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. 65, No. 6, March

2005 Mortgage IT All-Stars: A Fresh Class of Standout Technology Leaders Makes Up the 2005 Group of Mortgage Banking's IT All-Stars. All 13 Have Interesting Stories to Tell, and Reflect the Progress Being Made in the Industry
THREE THINGS SET THIS YEAR'S MORTGAGE INFORMATION TECHNOLOGY (IT) ALL-STARS APART FROM THEIR PEERS IN THE INDUSTRY. First, they each saw a problem in mortgage banking and set out to fix it in a way that benefited the entire industry, not just their...
Ameriquest Sponsors Miller Lite Dragster; Awards NFL Trip
AMERIQUEST MORTGAGE CO., ORANGE, California, has partnered with Don Prudhomme Racing, Vista, California, as a major associate sponsor of the Miller Lite dragster driven by two-time National Hot Rod Association (NHRA) Top Fuel champion Larry Dixon--Ameriquest's...
A Warm Bundle of Technology and Services
ONE OF THE MOST POPULAR EVENTS in the annual St. Paul, Minnesota, Winter Carnival is a scavenger hunt for a small medallion in our snowy landscape. Parka-clad treasure-seekers follow a series of clues published in the local paper; the first to retrieve...
BofA's New President of Consumer Real Estate
FLOYD ROBINSON, THE NEW PRESIDENT OF THE CONSUMER REAL estate division at Charlotte, North Carolina-based Bank of America (BofA), quipped that his new hobby is learning more about the mortgage banking industry. Robinson, who formerly was president...
Building a Best-Practice Organization: Lending Organizations Today Face Complex Challenges in Building Value for Consumers in a Commodity Business. Yet the Best Companies Are Tackling Organizational Change That Will Leave Them in the Best-of-Breed Class
THIS YEAR LENDERS ARE GRAPPLING WITH A YEAR-over-year forecasted decline in mortgage originations of roughly $260 billion, according to the Mortgage Bankers Association (MBA). As a result, they are rushing to identify ways to stabilize profits. ...
Business Process Outsourcing in Mortgage Banking: New Survey Findings Show Mortgage Lenders Are Thinking Very Carefully before Jumping on the Outsourcing Bandwagon
NOTHING IS MORE VALUABLE TO DECISION-MAKERS AND LEADERS THAN real intelligence that is accurate, timely and candid. This kind of information is often the most difficult to obtain because it is sensitive in today's marketplace and work environments....
CMSA and MISMO Execute Data Standards Agreement
THE COMMERCIAL MORTGAGE SECURITIES Association (CMSA), New York, and the Mortgage Industry Standards Maintenance Organization Inc. (MISMO), a subsidiary of the Mortgage Bankers Association (MBA), have established an alliance to develop an extensible...
Commercial/multifamily Mortgage Debt Outstanding Tops $2.2 Trillion
MBA RELEASED ITS ANALYSIS OF FEDERAL Reserve Board data, showing continued increases in commercial and multifamily mortgage debt outstanding. Commercial and multifamily mortgage debt outstanding increased by $51.7 billion, or 2.4 percent, to $2.2 trillion...
Countrywide Offers Special Mortgage Program for Enlisted Military Personnel
COUNTRYWIDE HOME LOANS IS OFFERING A new mortgage program that can make it easier for enlisted U.S. armed forces personnel and their families who have little or no funds for down payments and closing costs to become homeowners. The U.S. Military...
Countrywide Reports 4Q and Year-End Results
COUNTRYWIDE FINANCIAL CORPORATION, Calabasas, California, announced results for the fourth quarter of 2004 and year-ended Dec. 31, 2004. Fourth-quarter highlights include the following: * Consolidated net earnings were $343 million, compared...
Creating a Competitive Advantage through Business Intelligence
WHAT IF OPERATIONAL MANAGERS arrived at their offices in the morning to a complete analysis of yesterday's workflow and an outlook for today? What if a call center could be managed in real time to ensure the optimal staff to match incoming calls?...
Del Mar's Niche: Del Mar Database, San Diego, Is a Company That Pitches Its Technology to Small to Medium-Sized Lenders. the Very Affordable Price Tag and Quick Implementation of Its Products Have Helped the Company Win Roughly 400 Clients-And More Growth Is in the Outlook
WITH A DISTINCT SENSE OF DEJA VU, TOM BROWN FOUND HIMSELF wandering the halls of Del Mar Database, a company he founded and then sold. [??] The mortgage technology firm had recently moved into new quarters, a San Diego mid-rise overlooking the not-very-scenic...
First Franklin Breaks Annual Origination Records
FIRST FRANKLIN, SAN JOSE, CALIFORNIA, announced it originated $29.16 billion in 2004, marking the highest dollar-volume production in its 23-year history. The year 2004 was a culmination of four consecutive quarters of record-breaking production, according...
How to Avoid 'Buyer's Remorse': The Keys to Overcoming Shady Technology Vendors, Internal Politics and Short-Term Thinking Are Actually Pretty Simple
INTEGRITY IS AN ISSUE IN THE MORTGAGE TECHNOLOGY BUSINESS. I am referring to the "shell game" that is sometimes played by product sellers who promise one thing and deliver another. [??] For years, one of the worst-kept secrets in data processing (now...
Japanese CMBS Market Improved in 2004
A SPECIAL REPORT BY NEW YORK-BASED Moody's Investors Service, Japan CMBS: 2004 Review and 2005 Outlook, found that Japan's CMBS market improved in 2004 from 2003 in terms of new issuance growth. New issuance totaled Japanese yen (JPY) 1 trillion...
Macbeth on Market Share
IN THE FACE OF INCREASING INDUSTRY consolidation and declining industry volumes, the prospect for many mortgage lenders appears dark--dark and tragic as Shakespeare's Macbeth. However, it need not be so. "If you can look into the seeds of time,...
Managing Cyclicality: Here's How to Build an Organization That Stays Profitable No Matter What the Origination Market Is Doing
DURING THE LAST REFINANCE BOOM SOME OF THE effects of increased loan volume were absorbed by technology, especially through automated underwriting (AU), but there is still much more that can be done. This is evidenced by the industry's falling margins...
MBA Ranks Top Commercial/multifamily Servicers
THE MORTGAGE BANKERS ASSOCIATION (MBA) released its annual ranking of multifamily and commercial loan servicers as of the end of 2004. GMAC Commercial Holding Corporation topped the list of 93 firms, with $208.1 billion in master and primary servicing....
MBA Releases Long-Term Economic Forecast
THE MORTGAGE BANKERS ASSOCIATION (MBA) released its long-term economic forecast for 2005, 2006 and 2007, projecting strong economic growth through 2007 with gross domestic product (GDP) growing at a trend rate of about 3.5 percent in real terms annually....
New Data on LOS Productivity
THERE ISN'T ANY QUESTION THAT THE loan origination system (LOS) is the primary computer application used by the originators in our industry. From an overall productivity standpoint, nothing is as important to a mortgage origination company. For all...
Nexstar's Universe: Nexstar Financial Corporation Is Making a Name for Itself in Mortgage Origination Outsourcing. with Veteran Mortgage Bankers at the Helm and KKR Venture Capital Behind the Outfit, This Company Sees Nothing but Growth Opportunities Ahead
NEXSTAR FINANCIAL CORPORATION, ST. CHARLES, MISSOURI, IS LOCATED in a research park--an unlikely site for a mortgage services company. Entering the large, open, 80,000-square-foot building seems more like entering a science lab than a facility that...
No Longer a Niche
SUBPRIME LENDING VOLUMES INCREASED an average of more than 25 percent annually from 1994 to 2003, says the Federal Reserve Board. And then last year production really took off. Subprime loans made up almost one-fourth of all mortgage fundings in the...
Preparing Your Company for Sale
MY LAST TWO COLUMNS ADDRESSED preparing for an initial public offering (IPO) and the process involved when a company decides to go public. While an IPO is a logical step for some, many business owners determine that going public is not the best strategy...
Squeezing out Costs: Leading Mortgage Lenders Are Employing Advanced Technology to Wring Excess Costs out of Mortgage Transactions Everywhere They Find Them. Here Are Three Areas Where Progress Is Being Made
THE COSTS ASSOCIATED WITH MORTGAGE transactions are of increasing concern to borrowers, lenders, regulatory agencies and consumer advocacy groups. As a result, lenders are using loan origination, processing and servicing technology to reduce mortgage...
Streamlining the Process: What's Possible? Here Are 10 Benchmarks to Gauge How Far along Your Company Is in Its Efforts to Truly Streamline the Mortgage Process
THE MORTGAGE INDUSTRY IS SHOWING early signs of readiness for yet another paradigm shift in the way institutions view the mortgage process and manage their operations. This time, the mortgage process will be streamlined down to its most basic elements....
The Case against Lowering the Minimum Servicing Fee
A TOPIC OF MUCH DEBATE IN THE mortgage market today is the issue of reducing the size of the minimum service fee. On behalf of the industry, I would like to thank the Mortgage Bankers Association (MBA) for creating forums for discussion of this topic...
The Values Debate: Automated Valuation Models (AVMs) Are a Hot Topic among Lenders, Regulators, Rating Agencies and Investors. Many See Potential for More Widespread Use of These Models, Yet Obstacles Exist Such as a Lack of Full Market Coverage and No Standards to Compare One AVM with Another
THERE'S A LOT OF BUZZ THESE DAYS SURROUNDING AUTOMATED VALUATION MODELS (AVMs). Both lenders and mortgage investors are using AVMs more frequently, especially as models become more sophisticated and vendors gain better access to property data. [??]...
Tiered Training Departments
MORTGAGE COMPANIES THAT ARE arms of large banks frequently have what I call "tiered" training efforts. By that, I mean the mortgage company will have a training department and so will the parent company. Is this a good concept? Should it work? Does...
Tighter Integration
THE GALAXY OF MORTGAGE INDUSTRY PLAYERS HAS BEEN CIRCLING IN MUCH TIGHTER orbit since Web technology and a host of other eCommerce tools came along. As a result, the industry is doing business faster and far more efficiently. Technology gets a good...
Top 30 Counties-Refinance Markets
Top 30 Counties--Refinance Markets Third-Quarter 2004, Nationwide/Sort Order: Number of Loans Rank County Count Dollar Amount Market Avg. Share Amount 1 LOS ANGELES,...
Top 50 Lenders: Third-Quarter 2004 (by $ Amount)
THIS MONTH WE ARE MAKING a significant change to our quarterly and annual top lenders' lists. With this issue, for the first time we are condensing our list to show the top 50 lenders instead of the original top 200 lenders. This particular edition...
Universities Leverage MBA Grant Funding
FIVE UNIVERSITIES HAVE LEVERAGED GRANT funding from MBA to promote commercial real estate finance education in their degree programs. As a result of an initiative to increase quality educational opportunities for the next generation of commercial/multifamily...
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