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. 2, November

Best-And Worst-Performing Counties by 3-Month and 1-Year HPI Change; Single-Family Detached (August 2008 Data)
Best-and Worst-Performing Counties by 3-Month and 1-Year HPI Change; Single-Family Detached (August 2008 Data). 10 Best-Performing Counties by 3-Month HPI Change County/State 3-Month HPI Change Repeat-Sales Median Home Price PEORIA, IL ...
Breathing New Life into the Mortgage Industry: eMortgages Have the Potential to Resuscitate the Mortgage Business. Too Bad They Weren't Widely Used Two Years Ago, When Loan Quality Started to Tank
After a while, the superlatives simply become exhausted. We have witnessed things in the last few months that no one currently in the business has ever seen, with far-reaching effects that outdo the savings-and-loan (S&L) crisis, the dot-com bust...
Building a Bubble: Business Strategies during the Rapid Expansion of Mortgage Credit from 2002 to 2007 Worked to Boost the Emerging Housing Credit Bubble Fostered by Low Interest Rates and Investor Demand. This Is the Second of a Two-Part Series
The boom years' rapid and unchecked expansion of housing credit in an environment of very low mortgage rates was, as we now know beyond a reasonable doubt, a high-risk enterprise. Profits were initially high and rising as the expansion got under way,...
Capitalizing on Microsoft Technology: MortgageFlex Systems, Jacksonville, Florida, Is One of a Handful of Mortgage Technology Companies That Have Won Special Recognition as Microsoft Gold Certified Partners
When Bill Gates and Paul Allen co-founded Redmond, Washington-based Microsoft[R] Corporation back in 1975, it's not likely they could have envisioned the business monument the company would be today--33 years later. * Controlling 80 percent of the...
Congress Passes, Bush Signs Emergency Economic Stabilization Act
A controversial and much-debated $700 billion financial-market rescue bill that grants the Treasury secretary broad discretionary authority to stabilize the mortgage and financial markets passed both houses of Congress and was signed by President Bush...
Cutting Cost per Loan through Electronic Content Management
Times are tight. Origination volumes are down. Defaults and foreclosures continue to soar, and lenders are finding it harder and harder to stay afloat. However, there is hope in sight. As history has shown, the housing market is extremely cyclical....
Digging out from under the Subprime Avalanche
The credit crisis that began in the mortgage inadustry now threatens the nation's financial system. Fueled by rising delinquencies and falling house prices, aggregate writedowns based on global holdings of U.S.-originated and securitized mortgages...
Doing the Right Thing
It's no longer an opinion; it's a statement of fact: The mortgage industry is Ground Zero for the greatest financial crisis this country has faced since the Great Depression. [ILLUSTRATION OMITTED] Along with many of you, I watched the president...
Ellie Mae Acquires Online Documents
Ellie Mae Inc., Pleasanton, California, announced in early October its acquisition of the assets of Online Documents Inc., Concord, California, a provider of guaranteed compliant mortgage documents, from Houston-based Stewart Lender Services Inc. Terms...
Everything Old Is New Again: Lessons from the Past Can Help Lenders Survive in Today's Much Leaner Market
In the heat of summer, athletes from all over the world push themselves to perfection at the Olympic games, capturing the attention of a nation otherwise worried about rising gas prices, skyrocketing food costs and a contentious presidential election....
FDIC Announces Temporary Liquidity Guarantee Program
The Federal Deposit Insurance Corporation announced a new program designed to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts and certain holding companies, and...
FDIC Proposes Higher Assessments on Insured Banks
The board of directors of the Federal Deposit Insurance Corporation (FDIC) voted in October to adopt a restoration plan--accompanied by a notice of proposed rulemaking--designed to increase the rates banks pay for deposit insurance, while at the same...
FDIC Simplifies Coverage Rules for Mortgage Servicing Accounts
The Federal Deposit Insurance Corporation has rolled out an interim final rule clarifying that deposit accounts maintained by mortgage servicers in escrow for a borrower's principal and interest payments will be based on the borrower as the owner of...
Fed Approves Rate Cut, Creates New Commercial Paper Facility
In a highly unusual move, the Federal Open Market Committee (FOMC) moved in early October--in concert with other central banks from across the globe--to cut the Federal Funds Rate by 50 basis points, to 1.5 percent. Joining the Federal Reserve,...
Federal Government to Purchase Bank Stakes
The Bush administration--with the Treasury Department out front--announced on Oct. 14 a series of "decisive actions" intended to protect the economy and restore both stability and confidence to financial markets, starting with the federal government...
FHA to the Rescue: Helping Would-Be Borrowers Raise Their Credit Scores to Qualify for an FHA Loan Is a Smart Strategy in Today's Barren Origination Landscape. Here's How Three Companies Are Getting That Done
Like ice cubes melting in the sun, the 2008 mortgage meltdown has drenched the homeownership dreams of millions of Americans. Tightened mortgage guidelines, increasing foreclosures and rising interest rates have helped to create a tense, challenging...
Fitch First Rating Agency to Accept VantageScore Loans
New York-based Fitch Ratings announced in September that it is the first rating agency with the capability to evaluate and assign ratings to mortgage loans based on Stamford, Connecticut-based VantageScore, the generic credit-scoring model of the same...
Former FDIC Chairman William M. Isaac
William M. Isaac is chairman of financial institutions consulting firm The Secura Group, Vienna, Virginia, an LEGC company, also based in Vienna, Virginia. Before founding Secura in 1986, Isaac served for nearly eight years as a member of the board...
Housing Activity: Residential Structures (Thousands of Units, SAAR)
Housing Activity Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Total Single- Multi- Total Single- Multi- Family Family ...
HUD Launches Two Separate Foreclosure-Prevention Programs
Even as other sectors of the Bush administration struggled to pass and then implement provisions of the economic stabilization legislation, the Department of Housing and Urban Development (HUD) in early October rolled out two separate but related programs...
Key Economic Indicators and Interest Rates
Key Economic Indicators and Interest Rates CHANGE IN PAYROLL EMPLOYMENT (THOUSANDS) UNEMPLOYMENT RATE (%) SEP-07 81 4.7 OCT-07 140 4.8 NOV-07 60 ...
Lenders One Picks Avista Solutions
Avista Solutions, Columbia, South Carolina, announced its partnership with Lenders One, St. Louis, Missouri, as the first mortgage loan origination system (LOS) partner to be selected by Lenders One, a national alliance of mortgage bankers. Lenders...
Loss Mitigation: Surviving in 2008 and Beyond
The subprime crisis and associated deteriorating credit standards have led to some of the worst housing market conditions since the Great Depression. Defaults are continuing to escalate, with overall delinquencies at 6.41 percent and foreclosures at...
Mortgage Applications Indexes: Mortgage Bankers Association (MBA)
Mortgage Applications Indexes: Mortgage Bankers Association (MBA) MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index SEP-07 611.8 ...
Murin-The New Ginnie Mae President: Industry Veteran Joseph Murin Has Taken the Helm of Ginnie Mae at a Very Critical Time for the Mortgage Business
Ginnie Mae has been a rising star in the mortgage firmament since last summer, about the time a new president, Joseph J. Murin, took the helm of the government agency and Federal Housing Administration (FHA) loan volume started to surge. Ginnie Mae...
Smaller Portions
Everyone knows this industry has been put on a diet in terms of origination volume. Brokers perhaps know this better than anyone as several major wholesalers announced their departure in 2008. But it's not just purchased production that's shrinking....
Targeting a Niche in Florida
Many mortgage brokerages have pursued the strategy of offering a wide menu of loan products to fit all borrower needs. Yet LynxBanc Mortgage Corporation, Boca Raton, Florida, is focusing on niche loans. "We define a product and market it, rather than...
The Downturn: A Time to Retool
John Courson, chief operating officer (COO) of the Mortgage Bankers Association (MBA), conceded that "we've dealt ourselves a tough hand," but said, "This is a chance for our industry to have significant do-overs." Courson's remark was intended to...
The Ticker
Company Ticker Price Price 52-Week 52-Week Symbol Close Close High Low 9/30/08 8/29/08 Fannie Mae FNM 1.53 6.84 68.60 0.35 Freddie...
Top 25 Counties-Purchase Markets
Top 25 Counties--Purchase Markets First-Half 2008, Nationwide/Sort Order: Number of Loans Rank County Count Dollar Amount Market Avg. Share Amount 1 HARRIS, TX...
Top 25 Countries-Refinance Markets
Top 25 Countries--Refinance Markets First-Half 2008, Nationwide/Sort Order: Number of Loans Rank Country Count Dollar Amount Market Avg. Share Amounts 1 cook,...
Training in a Tough Year
Just hypothetically, of course, let's say that your company's volume and profit are down by 50 percent and staff functions have been slashed to the bone, if not eliminated. What does this do to the structure and function of training? Structure is...
Wall Street Squeeze Pinches Commercial Real Estate
The financial crisis on Wall Street has prompted tightening credit and slow economic growth resulting in various sectors of commercial real estate getting squeezed, according to the Chicago-based National Association of Realtors[R] (NAR). NAR's...
Wells Fargo, Wachovia Merge; JPMorgan Chase Acquires WaMu
Following a week-long legal tug-of-war between Wells Fargo & Co., San Francisco, and Citigroup Inc., New York, over the rights to scoop up the troubled Wachovia Corporation, Charlotte, North Carolina, Wells Fargo announced in early October that...
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