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. 74, No. 5, February

2013 CRE Investment Volume Up Again
Improving global economic conditions and enhanced liquidity pushed fourth-quarter global commercial real estate (CRE) investment volume to $183 billion, reported Jones Lang LaSalle (AL), Chicago. JLL reported full-year volume reached $549 billion-18...
A Game of Semantics
An opening (fictitious) statement by plaintiff's counsel in Jones v. Big Bank, regarding ability-to-repay (ATR) violations, Feb. 1, 2017: "Ladies and gentlemen of the jury, you have been called here today to right a grave wrong perpetrated on my...
Album
On April 11, 1968, President Lyndon Johnson signed the Civil Rights Act of 1968--commonly known as the Fair Housing Act--which was meant as a follow--up to the Civil Rights Act of 1964. While the Civil Rights Act of 1866 prohib--ited discrimination...
All Business
IT WAS JAN. 2, JUST BEFORE 10 A.M. when I showed up for my first interview of the new year with Dave Stevens. [paragraph] His desk was completely cleared (nothing unusual there). He wore the trademark starched shirt and tie, sans jacket. And his attention...
All's Quiet as FHFA Changes Hands
MUM'S BEEN THE WORD from the new director of the Federal Housing Finance Agency (FHFA)--as of mid-January, anyway. MEL WATT, the now ex-congressman from North Carolina who Mortgage Bankers Association (MBA) President and Chief Executive Officer...
A Shakeup in Property Preservation
With a shrinking supply of real estate-owned (REO) properties, growing vacant-property regulations, declining preservation contractors and more merger-and-acquisition activity, the property preservation business is changing rapidly. But there's still...
Authors / Upclose
Steve Bergsman Steve was born in the Big Apple but raised in Levittown, New York. He wrote a book about it: Growing Up Levittown: In a Time of Conformity, Controversy and Cultural Crisis. Home now is in Mesa, Arizona, where during winter he rides...
Avoiding Foreclosure How to Get It Done
IT IS NO SECRET THAT FORECLOSURES are incredibly time-consuming and costly to all parties involved. A sense still lingers, however, that foreclosures are inevitable--the result of borrowers' inability to make mortgage payments and servicers' disinterest...
Black Knight Financial Services Reports Big Jump in Home-Equity Lending
Jacksonville, Florida-based Black Knight Financial Services (the Fidelity National Financial company that combines LPS and ServiceLink offerings) released its November Mortgage Monitor Report on Jan. 14. The data shows that home-equity originations...
Burke: CRE 'Rejuvenated,' but Watch for Regulatory Changes
Mortgage Bankers Association (MBA) Chairman E.J. Burke said in a Jan. 9 speech in Atlanta that the $2.4 trillion commercial and multifamily markets are in a "very different place" from the single-family market--but added that they face similar regulatory...
CA Home Sales in December Down 12.1 Percent from Year Ago
San Diego-based DataQuick reported that the number of new and resold homes and condos in December totaled an estimated 34,949. That was down 12.1 percent from December 2012, when 39,760 sales were reported. The new total number of sales of homes in...
ClVIBS Loans Paying as Maturity Recedes
The percentage of commercial mortgage-backed securities (CMBS) loans paying off on their balloon date fell slightly to 76.5 percent in December, reported Trepp LLC, New York. Though down from November's 81.3 percent payoff rate, it remains among...
Discover Home Loans Chief Economist Comments on QM
Cameron Findlay, chief economist for Discover Home Loans Inc., Irvine, California, believes the newly effective Qualified Mortgage (QM) rule is negatively affecting more homebuyers than earlier estimates predicted. Coupled with lower loan limits on...
E-Documents and the Ability to Understand
BANKERS HAVE BEEN MOVING INTO E-COMMERCE for nearly 20 years. The first toes were dipped in the water during the mid-1990s when imaging systems began to be widely adopted and when the Mortgage Electronic Registrations Systems (MERS') was born. Despite...
FHFA's Watt Officially Delays Guaranty Fee Hikes
On Jan. 8, the Federal Housing Finance Agency (FHFA) made it official that it would delay a base guaranty fee (g-fee) hike of 10 basis points and other pricing changes on Fannie Mae and Freddie Mac loans that had been announced in early December by...
Home Improvement
When it comes to assessing the state of the housing recovery, numbers probably tell the story best. And just about every set of numbers you look at today shows a national housing market that's well into recovery--certainly from a year ago. But national...
Home-Price Spotlight
(Novermber 2013 Data--Includes District of Columbia) Peak % Decline 12-Month HPI Month Since Peak Change (Nov. 2013) 1 NEVADA MARCH ...
Home-Price Spotlight
Foreclosure Foreclosure REO REO Rate Rate Rate 12 Rate 12 Months Months Ago Ago 1 FLORIDA 6.98% 10.65% 0.89% 0.61%...
Housing Activity Residential Structures (Thousands of Units, SAAR)
BY TYPE OF UNIT HOUSING BUILDING STARTS PERMITS Total Single- Multi- Total Single- Multi- Family Family Family Family DEC 983 638...
Inside the Mind of a Top Producer Rick Elmendorf
RICK ELMENDORF, branch manager at First Home Mortgage in Fairfax, Virginia, began his career as a real estate appraiser and entered the mortgage industry in 1994. Since his debut in the business 20 years ago, Elmendorf has become a powerful example...
Key Economic Indicators and Interest Rates
CONSUMER MBA MORTGAGE PRICES, NTEREST RATES YEAR-OVER-YEAR (%) CHANGE (%) CHANGE...
Markets with Highest Share of Distressed Sales
Core-Based Statistical Area (CBSA) Short REO Sales Sales (Average (Average Price) Price)...
Medical Space Needs to Evolve
The Affordable Care Act and demographic changes will boost future demand for medical office space--especially flexible modern space--according to Marcus & Millichap Inc. (M&M), Calabasas, California. "In the real estate sector, the need...
Mgic Sees Bright Future
he mortgage insurance (MI) industry--devastated in the aftermath of the 2008 financial crisis--had by mid-2013 clawed its way back from the brink to profitability. [paragraph] The industry's fortunes have been helped by declining delinquencies and...
Month in Review
Mortgage rates rose slightly after the New Year's holiday. Since Dec. 2, 2013, the average annual percentage rate (APR) for a 30-year fixed-rate conforming mortgage has increased from 4.51% to 4.67%. In addition, the APR for a 5/1 adjustable-rate mortgage...
Moody's: Nonbank Servicers See Tremendous Growth in 2013
In a research report released by New York-based Moody's Investors Service on Jan. 16, the rating agency said the three largest nonbank servicers experienced "extraordinary" growth over the last year. The three nonbank servicers highlighted are Nationstar...
More Office Touring, Leasing and Absorption
The U.S. office market absorbed 13 million square feet during the fourth quarter--the most since 2007--reported Jones Lang LaSalle (JLL), Chicago. In total, 2013 saw 40 million square feet of positive net absorption--a big jump from 28.2 million...
New Standard for Notaries
The decline of the housing market and other industry challenges prompted the federal government to significantly increase its scrutiny of the mortgage finance industry. This stepped-up oversight is perhaps nowhere more evident than in the actions of...
November Home Prices Rise despite Uptick in Foreclosure Sales
Oxford, Mississippi-based FNC released its latest Residential Price Index[TM] (RPI) on Jan. 15 and the index showed that November home prices for non-distressed sales rose by 0.5 percent compared with the prior month. The index rose modestly despite...
November Property Prices Drift Upward
Property prices rose 10 basis points in November thanks to an increase in apartment asset prices, reported Moody's Investors Service and Real Capital Analytics Inc. (RCA), both based in New York. Apartment prices--which account for 27.6 percent...
Ocwen Reaches Major Settlement with CFPB and 49 States
Ocwen Financial Corporation, Atlanta, will be required to /provide $2 billion in principal reduction and $125 million in cash to foreclosed homeowners under a new settlement agreement reached with attorneys general and banking regulators in 49 states,...
Outlook: Hotel Recovery Will Continue in 2014
The hotel sector should have another good year in 2014, reported both PKF Hospitality Research, Atlanta, and Fitch Ratings, New York. R. Mark Woodworth, president of PKF Hospitality Research, said the company's reforecast for 2014 "reaffirmed our...
Over the Cloud and through the 'Net, to Grandfather's House We Go
THE EVOLUTION OF TECHNOLOGY, from the Stone Age to the Metal Age to the Industrial Age, has had an enormous impact on society and the world. We are now in the midst of the technological revolution of the Digital Age, which created a new culture of...
Risk Considerations in Servicing Sales
The purchase and sale of mortgage servicing rights (MSRs) has become a very active market of late. Interest in this asset is gaining considerable attention. This is evidenced by the increasing number of portfolios coming to market and can be attributed...
Securitization of Single Family Rentals: This Emerging Sector Represents a Large Market Opportunity with Potential to Create a Paradigm Shift in the U.S. Housing Market
The bursting of the housing bubble created the opportunity for investors to acquire homes in the thousands, mostly through distressed-acquisition channels and without financial leverage. Over the past two years, we estimate major institutional players...
Servicers Gain Workout Help
DESCRIBING HOPE LOANPORT[R] (HLP) as "a technology-based social enterprise" makes it sound like a company on the fast track to an initial public offering (IPO) rather than a mortgage industry consortium. But you can't fault Camillo Melchiorre, 1-ILP's...
Tackling Loan Modifications
One of the first high-profile pro footballers in the United States to make it big in the real estate/mortgage banking world was Dallas Cowboy quarterback Roger Staubach. He retired from football in 1980 and five years later was elected to the Pro Football...
Taming REO Inventories through Better Valuations
ACCURATE, TIMELY AND CREDIBLE PROPERTY VALUATIONS can go a long way toward helping lenders reduce carrying costs, shorten asset-disposition cycles and make the most of their real estate--owned (REO) assets, especially in weak and recovering housing...
The California Test Case
A tough statute, passed in California to protect homeowners from foreclosure, has been on the books for about a year. The Homeowner Bill of Rights is getting mixed reviews from many--but it's keeping the lawyers busy. The groundbreaking and controversial...
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 New Lender Placed Insurance Rules
S ince the modernization of the banking system in the 1960s, mortgage servicers have required borrowers (under the terms of the mortgage) to insure the collateral against any unintended damage by carrying the proper amount of hazard insurance. This...
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