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. 9, June

50 States by Appreciation Rate
50 States by Apprection Rate(February 2011 Data, Ranked Worst to Best in Percent Decline from Peak -- include District of Columbia Rank State Peak % Decline 12-Month HPI Month Since Peak Change...
A Dis-Integrating Industry Technology
The credit crisis of 2007-2008 has loosened traditional corporate thinking among mortgage bankers. Information technology (IT) and operational decisions that have been on hold are now up for reconsideration. Constraining market conditions The...
Alternative Credit Scores: New Tools Are Helping Lenders Better Assess Borrower Risk and Prevent Losses
You may not know it, but there is a credit-scoring revolution going on. Multiple industries -- wireless communications service providers, credit-card issuers, direct-deposit banks -- are shifting to alternative credit scores to supplement or even replace...
An Argument for Cash for Keys
Unfortunately, today the eviction process has become a pivotal piece of the real estate-owned (REO) puzzle. Unless agents service vacant property, chances are they will face evicting a tenant, squatter or former borrower--or in some cases a combination...
Are QRM Standards Too Restrictive?
Proposed federal regulations have brought consumer advocacy groups and real estate industry associations into "an unlikely alliance to push for less-restrictive rules," reported The Wall Street Journal on March 30. Spurring this action is the proposed...
Are We out of the Woods?
Delinquency rates are at their lowest level since 2008, having declined steadily since the peak back in January 2010. On the other hand, foreclosure rates are at a new all-time high, increasing for all but five of the last 5o months. At the same time,...
Commercial/multifamily Q1 Originations Increase from Year Ago
First-quarter 2011 commercial and multifamily mortgage originations soared 89 percent higher from the same period last year, although they came in 25 percent lower than the fourth quarter of 2010, the Mortgage Bankers Association (MBA) reported. ...
CoreLogic Reports Home Prices Decline for Eight Straight Months
CoreLogic, Santa Ana, California, reported that its March Home Price Index (HPI) showed national home prices were down for the eighth month in a row. Including distressed sales, home prices declined by 7.5 percent in March 2011 compared with March...
CoStar Group Acquires LoopNet
Two survivors of the dot-com bust--CoStar Group Inc., Washington, D.C., and LoopNet Inc., San Francisco--are now under the CoStar umbrella. The boards of directors for both companies unanimously approved CoStar's acquisition, expected to close by the...
CRE Loan Demand Shifts to Larger Banks
Nearly 35 percent of domestic banks--mostly larger banks--reported increased commercial real estate (CRE) loan demand; which is the strongest reading since the mid-1990s, according to April's Federal Reserve report, the Senior Loan Officer Opinion...
Dave. Stevens' Resume: David Stevens Has Spent 30 Years in the Mortgage Industry. His Latest Job May Be the Hardest One Yet
When you think of perfect training for a really challenging job, you might think of something NASA does. The military, too, prepares its troops for every contingency. But how do you prepare for a job representing today's beleaguered mortgage industry?...
Decrypting Loan DNA: How Docs Moved from Being a Commodity to a Compliance Super-Tool Just in Time to Handle a Regulatory Tsunami
In retrospect, 2003 was an important year for the mortgage industry, although it may not have seemed so at the time. Coming off a wave of refinances in 2002, interest rates rode a bit of a roller coaster but ultimately settled where they started the...
Distressed Real Estate Tests $300 Billion in Maturities
Distressed real estate--delinquencies; properties in foreclosure and lender real estate-owned (REO)--increased in April after a $5 billion bump up in two months to $180.6 billion, according to Real Capital Analytics Inc. (RCA), New York. Despite...
eMortgage Security: Winning!
Security, risk and fraud are often thought to be a concern with eMortgage/eSignature adoption, especially by those who are unfamiliar with the technologies and processes involved. Despite extensive efforts by groups such as the Mortgage Bankers Association...
Environmental Reports Suggest Stronger Market Activity
A first-quarter jump in Phase I Environmental Site Assessment (ESA) reports suggests increased commercial real estate activity and more liquidity flowing through the marketplace, industry analysts said. More than 44,000 Phase I ESAs performed in...
Fannie, and Frddie, and MERS! Oh, My!
Most people recognize the names Fannie Mae, Freddie Mac and MERS, but few know what the organizations actually do. There has been much in the media about the roles that, singly or collectively, each has played in the mortgage meltdown -- most of which...
FICO Enhances Ability to Predict Strategic Mortgage Defaults
Minneapolis-based FICO, a provider of analytics and decision-management technology, announced it is consulting with top mortgage lenders to provide custom analytic solutions for their mortgage portfolios, allowing them to take preventative action and...
Flagstar's DocVelocity Releases Version 3.0
Troy, Michigan-based DocVelocity, a Web-based paperless processing system for mortgage bankers and brokers, has released DocVelocity 3.0. The centerpiece of the new 3.0 version is an all-new interactive Threads feature for multiple users all along...
GOP Letter: Senators Won't Confirm CFPB Director without Changes to Bureau's Authority
Forty-four Republican senators sent a letter to President Obama on May 5 protesting the "unprecedented authority over financial institutions and Main Street businesses" given to the yet-to-be-appointed director of the new Consumer Financial Protection...
Has the Fed Killed the Mortgage Industry?
It's being decried by some as the most unfair regulation ever inflicted upon the real estate industry--a misguided effort to weed out unscrupulous mortgage lenders that will victimize the honest and corrupt ones alike. Most importantly, it will impose...
House-Price Declines Accelerate in First Quarter
According to the latest report from Integrated Asset Services LLC (IAS), Denver, the decline in house prices accelerated across the country in the first quarter, based on its IAS360 [R] House Price Index. The latest index reading was released on May...
Housing Activity
Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Single- Multi- Single- Multi- Total Family Family...
In a QRM Quandary, Industry Holds Its Collective Breath
Consensus comments at the Mortgage Bankers Association's (MBA's) National Secondary Market Conference & Expo in New York City in May reflected considerable trepidation about Qualified Residential Mortgage (QRM) rules emanating from the Dodd-Frank...
In This Together
The Great Recession we have just endured will have social and generational fallout for years to come. We are just now emerging from its long and lingering shadow. What can we learn from this painful period, and why does it matter? Well, for starters...
Key Economic Indicators and Interest Rates
CONSUMER PRICES, YEAR-OVER-YE CHANGE (%) CHANGE IN PAYROLL UNEMPLOYMEN ALL ITEMS ALL ITEMS EMPLOYMENT RATE LESS...
Life Support: When the CMBS Market Was on Its Back and Banks Had Retreated as Well, the Life Insurance Companies Were Busily Filling the Void in Commercial Mortgage Lending. Now the Competition Is Starting to Come Back, and Life Companies No Longer Have the Space All to Themselves
For the last four years, through the heart of the recession, the commercial real estate market has taken a pounding--and along with it, the lenders that financed all those transactions that have since soured. Banks have taken $80 billion in losses,...
Manufacturing Shifting into Higher Gear: Solid Gains in Manufacturing Are Fueling the Odds for Ongoing Improvement in the Industrial Property Markets
March durable goods numbers came out in late April, and it was like a definite sign that spring had finally arrived in the nation's manufacturing sector. Bloomberg reported that with the rise in March, demand for U.S. durable goods had risen for three...
Market Trends Overview by State
Market Trends Overview by State (February 2011 Data, Ranked Worst to Best by Foreclosure Rate--Includes District of Columbia) Rank State Foreclosure Foreclosure REO Rate REO Rate Rate 12 Rate ...
MBA Forecast Shows Refis Drying Up by 2012
The Mortgage Bankers Association released a revised forecast at the group's National Secondary Market Conference & Expo in early May, showing residential refinance volume slowing to a trickle in 2012. The share of refinance volume goes from 70...
MBA'S Stevens Testifies on National Servicing Standards
At a Senate subcommittee hearing on "The Need for National Mortgage Servicing Standards," David H. Stevens, president and chief executive officer (CEO) for the Mortgage Bankers Association (MBA), made his first appearance representing the mortgage...
Meet the New Cop
One of the most significant provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act was the creation of the Consumer Financial Protection Bureau (CFPB). Seven different federal agencies will transfer their power to regulate and...
More Bank M&As Likely This Year, PWC Says
Growing confidence in the economy, deep-pocket investors and pent-up deal demand will spur more merger and acquisition deals in the banking industry this year, said Pricewaterhouse Coopers LLP (PwC), New York. Financial services merger and acquisition...
Mortgage Applications Indexes
Mortgage Bankers Association (MBA) MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index index Index APR-10 563.9 284.5 2,189.6 554.8 ...
MortgageFlex Systems Selected by Gateway Mortgage
Gateway Mortgage Group, Tulsa, Oklahoma, has chosen a solution from MortgageFlex Systems Inc., Jacksonville, Florida, a provider of lending and servicing system solutions, for Gateway's loan origination needs. Gateway Mortgage, one of the Midwest's...
Mortgage Performance
[GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED] [ILLUSTRATION OMITTED] Top 25 Prime Seriously Delinquent * Metors Metropolitan Statistical Area Seriously National (MSA) Delinquent(SD)%...
Obama Administration Issues April Housing Scorecard
The latest monthly scorecard issued by the Obama administration on progress being made under its Making Home Affordable program shows servicers have started 670,186 permanent modifications under the Home Affordable Modification Proeram (HAMP) since...
Ocwen's Edge: A Unique Special Servicing Company Figured out How to Cure Non-Performing Loans Decades Ago, Long before Everyone and His Brother Entered the Business. Now It's Engineering Its Next Corporate Moves-Well Ahead of the Market's Turn
Since the start of the year, enervated Republicans, who have taken a controlling majority in the House of Representatives, have been looking to chop billions from the federal budget. One of their targets has been the Home Affordable Modification Program...
Offshore BPO Is Moving Onshore
The decade-old use of offshore business process outsourcing (BPO) in mortgage lending continues to evolve along with lending, economic and political cycles. For example, a weak loan origination market is causing some lenders to reassess the attractiveness...
Q&A with ALLan Meltzer: This Internationally Recognized Expert on the Fed Says Now Is the Time for the Federal Reserve to Start Seriously Fighting Inflation. Allan Meltzer Says the Consumer Price Index Is Masking Rising Inflation Because of the Hefty Component That Reflects Current Falling Housing Prices
Allan H. Meltzer is the nation's leading historian of the Federal Reserve System. He is professor of political economy and public, As. yr policy at the Carnegie Mellon University, Pittsburgh, and one of the nation's most prominent economists. At a...
Retail Centers Teeter on Big-Box Stores
Retail centers that re-let big-box space averaged a 54 percent vacancy rate compared with 28.5 percent for those centers with still-empty big-box spaces, reports Colliers International, Boston. The company's report, Re-Tenanting Bankrupted Big Boxes:...
Short on Results: Short Sales Are the Best Hope for Sopping Up Ballooning Inventories of Foreclosed Properties. So Why Haven't They Had More Impact?
Blaine Odom knows firsthand that short sales are long on confusion and frustration. * It's been a year since his single-family home near Los Angeles went on the market as a short sale. The listing price has dropped from $379,900 to $323,000. The house...
Technobabble
First of all, raise your hand if you love a screaming headline. Now, let's get your opinion on another thing. If that screaming headline has both the terms "IRS" and "human rights" in it, could it get much better than that? Here's the actual headline:...
Terrix Financial Arranges $26 Million for Colorado Properties
Terrix Financial Corporation, Denver, arranged $26 million for apartment, retail and office properties throughout Colorado. Chris Bourgeois, loan originator at Terrix Financial's Denver office, arranged a $1.4 million loan to refinance a 19,350-square-foot...
The Fraud File
Interthinx's Fraud Risk Indexes are calculated based on the frequency with which indicators of fraudulent activity are detected in mortgage applications processed by the Interthinx FraudGUARD[R] system, a loan-level fraud-detection tool available to...
The Golden Rules of Mortgage Technology
If you've been around the mortgage technology arena for many years, then you've probably learned the ropes of the business. You've learned that so much goes unwritten and there are real reasons why highly experienced information technology (IT) professionals...
The Land Bank Model
The statistics on home sales continue to ping-pong between good news and not-so-good news. In April, The Wall Street Journal reported the good news that existing home sales rose 3.7 percent in March over the previous month and sales volumes had increased...
The NMLS Mortgage Call Report
The Nationwide Mogage Licensing System and Registry (NMLS) and its facilitator, the Council of State Bank Supervisors (CSBS), Washington, D.C., have been very busy. While all the focus has been on the Dodd-Frank Wall Street Reform and Consumer Protection...
The Overhang
With recent marked improvements in delinquency rates, it's tempting to believe better times are right on the industry's doorstep. But luckily we have some wise experts who write for us who always put these things in perspective. In this month's...
The Ticker
* Friedman, Billings, Ramsey & Co. Inc. Company Ticker Price Price 52-Week 52-Week Symbol Close Close High Low 4/30/11 3/31/11 BB&T Corp. BBT 26.92...
Think of It as Sales: For Too Long, Servicers Have Parked Their REO Properties in the Asset-Management Bucket. It's Time to Dust Them off and Treat Them as Desirable New Products to Sell
Could you imagine any product being placed on the market today that consumed as much of a company's resources as real estate-owned properties (REOs) yet received essentially no sales or marketing support? * Let's look at a similar example. Back in...
Top 25 Core-Based Statistical Areas-Sales Price Market Trends
(February 2011 Data, Ranked by Distressed Sales %) Rank CBSA Short RE0 Short REO Distressed Sates Sales Sales Sales Sales (REO (Average (Average (% of...
U.S. Hotel Markets Getting Back Their Mojo: Hotels in Top U.S. Cities Seem to Have Turned a Corner. Business Travelers Are Back and Seeking Swanky Digs, While Hotel Occupancies Are Bouncing Back in the Best Markets Such as L.A. and San Francisco
The second half of 2010 was a turning point for the U.S. hotel industry, especially in gateway markets like New York, Boston, Miami, Los Angeles and San Francisco. Those spots had the highest occupancies of the top 25 markets, according to Nashville,...
Wingspan Bolsters Audit Services Offered to Servicers
Wingspan Portfolio Advisors, Carrollton, Texas, a specialty and component mortgage servicer, has increased its capacity for helping servicers stay compliant with the requirements of the Interagency Review issued on April 13 by the Federal Reserve,...
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