Mortgage Banking back issues from August 2008:
The surge.(Portfolio)
Aug 01, 2008; ... Servicers are not getting the credit they deserve for continuing to fight the good fight against a groundswell of foreclosures that so far is nowhere near tamed. Month after month, foreclosure starts have been growing--even though servicers have been throwing every loss-mitigation tool ...
Fed adopts final HOEPA rules.(Briefing Book)(Regulation Z of the Truth in Lending Act )(Home Ownership and Equity Protection Act )
Aug 01, 2008 ... The Mortgage Bankers Association (MBA) has cautiously commended the final changes by the Federal Reserve to Regulation Z of the Truth in Lending Act (TILA), under the Home Ownership and Equity Protection Act (HOEPA), even as it cautioned the Fed to ensure that the changes do no harm to an ...
Major housing bill nears passage.(Briefing Book)
Aug 01, 2008 ... A long-awaited major housing bill that would create a new regulator for the government-sponsored enterprises (GSEs), as well as modernize the Federal Housing Administration (FHA) and provide funding for FHA refinancings, passed the Senate in mid-July. The bill's passage was lauded by the ...
Fed and Treasury roll out Fannie, Freddie backstop plan.(Briefing Book)
Aug 01, 2008 ... The Federal Reserve and the Treasury Department announced in mid-July an extraordinary series of steps designed to act as a contingency backstop for the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, in the wake of plummeting stock shares and shaken investor ...
OTS, FDIC take over Indymac Bank.(Briefing Book)(IndyMac Bank F.S.B.)
Aug 01, 2008 ... In mid-July, federal government regulators abruptly closed down Pasadena, California-based Indymac Bankcorp Inc. The Office of Thrift Supervision (OTS) announced Indymac Bank's closure late on July 11 and transferred operations to the Federal Deposit Insurance Corporation ...
BofA, Countrywide complete purchase, continue merging operations.(Briefing Book)
Aug 01, 2008 ... Charlotte, North Carolina-based Bank of America (BofA) announced it has completed its purchase of Calabasas, California-based Countrywide Financial Corporation effective July 1, and it will spend the remainder of the year integrating the two operations into a fully merged mortgage company ....
HOPE NOW helps 1.7 million borrowers, rolls out new guidance.(Briefing Book)(HOPE NOW Alliance)
Aug 01, 2008 ... The private-sector, government-approved HOPE NOW Alliance announced in early July that its members have helped facilitate some 1.7 million loan workouts since July 2007, even as it has rolled out new guidance designed to speed help to homeowners facing foreclosure. The most ...
'Operation Malicious Mortgage' sweeps up more than 400 fraudsters.(Briefing Book)(Report)
Aug 01, 2008 ... A nationwide, multi-jurisdictional law-enforcement sweep took a big bite out of financial crime against lenders in June following the takedown of more than 400 mortgage fraud suspects, including senior managers of the failed Bear Stearns & Co. Inc. hedge funds. As Mortgage ...
Murin confirmed new Ginnie Mae president.(Briefing Book)(Joseph J. Murin has became president of Government National Mortgage Association)
Aug 01, 2008 ... With little more than half a year left before a new administration takes over the Oval Office, the Senate in late June confirmed the White House's newest president of Ginnie Mae. Joseph J. Murin became Ginnie Mae's 16th president after being sworn in by HUD Secretary Stephen ...
Risk of home-price declines rises for overheated markets.(Briefing Book)
Aug 01, 2008 ... The risk that home prices will be lower in the next two years continued to intensify during the first quarter in many metro areas across the country where house-price growth had significantly exceeded historical norms during the housing boom, according to a survey by PMI Mortgage Insurance ...
Ginnie Mae reverse-mortgage securitization program tops $600 million.(Briefing Book)(Government National Mortgage Association)
Aug 01, 2008 ... Ginnie Mae announced in late June that reverse-mortgage lender Financial Freedom, Irvine, California, issued two fixed-rate reverse-mortgage transactions and one London interbank offered rate (LIBOR) transaction under Ginnie Mae's Home Equity Conversion Mortgage (HECM) Mortgage-Backed ...
MBA leadership change announced.(Briefing Book)(appointment of John A. Courson and retirement of Jonathan L. Kempner at Mortgage Bankers Association)(Brief article)
Aug 01, 2008 ... Mortgage Bankers Association (MBA) President and Chief Executive Officer Jonathan L. Kempner announced on July 22 that he will step down from the position he's held for nearly eight years effective Dec. 31. John A. Courson, a former MBA ...
The ticker.(Federal National Mortgage Association)(Federal National Mortgage Association)(Wells Fargo & Co.)(Statistical table)(Financial report)
Aug 01, 2008 ... <Pre> Company Ticker Price Close Price Close Symbol6/30/08 5/30/08 Country wide Financial Corp. CFC 4.25 5.26 Fannie Mae ENM 19.5127.02 Freddie Mae ...
Time out: let's stop the blame game.(Executive Suite)(Column)
Aug 01, 2008; ... This column is a personal reflection on one of the challenges facing the health of the mortgage industry. It's a hot potato called mortgage originator (loan officer and broker) compensation. Not much has been written about this topic, because it is controversial and salary traditionally ...
Thomas Inserra--CEO, Zaio Corporation, and former appraisal regulator.(Newsmaker)(Interview)
Aug 01, 2008; ... Thomas Inserra has been president and chief executive officer of Calgary, Alberta, Canada-based Zaio Corporation, a technology and database company, since 2006. Most recently, he was founder of Pinnacle Peak Advisors LLC and Pinnacle Peak Appraisal, both located in Scottsdale, Arizona. ...
Calendar of events.(bank meetings)(Calendar)
Aug 01, 2008 ... <Pre> Augest August 2008 Aug. 3 - 6American Society of Appraisers (ASA) international Appraisal Conference, Minneapolis [www.appraisers.org/conferences 2008 % 5fconference]Aug. 6 - 8Colorado ...
Between a rock and a hard place: waves of foreclosures and falling house prices are aggravating the progress being made by servicers on the loss-mitigation front.(Cover Report: Delinquency / Default Management)(Cover story)
Aug 01, 2008; ... When besieged by a stormy sea, deck hands can only do so much against nature's force and the manufactured limits of their craft. * So it is with mortgage servicing professionals encircled by current market swells rising well above what had been forecast during the sunny days of record ...
More than one crisis; A combination of forces brought the mortgage and credit markets to their current cross-roads. A gathering of top economists and credit market experts combed through the wreckage for lessons to be learned.(Cover Report: Delinquency / Default Management)(Brief article)
Aug 01, 2008; ... Today's mortgage crisis is really more a series of crises affecting different levels of the mortgage market--from origination to mortgage-backed securities (MBS) investment. * Several corrections have been made to address the various crises, but more changes will be needed to prevent a ...
Rethinking the default landscape: the industry has endured waves of defaults before. But this time, things are a bit different. Consumer attitudes, loan products and market dynamics have all changed.(Cover Report: Delinquency / Default Management)
Aug 01, 2008; ... The default servicing industry has witnessed tremendous change over the last two decades. Twenty years ago, the life span of a delinquent loan was much shorter than it is today. In those days, delinquent loans went into foreclosure, and, if they were sold to an investor, there was scant ...
An outbreak of oridinances: the servicing industry is working with local governments to help shape sensible ordinances for dealing with a growing inventory of vacant properties.(Cover Report: Delinquency
Aug 01, 2008; ... As the volume of foreclosures increases across the country, so do the numbers of vacant properties. Vacancies aren't just a problem in major cities; they're a growing problem in suburban and rural communities as well.* Particularly in urban areas, vacant properties invite criminal ...
The promise and perils of reverse mortgages.(Origination Strategies)
Aug 01, 2008; ... With the FHA commissioner whispering in one ear and the former president of Ginnie Mae whispering in the other, it's hard not to get excited about reverse mortgages. In fact, 55,218 Home Equity Conversion Mortgages (HECMs) have been originated in just the first quarter of 2008-more than in ...
The fight over seller-financed down payments: seller-financed down-payment assistance has been controversial from the get-go. Proponents say low-income buyers need it to boost them into homeownership. Opponents, including federal housing commissioner brian montgomery, argue that seller-financed down-payment assistance is hurting the agency's insurance fund.(FHA Program)(Department of Housing and Urban Development)
Aug 01, 2008; ... When is a gift not a gift? When it comes with strings attached--and potential fore-closures. That's the argument the Department of Housing and Urban Development (HUD) is making as it attempts for the third time to ban programs that funnel down-payment gifts from home sellers to homebuyers ....
Technobabble.
Aug 01, 2008 ... Let's just talk a little bit about Facebook[R]. A press release I have on my desk says it's the "sixth-most trafficked website in the United States." No surprise to anyone with a teenage child, right? So, what does any of that have to do with mortgages? Hang in there and I will get to ...
The fraud file.(Statistical table)
Aug 01, 2008 ... <Pre> By Interthinx[TM] TOP 10 'HOT SPOTS' FOR SECOND-QUARTER 2008 (For states with more than 2,000 total submissions for the quarter) State Loans with Employment Identity Occupancy Variances Income MI 30.68% 6.13% 8.74% 4.33% NJ ...
The wallet.(Survey)(Brief article)
Aug 01, 2008 ... According to estimates from the MBA/STRATMOR Peer Group Survey--conducted by the Mortgage Bankers Association (MBA) and The STRATMOR Group--gross annualized mortgage technology spending for large prime lenders remained flat in 2007. Among repeat participant companies submitting ...
Fred Melgaard.(Techy People)
Aug 01, 2008 ... Fred Melgaard has been named executive vice president ...
Jack McGovern.(Techy People)(Cyberhomes Media Group appoints Shiraz Vartanian and Paul Simos)(Brief article)
Aug 01, 2008 ... Jack McGovern has been named vice president of sales, Paul Simos has been named vice president of business development and publisher networks, and Shiraz Vartanian has been named vice president of ...
Janice L. Butler.(Techy People)
Aug 01, 2008 ... Janice L. Butler has been named vice president of compliance ...
Kelli Himebaugh.(Techy People)
Aug 01, 2008 ... Kelli Himebaugh has been named sales manager, based in Phoenix, for the ...
Hot and cold markets.(Statistical table)(Brief article)
Aug 01, 2008 ... <Pre> Top 10 Gainers in Loans Closed (April 2008-May 2008) RankState% Change 1Kansas 12.7% 2Vermont 7.2% 3Nebraska 1.4% 4West Virginia 1.2% 5Idaho-0.1% 6Delaware -0.7% 7...
eMortgage servicing update.(The Pace of the Future)(Column)
Aug 01, 2008; ... There have been watershed events occurring in eMortgage servicing, including successful foreclosures against eNotes. When I was first introduced to the concept of eMortgages in the 1990s, one of the key concerns was "Will the county recorders adopt it?" The second key concern ...
The rush to vanilla.(Download This)
Aug 01, 2008; ... There is much change afoot in the mortgage industry--not the least of which is in the origination technology sector. Projects are having scope reductions, being deferred or cancelled altogether. From a loan product perspective, the industry is shifting from independent and customized to ...
Industry technology in interesting times.(MISMO Memo)
Aug 01, 2008; ... "May you live in interesting times." Though it sounds at first like some sort of blessing, this saying is the English translation of a mild curse from ancient Chinese. According to Wikipedia, there were two increasingly severe curses that followed: "May you come to the attention ...
Art the LOS vendors bnehaving?(Cyberthoughts)
Aug 01, 2008; ... The loan origination system (LOS) has been around since 1982. At this point, it's not only mature; it's just old. Still, I have a lot of complaints. I've often dreamed about how an LOS company should behave in today's world. I'm a little old, too, so maybe I'm getting a bit altruistic ...
Google Apps for the small to medium-sized enterprise.(Letter to CIOs)
Aug 01, 2008; ... If you're a small to medium-sized mortgage company, I've learned first-hand about a way to reduce your yearly information technology (IT) investment while enhancing your team's performance. It's called Google'" Apps, and it gives everyone at your company custom e-mail; online, common ...
Caught between too little and too late.(MORTECH Musings)(Industry overview)
Aug 01, 2008; ... In the throes of distressed credit markets, lenders have had to take deep losses in their mortgage-backed securities (MBS) and asset-backed securities (ABS) portfolios. Lenders and investors alike have had to come to market for additional operating capital. According to Bloomberg News, ...
A new mortgage tech brand: an India-based company--ISGN Technologies Inc.--has been steadily acquiring mortgage technology and service companies in the United States. Now it is going to work on its brand.(Feature)
Aug 01, 2008; ... A number of familiar names in the mortgage technology industry, such as MortgageHub Inc., Conshohocken, Pennsylvania, and Dynatek Inc., Livonia, Michigan, will begin to disappear this year. It's not due to technological or financial failure, but to consolidation, rebranding and ...
The online opportunity: a new survey of mortgage borrowers by Deloitte Consulting reveals why some apply online--and others don't.(Feature)(Survey)
Aug 01, 2008; ... Most everyone in the mortgage industry would agree that these are tough times for lenders. While some are asking, "What's next?" and "Who's next?," many lending executives are asking themselves a different question--namely, what's the antidote they need to survive the credit crunch and ...
LendingTree taps LXE Software for its LoanXEngine solution.(TechNewz)
Aug 01, 2008 ... LXE Software Inc., Denver--a software company specializing in lead management, customer relationship management (CRM), pricing and point-of-sale technology for the residential mortgage industry--announced that online lending exchange LendingTree LLC, Charlotte, North Carolina, has selected ...
Atlantic Coast Mortgage Group selects OpenClose Solutions.(TechNewz)
Aug 01, 2008 ... West Palm Beach, Florida-based OpenClose Solutions announced in June that Fort Lauderdale, Florida-based startup lender Atlantic Coast Mortgage Group has selected OpenClose--a Web-based, end-to-end automated mortgage system--for loan processing. After transitioning from a ...
MBA white paper addresses basic online security fixes.(TechNewz)
Aug 01, 2008 ... As concern about protection of personal information escalates, and as the statutory and regulatory compliance landscape becomes more complex, look for the demand on an organization's information-security program to intensify, according to a white paper published by the Mortgage Bankers ...
Two California lenders select PriceMyLoan.(TechNewz)(Drexel Lending Group )(Rancho Cucamonga)(MSM Lender )(Brief article)
Aug 01, 2008 ... Costa Mesa, California-based PriceMyLoan (PML) has been selected by two California mortgage lenders. Ontario, California-based Drexel Lending Group and Rancho Cucamonga, California-based MSM Lender have signed on to implement the PML system. Lenders are recognizing that their ...
Xerox unveils electronic signature feature for mortgages.(TechNewz)(Xerox Mortgage Services)(Brief article)
Aug 01, 2008 ... In a move designed to provide the mortgage industry with a secure and convenient way to complete mortgage loans without the need to sign hard-copy documents, Xerox Mortgage Services, Rochester, New York, announced it has added an electronic-signature service. Xerox's eSignature ...
Blue Adobe Mortgage selects Sollen's Lender Online.(Tech Newz)
Aug 01, 2008 ... Sollen Technologies, Dallas--an Internet-based application services provider (ASP) of product, pricing and best-execution capabilities for the mortgage industry--announced it has been chosen by Carmel, California-based Blue Adobe Mortgage to use its loan pricing and pipeline-management ...
Mortgage Cadence releases Orchestrator 5.1.(Tech Newz)(Brief article)
Aug 01, 2008 ... Greenwood Village, Colorado-based Mortgage Cadence Inc., a provider of enterprise lending solutions (ELS) for the financial services industry, has announced the release of Mortgage Cadence Orchestrator [TM] 5.1. The release of Orchestrator 5.1 places great emphasis on enhancing ...
FICS rolls out BusinessObjects tools for Commercial Servicer solution.(TechNewz)(Brief article)
Aug 01, 2008 ... Dallas-based Financial Industry Computer Systems Inc. (FICS [R])--a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry--announced the recent rollout of its BusinessObjects [TM] ...
Calyx Software integrates hazard-insurance category into Point.(TechNewz)(Brief article)
Aug 01, 2008 ... Dallas-based Calyx Software has announced it has added a hazard-insurance category in the Calyx Network, which connects users of Calyx Point(R) loan origination software with participating hazard-insurance vendors. The hazard-insurance category is accessed within Point's services menu. ...
TRANZACT acquires MarketerNet.(TechNewz)
Aug 01, 2008 ... Fort Lee, New Jersey-based TRANZACT--a portfolio company of Veronis Suhler Stevenson, New York, and a customer-acquisition solutions provider for large brands--announced that it has enhanced its proprietary data-solutions strategy by acquiring MarketerNet LLC, Chicago. Terms of the ...
PREI, BHI launch India real estate private-equity platform.(Commercial)
Aug 01, 2008 ... Parsippany, New Jersey-based Prudential Real Estate Investors (PREI)--the real estate investment management and advisory business of Prudential Financial Inc., Newark, New Jersey--announced it has launched a joint venture with McLean, Virginia-based Beekman Helix India Partners LLC (BHI) ...
Jones Lang LaSalle, Staubach Company to merge.(Commercial)
Aug 01, 2008 ... Jones Lang LaSalle Inc., Chicago, and The Staubach Company, Dallas, announced in June they have reached a definitive agreement to combine operations. The merger will reinforce Jones Lang LaSalle's global leadership by combining its integrated global platform and its corporate ...
Cushman & Wakefield, Reigns Capital form alliance.(Commercial)
Aug 01, 2008 ... New York-based Cushman & Wakefield and White Plains, New York-based Reigns Capital Ltd. announced they have entered into an exclusive alliance to expand their capabilities in the multifamily sector. The alliance will serve to broaden Cushman & Wakefield's ability to offer ...
Commercial/multifamily debt outstanding grows, delinquencies low.(Commercial)(Industry overview)
Aug 01, 2008 ... The level of commercial/multifamily mortgage debt outstanding grew during the first quarter of 2008 even as delinquency rates on commercial/multifamily mortgages rose slightly, but remained near record lows, according to an analysis by the Mortgage Bankers Association (MBA). ...
Freddie Mac purchases $140 million mortgage pool for senior housing.(Commercial)(Brief article)
Aug 01, 2008 ... Freddie Mac announced it has purchased a $140 million pool of mortgages, consisting of seven senior housing properties across four states, from Capmark Finance Inc., Horsham, Pennsylvania. The $140 million, combined with a majority investment from sponsor Prudential Real Estate ...
CBRE tapped to provide services for Dr Pepper Snapple Group.(Commercial)(CB Richard Ellis Group Inc. )(Brief article)
Aug 01, 2008 ... Los Angeles-based CB Richard Ellis Group Inc. (CBRE) announced that the Dr Pepper Snapple Group (DPS), Plano, Texas, has selected CBRE to provide transaction-management and lease-administration services for the company throughout the Americas. Dr Pepper Snapple Group's ...
Economic weakness slows demand for commercial space.(Commercial)
Aug 01, 2008 ... Commercial real estate vacancies trended up modestly, even while investment dropped sharply during the first quarter of 2008 in the wake of the credit crunch, according to the Chicago-based National Association of Realtors(R) (NAR). NAR's Commercial Real Estate Outlook, ...
Banks tighten commercial underwriting standards.(Commercial)(Survey)
Aug 01, 2008 ... After four consecutive years of eased underwriting standards, the majority of the banks surveyed by the Office of the Comptroller of the Currency (OCC) have tightened underwriting standards for both commercial and retail property loans. The OCC's 14th annual Survey of Credit ...
ING Clarion Partners advises in $83 million office purchase.(Commercial)(ING Clarion Partners L.L.C.)(Brief article)
Aug 01, 2008 ... New York-based ING Clarion Partners LLC announced it advised Deka Immobilien, Frankfurt, Germany, an open-end fund, in the acquisition of the BAC Colonnade office building in Coral Gables, Florida, for approximately $83 million. The BAC Colonnade is a 207,000-square-foot, ...
Freddie Mac rolls out Student Housing Mortgage.(Commercial)(Federal Home Loan Mortgage Corp.)(Brief article)
Aug 01, 2008 ... Freddie Mac announced it has launched the Freddie Mac Student Housing Mortgage (sm), which provides financing for the acquisition or refinancing of multifamily properties. The Student Housing Mortgage is for purpose-built student housing and multifamily properties that are more ...
Bob Caruso.(People)
Aug 01, 2008 ... Bob Caruso has been named executive vice president of strategy and business development for Lender Processing Services Inc. in Jacksonville, Florida. Robert K. Steel has been named chief executive officer, president and ...
Joseph J. Murin.(People)(Government National Mortgage Association)(Brief article)
Aug 01, 2008 ... Joseph J. Murin has been confirmed as president of Ginnie Mae and Sheila McNamara Greenwood has been nominated ...
Thomas W. Neary.(People)(Thomas W. Neary has appointed by Residential Capital LLC)(Patrick N. Connealy has appointed by NCB )(Robert Little has appointed by Babson Capital Management LLC )(Brief article)
Aug 01, 2008 ... Thomas W. Neary has been named executive vice president and senior managing director of capital markets for Residential Capital LLC (ResCap) in Minneapolis. Patrick N. Connealy has been ...
Roy Browning.(People)(Roy Browning has been appointed by W.J. Bradley Company)(James Hagen has been appointed by W.J. Bradley Company)(C. Scott Logan has been appointed by First American Title Insurance Co.)(Brief article)
Aug 01, 2008 ... Roy Browning has been appointed chief financial officer and James Hagen has been appointed controller for W.J. Bradley Company in Denver ....
Spencer Erekson.(People)(Spencer Erekson has been appointed by Titanium Solutions Inc. )(Alice Radgowski has been appointed by Titanium Solutions Inc. )(Eric Fleisher has been appointed by Titanium Solutions Inc. )(Brief article)
Aug 01, 2008 ... Spencer Erekson has been promoted to president; and Alice Radgowski, Eric Fleisher and Robert ...
Tom Munizzo.(People)(Integra Realty Resources has appointed Tom Munizzo)(Brief article)
Aug 01, 2008 ... Tom Munizzo has been appointed chief appraiser and compliance officer for IRR-Residential in Westwood, ...
Brian Mende.(People)(J. Mikesell Thomas has been appointed by Castle Creek Capital Partners)(Brian Mende has been appointed by Partner Engineering and Science Inc.)(Brief article)
Aug 01, 2008 ... Brian Mende has been named a principal for Partner Engineering and Science Inc. in New York. J ....