Magazine article American Banker


Magazine article American Banker


Article excerpt

Byline: Kate Berry and Sara Lepro

Industry at Work

If mortgage bankers had a theme song right now, it might be "Ain't Nothing Gonna Hold Me Down."

Despite overwhelming challenges, the overall mindset of attendees at the industry's annual convention in Atlanta this week was resilient; mortgage bankers are determined to fight back against recent bad press and are taking new rules and the weak economic outlook, in stride.

Conference participants agreed that the industry has a much more upbeat attitude than in recent years, refusing to buckle under the uncertainty from the DoddFrank Act, and the frenzy over defects in the filing of foreclosure documents that have come to light in the past month.

And there are things to be positive about, too, namely record low interest rates that have driven refinancings.

"I think with these interest rates you cannot be having a bad year in 2010, that's for sure," said Daniel Arrigoni, the president and chief executive of U.S. Bancorp's mortgage unit. "From a production perspective, I truthfully believe it's been a tremendous year."

E. Todd Chamberlain, managing executive of Regions Financial Corp.'s residential mortgage division, may have summed it up best: "The pace of change has been as brisk as ever."

States vs. Servicers

States could dramatically cut foreclosures and the steep losses incurred from reduced property taxes by inserting a mandatory loss mitigation standard into state foreclosure laws, according to a lawyer at the Center for Responsible Lending. …

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