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. 76, No. 7, April

An Enforcement-First Approach
In just a few years since its creation, the Consumer Financial Protection Bureau (CFPB) has radically transformed the way in which the mortgage and financial services industry is regulated and policed. Already, the CFPB has promulgated several strikingly...
April-June 2016
DEPARTMENTS CALENDAR APRIL-JUNE 2016 APRIL 2016 April 2-6 Western Independent Bankers Annual Conference for Bank Presidents, Senior Officers and Directors, Waikoloa, HI [www.wib.org/web/bpc] April 3 ...
Authors: Upclose
Kellie Chambers Kellie is the assistant vice president of investor relations for Safeguard Properties. She leads investor-facing operations, including overallowable requests, extension requests, reconveyance resolution, and review of new guide-lines...
'Capital Buffer' Disappearing
NONE OF THE PRESIDENTIAL CANDIDATES HAS SEEN FIT TO ADDRESS THE ISSUE OF FURTHER HOUSING FINANCE REFORM--at least as of this writing. But a speech in February by Federal Housing Finance Agency (FHFA) Director MEL WATT sure did, and maybe it will move...
CBRE: Talent Beats Cost in Office-Location Decisions
More than half the corporate executives surveyed favor talent availability over real estate cost as their top strategic consideration when making real estate location decisions, reported CBRE Group, Los Angeles. CBRE's Americas Occupier Survey said...
Changing Perceptions of the American Dream
Homeownership--the American dream. A vision created in the post-World War II boom, when returning military from the Greatest Generation began populating Levittowns and suburbs all over the country. Today, however, the American dream has a very different...
CRE Pricing Measures Diverge
Commercial property price indexes diverged in early 2016 as Moody's Investors Service and Real Capital Analytics Inc. (RCA), both based in New York, observed price declines while Green Street Advisors, Newport Beach, California, and CoStar Group Inc.,...
Delinquencies Hit Lowest Level since 3Q 2006
The Mortgage Bankers Association (MBA) released its National Delinquency Survey for the fourth quarter of 2015 and it showed that the seasonally adjusted delinquency rate for one-to-four-unit residential properties was 4.77 percent. That was the lowest...
Earning Diversity Dividends: The Mortgage Bankers Association's Diversity and Inclusion Committee Is Helping the Industry Align with the Real Estate Finance Market's Changing Demographics
"The population of homebuyers and homeowners in this nation becomes more diverse by the day. In order to serve the needs of these families and grow our communities, we as an industry must genuinely commit ourselves to a culture of inclusiveness that...
FHA Clarifies Certification Rules
On March 15, the Federal Housing Administration (FHA) clarified its policies on annual and loan-level certifications to try and convince lenders to continue making FHA loans without undue fear of enforcement efforts around loan defects not material...
Flips Account for 5.5 Percent of Home Sales in 2015
The share of all single-family home and condo sales in 2015 that were flips was 5.5 percent. That was up from a 5.3 percent share in 2014, according to RealtyTrac, Irvine, California. That was the first yearly increase in the share of flips in a five-year...
Housing Activity
Housing Activity Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Single- Multi- Single- Multi- ...
HUD's Evolving Property Preservation Rules
The Department of Housing and Urban Development's property preservation requirements have evolved dramatically over the years. Recent changes reflect marked improvements in the requirements field service companies and servicers must follow. Rules,...
I Love Appraisals!
DID I GET YOUR ATTENTION? If your first reaction to the title ran along the lines of "that must be a misprint," then read on. [paragraph] Property valuation in the United States is a fascinating ecosystem. By my rough calculations, we spend more than...
Inside the Mind of a Top Producer-Jennifer Sims
HAVE YOU EVER MET SOMEONE whose personality just compels you to want to get to know him or her more? That is the best way I can describe what happens when you talk with top producer and longtime friend Jennifer Sims, loan officer at Homestar Financial...
Key Economic Indicators and Interest Rates
Key Economic Indicators and Interest Rates CONSUMER PRICES, YEAR-OVER-YEAR CHANGE (%) CHANGE...
Lending Trends
LENDING TRENDS Top Origination Markets by Loan Volume (February 2016 Data, Ranked by Loan Volume) Consolidated Metropolitan Statistical Area (CMSA)/ Metropolitan Statistical Loan Area (MSA) Count Loan Volume...
Marketrac[R]
MARKETRAC[R] Markets with Highest Share of Distressed Sales (December 2015 Data, Ranked by Distressed Sales %) Short Sales REO Sales Short Sales Core-Based Statistical (Average (Average (% of...
Market Snapshot
MARKET SNAPSHOT States Ranked Worst to Best by Foreclosure Rate (December 2015 Data-Includes District of Columbia) Foreclosure Foreclosure Rate 12 REO ...
MBA Raises Forecast for Purchase and Refinance Volume
The Mortgage Bankers Association (MBA) raised its outlook for 2016 residential origination volume in a revised mortgage forecast released in February. The forecast now calls for total residential origination volume this year of $1.483 trillion. That...
MBA Research Examines Issues Shaping Lending
New Mortgage Bankers Association (MBA) research examines key commercial and multifamily mortgage financing sources and the issues that will shape lending. [paragraph] "A number of market and regulatory factors are impacting the commercial and multifamily...
Month in Review
As of March 7, 2016, the majority of mortgage rates have reversed course and moved higher. The annual percentage rate (APR) for a 30-year fixed conforming loan averaged at 3.783 percent, up from 3.731 percent the previous week. The 5/1 adjustable-rate...
Piecing Together the New HMDA Puzzle
In many ways, loan regulations are like puzzles. Borrowers submit hundreds of individual pieces of data that, when taken together, must fit neatly into ever-complicated regulatory puzzles. Miss a few pieces at the end and you either have a non-saleable...
Politics and Such
IT WAS SUPER MONDAY. Well, not really. But it was Monday. And it was the day before Super Tuesday. So technically.... [paragraph] The presidential race was on my mind as I waited to interview Dave Stevens, the president and chief executive officer...
Pool of Refinance Candidates Grows by 30 Percent
The January 2016 edition of Black Knight Financial Services' (BKFS') Mortgage Monitor report found that the pool of borrowers who could qualify for and benefit from refinancing their 30-year mortgage grew by 30 percent just in the first six weeks of...
Profits Get Whacked
If there was any doubt that compliance costs are pummeling lenders' profits, the matter was officially settled on March 17. That was the day the Quarterly Mortgage Bankers Performance Report was released by the Mortgage Bankers Association (MBA) for...
Properties with Negative Equity Tick Up in Q4
Irvine, California-based CoreLogic reported that the number of homes with a mortgage that had negative equity at the end of last year's fourth quarter totaled 4.3 million. That was an increase of 2.9 percent from the third quarter of 2015, but a decline...
Providence and Seattle Post Strong Price Gains
In its latest Home Data Index[TM] (HDI) Market Report, Reno, Nevada-based Clear Capital found strong quarterly home-price gains around the country, with Seattle and Providence, Rhode Island, topping the list of highest-performing major metro markets...
Recapturing the Art of Appraising
"APPRAISALS ARE STILL AN ART FORM," contends Jeff Bradford, founder and chief executive officer of San Jose, California-based Bradford Technologies. He notes that a residential real estate appraiser needs at least 2,500 hours of supervised training...
Reinventing the Mortgage Customer Experience: Now More Than Ever, Mortgage Lenders Need to Focus on Delivering a First-Rate Online Customer Experience
Acelerating the digital transformation of the customer experience is now one of mortgage industry executives' top-five imperatives. Industry experts say lenders have just two years to reinvent their origination and service delivery. [paragraph] Deloitte's...
Servicing Industry Completed 420,000 Modifications in 2015
Last year, the servicing industry offered roughly 420,000 permanent loan modifications to borrowers in trouble, with 302,000 of them being proprietary modifications. Home Affordable Modification Program (HAMP) solutions accounted for 117,267 of the...
Still a Relationship Business?
Compliance issues have forced lenders to revisit much of the way they manage service providers and "back-of-the-house" operations. Is the relationship-based business gone forever? Or has it simply evolved? There was a time when a loan officer or...
Ten-X: Property Values Decline for First Time since 2010
Commercial valuations decreased 26 basis points in February, led by office price drops, according to Ten-X, Irvine, California. Ten-X's pricing index examined transaction data and investor surveys to forecast commercial real estate (CRE) pricing trends...
The Art and Science of Preparing for a TRID Compliance Exam
APRIL MARKS THE HALF-YEAR POINT since the implementation of the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure rule (TRID). The landscape of mortgage origination has been transformed, and the challenge...
The Fraud File
Mortgage Fraud Risk Index for January 2016-TOP 5 MSAs Metropolitan Statistical Mortgage Area Fraud Risk % Change % Change Index, Since Since ...
The Litigation Factor
Five years of litigation against FHA lenders under the False Claims Act has netted $5 billion in settlements for the federal government. But at what price? Some of the largest FHA lenders have curtailed or exited the business. Five years ago, federal...
The Surge
The U.S. homeownership rate--a significant factor in our economy as it drives job creation, consumption and personal wealth--fell to almost a 50-year low at 63.4 percent in 2015. That left the United States in 40th position when it comes to homeownership...
To Escrow, or Not to Escrow: New Flood Insurance Rules
ACCORDING TO THE FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA), "Floods are the most common and costly natural disaster in the United States." In 2011, homeowners throughout the country painfully learned that lesson as they endured overwhelming flooding...
Trepp: REITs May Reach Plateau
Real estate investment trusts (REITs) ended February with relatively flat performance following some ups and downs, reported Trepp LLC, New York. Trepp Senior Director of Research Susan Persin said positive performance by mortgage REITs largely...
TRID: A Status Update after Six Months
"It has long been an axiom of mine that the little things are infinitely the most important."--Arthur Conan Doyle, The Memoirs of Sherlock Holmes You don't have to be Sherlock Holmes to conclude that the rollout of the Truth in Lending Act (TILA)-Real...
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