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. 64, No. 7, April

An Open Letter from Frank Raines
ONE OF THE EARLIEST MENTORS IN MY career was Daniel Patrick Moynihan, for whom I worked as an intern in the Nixon White House. Pat Moynihan spent his career challenging the orthodoxy of both liberals and conservatives. And he did it by taking a distinct...
'Audit-Ready' for Servicing Audits
BEING AUDIT-READY IS VERY IMPORTANT today for all servicers, regardless of size and portfolio complexity. Acceptable audit findings from Fannie Mae and Freddie Mac are critical to safeguard relationships beyond the government-sponsored enterprises...
Better and Best Practices
FAMILIAR INDUSTRY FIGURE DAVE Matthews, former president of RBC Mortgage, Chicago, now a self-described industry consultant, posed some interesting questions for the industry's technology leaders. "We need to understand where our profits are really...
CA Commercial Delinquency Rate below I Percent
ACCORDING TO THE SACRAMENTO, CALIFORnia-based California Mortgage Bankers Association's (CMBA's) Dec. 31, 2003, Quarterly Delinquency Survey, California's commercial loan delinquency ratio is below one-half of 1 percent for the 21st consecutive quarter....
CA Median Home Price Soars
ACCORDING TO THE CALIFORNIA ASSOCIATION of Realtors (C.A.R.), Los Angeles, the median price of an existing home in California in January increased 20.7 percent and sales increased 5.3 percent compared with the same period in 2003. Closed escrow...
Change Is in the Wind
WE HAVE ALL BEEN WAITING FOR THE MARKET TO TURN. FOR THE LENDING climate to chill. But a delightful extension of unseasonable pleasant rates has defied expectation. The Fed has exhausted its vocabulary of wait-and-see adjectives signifying no change...
CMBS Continues to Dominate; Commercial Mortgage-Backed Securities (CMBS) Have Secured a Major Place in the Financing of Real Estate. One Expert Predicts They Will Be the Leading Source of Originations This Year
THE COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) market has grown so much in the last several years that it is becoming the dominant form of financing for commercial real estate, leaving other lending sources lagging behind. "The CMBS market is...
Doing the Right Thing for the Wrong Reason
TELLING A MORTGAGE LENDER THAT technology shouldn't be deployed to improve efficiency is counter-intuitive to the way mortgage companies think and operate. After all, who wouldn't want a more efficient and effective operation? But technology can provide...
Falcon on GSE Reform; Mortgage Banking Recently Interviewed the Director of the Office of Federal Housing Enterprise Oversight, Armando Falcon. with Four Years' Experience Heading the GSEs' Safety and Soundness Regulator, Falcon Has Important Views on the Current Debate over GSE Regulatory Reform
Armando Falcon IS SPENDING A LOT OF TIME ON CAPITOL HILL LATELY. This four-year veteran who heads the Office of Federal Housing Enterprise Oversight (OFHEO) knows better than anyone where current government-sponsored enterprise (GSE) oversight needs...
Freddie and Fannie Respond to Greenspan Testimony
IN RESPONSE TO FEDERAL RESERVE CHAIR-man Alan Greenspan's testimony on the government-sponsored enterprises (GSEs) before the U.S. Senate Committee on Banking, Housing and Urban Affairs in February, Freddie Mac issued a statement against privatizing...
GSE Reform
THE YEAR 2004 JUST MIGHT BE THE year for government-sponsored enterprise (GSE) regulatory reform. While several members of Congress and some industry participants have discussed a variety of issues concerning GSE regulation in the past, the news in...
Loan Officers and Brokers Divide a Shrinking Pie
AN UNEASY BALANCE OFTEN EXISTS between mortgage brokers and the loan officers working for them. Falling mortgage production today has brokers and loan officers skirmishing over how to divide origination fees. Fewer deals mean lower incomes for loan...
MISMO Elects Residential Governance Committee Members
THE MORTGAGE INDUSTRY STANDARDS Maintenance Organization (MISMO), established by the Mortgage Bankers Association (MBA), has elected or re-elected positions for its Residential Governance Committee for the 2004-2005 term. The following people were...
OFHEO's HPI Shows Home-Price Jump in 4Q
THE OFFICE OF FEDERAL HOUSING ENTERprise Oversight's (OFHEO's) quarterly house-price index (HPI) shows that the average U.S. home price increased by 3.67 percent in the fourth quarter of 2003, compared with 1.58 percent in the third quarter of 2003....
On Jobs: This First Installment in a Three-Part Series Examines the Question on Everyone's Mind Today as They Look at the Economy: What's Going on with Job Growth?
There are two contradictory schools of thought on conditions in this country's labor market if one listens to public discussion today. There is the view that the U.S. job market is weak and troubling. The other view is that economic growth is solid...
Putting the Affordable Back into Homeownership
NEWSPAPER HEADLINES AND MAGAzine articles tell the story: "The Middle-Class Housing Squeeze." "Knocking Down Barriers to Affordable Housing." "Housing Affordability Index Falls Five Points." "California Home Prices Set New Record." The housing and...
Risk-Based Pricing in the Nonconforming Market; Models Have Gotten Much Better over Time at Pricing Mortgage Risk. This Study Tracks the Mortgage Coupon Rates of a Large Group of Loans in Prime, Nonprime and Alt-A Categories
THE AVAILABILITY OF MORTGAGE CREDIT AT A FAIR AND REASONABLE cost is a fundamental requirement of participation in the American dream. Access to homeownership has grown with the standardization of the borrower characteristics needed to qualify for...
Stacking the Odds for Success
NOTHING IS MORE FLATTERING THAN the occasional question I receive from trainers in the industry who have read my articles and columns or heard me speak at industry functions. Here is a recent one, condensed: "We are starting a marketing campaign....
Survey Shows Support for TRIA Reauthorization
A SURVEY OF THE COUNTRY'S LARGEST COMmercial/multifamily real estate loan originators, conducted by the Mortgage Bankers Association (MBA), showed overwhelming support for the reenactment of the Terrorism Risk Insurance Act of 2002 (TRIA). Originators...
Tenant Power: Tenants Are Being Offered All Kinds of Concessions by Office Landlords to Attract Them to Their Buildings. This Is the Result of a Weak Office Market, Where Vacancy Rates Have Edged Up to and beyond 20 Percent in Some Markets
MINDS INEVITABLY WANDER A BIT AT CONFERENCES, as any speaker looking down from a podium into the faces of an audience knows very well. But there are also times when audiences can be raptly attentive, especially when they hear some really bad news....
The New ARM Market: A Sophisticated Array of Adjustable-Rate Mortgage Products Are At-the-Ready to Counter an Expected Rise in Rates This Year. Some Savvy ARM Lenders Have Already Seen the Switch to ARMs in High-Cost Markets Such as California
THE INEVITABLE RISE IN INTEREST RATES AND slowing of the refinance boom have focused attention on what may be the next big trend in the mortgage market: adjustable-rate mortgages (ARMs). * ARMs are not new, certainly. They are particularly well-established...
The Nuances of Government Servicing: Higher Delinquencies Continue to Bog Down the FHA and VA Loan Programs. but Program Changes Are in the Works, and Servicers Continue to Stand by the Program
DELINQUENCIES AND FORECLOSURES ARE BEING watched more closely now that the swell of mortgage originations over the last three years has leveled somewhat and all those "new" loans are entering the rocky shoals traditionally found at the three- to five-year...
The Power of One
LOS ANGELES-BASED KB HOME, A NATIONAL HOME BUILDER, NOW HAS Richard Powers as one of its top executives for its Home Mortgage Co. division. Powers most recently was president of Richmond, Virginia-based Charter One Mortgage Corporation before making...
The Seven Deadly Sins: Of Mortgage Bankers Here's a List of Seven Common Mistakes That Can Quickly Take Down a Mortgage Company
MORTGAGE BANKING CAN BE A HIGHLY PROFITABLE BUSINESS WHEN DONE RIGHT. There can be gains from originations, from loan sales and, for the bigger companies, from loan servicing. However, mortgage banking employs a great deal of leverage, and as we...
Washtenaw Group Posts Strong 2003 Results
THE WASHTENAW GROUP INC., ANN ARBOR, Michigan, the holding company for Washtenaw Mortgage Co., reported it posted a threefold jump in 2003 net income. Washtenaw Mortgage Co. is a wholesale mortgage company that originates, acquires, sells and services...
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