Mortgage Banking back issues from November 2008:
Smaller portions.(Portfolio)
Nov 01, 2008; ... Everyone knows this industry has been put on a diet in terms of origination volume. Brokers perhaps know this better than anyone as several major wholesalers announced their departure in 2008. But it's not just purchased production that's shrinking. The latest forecast released by the ...
Congress passes, Bush signs Emergency Economic Stabilization Act.(Briefing Book)(George W. Bush)
Nov 01, 2008 ... A controversial and much-debated $700 billion financial-market rescue bill that grants the Treasury secretary broad discretionary authority to stabilize the mortgage and financial markets passed both houses of Congress and was signed by President Bush on Oct. 3. The Emergency ...
Federal government to purchase bank stakes.(Briefing Book)
Nov 01, 2008 ... The Bush administration--with the Treasury Department out front--announced on Oct. 14 a series of "decisive actions" intended to protect the economy and restore both stability and confidence to financial markets, starting with the federal government directly purchasing shares in some of ...
FDIC announces Temporary Liquidity Guarantee Program.(Briefing Book)(Federal Deposit Insurance Corporation)
Nov 01, 2008 ... The Federal Deposit Insurance Corporation announced a new program designed to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts and certain holding companies, and by providing full coverage of ...
Treasury taps Bank of New York Mellon as TARP's financial agent.(Briefing Book)(Troubled Asset Relief Program)(Brief article)
Nov 01, 2008 ... The Treasury Department announced on Oct. 14 that it has hired New York-based Bank of New York Mellon to serve as Treasury's custodian for the implementation of the Troubled Asset Relief Program (TARP) authorized under the Emergency Economic Stabilization Act. Using its ...
Wells Fargo, Wachovia merge; JPMorgan Chase acquires WaMu.(Briefing)(mergers between Wells Fargo & Co. and Wachovia Corp.)(mergers between JPMorgan Chase & Co. and Washington Mutual Inc.)
Nov 01, 2008 ... Following a week-long legal tug-of-war between Wells Fargo & Co., San Francisco, and Citigroup Inc., New York, over the rights to scoop up the troubled Wachovia Corporation, Charlotte, North Carolina, Wells Fargo announced in early October that it signed a merger agreement with Wachovia. ...
HUD launches two separate foreclosure-prevention programs.(Briefing Book)(Department of Housing and Urban Development)
Nov 01, 2008 ... Even as other sectors of the Bush administration struggled to pass and then implement provisions of the economic stabilization legislation, the Department of Housing and Urban Development (HUD) in early October rolled out two separate but related programs aimed at stemming the tide of home ...
Fed approves rate cut, creates new commercial paper facility.(Briefing Book)(Federal Open Market Committee)
Nov 01, 2008 ... In a highly unusual move, the Federal Open Market Committee (FOMC) moved in early October--in concert with other central banks from across the globe--to cut the Federal Funds Rate by 50 basis points, to 1.5 percent. Joining the Federal Reserve, the Bank of Canada, the Bank of ...
FDIC proposes higher assessments on insured banks.(Briefing Book)(Federal Deposit Insurance Corporation)
Nov 01, 2008 ... The board of directors of the Federal Deposit Insurance Corporation (FDIC) voted in October to adopt a restoration plan--accompanied by a notice of proposed rulemaking--designed to increase the rates banks pay for deposit insurance, while at the same time making adjustments to the system ...
Insufficient loss mitigation could bring treble damages.(Briefing Book)(Brief article)
Nov 01, 2008 ... Mortgage lenders and servicers could hit the civil law damages trifecta in penalties and fines if they aren't seen to have engaged in loss-mitigation efforts with troubled homeowners, according to the Department of Housing and Urban Development. On Sept. 26, HUD issued Mortgagee ...
FDIC simplifies coverage rules for mortgage servicing accounts.(Briefing Book)
Nov 01, 2008 ... The Federal Deposit Insurance Corporation has rolled out an interim final rule clarifying that deposit accounts maintained by mortgage servicers in escrow for a borrower's principal and interest payments will be based on the borrower as the owner of the escrow account and not the investor ....
The ticker.
Nov 01, 2008 ... <Pre> CompanyTicker Price Price 52-Week 52-WeekSymbol Close CloseHigh Low9/30/08 8/29/08 Fannie Mae FNM 1.53 6.84 68.600.35 Freddie Mac FRE ...
Doing the right thing.(Executive Suite)
Nov 01, 2008; ... It's no longer an opinion; it's a statement of fact: The mortgage industry is Ground Zero for the greatest financial crisis this country has faced since the Great Depression. [ILLUSTRATION OMITTED] Along with many of you, I watched the president outline the history ...
Former FDIC chairman William M. Isaac.(Newsmaker)(Federal Deposit Insurance Corporation)(Interview)
Nov 01, 2008; ... William M. Isaac is chairman of financial institutions consulting firm The Secura Group, Vienna, Virginia, an LEGC company, also based in Vienna, Virginia. Before founding Secura in 1986, Isaac served for nearly eight years as a member of the board of directors of the Federal Deposit ...
November 2008-January 2009.(Calendar of Events)(Calendar)
Nov 01, 2008 ... <Pre> November 2008 Nov. 4-5 CMSA-Europe Conference 2008, London [www.cmbs.org/events.aspx?id=11018] Nov. 5-7 Safeguard Properties National Property Preservation Conference, Washington, D.C. [www.safeguardproperties.com] Nov. 5-7 Real Estate Services ...
Everything old is new again: lessons from the past can help lenders survive in today's much leaner market.(Cover Report: Wholesale / Correspondent Lending)
Nov 01, 2008; ... In the heat of summer, athletes from all over the world push themselves to perfection at the Olympic games, capturing the attention of a nation otherwise worried about rising gas prices, skyrocketing food costs and a contentious presidential election. * Sounds like a narrative from last ...
FHA to the rescue: helping would-be borrowers raise their credit scores to qualify for an FHA loan is a smart strategy in today's barren origination landscape. Here's how three companies are getting that done.(Cover Report: Wholesale / Correspondent Lending)(Federal Housing Administration )
Nov 01, 2008 ... Like ice cubes melting in the sun, the 2008 mortgage meltdown has drenched the homeownership dreams of millions of Americans. Tightened mortgage guidelines, increasing foreclosures and rising interest rates have helped to create a tense, challenging and sometimes daunting industry ...
Breathing new life into the mortgage industry: eMortgages have the potential to resuscitate the mortgage business. Too bad they weren't widely used two years ago, when loan quality started to tank.(Industry Trends)
Nov 01, 2008; ... After a while, the superlatives simply become exhausted. We have witnessed things in the last few months that no one currently in the business has ever seen, with far-reaching effects that outdo the savings-and-loan (S&L) crisis, the dot-com bust and pretty much every financial crisis that ...
Building a bubble: business strategies during the rapid expansion of mortgage credit from 2002 to 2007 worked to boost the emerging housing credit bubble fostered by low interest rates and investor demand. This is the second of a two-part series.(Industry Trends)
Nov 01, 2008; ... The boom years' rapid and unchecked expansion of housing credit in an environment of very low mortgage rates was, as we now know beyond a reasonable doubt, a high-risk enterprise. Profits were initially high and rising as the expansion got under way, but with the benefit of hindsight, the ...
Murin--the new Ginnie Mae president: industry veteran Joseph Murin has taken the helm of Ginnie Mae at a very critical time for the mortgage business.(Interview)
Nov 01, 2008; ... Ginnie Mae has been a rising star in the mortgage firmament since last summer, about the time a new president, Joseph J. Murin, took the helm of the government agency and Federal Housing Administration (FHA) loan volume started to surge. Ginnie Mae mortgage-backed securities (MBS) are ...
Digging out from under the subprime avalanche.(Servicing)
Nov 01, 2008; ... The credit crisis that began in the mortgage inadustry now threatens the nation's financial system. Fueled by rising delinquencies and falling house prices, aggregate writedowns based on global holdings of U.S.-originated and securitized mortgages as well as consumer and corporate debt ...
Capitalizing on Microsoft technology: MortgageFlex systems, Jacksonville, Florida, is one of a handful of mortgage technology companies that have won special recognition as Microsoft Gold Certified Partners.(Technology)
Nov 01, 2008; ... When Bill Gates and Paul Allen co-founded Redmond, Washington-based Microsoft[R] Corporation back in 1975, it's not likely they could have envisioned the business monument the company would be today--33 years later. * Controlling 80 percent of the entire personal computer (PC) software ...
Ellie Mae acquires Online Documents.(Tech Newz)(Ellie Mae Inc. has acquired Online Documents Inc.)
Nov 01, 2008 ... Ellie Mae Inc., Pleasanton, California, announced in early October its acquisition of the assets of Online Documents Inc., Concord, California, a provider of guaranteed compliant mortgage documents, from Houston-based Stewart Lender Services Inc. Terms of the acquisition were not ...
Lenders One picks Avista Solutions.(Tech Newz)(parternership ind Avista Software Inc. and Lenders One)
Nov 01, 2008 ... Avista Solutions, Columbia, South Carolina, announced its partnership with Lenders One, St. Louis, Missouri, as the first mortgage loan origination system (LOS) partner to be selected by Lenders One, a national alliance of mortgage bankers. Lenders One is comprised of 125 lender ...
Mortgage Cadence's Finale integrates with Ibis' RMO.(Tech Newz)(Ibis Software Inc.)(Brief article)
Nov 01, 2008 ... Mortgage Cadence Inc., Greenwood Village, Colorado, announced it has integrated San Francisco--based Ibis Software's Reverse Mortgage Originator (RMO) product offering and Mortgage Cadence Finale[TM]. The integration provides Ibis RMO customers with the opportunity to leverage ...
Calyx implements new FHA loan documents in Point 6.2.(Tech Newz)(Calyx Software)(Brief article)
Nov 01, 2008 ... San Jose, California-based Calyx Software announced that its latest version of Point[R]--version 6.2--is fully compliant with recent Federal Housing Administration (FHA) changes that include the new forms required for all FHA loans beginning Oct. 1, 2008. Point 6.2 features the ...
AllRegs, Optimal Blue announce partnership.(Tech Newz)(partnership between AllRegs and Plano and Optimal Blue )(Brief article)
Nov 01, 2008 ... Eagan, Minnesota-based AllRegs and Plano, Texas-based Optimal Blue announced they have combined resources to provide an integrated solution for loan officers. The AllRegs LoanLibrary product--which features 2,600 products and 60 investors--will now be available to all users of ...
PriceMyLoan integrates with Freddie Mac's Loan Prospector.(Tech Newz)(Brief article)
Nov 01, 2008 ... Costa Mesa, California-based PriceMyLoan (PML) announced the release of an integration to Freddie Mac's Loan Prospector[R] automated underwriting system, designed to allow originators to obtain decisions from Loan Prospector from within the PML system. PML is an automated ...
Fitch first rating agency to accept VantageScore loans.(Tech Newz)
Nov 01, 2008 ... New York-based Fitch Ratings announced in September that it is the first rating agency with the capability to evaluate and assign ratings to mortgage loans based on Stamford, Connecticut-based VantageScore, the generic credit-scoring model of the same name jointly developed by the three ...
Ellie Mae partners with First American Title Insurance.(Tech Newz)
Nov 01, 2008 ... Ellie Mae Inc., Pleasanton, California, announced it has partnered with Santa Ana, California-based First American Title Insurance Co.--a subsidiary of The First American Corporation--to offer automated account setup and ordering of First American's title insurance and escrow services ...
Capital Direct goes live with Loan-Score solution.(Tech Newz)(Capital Direct Financial Inc. goes live with Loan-Score Decisioning Systems)(Brief article)
Nov 01, 2008 ... Loan-Score Decisioning Systems, Irvine, California, announced in September that Capital Direct Financial Inc., Rancho Santa Margarita, California, has gone live with Loan-Score's product eligibility and pricing engine (PPE), automated underwriting system (AUS) and broker portal. ...
Role of vendor performance measurement systems to grow.(Tech Newz)(investment management firm's installed performance systems)(Report)(Brief article)
Nov 01, 2008 ... Look for the importance of vendor-provided performance measurement and attribution systems to be an increasingly important aspect of every investment management firm's investment process, according to a report by Boston-based Aite Group LLC. The report--Performance Measurement ...
Wall Street squeeze pinches commercial real estate.(commercial)(Report)
Nov 01, 2008 ... The financial crisis on Wall Street has prompted tightening credit and slow economic growth resulting in various sectors of commercial real estate getting squeezed, according to the Chicago-based National Association of Realtors[R] (NAR). NAR's Commercial Real Estate Outlook, ...
PNC provides $127 million for three properties.(Commercial)(PNC Real Estate Services Inc.)(Brief article)
Nov 01, 2008 ... Pittsburgh-based PNC Real Estate Services Inc. announced its real estate businesses have provided financing totaling $127.1 million for three commercial property deals. PNC ARCS, Calabasas, California, provided a total of $82 million in financing to Washington, D.C.-based ...
ING Clarion Partners closes investment fund.(Commercial)(Brief article)
Nov 01, 2008 ... New York-based ING Clarion Partners LLC announced in late September that it had closed ING Clarion Development Ventures III (CDV III) to new investment capital. The fund, the third in a series, raised more than $200 million from seven institutional investors, according to Doug ...
Moody's downgrades iStar Financial.(Commercial)
Nov 01, 2008 ... New York-based Moody's Investors Service downgraded the ratings of iStar Financial Inc., New York, to Bal from Baa3. Moody's said the rating action was prompted by the continued turmoil in the capital markets and the expectation that iStar's asset performance will experience ...
JLL arranges sale of three Hotel Monacos.(Commercial)(Jones Lang LaSalle Hotels aquired by Cornerstone Real Estate Advisers LLC )
Nov 01, 2008 ... Chicago-based Jones Lang LaSalle (JLL) Hotels announced in September the sale of three of its hotels--the Hotel Monaco Chicago, Hotel Monaco Denver and Hotel Monaco Salt Lake City--on behalf of institutional clients advised by Parsippany, New Jersey-based Prudential Real Estate Investors ...
MBA's new 'green' headquarters wins Award of Merit.(Commercial)(Mortgage Bankers Association)(Brief article)
Nov 01, 2008 ... The Mortgage Bankers Association's (MBA's) newly constructed "green" office building headquarters in Washington, D.C., has been honored as one of the best new buildings in the Mid-Atlantic region. Reston, Virginia-based Mid-Atlantic Construction magazine announced in September ...
Carmel Partners adds multifamily property to Fund III portfolio.(Commercial)(Brief article)
Nov 01, 2008 ... San Francisco-based Carmel Partners Inc. announced in September that it completed a transaction in Northern Virginia, one of its primary markets. Carmel Partners Investment Fund III LP invested in Avera Station, which has been renamed Carmel Vienna Metro, in Fairfax, Virginia ....
Cohen Financial secures $19 million for California office building.(Commercial)(Brief article)
Nov 01, 2008 ... Chicago-based Cohen Financial announced in October it has secured a total of $19 million in debt refinancing for an office building located at 500 Ygnacio Valley Road in Walnut Creek, California. The financing includes $17 million at close and a $2 million earn-out upon ...
Freddie Mac closes $548 million TEBS deal with Citi.(Commercial)(tax-exempt bond securitization)(Citigroup Inc.)(Brief article)
Nov 01, 2008 ... Freddie Mac and Municipal Mortgage Holdings Inc., New York--a subsidiary of New York-based Citigroup Inc.--announced in September that, with the collaboration of Citi Community Capital, New York, and Municipal Capital Markets, Dallas, Citi closed its first tax-exempt bond securitization ...
Len Wolfson.(People)(Mortgage Bankers Association)(United States. Department of the Treasury has been appointed Neel Kashkari )(Brief article)
Nov 01, 2008 ... Len Wolfson has been named director of legislative affairs for the Mortgage Bankers Association (MBA) in Washington, D.C. Neel ...
Greg O'Connor.(People)(Virgin Money Personal Financial Service Ltd. has appointed some poeple)(Brief article)
Nov 01, 2008 ... Greg O'Connor has been named executive vice president, Kimberly Mitchell Lanagan has been named vice president of ...
Sue Allon.(People)(Allon Financial has been appointed Sue Allon and Daniel Gallery)(Salient Business Solutions has been appointed Regina M. Lowrie )(Brief article)
Nov 01, 2008 ... Sue Allon has been appointed chief executive and Daniel Gallery has been appointed president of newly formed Allon Financial ...
Christie Sciacca.(People)(LECG has been appointed Christie Sciacca )(Walker & Dunlop, Inc has been appointed Deborah A. Wilson )(Brief article)
Nov 01, 2008 ... Christie Sciacca has been named director with LECG's Financial Services Practice in Washington, D.C. Deborah A. Wilson has ...
Obiora Egbuna.(People)(Residential Finance Corporation has been appointed Obiora Egbuna)(FIMAC Solutions LLC has been appointed Grant W. Doner)(Brief article)
Nov 01, 2008 ... Obiora Egbuna has been named vice president of sales for Residential Finance Corporation (RFC) in ...
U.S. Rep. Barney Frank.(People)(Barney Frank and Larry Curtis have been awarded )(Brief article)
Nov 01, 2008 ... U.S. Rep. Barney Frank (D-Massachusetts) and Larry Curtis, managing partner of WinnDevelopment, have been awarded the Washington, D.C.-based National Housing ...
Chad Oppenheimer.(People)(N C B Capital Corporation)(Munevver Yolas)(Brief article)
Nov 01, 2008 ... Chad Oppenheimer has been named in-house general counsel and Munevver Yolas has ...
Dan Israelson.(People)(Nielson & Sherry PSC has been appointed Dan Israelson)(Millsap & Singer LLC has been appointed Lindsay Wolf )(Brief article)
Nov 01, 2008 ... Dan Israelson has been named director of client relations and business development for Nielson & Sherry PSC in ...
Danielle D. Jackson.(People)(Potestivo & Associates PC has been appointed Danielle D. Jackson)(South & Associates PC has been appointed Randall j. Wharton )(Brief article)
Nov 01, 2008 ... Danielle D. Jackson has been named associate attorney in the litigation department for Potestivo & Associates PC in Rochester Hills, ...
Paul Bradley and Kelly Taylor.(People)
Nov 01, 2008 ... Paul Bradley and Kelly Taylor have been named national sales ...
Cutting cost per loan through electronic content management.(Executive Essay)
Nov 01, 2008; ... Times are tight. Origination volumes are down. Defaults and foreclosures continue to soar, and lenders are finding it harder and harder to stay afloat. However, there is hope in sight. As history has shown, the housing market is extremely cyclical. To survive the downturns, lenders must ...
Loss mitigation: surviving in 2008 and beyond.(Servicing)(Report)
Nov 01, 2008; ... The subprime crisis and associated deteriorating credit standards have led to some of the worst housing market conditions since the Great Depression. Defaults are continuing to escalate, with overall delinquencies at 6.41 percent and foreclosures at 2.75 percent, according to the Mortgage ...
The downturn: a time to retool.(On the Road)(Mortgage Bankers Association's Reverse Mortgage Lending Fall Conference)(Conference notes)
Nov 01, 2008; ... John Courson, chief operating officer (COO) of the Mortgage Bankers Association (MBA), conceded that "we've dealt ourselves a tough hand," but said, "This is a chance for our industry to have significant do-overs." Courson's remark was intended to say that today's credit market turmoil is ...
Targeting a niche in Florida.(Broker Business)
Nov 01, 2008; ... Many mortgage brokerages have pursued the strategy of offering a wide menu of loan products to fit all borrower needs. Yet LynxBanc Mortgage Corporation, Boca Raton, Florida, is focusing on niche loans. "We define a product and market it, rather than trying to be all things to all people," ...
Training in a tough year.(Training)(employee training)(Andrew S. Hubbard )(Interview)(Brief article)
Nov 01, 2008; ... Just hypothetically, of course, let's say that your company's volume and profit are down by 50 percent and staff functions have been slashed to the bone, if not eliminated. What does this do to the structure and function of training? Structure is the simpler question. If your ...
Market performance Gauge.(Price watch)(Statistical table)(Brief article)
Nov 01, 2008 ... <Pre> Market Performance Gauge Best-performing high-tier metropolitan statistical areas (MSAs) over the last one-year period (through 6/30/08) RankMSA Performance Gauge 1Boston-Quincy, MA -1.6% 2...
25 Worst-performing states by appreciation rate.(Home-Price Spotlight)(Statistical table)
Nov 01, 2008 ... <Pre> 25 Worst-Performing States by Appreciation Rate Single-Family Detached (August 2008 Data), Ranked by 1-Year Change Rank state 3-Month HPI * Change 1-Year HPI * Change 1CALIFORNIA-7.41% -29.63% 2NEVADA ...
Best-and Worst-Performing Counties by 3-Month and 1-Year HPI Change; Single-Family Detached (August 2008 Data).(Home-Price Spotlight)(Statistical table)
Nov 01, 2008 ... <Pre> Best-and Worst-Performing Counties by 3-Month and 1-Year HPI Change; Single-Family Detached (August 2008 Data). 10 Best-Performing Counties by 3-Month HPI Change County/State 3-Month HPI Change Repeat-Sales Median Home Price PEORIA, IL 6.85% ...
Top 25 counties--purchase markets.(Marketrac[R])(Statistical table)
Nov 01, 2008 ... <Pre> Top 25 Counties--Purchase Markets First-Half 2008, Nationwide/Sort Order: Number of Loans Rank County CountDollar Amount MarketAvg. ShareAmount 1HARRIS, TX 21,338...
Top 25 countries--refinance markets.(Marketrac[R])(Statistical table)
Nov 01, 2008 ... <Pre> Top 25 Countries--Refinance Markets First-Half 2008, Nationwide/Sort Order: Number of Loans Rank Country Count Dollar Amount MarketAvg. ShareAmounts 1cook, IL 73,805 ...
Mortgage applications indexes: mortgage bankers association (MBA).(Vital Statistics)(Statistical table)
Nov 01, 2008 ... <Pre> Mortgage Applications Indexes: Mortgage Bankers Association (MBA) MARKET COMPOSITES(Unadjusted) Market Purchase Refinance FRM ARM Index Index IndexIndexIndex SEP-07611.8 397.4 1,860.1...
Key economic indicators and interest rates.(Vital Statistics)(Statistical table)
Nov 01, 2008 ... <Pre> Key Economic Indicators and Interest Rates CHANGE IN PAYROLL EMPLOYMENT (THOUSANDS) UNEMPLOYMENT RATE (%) SEP-07 81 4.7 OCT-07140 4.8 NOV-07 60 4.7 DEC-07 ...
Housing activity: Residential Structures (Thousands of Units, SAAR).(Vital Statistics)(Statistical table)
Nov 01, 2008 ... <Pre> Housing Activity Residential Structures (Thousands of Units, SAAR) BY TYPE OF UNIT HOUSING STARTS BUILDING PERMITS Total Single- Multi- Total Single- Multi-Family Family Family Family ...