Mortgage Banking back issues from January 2007:
Down to earth.(Portfolio)(Editorial)
Jan 01, 2007; ... After flying high for many years running, the residential mortgage market is finally coming back down to earth. Total home mortgage originations in 2007 are expected to decline by about 11 percent from an estimated $2.48 trillion in 2006, according to the Mortgage Bankers Association ...
Rep. Frank: predatory lending, GSE reform top priorities.(Briefing Book)(Rep. Barney Frank)(government-sponsored enterprise )
Jan 01, 2007 ... Look for the incoming chairman of the Housing Financial Services Committee, Rep. Barney Frank (D-Massachusetts), to make good on his promise to get the government "back into the housing business" when the 110th Congress commences. [ILLUSTRATION OMITTED] ...
Ohio, Maryland courts overturn local predatory lending laws.(Briefing Book)(American Financial Services Association)
Jan 01, 2007 ... Courts in two states in November struck down two so-called anti-predatory-lending laws, ruling the local ordinances that sought to regulate mortgage lending practices in Cleveland, and Montgomery County, Maryland, unconstitutionally encroached upon the authority of state lawmakers. ...
California housing affordability at 24 percent for first-time buyers.(Briefing Book)(Brief article)
Jan 01, 2007 ... Less than a quarter of first-time-homebuyer households in California were able to afford a median-priced home in the Golden State during the third quarter of 2006, according to the Los Angeles-based California Association of Realtors[R] (C.A.R.). C.A.R.'s First-Time Buyer ...
OFHEO finds Q3 home prices continue slow rise.(Office of Federal Housing Enterprise Oversight)
Jan 01, 2007 ... The average price of a home in the United States during the third quarter of 2006 continued to slow, while some areas experienced actual price declines, according to OFHEO. OFHEO's quarterly Home Price Index (HPI) noted that U.S. home prices were 7.73 percent higher in the third ...
Suspected mortgage loan fraud rose by 35 percent in 2005.(Briefing Book)
Jan 01, 2007 ... Even as the housing market slows, suspected mortgage loan fraud in the United States rose 35 percent in the last year, according to an assessment released by the Financial Crimes Enforcement Network (FinCEN). FinCEN, an agency of the Treasury Department, conducted the ...
Aging baby boomers, young immigrants to drive homeownership.(Briefing Book)
Jan 01, 2007 ... Look for the overall U.S. population to experience a rapid aging over the coming years as baby boomers grow older, even as the population absorbs large numbers of young recent immigrants, according to a new study by the Mortgage Bankers Association (MBA). The study, America's ...
HNMA formed to reach Hispanic borrowers.(Briefing Book)(Hispanic National Mortgage Association)(Deutsche Bank AG)
Jan 01, 2007 ... The Hispanic National Mortgage Association (HNMA), San Diego, and Frankfurt, Germany-based Deutsche Bank announced they have launched a new national correspondent lending operation--HNMA Funding Company--which offers innovative loan programs for Hispanic and other immigrant borrowers. ...
Forecasters lower near-term estimates for economic growth.(Briefing Book)(Statistical data)
Jan 01, 2007 ... Expect to see slower economic growth over the next several quarters than previously estimated, while the near-term inflation outlook has improved, according to 51 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The Philadelphia Fed's quarterly forecast ...
NAHB poll finds consumers still confident on home values.(Briefing Book)(National Association of Home Builders)(Brief article)
Jan 01, 2007 ... Americans remain highly confident about the nation's housing prospects, with more than four out of five homeowners expecting the value of their home to appreciate over the next five years and nearly seven out of 10 calling it their most valuable investment, according to the results of a ...
ditech.com offers MasterCard to customers to pay down mortgage.(Briefing Book)(Brief article)
Jan 01, 2007 ... Costa Mesa, California-based ditech.com announced it has released the ditech.com Equity Rewards[SM] MasterCard[R] credit card. Exclusively for qualified ditech.com customers, the ditech.com Equity Rewards MasterCard credit card offers the ability for ditech.com customers to pay ...
Housing market to 'coast' in 2007.(Briefing Book)(National Association of Realtors)
Jan 01, 2007 ... Following a correction in home sales and prices in 2006, expect existing-home sales to "coast" at roughly the same level in 2007, although there will be some additional decline in the new-home market, according to a forecast by the National Association of Realtors[R] (NAR), Chicago. ...
OFHEO holds conforming loan limit steady for 2007.(Briefing Book)(Office of Federal Housing Enterprise Oversight )(Brief article)
Jan 01, 2007 ... The maximum 2007 conforming loan limit for single-family mortgages purchased by Fannie Mae and Freddie Mac will remain at the 2006 level, announced OFHEO. The single-family limit can be no higher than $417,000 for one-unit properties in 2007, the same as in 2006 but up from ...
The ticker.(Statistical table)
Jan 01, 2007 ... <Pre> Price Price Ticker Close Close 52-Week 52-Week Company Symbol 11/30/06 10/31/06 High Low Indymac Bancorp NDE 45.95 45.45 50.5037.15 Inc. Countrywide ...
A huge year for M & A.(Deal Talk)(merger-and-acquisition)(Column)
Jan 01, 2007; ... In January 2006, I wrote a column that discussed merger-and-acquisition (M & A) activity within the mortgage banking industry in 2005. As we begin 2007, it is time once again to step back and examine the wave of consolidation that took place in the mortgage banking industry in 2006, and ...
A very good year--still.(Executive Suite)(Column)
Jan 01, 2007; ... Without a doubt, 2006 was challenging for the home mortgage business. A confluence of slowing housing demand, volatile rates, an inverted yield curve, industry consolidation and increased regulatory scrutiny made it a difficult year compared with recent history. It's at least ...
David Wyss, Standard & Poor's chief economist.(Newsmaker)(Interview)
Jan 01, 2007; ... It's a safe bet that even the most passive observer of the financial markets knows David Wyss. As New York-based Standard & Poor's (S & P's) chief economist, Wyss is responsible for S & P's economic forecasts and publications. He also coauthors the monthly Equity Insight and the weekly ...
ATM dad.(1919 Pennsylvania Ave.)(Automated teller machines)(Mortgage Bankers Association's effort for Financial literacy)(Column)
Jan 01, 2007; ... When we last spoke in my August column, I regaled you with how I have learned more about life, my work--and myself--from being a parent of three daughters. The oldest of my three teenage girls is now ensconced in her freshman year of college. Her escape from home prompted the ...
Calendar of events.(Calendar)
Jan 01, 2007 ... <Pre> January 2007 Jan. 7-9 Commercial Mortgage Securities Association (CMSA) CMBSInvestors Conference, Miami[www.cmbs.org/investorsconference/2007/index.html] Jan. 7-12MBA School of Mortgage Banking Course I, Tampa, Florida Jan ....
Letter.(Letter to the editor)
Jan 01, 2007; ... DEAR EDITOR: I am writing in regard to your November 2006 article entitled "The Broker Portal Space." First and foremost, I'd like to thank you for including eMagic in your story. This is an exciting time of rapid evolution for broker portals, and eMagic is on the forefront of ...
A return to normal: the outlook calls for the current deceleration in the housing market to moderate in 2007. Long-term rates will slowly rise to about 6.5 percent by the third quarter. Total single-family originations are expected to drop by 11 percent in 2007, following a projected 18 percent fall in 2006.(Cover Report: Business Outlook)(Cover story)
Jan 01, 2007; ... "Normalization" is the best term for what will happen in the mortgage markets in 2007 as the economy resumes a trend growth path after a late 2006 slowdown. The Federal Reserve Board will be patient in waiting for core inflation to cool, and interest rates won't go far in either direction ....
Lots for sale: there's a big build-up of unsold inventory in the new-home market and builders are trying their best to move it. But buyers are not getting what they banked on from existing homes, so the new-home market has stalled.(Cover Report: Business Outlook)
Jan 01, 2007; ... Remember the good old days when that house you bought for less than $200,000 was a sure bet to sell at $800,000 a few years later? As interest rates dropped, that house was a piggy bank. Refinancing drove the economy. There was work for lenders, brokers, appraisers, real estate attorneys, ...
Priced out: high prices have California buyers hunting for relief in many directions. Some have crossed the border into neighboring states, and others have headed for the far-reaching exurbs.(Cover Report: Business Outlook)
Jan 01, 2007; ... Over an extensive career that crosses the home-building and mortgage industries, Jack Haynes has seen a lot. But what has happened in California seems unique. [??] Prices of single-family homes are so high in California's metropolitan areas, in fact, that for the first time in more than a ...
The perfect calm: three prevailing fronts currently lingering over the commercial/multifamily real estate markets have created close to ideal conditions.(Commercial/Multifamily)
Jan 01, 2007; ... In Sebastian Junger's account of the sinking of the Andrea Gail in his book The Perfect Storm, he describes how three separate weather systems merged off the northeastern coast of North America and, through their combined force, caused a "perfect storm." This particular storm roiled the ...
Boston's uncommon market: several sectors of the Boston commercial and multifamily property markets are thriving today. But this key New England city boasts an economy that can be volatile, and its property markets ride the resulting ups and downs.(Commercial/Multifamily)
Jan 01, 2007; ... Metropolitan Boston's economy is full of contradictions. It has produced some of the largest declines in employment and wages in the country in sectors related to the so-called old economy, while at the same time creating one of the highest concentrations of employment in the high-paying ...
The hotel acquisition binge: foreign investors swept across Canada in late 2006, spending billions to buy the Fairmont (probably its oldest) and Four Seasons (indisputably its most glamorous) hotel chains. These deals were the culmination of a string of acquisitions that has globalized most of Canada's innkeepers.(Commercial/Multifamily)(Four Seasons Hotels Ltd.)(Cascade Investment L.L.C.)(Kingdom Hotel Investment Group)
Jan 01, 2007; ... Nobody, not even the most upbeat observer, could have imagined that the record C$1.7 billion worth of single hotel asset and portfolio transactions in Canada in 2005 could be so dramatically eclipsed the following year. [??] But that's just what happened (see Figure 1). [??] And it was ...
Wrightwood Capital goes back to the future: a Chicago-based commercial real estate finance firm has deep roots in the business and ambitious plans for growth.(Commercial/Multifamily)(Company overview)
Jan 01, 2007; ... Bruce Cohen, chief executive officer of Chicago-based Wrightwood Capital, has an unconventional but clear formula for success: going back to the future. [??] How well that works is reflected in the vigorous growth of the firm, a leading provider of structured capital to the real estate ...
Business/industrial parks on the upswing: global trade combined with a percolating domestic economy are powering an improvement in the industrial/business-park property market. The best evidence of this is the booming conditions in California's Inland Empire.(Commercial/Multifamily)
Jan 01, 2007; ... The nation's business/industrial park market is making a transition from recovery to expansion mode. The national vacancy rate at midyear 2006 stood at 7.9 percent, the lowest level since third-quarter 2001, according to Chicago-based Grubb & Ellis Co.'s quarterly Industrial Market ...
A CRE technology primer: the commercial lending and servicing business would benefit greatly from some of the latest technology. This high-level discussion offers food for thought.(Commercial/Multifamily)
Jan 01, 2007; ... According to almost everyone you talk to, the commercial mortgage industry is in need of an overhaul--technology-wise. Technology continues to be underutilized, and too many decisions are still made through the use of glorified Excel[R] spreadsheets--the key remnant of the industry's last ...
Expect role and use of patents to grow in mortgage technology.(TechNewz)(Conference news)
Jan 01, 2007 ... When it comes to protecting your firm's intellectual property rights, ignorance is not bliss--and he who hesitates doesn't just miss the patent-filing deadline, but perhaps his one chance to remain competitive in the industry, an expert told attendees at the Mortgage Bankers Association's ...
Data security to heat up at federal, state levels in 2007.(TechNewz)(Conference news)
Jan 01, 2007 ... Expect Congress to take up in earnest the issue of data security in 2007. But even if lawmakers don't get around to enacting federal legislation, companies should already be prepared to grapple with security and legal compliance at the state level, an expert told attendees at MBA's Legal ...
Pennsylvania closes completely electronic home sale.(TechNewz)
Jan 01, 2007 ... HomeSale Settlement Services, Lancaster, Pennsylvania--in collaboration with Simplifile, Provo, Utah; the Lancaster (Pennsylvania) County Recorder of Deeds; and the National Notary Association (NNA), Chatsworth, California--announced it has conducted what it calls the first completely ...
BSM Financial taps Commerce Velocity's solutions.(TechNewz)(Brief article)
Jan 01, 2007 ... Irvine, California-based Commerce Velocity Inc. announced that Allen, Texas-based BSM Financial LP will implement Commerce Velocity's CQ BrokerConnect and Automated Underwriting System solutions to give its brokers powerful, immediate and accurate loan approvals. BSM Financial ...
Ellie Mae releases Contour Migration Wizard.(TechNewz)(Brief article)
Jan 01, 2007 ... Dublin, California-based Ellie Mae Inc. has announced the creation of the Contour[TM] Migration Wizard, a simple and easy-to-use tool that enables Contour loan origination system (LOS) users to quickly transition to the Encompass[R] Mortgage Automation System. With the creation ...
Armorpoint launches on-demand identity-theft solution.(TechNewz)(Armorpoint On-Demand Identity Theft Management Platform)(Armorpoint Blanket Protection Service)(Armorpoint Identity Theft Security Suite)
Jan 01, 2007 ... San Diego-based Armorpoint Inc. announced the introduction of what it calls a unique Web-based resource center as well as proactive tools and services to provide transparent personal data protection for identity-fraud mitigation and risk management. The company said its product ...
Prioritizing technology initiatives critical for firms in 2007.(TechNewz)
Jan 01, 2007 ... Expect the top challenges for U.S. mortgage and consumer lenders in 2007 to include grappling with increased market volatility, changing customer and marketplace demands, and overcoming the legacy of paper-based and manual processes, according to a report by Needham, Massachusetts-based ...
Gallagher, Fremont Investment deploy NetOxygen nationwide.(TechNewz)(Gallagher Financial Systems Inc.)(Fremont Investment & Loan)(Gallagher NetOxygen )
Jan 01, 2007 ... South Miami, Florida-based Gallagher Financial Systems Inc. announced that Brea, California-based Fremont Investment & Loan has successfully deployed Gallagher NetOxygen to its nationwide network of residential real estate loan production centers. Gallagher NetOxygen is a ...
Lending Solutions, Rely Data offer credit-report monitor.(TechNewz)(RelyData Credit Report Alert Notification E-mail)
Jan 01, 2007 ... Lending Solutions Inc., Elgin, Illinois, through its partnership with RelyData LLC, Chicago, announced the release of a credit-monitoring alert system for account holders at credit unions, banks and other financial services providers. RelyData's Credit Report Alert Notification ...
Hanover Capital Partners joins BlitzDocs Collaboration Suite.(TechNewz)(Advectis[R] Inc. )
Jan 01, 2007 ... Atlanta-based Advectis[R] Inc. announced that Edison, New Jersey-based Hanover Capital Partners has selected the BlitzDocs[R] Collaboration Suite as its corporate document-imaging solution for providing due-diligence and quality-control (QC) services for their investor customers. ...
Federal regulators pass on setting CRE lending limits.(Commercial)(commercial real estate)
Jan 01, 2007 ... Federal regulators opted not to issue limits on commercial real estate (CRE) lending, but the final guidance put out by the Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) does remind firms of the importance of ...
Multifamily sector declined during third quarter.(Commercial)(Brief article)
Jan 01, 2007 ... The multifamily housing market declined across all production and rental segments during the third quarter of 2006, according to the Department of Housing and Urban Development (HUD). At the end of the third quarter, all multifamily production indicators were negative, ...
Aimco closes $100 million transaction for 84 apartment properties.(Commercial)(Brief article)
Jan 01, 2007 ... Aimco, a Denver-based real estate investment trust (REIT), announced it has closed on a $100.1 million transaction structured to provide for the future acquisition of 84 residential properties having 1,597 apartment units and 42 commercial/retail stores located in the West Harlem district ...
Builders remain worried about condo market weakness.(Commercial)
Jan 01, 2007 ... Responding to slower sales and a growing inventory of units on the market, builder confidence in the condominium housing market eroded in the third quarter of 2006, according to a joint survey by the National Association of Home Builders (NAHB) and Fannie Mae, both based in Washington, ...
Industrial market grew steadily during 3Q.(Commercial)(Financial report)
Jan 01, 2007 ... The industrial real estate market was marked by ongoing steady demand and an increase in construction during the third quarter of 2006, meeting the expectations of industry watchers, according to Boston-based Colliers International Property Consultants Inc. Third-quarter ...
GE Real Estate provides $122 million to upgrade 12 Arizona properties.(Brief article)
Jan 01, 2007 ... GE Real Estate, Stamford, Connecticut, announced it has provided two flexible, fixed-rate loans totaling $122.145 million to The Bascom Group, Irvine, California, a privately held real estate investment and property management firm specializing in value-added multifamily properties. ...
Multifamily lending report finds broad array of active lenders.(Commercial)(Mortgage Bankers Association )(Statistical data)
Jan 01, 2007 ... The multifamily lending market is broad and deep, but it is also very much segmented by size, according to a new report by the Mortgage Bankers Association (MBA). The association's first-of-its-kind report, MBA Annual Report on Multifamily Originations, noted that in 2005, 2,670 ...
NAR: commercial real estate solid and improving.(Commercial)(National Association of Realtors)
Jan 01, 2007 ... Commercial real estate sectors are on solid ground with generally tightening vacancy rates and sound fundamentals, according to the National Association of Realtors[R] (NAR), Chicago. Commercial real estate is fundamentally sound with growing jobs and expanding businesses, noted ...
Carmel Partners acquires D.C.-area properties for $106 million.(Brief article)
Jan 01, 2007 ... Carmel Partners Inc., a San Francisco-based private real estate investment firm, announced that it has acquired four new properties in the Washington, D.C., region for a total of $106.5 million. Carmel Partners Investment Fund II LP purchased The Summit Apartments in Alexandria, ...
Apartment market continues expansion phase.(Commercial)
Jan 01, 2007 ... The apartment market remained solidly in the expansion phase of the real estate cycle during the third quarter of 2006, according to the National Multi Housing Council (NMHC), Washington, D.C. NMHC's October 2006 Quarterly Survey of Apartment Market Conditions noted that ...
HRECC closes $109 million loan for Albany shopping mall.(Commercial)(Hypo Real Estate Capital Corporation )(Brief article)
Jan 01, 2007 ... Hypo Real Estate Capital Corporation (HRECC), the New York-based subsidiary of Hypo Real Estate Bank International, Munich, Germany, announced it has closed on the $109.8 million, 24-month, floating-rate first-mortgage loan for the repositioning of Colonie Center, a regional shopping mall ...
The death of common sense.(Executive Essay)(Viewpoint essay)
Jan 01, 2007; ... "We have increased our stated-doc loans to more than 85 percent, and the stated-doc loans are outperforming the full-doc loans." "We understand how risky the stated products are, but without them we just cannot compete." "We, as brokers, have no responsibility to ...
Reject the post-acceleration check? Dispelling the myth.(Servicing)(Column)
Jan 01, 2007; ... Perhaps the No. 1 misconception in mortgage servicing is that any mortgage payment remitted after acceleration must be returned and rejected. The notion found its way to the top of the list for Berkman, Henoch, Peterson & Peddy PC's presentation, entitled "The 20 Greatest Loan Servicing ...
Election 2006: what does it mean for MBA's agenda?(Washington)(Mortgage Bankers Association )(Interview)
Jan 01, 2007; ... Midterm elections, unlike presidential elections, are always a look back. The 2006 midterm elections that returned control of Congress to the Democrats after a 12-year hiatus are a dramatic example of that principle, and will go down in the history of campaigns as a referendum on an ...
Citigroup Inc.(People)(Robert Druskin)(Brief article)
Jan 01, 2007 ... Robert Druskin has been named chief operating officer of Citigroup Inc. in New York. Druskin remains president and chief executive officer of Citigroup ...
David Girling has been promoted to president and chief executive officer of ComplianceEase in San Francisco.(People)
Jan 01, 2007 ... David Girling has been promoted to president and chief executive officer of ComplianceEase in San ...
Robert E. Croner has been promoted to executive vice president, human resources, for Radian Group Inc. in Philadelphia.(People)
Jan 01, 2007 ... Robert E. Croner has been promoted to executive vice president, human resources, for Radian Group Inc. in Philadelphia. Mini Radhakrishnan and George Tzigiannis have been promoted to vice ...
John Manos has been promoted to regional president, commercial lending, Southern region, for Burr Ridge, Illinois-based BankFinancial FSB.(appointments)(Brief article)
Jan 01, 2007 ... John Manos has been promoted to regional president, commercial lending, Southern region, for Burr Ridge, Illinois-based BankFinancial FSB. Tom Wagner has been appointed a managing director for Blackacre ...
First Magnus Financial Corporation.(appointments)(Brief article)
Jan 01, 2007 ... Kymberly Wright has been appointed director of the Correspondent Lending Division, and Joseph P. Ferraro has ...
John C. Golden has been appointed vice president of education for the Mortgage Bankers Association (MBA) in Washington, D.C.(appointments)(Brief article)
Jan 01, 2007 ... John C. Golden has been appointed vice president of education for the Mortgage Bankers Association (MBA) in Washington, D.C. Mitch Freifeld has founded Branch Management Solutions in Clearwater, Florida. ...
Brian Morgenstern has been appointed regional vice president for portions of Southern California, for Brea, California-based ResMAE Mortgage Corporation.(appointments)(ResMAE Mortgage Corporation)(Brief article)
Jan 01, 2007 ... Brian Morgenstern has been appointed regional vice president for portions of Southern California, for Brea, California-based ResMAE Mortgage Corporation. Nicholas Kacher has been named an ...
Fiserv Inc.(People)
Jan 01, 2007 ... Rahul Gupta has been named group president, payments and industry products; Thomas Warsop has been named group president, financial institutions; Tom Neill has been named group president, depository institution ...
Rick Doran has been named an area manager in the Arizona region.(People)(Indymac Bank's)(Brief article)
Jan 01, 2007 ... Rick Doran has been named an area manager in the Arizona region; Belinda Withers has been named a business development manager in the California region; Mario Pansino has been named a business development manager in the Connecticut region; Scott W. Nicholls has been named a business ...
Glenn McCarthy has been appointed regional sales manager for the Wholesale Division, based in Dallas, for Fort Worth, Texas-based Colonial National Mortgage.(appointments)(Brief article)
Jan 01, 2007 ... Glenn McCarthy has been appointed regional sales manager for the Wholesale Division, based in Dallas, for Fort Worth, Texas-based Colonial National Mortgage ....
Michael Cropper has been named eastern U.S. account executive for Atlanta-based The StoneHill Group Inc.(appointments)(StoneHill Group Inc)(Guaranteed Home Mortgage Co Inc)(Brief article)
Jan 01, 2007 ... Michael Cropper has been named eastern U.S. account executive for Atlanta-based The StoneHill Group Inc. Laurie Souders has been named Southeast broker sales account executive for the mortgage broker origination ...
FNC Inc.(appointments)(Brief article)
Jan 01, 2007 ... Kagan Coughlin has been named product manager, Rachel Hawkins has been promoted to Inside Sales ...