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. 73, No. 10, July

A Watchful Eye
There's nothing quite like having a brand-new regulator on a learning curve. And that's the best way to describe the Consumer Financial Protection Bureau (CFPB) these days. Bureau staff members have a lot on their plates as they probe the various...
Cole Taylor Mortgage Takes Steps to Launch Servicing Platform
* On June 4, Taylor Capital Group Inc., Chicago, said that the mortgage division of its bank (Cole Taylor Bank) would be establishing a mortgage servicing platform following the purchase of mortgage servicing rights and certain office space and equipment...
Detroit Tops List of Markets with Best Fixer-Upper Bargains
* Detroit tops a new list of top-15 cities for buying fixer-upper bargains, according to data released by RealtyTrac LLC, Irvine, California, in early June. The Detroit housing market had 3,773 bank-owned properties built before 1960 that were valued...
Four Keys to a Successful Relationship ... with the CFPB: Here's Some Relationship Advice for Mortgage Lenders Dealing with the Consumer Financial Protection Bureau
Being in a relationship with someone new is exhilarating--butterflies in your stomach, tingling in your toes, the last thing you think about at night and the first thing in the morning. Yet, as the relationship progresses, sometimes that spark begins...
Home-Price Spotlight
States Ranked By Percent Decline From Peak Home Prices (March 2013 Data--Includes District of Columbia) Peak Month % Decline 12-Month HPI Since Peak Change (March ...
Housing Activity
Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Total Single-Family Multi-Family Total Single-Family MAY 711 530 181 ...
Institutional-Quality Loan Returns Dip in Q1
* Institutional-grade commercial loans returned 1.81 percent in the first quarter, down slightly from the fourth quarter's 1.98 percent return, the Giliberto-Levy Commercial Mortgage Performance Index reported. "A really big driver this quarter...
It's Not Just a Matter of Judicial vs. Non-Judicial Anymore
AS THE MORTGAGE MARKET CONTINUES TO IMPROVE, there has been a great deal of discussion about the differences and implications of various state-by-state foreclosure processes on the recovery. [paragraph] Industry observers have been highlighting (and...
Jan. 10, 2014: Compliance Day. Failure Is Not an Option
SOME TIME AGO, I was asked to write an update piece on the status of the Consumer Financial Protection Bureau (CFPB) rules--what we know, what we don't know, what we need to know. Simple enough? Not so fast. [paragraph] Unfortunately, there is much...
Key Economic Indicators and Interest Rates
CONSUMER MBA PRICES, MORTGAGE YEAR-OVER- INTEREST YEAR CHANGE RATES (%) ...
Las Vegas Beats out Phoenix in Yearly Home-Price Gains
* Clear Capital, Truckee, California, reported that price trends remain mixed at the metro level based on data gathered for its May Home Data Index[TM] Market Report, but national prices still managed to post yearly gains of 8.2 percent in May. The...
Latest AG Settlement Report Shows 621,712 Borrowers Helped through Q1 2013
* In the latest reports submitted by the five big banks subject to the National Mortgage Settlement covering the period of March 1, 2012 through March 31, 2013, the data shows 621,712 borrowers have benefited from some type of mandated consumer relief....
Letter Seeks Guidance on QM Rules and Fair Lending Liability
* Powerful industry groups joined forces to send a letter to regulators asking for clarity on how they can maintain legal protection from fair lending charges if they follow other mortgage regulations that unintentionally produce a discriminatory effect....
Loan Prices Continue Climb in April
* The price of commercial real estate loans in the secondary market rose again in April, reported DebtX, Boston. "Prices for commercial mortgage-backed securities (CMBS) loans and secondary market transactions remain at or above their historical...
Make Your Mark(eting)
AS YOU READ THIS COLUMN, take a look around your office. How many pens have you received from well-meaning sales reps emblazoned with their company's logo? How many mouse pads, flashlights, stress balls, cup holders, desk clocks, pad folios, etc.?...
Marketrac[R]
Markets with Highest Share of Distressed Sales (March 2013 Data, Ranked by Distressed Sales %) Core-Based Statistical Area (CBSA) Short Sales REO Sales (Average (Average ...
MBA Releases Third Paper in GSE Transition Plan
* On June 3, the Mortgage Bankers Association (MBA) released the third paper in its five-part series designed to provide a transition plan in the interim period while policymakers work on long-term reforms to the secondary market. The five transition...
MERS Weathers the Storm: In Case after Case, the MERS Legal Framework Is Passing Muster in the Courts. the Basic Business Model Is Being Affirmed despite Challenges Brought by Defaulting Borrowers
In recent years, Mortgage Electronic Registration Systems Inc. (MERS), Reston, Virginia, has been the subject of a persistent onslaught of attacks brought on behalf of defaulting borrowers seeking to forestall eviction after valid foreclosure proceedings....
Month in Review
Mortgage rates soared in the month of May. The rise in rates has largely been caused by the perception that the Federal Reserve will consider tapering stimulus measures soon. Regardless of whether or not this is truly the case, perception seems to...
Most Commercial/multifamily Delinquency Rates Decline in Q1
* Delinquency rates for commercial /and multifamily mortgage loans generally declined in the first quarter, according to the Mortgage Bankers Association (MBA). The MBA Commercial/Multifamily Delinquency Report said the 60-plus-day delinquency rate...
Net-Leased Asset Demand Exceeds Supply
* Buyer demand for net-leased properties will outpace the number of available listings through the end of the year, reported Marcus & Millichap Real Estate Investment Services, Calabasas, California. "In the short term, many investors doubt...
New Furniture
DAVE STEVENS IS GETTING A NEW DESK. The mahogany model he inherited with the job is being retired sometime in August. While it served him well during the two-plus years he's been president and chief executive officer of the Mortgage Bankers Association...
Photo Album
In 1959, the Mortgage Bankers Association of America (MBA) held its traditional get--together with principal officials of the federal agencies the association worked with most closely. Represented were the White House, Treasury Department, Federal...
Race to the Finish
"In the midst of chaos, there is also opportunity."--Sun-Tzu, The Art of War Jan. 10, 2014, is mortgage banking's "D-Day"--at least with respect to implementation of the Consumer Financial Protection Bureau's (CFPB's) Qualified Mortgage/ability-to-repay...
Raj Date, Former CFPB Official, Forms Company to Originate Non-QM Loans
* Former Deputy Director of the Consumer Financial Protection Bureau (CPPB) Raj Date announced he is starting a new consumer finance company that will be a business incubator focusing initially on the residential mortgage market. Fenway Summer LLC,...
Ready for a CFPB Audit?
ON JULY 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The preamble recites that it is lain Act to promote the financial stability of the United States by improving accountability and...
Say Goodbye to Small Loans: The CFPB's Amendments to HOEPA Are Likely to Put a Chill on Lower-Balance Mortgage Lending
THE CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) continues to promulgate rules with all the subtlety of a bull in a china shop. Charged by statute to ensure that "all consumers have access to markets for consumer financial products and services," the...
Taming the Audit Circus: How to Become a Ringmaster of Compliance in the Three-Ring Circus of Mortgage Industry Audits
Meeting today's myriad compliance requirements is akin to leaping through a flaming hoop balanced on the high wire while spinning plates and carrying five monkeys on your back. What's more, as comedian George Carlin once pointed out, "Just 'cause you...
The Cordray Appointment
Two courts of appeals have invalidated actions taken by the National Labor Relations Board (NLRB) on the grounds that President Obama's "intrasession" recess appointments of several of its members were unconstitutional. The reasoning followed by the...
The Corner Office Outlook-Midyear 2013: The First of a Two-Part Article Based on Findings from a Biannual Survey of Senior Mortgage Executives. the Topics Range from Privatization of Fannie and Freddie to Compliance Costs
BEGINNING IN 2008, WE CAME UP WITH THE IDEA of twice annually surveying a group of senior mortgage banking executives about the major issues and topics of the day. We wanted to understand where the industry stood on various issues and thought we could...
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 Holy Grail for Appraisals
WHAT'S THE ONE THING that every lender, investor and appraiser yearns for? It would be a key--a key that would unlock the knowledge in every appraisal so that every party's understanding would match the other's. If that sounds like a plot for a Steven...
Wells Fargo Reaches 90 Percent of $4.3 Billion in Promised Relief under Settlement
* On May 21, Wells Fargo & Co. reported that as of March 31 it had fulfilled an estimated 90 percent of the $4.3 billion in consumer relief it had pledged to provide under the National Mortgage Settlement with the nation's attorneys general (AGs)....
Wells Fargo Securities: 'Modest Improvement' in Fundamentals
* With the exception of apartments, the sluggish economic recovery has led to a slow improvement in commercial real estate operating fundamentals, reported Charlotte, North Carolina-based Wells Fargo Securities' Commercial Real Estate Chartbook. ...
Wingspan Buys Dimont & Associates
* Wingspan Portfolio Advisors, a component and special servicer based in Dallas, announced on May 29 it has purchased Dimont & Associates, a hazard insurance claims management company headquartered in Dallas, with an operations center in San Diego....
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