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. 68, No. 9, June

A Good Time for Government Lending
Only industry veterans can recall when Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans were primary products for most mortgage bankers. FHA granted 1.3 million endorsements in 1987, notes the Department of Housing...
A New Face That Looks Familiar
There is no arguing that the mortgage industry has evolved and will continue to evolve into something unrecognizable from what it was less than one year ago. This is particularly true in the wholesale arena. The rules of the industry are changing,...
Best-And Worst-Performing Counties by 3-Month and 1-Year HPI Change
Single-Family Detached (March 2008 Data) 10 Best-Performing Counties by 3-Month HPI Change County/State 3-Month HPI Change Repeat-Sales Median Home Price RHEA, TN 4.07% $97,100 BUNCOMBE, NC ...
Canada Boasts Tightest North American Office Markets
Canada's five largest cities posted the lowest vacancy rates among the 10 largest central and suburban office leasing markets in North America in the first quarter of 2008, according to a survey by Toronto-based Cushman & Wakefield LePage, the...
Capmark Finance Arranges $405 Million Financing
Capmark Finance Inc., Horsham, Pennsylvania, announced it has arranged $405 million in floating-rate financing for The Peabody Orlando hotel in Orlando, Florida. A syndicate of 10 institutions, including a Capmark affiliate, committed to funding...
CCS Partners with OnBase's Hyland Software
Richardson, Texas-based Custom Credit Systems (CCS) announced it has formed a strategic partnership with Cleveland-based Hyland Software Inc.--developer of the OnBase[R] enterprise document-management software suite. Through this partnership, CCS...
Credit Repair-Not a Good Fix; with Many Borrowers Seeing Their Credit Scores Getting Hammered by Late Mortgage Payments and Foreclosures, It Might Seem a Good Time for Credit-Repair Companies. This Article Explains Why That Is Not a Good Fix for Struggling Consumers
Consumers across the country from every walk of life have felt the pain of the recent economic downturn. Not only are house prices rapidly falling, another wave of resets on adjustablerate mortgages (ARMs)--anticipated for 2008's third quarter--promises...
eLynx Delivers Loan-Modification Service for Lenders
Cincinnati-based eLynx Ltd. announced the availability of a new on-demand loan-modification service that can be completed securely over the Internet in minutes without relying on expensive and error-prone paper processing. The complete loan-modification...
Ensuring Prudent Policy in a Crisis Atmosphere
The real estate finance industry has never experienced as much time in the media and congressional spotlight as it has in the last 24 months. I actually remember brainstorming ways to get any of the presidential candidates to even talk about housing...
Expect 'Significant Declines' in Mortgage Originations
Mortgage market watchers should forget about any more help from the Federal Reserve in the form of interest-rate cuts even as they should expect "significant declines" in mortgage originations through the rest of this year and beyond, according to...
Finding a Roadmap: A Veteran of the Commercial Mortgage-Backed Securities Business Offers His Unique and Time-Tested Perspective on the Current Credit Crunch and How It's Affecting the Commercial Real Estate Finance Business
Along-time veteran of the commercial mortgage-backed securities (CMBS) market--indeed someone instrumental in its founding--Tom Wratten, CMB, reflects on what the CMBS market needs to do to wrestle free from the current credit-market logjam. * This...
Finding Opportunity Zones: Market Forecasting and Ranking Tools That Allow Lenders to Dial Down into Housing Market Metrics Could Really Help Identify Hot Markets in Today's Chilly Production Environment
During the turbulent times and economic hardship of the post-World War I and Great Depression eras, the American humorist Will Rogers remarked, "I never yet met a man I didn't like." People were struggling to find anything positive about the conditions...
Fraud, Mortgage-Backed Securities and Ginnie Mae: This Article by the Inspector of the Department of Housing and Urban Development (HUD) Spells out What Is Being Done to Protect the Ginnie Mae Is a Growing Concern, and the Government Is Serious about Cracking Down on It
I want to start by telling you a story of greed and fraud that involves a mortgage lender, Charlotte, North Carolina-based First Beneficial Mortgage Corporation, and its victims--Fannie Mae and Ginnie Mae. * This is a story of how a group of friends...
House Committee Seeks GAO Fair-Lending Enforcement Review
House Financial Services Committee Chairman Barney Frank, along with 15 members of the committee, have called upon the Government Accountability Office (GAO) to conduct a "comprehensive review" of the current state of federal fair-lending enforcement....
House Passes Housing-Stimulus Legislation
Despite a veto threat from the White House, a Democrat-backed comprehensive legislative package designed to respond to the current mortgage crisis as well as modernize the Federal Housing Administration (FHA) and reform oversight of the government-sponsored...
Housing Activity
Housing Activity Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Total Single-Family Multi-Family Total Single-Family APR-07...
HUD Extends RESPA Reform Comment Period
HUD announced it is extending the public comment period on the Bush administration's long-awaited new proposed reforms to the Real Estate Settlement Procedures Act (RESPA). Originally set to expire on May 13, the public-comment period on HUD's proposed...
HUD Official: Congress Should Avoid 'Federalization of Mortgage Industry'
The Federal Housing Administration should remain a "good safeguard against foreclosure," and an FHA modernized by Congress would be able to help an even greater number of homeowners, but lawmakers should avoid a broader "federalization of the mortgage...
India Most Sought-After Global Emerging Retail Market
India is the most-sought-after emerging retail market in the world, followed by Ukraine, Russia, Malaysia and Turkey, according to a survey by Los Angeles-based CB Richard Ellis Group Inc. (CBRE). CBRE's Global Emerging Markets Survey noted that...
In the Aftermath of Good Times, the Government Gets Serious
Hot topics and vibrant exchanges marked the Mortgage Bankers Association's (MBA's) National Secondary Market Conference in Boston in May, more than compensating for the moderate attendance, which reflected the industry's current and considerable contraction....
It's Not All Bad
We have all heard plenty about the dismal numbers on national home prices and rising foreclosures. But, to be honest--and this may come as news to some--there actually are some housing markets in America where home prices are still rising. For those...
Key Economic Indicators and Interest Rates
Key Economic Indicators and Interest Rates CONSUMER PRICES MBA MORTGAGE YEAR-OVER-YEAR INTEREST CHANGE (%) RATE (%) ...
Larry Goldstone-President and Chief Executive Officer, Thornburg Mortgage
As president and chief executive officer of Thornburg Mortgage, Santa Fe, New Mexico, Larry Goldstone is a cofounder of the firm and has been the president, chief operating officer and a director of the company since it commenced operations in 1993....
Lenders Learning to Intercept More Fraud
Even as cases of mortgage fraud are on the rise, lenders are getting better at intercepting suspicious financial activity before the funds are disbursed to fraudsters, according to a study by the Financial Crimes Enforcement Network (FinCEN). FinCEN,...
Liberty Mutual Offers 'Green' Commercial Property Coverage
Boston-based Liberty Mutual Property, part of Liberty Mutual Group, announced it has introduced a collection of "green" commercial property insurance coverage. With an expected 400 percent increase in green-building construction starts in the next...
Lydian Partners with MRG, Financial Crossing
Boca Raton, Florida-based Lydian Data Services announced in April two separate business alliances with MRG Document Technologies, a Dallas-based provider of compliance and documentation services for the financial industry, and with Financial Crossing...
Moody's Downgrades Fannie Mae's Financial-Strength Rating
New York-based Moody's Investors Service downgraded Fannie Mae's Bank Financial Strength Rating (BFSR) to B from B-plus, but affirmed the debt ratings of the GSE. Moody's also placed a negative outlook on the firm's B BFSR and A a3 preferred stock...
Mortgage Applications Indexes; Mortgage Bankers Association (MBA)
Mortgage Applications Indexes Mortgage Bankers Association (MBA) MARKET COMPOSITES (Unadjusted) Market Index Purchase Index Refinance Index FRM ARM ...
Nonresidential Construction Up Slightly in Q1, Plummets in March
Nonresidential construction posted a slight gain during the first quarter of 2008, despite a deep dive in March and a decline in new-construction starts overall, according to New York-based McGraw-Hill Construction's monthly survey of construction...
Optimal Blue, Secondary Interactive Join Forces
Optimal Blue, Plano, Texas, announced it has created a joint venture with Secondary Interactive Inc., Denver, to provide mortgage bankers with a comprehensive spectrum of secondary marketing services including loan eligibility and pricing, lock-desk...
Our Mission: To Inspire, Educate and Enable
If you subscribe to the theory that history is a powerful predictor of the future, you will find an online search of news headlines about mortgage lending in the 1990s to be very illuminating. Respected national publications led consumers to erroneously...
Paperless Industry Could Save $65 Million and 42,000 Trees Annually
The financial services industry is poised to save tens of millions of dollars by going paperless in its transactions should a federal government initiative take effect, according to a report from the Boston-based Aite Group. The Aite report, Green...
Q1 Homeownership Rate Declines
The percentage of Americans owning their homes fell during the first quarter of 2008, according to the U.S. Census Bureau. At 67.8 percent, the first quarter's homeownership rate dropped from the first quarter 2007's rate of 68.4 percent, while...
Rep. Frank Urges Industry Foreclosure Fix Now
For House Financial Services Committee Chairman Barney Frank, the message is simple: The mortgage lending industry can do it the easy way or the hard way when it comes to curbing home foreclosures. Frank told attendees of MBA's National Secondary...
Servicer Errors to Avoid
Mortgage servicers and their counsel in the various states are a team. They share the same goal of prosecuting the unavoidable foreclosure correctly, as quickly as possible and always with a view toward loss mitigation, if possible. Particularly...
Sollen Partners with Harland Financial Solutions
Dallas-based Sollen Technologies announced it has entered into an alliance relationship with Lake Mary, Florida-based Harland Financial Solutions. Sollen's pricing engine will integrate with Harland Financial Solutions' Web-based Interlinq[R] E3[R]...
Stop Talking-Start Doing: Here Are Six Key Steps to Becoming a Consultative Selling Organization
With the collapse of confidence in the financial sector, market forces are profoundly reshaping the way products are sold. Sales professionals acting as human brochures explaining features and benefits to clients no longer match with how the customer's...
Talking FHA with Commissioner Montgomery: FHA's Top Official Discusses the Need for Congress to Enact FHA Modernization Legislation, the Surge in FHASecure Refinancings, Higher Loan Limits and the Ins and Outs of the RESPA Proposed Rule
Brain D. Montgomery has served as assistant secretary for housing-federal housing commissioner since 2005. As head of the Federal Housing Administration (FHA), he oversees the nearly $400 billion FHA insurance portfolio. He also oversees the Department...
Tech Offensive Needed to Combat Mortgage Fraud
With mortgage fraud poised to become even more prevalent in 2008, the Needham, Massachusetts--based TowerGroup has concluded that the best fraud defense is a good technology offense. TowerGroup, in its report--U.S. Mortgage Fraud: Types, Trends...
The Boundary of Diversity
There is a profoundly simple tool in the toolbox of the clinical psychologist called the Rorschach Test. In the test, the subject is shown a series of bilaterally symmetrical ink blots and asked what the images suggest. The images are random, so the...
The Marketing Power of Product and Pricing Engines
In spite of worsening economic news from Washington and many parts of the country, there is reason for optimism. Lending professionals who survived the past 18 months have confidence in their prospects for going the distance. They point to technology...
The Ticker
Company Ticker Price Close Price Close 52-Week 52-Week Symbol 4/30/08 3/32/08 High Low Indymac Bancorp IMB 3.25 4.96 37.50 3.03 Inc. Countrywide CFC ...
The Trump Card: A Fairly New Mortgage Company Based in Brooklyn Has Found That Backing from the Trump Organization Is a Big Draw in Recruiting Top Producers. Trump Financial Has a Unique Niche in Being a Preferred Lender for High-End Condo Projects
Although David Brecher doesn't really like rehashing a corporate history that has nothing to do with him, he knows the questions will come. * Brecher is chief executive officer of Trump Financial, a Brooklyn, New York--based mortgage banking company...
Top 25 Counties-Government Lending Markets
Top 25 Counties--Government Lending Markets Fourth-Quarter 2007, Nationwide / Sort Order: Number of Loans Rank County Count Dollar Amount Market Avg. Share Amount 1 ...
Top 25 Counties-High-Priced Lending Markets
Top 25 Counties--High-Priced Lending Markets Fourth-Quarter 2007, Nationwide / Sort Order: Highest Average Loan Amount Rank County Count Dollar Amount Market Avg. Share...
U.S. Office Market Falters during First Quarter
The U.S. office market faltered during the first quarter of 2008, as sluggish leasing activity and rising vacancies are poised to create uncertainty for the remainder of 2008, according to Boston-based Colliers International Property Consultants Inc....
When Reverse Is the Right Direction: The Leading Edge of Baby Boomers Now Reaching Eligibility for Social Security Benefits Promises Exponential Growth in the Reverse-Mortgage Niche. but Newcomers to This Sector Asking How to Get Involved May Be Best Answered: "Carefully."
In my 30-plus years in the mortgage business, I have attended countless industry conferences (and built up millions of travelreward points in the bargain), but I truly cannot remember a week like the one we had this past spring. In the space of just...
Wholesale Changes: Some Lenders Are Leaving the Wholesale Lending Business Entirely to Focus Solely on Retail. Others Are Staying in, but Dropping Poor-Performing Brokers and Higher-Risk Product Lines
Brokers and brokerage firms are declining; non-prime and alternative-A products (mostly originated by brokers) have all but disappeared; and wholesale channels have been shutting down right and left. * It's a changing world today, with increased emphasis...
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