Mortgage Banking back issues from June 2007:
Hitting home.(Portfolio)(Editorial)
Jun 01, 2007; ... Some niches in the mortgage lending business are absolutely booming today. For example, lenders targeting the reverse-mortgage business are seeing really strong growth. With boomers aging in droves over the next decade, this segment has nowhere to go but up. Other really strong ...
Correction.(Correction notice)
Jun 01, 2007 ... An April 2007 article we published, titled "Putting All the Pieces Together," contained some inaccuracies. Quicken Loans' Web site and mortgage origination technology were not created by Intuit. Intuit got Rock ...
FHA modernization bill clears House committee; HUD seeks full passage.(Briefing Book)(Federal Housing Administration)(Department of Housing and Urban Development)
Jun 01, 2007 ... A newly modernized Federal Housing Administration (FHA) could serve as an antidote to the current subprime mortgage market problems, but every day that Congress delays in pushing through an FHA reform bill puts homeowners at risk, declared the head of the Department of Housing and Urban ...
Senate GOP files new GSE reform bill.(Briefing Book)(government-sponsored enterprises)
Jun 01, 2007 ... The Mortgage Bankers Association has endorsed and is calling for speedy passage of a bill filed by Senate Republicans that would instill strong regulatory oversight over the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Federal Housing Enterprise ...
Subprime shake-up a 'nightmare' for home builders.(Briefing Book)
Jun 01, 2007 ... That the current seismic events in the subprime mortgage market have shaken up home builders and the housing market is not in dispute, but forecasts varied among experts at the National Association of Home Builders' (NAHB's) semi-annual Construction Forecast Conference in Washington, D.C., ...
Q1 homeownership rate drops.(Briefing Book)(Survey)(Brief article)
Jun 01, 2007 ... The percentage of Americans owning their own homes fell during the first quarter of 2007, according to the U.S. Census Bureau. At 68.4 percent, the first quarter's homeownership rate dropped from both fourth-quarter 2006's rate of 68.9 percent and from first-quarter 2006's rate ...
Vacation homes top record in 2006; investment sales plummet.(Briefing Book)(Survey)
Jun 01, 2007 ... Second-home sales were a mixed bag in 2006, as vacation-home sales rose to a new record while sales of homes for investment purposes sank, according to a survey by the National Association of Realtors[R] (NAR), Chicago. NAR's annual Investment and Vacation Home Buyers Survey ...
Frank, Bachus seek GAO investigation of foreclosures.(Briefing Book)(Government Accountability Office)
Jun 01, 2007 ... The chairman and ranking member of the House Financial Services Committee have jointly requested that the Government Accountability Office (GAO) conduct an investigation into the recent increase in the number of mortgage foreclosures. The letter to GAO Comptroller General David ...
Illness, personal debt growing reasons for delinquencies in 2006.(Briefing Book)(Report)(Brief article)
Jun 01, 2007 ... Unexpected illness and extreme personal debt by homeowners were the primary reasons for mortgage delinquencies in 2006, even as the percentage of delinquencies overall dropped last year, according to an analysis by Freddie Mac. The new analysis of 2006 mortgage delinquencies in ...
NJ HMFA selects AIG United Guaranty as MI provider.(New Jersey Housing and Mortgage Finance Agencys contract of mortgage insurance with United Guaranty Residential Insurance Co.)(Brief article)
Jun 01, 2007 ... Greensboro, North Carolina-based United Guaranty Residential Insurance Co.--doing business as AIG United Guaranty--announced that the New Jersey Housing and Mortgage Finance Agency (HMFA) has selected AIG United Guaranty to be its sole provider of pool insurance, as well as one of the ...
Congress, policymakers weigh subprime foreclosure fixes.(political aspects and services of mortgages and foreclosures)
Jun 01, 2007 ... Given the statements, rhetoric and events during the month of May, it appears to be less a question of "if" and more a matter of "how" Congress and federal policy-makers will address the issue of rising foreclosures, subprime mortgage delinquencies and allegations of predatory lending. ...
Risk of foreclosure rises during second quarter of 2007.(Briefing Book)(Report)
Jun 01, 2007 ... While the risk of residential mortgage loan delinquency due to fraud has seemingly stabilized, the risk of foreclosure during the second quarter of 2007 increased, according to a survey released by First American CoreLogic, Santa Ana, California. First American CoreLogic's Core ...
The ticker.(Statistical table)
Jun 01, 2007 ... <Pre> Price Ticker ClosePrice Close 52-Week 52-Week Company Symbol 4/30/07 3/30/07 High Low Indymac Bancorp Inc. NDE 30.5032.0550.5026.27 Countrywide FinancialCFC...
An agent for change in the mortgage industry.(Deal Talk)
Jun 01, 2007; ... The Deal Talk column normally deals with significant trends in the industry, particularly changes that affect the value of companies. My own expertise is in capital raising and mergers and acquisitions, and I have witnessed and participated in the buying, selling and public offerings of ...
The Hispanic lending opportunity.(Executive Suite)
Jun 01, 2007; ... As a frequent speaker at industry conferences, I often find myself reeling off statistics about the changing demographics of the mortgage market. But there are two statistics that always hit home: By 2012, 75 million baby boomers will retire (and presumably downsize their real estate ...
Comptroller general of the United States David M. Walker.(Newsmaker)(Interview)
Jun 01, 2007; ... David M. Walker may seem like any other typical accountant, but there is nothing typical about his job or, more recently, about the way he's reaching out to his employers--the 300 million or so members of the tax-paying public. As comptroller general of the United States, Walker ...
Calendar of events.
Jun 01, 2007 ... <Pre> June 2007 June 3-5Mortgage Bankers Association of Missouri Annual Convention, Lake Ozark, Missouri [www.mbamo.org] June 3-5Texas Mortgage Bankers Association Annual Convention, Lost Pines, Texas [www.texasmba.org/meetings.htm] ...
Moving forward in reverse: some really savvy lenders have jumped on the reverse-mortgage origination trend. Wall Street, too, sees the promise of this growing market.(Cover Report: Origination Strategies)(Company overview)
Jun 01, 2007; ... Reverse mortgages are shifting into high gear as lenders rush to meet consumer and investor demand for the product. "The reverse-mortgage industry has really caught fire in the last couple of years," says Jeff Taylor, vice president, national reverse mortgage program manager, in the ...
Above the fray: Thornburg Mortgage takes the high road on risk in its origination niche serving high-end borrowers. This mortgage REIT is having a surprisingly strong year in a down market.(Cover Report: Origination Strategies)
Jun 01, 2007; ... The senior team at Santa Fe, New Mexico-based Thornburg Mortgage Inc. is feeling pretty good these days--soft market or not. [??] In the first quarter of 2007, Thornburg Mortgage--which specializes in adjustable-rate mortgages (ARMs) for high-income borrowers--reported a 20 percent ...
Who's who in wholesale 2006: here's our annual story on the top wholesale and correspondent lenders. Last year was a year of many stories in the wholesale lending space.(Cover Report: Origination Strategies)
Jun 01, 2007; ... Last year was an interesting one in many ways for the mortgage banking business and the overall industry. For one, 2006 was the transitional year that separated a world of attitudes--from "Anyone and everyone who wants a mortgage can get one" to "On further inspection, maybe that's not ...
To the rescue: Firemen's Mortgage, Gaithersburg, Maryland, is climbing the ladder of success by delivering mortgages that don't hose borrowers with excessive fees or risky products.(Cover Report: Origination Strategies)
Jun 01, 2007; ... Washington, D.C., Fire Department Sgt. Jim Hanson is a special operations expert. If there's a bomb scare, he's in the first line of response. If there's an incident in the nation's capital involving threats, hazardous materials or disaster, Hanson is the point person for analysis and ...
A new and improved VA loan program: the VA Home Loan Guaranty program has been bringing vets the advantage of no-down-payment mortgages for years. This quietly successful program is making changes to make it an even more appealing alternative in today's market.(Cover Report: Origination Strategies)(Veterans Affairs)
Jun 01, 2007; ... While the collapse of the subprime mortgage market has dominated recent headlines and national attention, leaders of the Department of Veterans Affairs (VA) Home Loan Guaranty program are quietly exploring a series of reforms to re-energize the national VA home loan program. With little ...
The silver lining: mortgage originators are sifting through a maze of challenges in today's market. But many executives see hidden opportunity among the chaos.(Cover Report: Origination Strategies)
Jun 01, 2007; ... Next to serving in a war zone or packaging dynamite for a living, one of the more hazardous occupations of late seems to be that of mortgage originator. [??] Plateaued (or dropping) property values, dried-up investor funding, greater regulatory scrutiny and the whole subprime saga ...
Producing managers: time for a change? Has the concept of a producing branch manager outlived its usefulness?(Cover Report: Origination Strategies)
Jun 01, 2007; ... It wasn't that long ago that retail branches were all run by non-producing managers. It changed for most companies in the early 1990s, when the financial markets had credit problems and companies stripped out a layer of management to save expenses. [??] The rationale for the decision was ...
Tactics for a rougher road: here are five companies that have adopted successful strategies for today's challenging market. Working with borrowers to improve their credit is key to many of their approaches.(Cover Report: Origination Strategies)
Jun 01, 2007; ... There is definitely no shortage of doom-and-gloom stories hovering over the industry right now. Most have been triggered by the undeniable slowdown in home sales, tightening regulations and fallout in the subprime segment. That makes it especially good to hear that even in this rocky ...
Talking home-price trends: two experts on home-price trends discuss some new tools to help borrowers and lenders hedge against home-price declines.(Interview)
Jun 01, 2007 ... Mortgage Banking recently interviewed some leading experts on house-price trends and the primary factors shaping them. One of the themes discussed was the illiquidity of the residential real estate market and how that influences the movement of house values. The experts raised hopes for ...
Tech tools for originators: great technology helps attract and keep good originators. Here are a few of the ways it helps.(Technology)
Jun 01, 2007; ... After riding a wave of unprecedented housing market activity, an industry correction is now officially under way. Mortgage originations are expected to decline by almost 20 percent this year as the result of several factors. They include the fact that 80 percent of all outstanding ...
A turning point.(Washington)
Jun 01, 2007; ... An April 10 letter to the Mortgage Bankers Association's (MBA's) membership describes the tremendous activity going on at MBA headquarters in response to the current torrent of negative press and wide-ranging policy proposals generated by a perceived subprime mortgage crisis. Another ...
President's Identity Theft Task Force releases strategic plan.(TechNewz)
Jun 01, 2007 ... Improving the effectiveness of criminal prosecutions, enhancing data protection of sensitive customer information, and improving recovery and assistance for victims of identity theft encompass the three main elements of the government's strategic plan to combat identify theft. ...
Ellie Mae, First Title offer pre-GFE access to closing fees.(TechNewz)(Good Faith Estimate)
Jun 01, 2007 ... Dublin, California-based Ellie Mae Inc. and Rockville, Maryland-based First Title and Escrow Inc. (First Title) have entered into a collaboration that will enable users of Ellie Mae's Encompass[R] mortgage automation system to receive instant and exact closing fees directly from First ...
Electronic recording now used by 250 counties.(TechNewz)(Brief article)
Jun 01, 2007 ... The number of counties that have implemented electronic recording systems topped the 250 mark during the month of April, according to the Property Records Industry Association (PRIA), Morrisville, North Carolina. PRIA, the national standard-setting body for the land records ...
Rapid Reporting partners with Calyx to combat mortgage fraud.(TechNewz)
Jun 01, 2007 ... Rapid Reporting, Fort Worth, Texas, has partnered with Calyx[R] Software, San Jose, California, to offer mortgage fraud-detection capabilities to users of Calyx's core group of products and services, including the company's flagship loan origination solution, Calyx Point[R]. As ...
Lender E-Source, MRG announce strategic alliance.(TechNewz)(MRG Document Technologies)(Brief article)
Jun 01, 2007 ... Lender E-Source, Vista, California, and MRG Document Technologies, Dallas, have announced a strategic alliance that infuses Lender E-Source's automatically managed loan guidelines into MRG's electronic document systems. The alliance provides MRG's documents with daily updates ...
BasePoint launches two anti-mortgage-fraud services.(TechNewz)
Jun 01, 2007 ... BasePoint Analytics, Carlsbad, California, announced the availability of two new fraud consulting services--Enhanced Fraud Review and Fraud Organizational Framework--designed to help identify and prevent the funding and purchase of fraudulent loans by incorporating proven best practices ...
PriceMyLoan tops 100 deployments.
Jun 01, 2007 ... Costa Mesa, California-based PriceMyLoan (PML) has announced it has reached a threshold of 100 deployments with the addition of two new clients--Columbus, Ohio-based Residential Finance and Costa Mesa, California-based Home Advantage Funding Group. By crossing this threshold, ...
MGIC accepts PRBC reports through Credit Plus.(Mortgage Guaranty Insurance Corp. contracts with Credit Plus Inc. for providing mortgage insurance)(Brief article)
Jun 01, 2007 ... Salisbury, Maryland-based Credit Plus Inc. announced that its client, Annapolis, Maryland-based Pay Rent Build Credit (PRBC), will be accepted by Milwaukee-based Mortgage Guaranty Insurance Corporation (MGIC), the primary subsidiary of MGIC Investment Corporation, to automate approval and ...
Wells Fargo to use BlitzDocs Connector.(TechNewz)
Jun 01, 2007 ... Atlanta-based Advectis Inc. has released its BlitzDocs[R] Connector for loan document image delivery to Wells Fargo Home Mortgage Inc., Des Moines, Iowa. Using BlitzDocs Connector for Wells Fargo, correspondent sellers will be able to deliver imaged mortgage loan documents to ...
Visionet Systems launches repurchase claims management solution.
Jun 01, 2007 ... Cranbury, New Jersey-based Visionet Systems Inc. has launched VisiClaims[R], a solution designed to provide lenders and servicers a mechanism for avoiding repurchases and expediting settlements through the processing of claims. VisiClaims comes with an integrated business rules ...
House subcommittee mulls longer-term TRIEA extension.(Terrorism Risk Insurance Extension Act of 2005)
Jun 01, 2007 ... There appears to be general support for a continuation of a federal terrorism-insurance backstop among members the House Financial Services Subcommittee on Financial Markets. However, a consensus between members and industry representatives as to the shape, scope and duration of an ...
Apartment markets remain strong in first quarter.(reports and surveys of real estate industry)
Jun 01, 2007 ... Consumer demand for apartments grew during the first quarter of 2007 while the apartment sector's strong conditions continue to attract equity investors with the availability of equity capital for apartments, according to the National Multi Housing Council (NMHC), Washington, D.C. ...
Capmark Finance originates $95 million in financing for USCIS portfolio.(Commercial)(U.S. Citizenship and Immigration Services)(Brief article)
Jun 01, 2007 ... Capmark Finance Inc., Horsham, Pennsylvania, announced it originated $95.5 million in floating-rate construction financing for four build-to-suit General Services Administration (GSA) office buildings in metro Miami. The buildings will be leased to the U.S. Citizenship and ...
Cohen Financial arranges $233.5 million credit facility.(Commercial)(Brief article)
Jun 01, 2007 ... Cohen Financial, Chicago, announced it has arranged a $233.5 million credit facility for Deerfield Beach, Florida-based Boca Developers' landmark community in North Miami, Florida. The proceeds will refinance current debt, and provide funds for infrastructure and amenity ...
Commercial/multifamily originations up 10 percent in 2006.(growth and statistics of real estate mortgage banking)
Jun 01, 2007 ... The commercial/multifamily originations market grew 10 percent in 2006, with a total of $406.1 billion closed in commercial/multifamily loans according to the Mortgage Bankers Association. MBA's 2006 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation ...
Commercial vacancies show little movement during first quarter.(Commercial)
Jun 01, 2007 ... Commercial vacancies showed little movement during the first quarter of 2007, with little demand for most property types even as construction was generally on the rise, according to a survey by Boston-based Property & Portfolio Research Inc. (PPR). Office vacancies continued to ...
Nonresidential construction slips in first quarter.(Commercial)
Jun 01, 2007 ... Nonresidential construction posted varying degrees of loss during both the first quarter of 2007 and for the month of March, according to New York-based McGraw-Hill Construction's monthly survey of construction starts. During the first three months of 2007, nonresidential ...
U.S. office market sluggish during first quarter.(Commercial)
Jun 01, 2007 ... The U.S. office market took a bit of a breather in the first quarter of 2007, with absorption falling to less than half of its fourth-quarter 2006 level, according to Boston-based Colliers International Property Consultants Inc. However, the overall uptrend remains intact, with rents ...
Multifamily mortgage lender offers 40-year product.(Enterprise Community Investment Inc.s new service introduction)(Brief article)
Jun 01, 2007 ... Columbia, Maryland-based Enterprise Community Investment Inc. has announced its new Targeted Extended Amortization Mortgage (TEAM) product--a permanent financing tool for the new construction, substantial renovation or refinancing of affordable multifamily financing. ...
Sharp premium drops, looser underwriting reported for Q1 2007.(Commercial)
Jun 01, 2007 ... Commercial property/casualty premiums for all sizes of accounts dropped sharply during the first quarter of 2007, with indications that insurance companies are starting to loosen underwriting standards and price aggressively to get business, according to a survey by the Council of ...
Enterprise cross-sell offers new twist on old theme.(Executive Essay)
Jun 01, 2007; ... There is money to be made in mortgage, but the rules have changed. The old rules required a strong, siloed business unit and tightly controlled channels to generate loans. The new rules rely on demonstrating value within the bank, collaborating to maximize every customer contact and ...
Michael F. Petrie has been elected to the board of directors of the Federal Home Loan Bank of Indianapolis.(People)(appointments)(Brief article)
Jun 01, 2007 ... Michael F. Petrie has been elected to the board of directors of the Federal Home Loan Bank of Indianapolis ....
Roseanna McGill has been named chairman and Todd Salmans has been promoted to president of PrimeLending in Dallas.(People)
Jun 01, 2007 ... Roseanna McGill has been named chairman and Todd Salmans has been promoted to president of PrimeLending in Dallas. Christopher J. Heise has been appointed chief ...
Eugene McQuade will leave his position as president and chief operating officer of Freddie Mac on Sept. 1, 2007, but has accepted the board of directors' nomination to stand for re-election as a director.(People)(Federal Home Loan Mortgage Corp.)(appointments)(Brief article)
Jun 01, 2007 ... Eugene McQuade will leave his position as president and chief operating officer of Freddie Mac on Sept. 1, 2007, but has accepted the board of directors' nomination to stand for re-election as a ...
John Duchouquette has been named president of the Highlands Ranch, Colorado-based National Flood Determination Association (NFDA) for 2007.(People)(National Flood Determination Association)(American Enterprise Institute's )(Brief article)
Jun 01, 2007 ... John Duchouquette has been named president of the Highlands Ranch, Colorado-based National Flood Determination Association (NFDA) for 2007. Peter J. Wallison has been appointed to the Washington, D.C.-based ...
William F. Casey Jr. has been named the 2007 chair and Irma Cota has been named vice chair, of Washington, D.C.-based NCB's board of directors.(People)(appointments)(Brief article)
Jun 01, 2007 ... William F. Casey Jr. has been named the 2007 chair and Irma Cota has been named vice chair, of Washington, D.C.-based NCB's board of directors. Roger B. Collins, Rafael E. Cuellar, Steve F. Cunningham, William F ....
Donald W. Wise has been named managing partner of the Global Hospitality Industry practice, based in Napa, California, for Irvine, California-based Johnson Capital.(People)(appointments)(Brief article)
Jun 01, 2007 ... Donald W. Wise has been named managing partner of the Global Hospitality Industry practice, based in Napa, California, for Irvine, California-based Johnson Capital ....
David Lereah has been named executive vice president of a new business entity for Move Inc. in Westlake Village, California.(People)(Greystone Servicing Corporation Inc.)(Brief article)
Jun 01, 2007 ... David Lereah has been named executive vice president of a new business entity for Move Inc. in Westlake Village, California. Luann C. Gutierrez and ...
Richard D. Morean has been named senior director for the North America Equity Division, based in Denver, for Stamford, Connecticut-based GE Real Estate.(People)
Jun 01, 2007 ... Richard D. Morean has been named senior director for the North America Equity Division, based in Denver, for Stamford, Connecticut-based GE Real Estate. David M ....
Alex P. Gilbert has been promoted to managing director and head of acquisitions for JER Partners' U.S. Fund Business in McLean, Virginia.(People)(DRI Management Systems)(appointments)(Brief article)
Jun 01, 2007 ... Alex P. Gilbert has been promoted to managing director and head of acquisitions for JER Partners' U.S. Fund Business in McLean, Virginia. Ellie Vincenti has been appointed director of client ...
Deborah Clarett has been named manager of the loan administration group for the San Francisco-based Low Income Investment Fund (LIIF).(People)(appointments)(Brief article)
Jun 01, 2007 ... Deborah Clarett has been named manager of the loan administration group for the San Francisco-based Low Income Investment Fund (LIIF). Teesh Yalamanchili has been named product marketing ...
Michael Giampaolo has been named senior vice president and chief executive officer of the Wholesale Lending West Division of Indymac Bank FSB in Pasadena, California.(People)
Jun 01, 2007 ... Michael Giampaolo has been named senior vice president and chief executive officer of the Wholesale Lending West Division of Indymac Bank FSB in Pasadena, ...
Dave Ferguson has been named senior vice president of retail mortgage banking for American Home Bank NA in Mountville, Pennsylvania.(People)
Jun 01, 2007 ... Dave Ferguson has been named senior vice president of retail mortgage banking for American Home Bank NA in Mountville, Pennsylvania. Gary E. Lauer has been named senior vice president, national accounts, ...
Sarah Maxfield has been promoted to vice president of business development for Lendia Inc. in Marlborough, Massachusetts.(People)(American Brokers Conduit)(appointments)(Brief article)
Jun 01, 2007 ... Sarah Maxfield has been promoted to vice president of business development for Lendia Inc. in Marlborough, Massachusetts. Tom ...
Rob Sutherland has been named regional vice president of Life of the South in Jacksonville, Florida.(People)(appointments)(Creekstone Management)(Life of the South)(Brief article)
Jun 01, 2007 ... Rob Sutherland has been named regional vice president of Life of the South in Jacksonville, Florida. Lynn ...
Federal Home Loan Bank of San Francisco.(People)(appointments)(Brief article)
Jun 01, 2007 ... Steven Cibull has been promoted to vice president, mortgage finance; Richard Knowles has been promoted to vice president, application services; Andrew Westwood has been ...
Indymac Bank's Wholesale Lending Division.(People)(appointments)
Jun 01, 2007 ... Diana Bryson-Dikes has been named a regional vice president for the Arizona region; Priscilla Patino and Colin Yardley have been named business development managers for the Scottsdale, Arizona, region; Robert Breeding II has been named a business development manager for the Irvine, ...