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. 8, May

A New Title
SO HE'S DONE THE WHOLE "COMMISSIONER" THING. And "chief executive officer" has been on his resume a few times. But we heard Dave Stevens was in line for a brand-new title. What could it be? [paragraph] Try father of the bride. We got a big smile...
Appraising: At the Crossroads of Art and Science
THE APPRAISING INDUSTRY IS AT A TIPPING POINT. The appraiser population is aging and many have chosen to retire early rather than deal with increased regulations, reduced fees and higher workloads. [paragraph] Interestingly, as new regulations and...
Authors: Upclose
Barrett Burns Barrett is president and chief executive officer (CEO) of VantageScore Solutions LLC, which is the company behind the VantageScore[R] credit-scoring model. Before joining VantageScore Solutions as CEO, Burns served as a senior executive...
A Work in Progress
A new mortgage secondary market has been slow to emerge in the wake of the housing crisis. The government secondary outlets (Fannie, Freddie and Ginnie) have anchored the market since the private-label residential secondary market melted down. But...
Banks Expect New Rules to Reduce Mortgage Availability
In its 21st annual Real Estate Lending Survey, the American Bankers Association (ABA), Washington, D.C., found that new mortgage regulations are expected by many bankers to restrict access to mortgage credit. The latest survey released on April 7 found...
Bill 'Sets the Template' for Reform
INDUSTRY LEADERS at the 31st Annual Regional Conference of Mortgage Bankers Associations in Atlantic City, New Jersey, in early March hailed the introduction of bipartisan draft legislation in the Senate to reform the mortgage finance system. But at...
CMBS Delinquency Rate Lowest in Four Years
Delinquency rates for U.S. real estate loans in commercial mortgage-backed securities (CMBS) continued to fall in March, reaching four-year lows, reported Trepp LLC, New York. Manus Clancy, senior managing director at Trepp, said CMBS delinquencies...
Comparing Apples and Oranges
Comparing two different home-price indexes helps explain why different pictures of the recovery have emerged. When the housing market hit bottom in early 2012, low-priced real estate-owned (REO) and foreclosed properties were being hotly pursued...
CRE Could Reach '10-Year High' by 2016
Commercial property transaction volume will reach $430 billion by 2016--exceeding 2006 volume--a panel of 39 real estate economists and analysts predicts. The semi-annual Urban Land Institute (ULI)/Emst & Young Real Estate Consensus Forecast...
DataQuick: Home Sales Up Modestly in February
San Diego-based DataQuick released its Property Intelligence Report (PIR) for February, and the findings showed that home sales increased in 29 of the 42 counties reporting data. That was up from just 11 counties showing higher sales in January, the...
DeMarco Departs FHFA
On March 24, long-time Acting Director of the Federal Housing Finance Agency (FHFA) Edward DeMarco informed his successor, FHFA Director Mel Watt, that he would leave the agency at the end of April. In a letter to Watt, DeMarco wrote, "I appreciate...
E-Commerce Changing Retail Centers Large and Small
The growth of e-commerce has benefited small community and neighborhood strip centers, and affected large retail centers as well, reported Cassidy Turley, Washington, D.C. "The good news for landlords [of the community and neighborhood strip-center...
Federal Agencies Propose Minimum Requirements for AMCs
On March 24, six federal agencies issued a proposed rule that would implement requirements for state registration and supervision of appraisal management companies (AMCs). The proposal stems from a provision added in the Dodd-Frank Wall Street Reform...
FHFA Reaches $9.3 Billion Settlement with Bank of America
The Federal Housing Finance agency (FHFA) announced it reached an agreement with Bank of America Corporation (BofA), Charlotte, North Carolina, that provides for an aggregate payment of roughly $9.3 billion. [paragraph] Bank of America said that the...
Gen Y: A Money-Management Style of Their Own
WHOEVER FIRST COINED THE PHRASE "AGE IS JUST A NUMBER" has clearly not met up with Generation Y. As the largest age demographic in the United States, these high-profile Millennials offer up some surprises in their financial behaviors, impacting everything...
Home-Price Spotlight
States Ranked By Percent Decline From Peak Home Prices February 2014 Data-- Includes District of Columbia) Peak Month % Decline Since Peak 1 NEVADA MARCH 2006 -39.87% 2 FLORIDA ...
Hope Springs Eternal
Spring finally got here, but the season of rebirth isn't fertilizing the housing market especially well. [paragraph] National forecasts call for rising prices and an unusually low inventory, and probably fewer sales than last year. It's a seller's...
Hotel Bookings, Rates Increasing Steadily
The hotel sector continues to experience consistent growth, according to data firm TravelClick, New York. Both transient-individual business and leisure travelers and group segments will see "slow and steady" gains in occupancy and average daily...
House Hearing on the Economic Impact of 'Washington Red Tape'
On April 8, the House Committee on Financial Services held a hearing titled "Who's In your Wallet: Examining How Washington Red Tape Impairs Economic Freedom." There was one panel called to testify and panelists were all general counsels (or in one...
Housing Activity
Housing Activity Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Single- Multi- Single- Multi- ...
Inside the Mind of a Top Producer-Heather Bomar
HEATHER BOMAR, MORTGAGE ADVISER AT CORNERSTONE HOME LENDING in Oklahoma City, Oklahoma, is a woman I can relate to. She entered the business straight out of college. With 11 years of experience under her belt now, she had annual production of around...
Key Economic Indicators and Interest Rates
Key Economic Indicators and Interest Rates CONSUMER PRICES, CHANGE IN YEAR-OVER-YEAR CHANGE (%) PAYROLL EMPLOYMENT UNEMPLOYMENT ALL ITEMS...
Little Rest for Weary Lenders
IN THE PAST, LENDERS WHO HAD TROUBLE FALLING ASLEEP could cure their insomnia by reaching for a thick regulatory document to thumb through. But today that approach would be more likely to produce nightmares. Someone picking up the Consumer Financial...
Markets with Highest Share of Distressed Sales
Markets with Highest Share of Distressed Sales (January 2014 Data, Ranked by Distressed Sales %) Core-Based Statistical Area Short Sales RE0 Sales (CBSA) (Average Price) (Average Price) 1 CHICAGO-JOLIET-NAPERVILLE,...
MBA Congressional Comments: Risk Retention and Basel III
The Mortgage Bankers Association (MBA), in a statement of record to the House Financial Services Committee, submitted comments about risk retention and Basel III. MBA was invited to submit a statement for a committee hearing on Who's In Your Wallet:...
MBA: Mortgage Banker 2013 Commercial/multifamily Originations Rose to $358.5 Billion
Commercial and multifamily mortgage bankers closed $358.5 billion in loans in 2013, the Mortgage Bankers Association (MBA) reported in its 2013 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation. [paragraph] The report said...
MBA Questions Budget Proposal on FHA Administrative Fee
The Mortgage Bankers Association (MBA) is raising concerns over an Obama administration fiscal year 2015 budget proposal that would charge lenders an administrative fee to fund an enhanced quality assurance (QA) program for the Federal Housing Administration...
Median Home Price Climbs 24 Percent in Las Vegas
The median price paid for a home in Las Vegas rose 24 percent in the one-year period ending in February, according to real estate data company DataQuick, San Diego. The company reported that the February rise marked the 16th consecutive month that...
Month in Review
Mortgage rates have continued to grow modestly when compared with their rapid climb early last year. In April 2014, the average annual percentage rate (APR) for a 30-year conforming fixed-rate mortgage (FRM) increased to 3.625 percent from 3.5 percent...
Navigating New Waters in Servicing
Mortgage servicers have faced a number of challenges in the last five years, particularly on the regulatory front. Technology can help servicers survive--and even thrive--in the new environment. But a "consumer-first" approach needs to become central...
Origination Profits Plummet in Fourth-Quarter 2013
The Mortgage Bankers Association (MBA) reported that during the fourth quarter of 2013, average production profits took a nosedive to just $150 per loan. That was the lowest per-loan profit since the group started publishing its Quarterly Mortgage...
Photo Album
As part of President Franklin Roosevelt's New Beal plan to restructure the economy in the wake of the Great Depression, the Reconstruction Finance Corporation (RFC), under provisions of the National Housing Act, chartered the National Mortgage Association...
Re-ARMing the Mortgage Market
As interest rates rise, more borrowers are choosing to go with an adjustable-rate mortgage (ARM) instead of a 30-year fixed-rate mortgage (FRM)--the loan product that has reined supreme for more than five years. [paragraph] Banks, thrifts and other...
Risk Redefined
Credit-score cutoffs are changing in today's mortgage lending market. This article explains why credit scores don't remain static and need to be revisited against changing market backdrops. Today, credit scores are often used synonymously as an...
Safe-But Not That Available
What impact will the Qualified Mortgage and ability-to-repay rules have on mortgage lending? The short answer is it's too soon to tell. To begin with, let's acknowledge that the Consumer Financial Protection Bureau (CFPB) is in a tough spot. [paragraph]...
Senators Johnson, Crapo Moving Housing Finance Proposal
As of this writing, the Senate Banking Committee was scheduled to markup on April 29 the new bipartisan housing finance reform proposal drafted by the committee chairman and its ranking member. The banking committee will be working from a legislative...
Servicers: Know Thy Vendors, Know Thyself
A THIRD-PARTY VENDOR to a financial institution welcomed an individual into his office one day. The individual was there to conduct a site visit on behalf of the institution. The vendor had been preparing for the visit for some time, and was ready...
Single-Family Rentals' Effect on Apartments
As institutional investors continue to purchase and hold single-family houses as rentals, the market for apartments in traditional multifamily buildings will likely feel repercussions, according to AXIOMetrics Inc., Dallas. But exactly how much...
Stewart Announces Two Acquisitions Extending Its Mortgage Offerings
Houston-based Stewart announced on April 7 that it had acquired Wetzel Trott Inc., Farmington Hills, Michigan, which will add quality-control audit and due-diligence offerings for the mortgage origination and servicing space. On April 2, Stewart...
Street CRED
"Warehouse" brings up images of dodgy waterfronts and dark film noir detective stories, with tough-talking private eyes trading punches and dodging bullets from unruly mobsters. But for mortgage lenders, a warehouse is more similar to what former Mortgage...
The Fraud File
by Interthinx Mortgage Fraud Risk Index for February 2014--TOP 5 MSAs Metropolitan Statistical Area (MSA) Mortgage Fraud Risk Index, Feb....
The Importance of Good Data in the Fight against Fraud
IN MARCH, THE DEPARTMENT OF JUSTICE (DOJ) Office of the Inspector General Audit Division (OIGAD) issued the findings of its Audit of the Department of Justice's Efforts to Address Mortgage Fraud report. The objective was to "assess the Department of...
The Perverse Enforcement of Fair-Lending Laws
Fair-housing regulators could benefit from a lesson in statistics. Lenders that follow federal guidance increase chances the government will sue them for discrimination. In recent years, the Department of Justice settled claims of racial and ethnic...
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