead the nation in rent growth, while New York City apartments rank highest in occupancy rates, according to Axiometrics Inc., Dallas. Top-performing major markets for annual effective rent growth-net rents after...
CoreLogic Introduces Verification of Military Status for Servicers
Santa Ana, California-based CoreLogic, a provider of information, analytics and business services, has introduced Verification of Military Status (VOMS), a compliance and loan portfolio due-diligence solution and the newest addition to CoreLogic's...
CRE Distressed Property Volume Holds for 2012
More banks face struggles with rising delinquencies and commercial mortgage maturities this year, despite fewer reported failures, according to Delta Associates, Alexandria, Virginia. Distressed Commercial Real Estate Journal reported 48 bank failures...
CRE Markets Show Natural Effects of Turn in Cycle
First-quarter 2011 data on the commercial real estate (CRE) markets show the natural effects of the turn of the real estate cycle. Broader economic indicators were grudgingly positive in the first quarter, but provided less of a tailwind to commercial...
DocuTech Partners with Xerox Mortgage Services
Idaho Falls, Idaho-based DocuTech Corporation, a provider of mortgage compliance documents and initial disclosures for the mortgage industry, has partnered with Alpharetta, Georgia-based Xerox Mortgage Services to utilize Xerox's DataGlyph[R] technology...
Eight Survival Tips for Default Servicers
Managing a default servicing operation has become an exceedingly complex and challenging process. The changes confronting servicing executives continue at a pace not seen in my 40-plus years in the business. Record default activity--combined with mounting...
Ellie Mae Announces First of Two Annual Releases for Encompass360
Ellie Mae Inc., Pleasanton, California, a provider of soft-ware and automation solutions for mortgage bankers, community banks, credit unions and other mortgage lenders, announced the first of two annual releases scheduled for Encompass36o[R]. This...
Fannie's Survey Shows Consumers More Pessimistic on Home Prices
In a consumer survey of 1,000 H respondents conducted from June 1 through June 28, Fannie Mae found consumers have gotten considerably more pessimistic about the direction of home prices over the next 12 months. The new monthly edition of the Fannie...
FNC Says Home Prices and Time-on-Market Are Improving
Contrary to other reports of ongoing home-price deterioration, one company found signs that home values were stabilizing in April. Oxford, Mississippi-based FNC reported that its Residential Price Index[TM] showed single-family home prices in April...
Going Once, Going Twice ... Tulsa, Oklahoma-Based Williams, Williams & McKissick LLC Is So Much More Than a Real Estate Auction Company
In November 2009, a Toronto investor placed a crazy, low bid during an auction for the Silverdome stadium in Pontiac, Michigan. Once the home venue for the National Football League's (NFL's) Detroit Lions and the National Basketball Association's (NBA's)...
Good Intentions Gone Wrong
Actions with the best of intentions can sometimes run amok. This is becoming painfully obvious with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act--the government's answer to the banking and mortgage meltdown that...
Hot Town: Summer in the City
While it's a myth that Washington, D.C., was built on a swamp (the banks of the Potomac River, south of the city, are actually tidal marshes), the city sure does get swampy during the dog days of summer. It's no wonder that in the days before air conditioning,...
Housing Activity: Residential Structures
(Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING BUILDING STARTS PERMITS Total Single-Family Multi-Family Total...
HUD Issues Final Rule for State Compliance with SAFE Act
On June 29, HUD issued a final rule setting minimum standards that states must adhere to in order to be deemed compliant with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The SAFE Act sets nationwide standards for...
Inventory Resolution: The Elephant in the Room
For the past several months, this column has managed to make only passing reference to what is, in our opinion, the industry focal point today. However, whether we're talking about new delinquencies, loss-mitigation efforts or the state of the nation's...
IServe Residential Lending Implements PriceMyLoan
San Diego-based iServe Residential Lending, a retail mortgage banker, has implemented Irvine, California-based PriceMyLoan's (PML's) automated underwriting and loan pricing system as a way to improve the quality of its underwriting, especially in regard...
June CMBS Delinquencies Fall to 9.37 Percent
June delinquency rates for commercial mortgage-backed securities fell 23 basis points to 9.37 percent-the second consecutive monthly drop since 2008, according to Trepp LLC, New York. One year ago, overall U.S. CMBS delinquencies were 8.59 percent...
Key Economic Indicators and Interest Rates
CONSUMER PRICES, YEAR-OVER-YEAR CHANGE (%) CHANGE IN UNEMPLOYMENT...
Making the Move to Mobile: Even as the Origination Side of the Industry Has Made Inroads in Delivering Online and Mobile Applications, Servicing Has Lagged Behind
When was the last time you looked at your mobile device? II you are like my colleagues and me, it was probably less than five minutes ago. How many meetings have you attended where at least one person in the room pulled out an iPad[R]? Have you read...
Market Trends Overview by State
(April 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 Production Profits Plunged in First-Quarter 2011
Average per-loan production profit in the first quarter of 2011 plummeted to just $346, down from $1,082 in the fourth quarter, according to the Mortgage Bankers Association (MBA). Fewer firms also ended up posting pretax net financial profits in the...
Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Market Index Index Index Index Index Index JUN-10 632.5 188.7 3,214.2 630.2 688.2 629.5 JUL-10...
New York, Boston Deals Highlight HFF's $1,197 Billion in Transactions
Holliday Fenoglio Fowler (HFF) secured nearly $1.2 billion for a Manhattan office building, office campus construction in Massachusetts, two multifamily housing portfolios, retail properties in New Jersey and California, and a multifamily property...
Non-Agency Loans Gain Foothold
In today's mortgage market, "ninety-five percent of originations are backed by the government," says Bruce H Williams, chief executive officer (CEO) of Shellpoint Partners LLC, New York. Yet underwriting to agency guidelines leaves "lots of high-quality,...
Obama Administration Extends Help for Unemployed Homeowners
On July 7, the Obama administration announced it was extending the minimum forbearance period from four months to 12 months for eligible unemployed homeowners under the Federal Housing Administration's (FHA's) Special Forbearance Program. The program...
Partisan Rancor
On July 18, President Obama announced his intent to nominate former Ohio Attorney General Richard Cordray to head the newly minted Consumer Financial Protection Bureau (CFPB). Now comes the interesting part. The Senate will have to confirm Cordray...
Principal Forgiveness: Principal Reductions Have Been Off-Limits for Many Reasons as a Method for Dealing with Defaults. Some Argue It May Be Time to Rethink That Policy, While Others Remain Worried about Moral Hazard
Principal reductions are getting more attention and even some action, B as servicers face a rising number of defaults, foreclosures and real JF estate-owned properties (REOs), many involving option adjustable-rate mortgages (option ARMs). But although...
Safeguarding the Nation's Neighborhoods
From natural and environmental disasters to health scares, safety threats and economic emergencies, crises compel institutions, agencies and governments to evaluate their current states and make critical improvements. These improvements come in the...
Second-Quarter Luxury Condo, Co-Op Market Lifts Manhattan Prices
Luxury co-op and condominium markets increased Manhattan prices during the second quarter, according to The Prudential Douglas Elliman Report. Luxury co-op and condominium sales and median sale prices increased from the first quarter of this year...
Slow Economic Recovery Hinders Office Market
Abifurcated office market should remain in place for the remainder of this year, leading to a more even and widespread recovery for 2012, said Ross Moore, executive vice president of research at Colliers USA, Boston. Credit and capital tie into...
'Standing' on Shifting Ground: A Landmark Verdict Was Reached in February 2011 Upholding a Securitized Trust's Right to Foreclose. It Was a Major Victory for Securitized Lenders on the Issue of Standing
It must have been a curious sight to the presiding judge of Jefferson County (home to Alabama's largest city, Birmingham) when he took the bench in June 2010 to preside over a "routine" eviction trial. But like many matters in the modern mortgage litigation...
Summer Swoon: A New Regulator Arrived on the Scene Last Month to Add to the Worries Facing Mortgage Originators. the Consumer Financial Protection Bureau Has a Massive Consumer-Protection Mission, and Mortgage Lenders Aren't Sure What to Expect. All They Really Know Is Their Hands Are Already Full with a Recovery That's Sputtering
Ah, August, when summer is at its best--bright, warm and full of vacation respite. It's the last gasp for those enjoying a more relaxed approach to living--except, of course, for those in the mortgage industry who were jolted from their ease on July...
Supreme Lending Launches Smart-Phone and Tablet Version of PPE
Dallas-based Supreme Lending, a nationwide mortis gage banker with branches throughout the United States, has launched a mobile version of its proprietary product and pricing engine (PPE). The mobile version is designed specifically for use with smartphones...
Taking the Shock out of SPOC
The single-point-of-contact (SPOC) mandate means major changes for mortgage servicers. [ILLUSTRATION OMITTED] With a record-high number of loans in default or foreclosure over the past three years, mortgage servicers have been under pressure...
Talking Technology with Ginnie Mae: Ginnie Mae's Mary Kinney (Executive Vice President) and Tom Weakland (Senior Vice President of Operations) Discuss Some Technology Projects under Way or on the Drawing Board
In recent years, Ginnie Mae experienced significant growth due to the dramatic movement away from the private mortgage-backed securities (MBS) market in the aftermath of the financial crisis. To help handle the volume, Ginnie Mae has several major...
The American Dream's: Worst Nightmare
Lists of foreclosure-battered communities in the United States reveal an odd imbalance: a few large cities with stubbornly high foreclosure numbers, but far more smaller communities with even higher foreclosure rates. Worst Nightmare The mortgage...
The Ticker
Company Ticker Price Price 52-Week Symbol Close Close High 6/30/11 5/31/11 BB& T Corp. BBT 26.84 27.54 29.60 PulteGroup Inc. PHM ...
Top 25 Core-Based Statistical Areas-Sales Price Market Trends
(April 2011 Data, Ranked by Distressed Sales %) Rank CBSA Short REO Sales Sales (Average (Average Price) ...
When the Borrower Sues the Lender in Federal Court
A betted by the unending media cascade reporting on mortgage crises and the plight of distressed homeowners, the myth has been created and accepted that borrowers are victims while mortgage lenders and servicers are black-hatted villains. Servicers,...
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