Mortgage Line back issues from September 2006:
Creating Your Brand: Picking the wrong image could constrain future expansion.
Sep 01, 2006; ... You want to brand yourself. The question is how to do it. You could wear bright red pants, a pink shirt with a rose colored tie, and a red hat. Every one would quickly know who you were and people have done this in our industry. Unless you wish to store a stockpile of red pants, pink ...
WaMu Faces Suit on Alleged Overtime Pay Violations.
Sep 01, 2006; ... SEATTLE -- Washington Mutual Inc. here, the nation's third largest servicer and originator of home loans, is the latest mortgage lender to be sued over alleged violations of the Fair Labor Standards Act. The case was filed by three former employees of the company in the U.S. ...
Thrifts Claim Higher Share.
Sep 01, 2006 ... WASHINGTON -- Despite a 13% drop in single-family originations, thrift institutions enjoyed near-record profits in the first quarter and their share of the mortgage market increased to 26%, up two percentage points from the fourth quarter. The Office of Thrift Supervision ...
New York Closing Costs Top Nationwide Ranking: New York is the only state with a recording fee. In some cases, NY municipalities also add their own fees.
Sep 01, 2006 ... NEW YORK -- New York leads all 50 states and the District of Columbia by having the highest average closing costs in the nation, a survey conducted by Bankrate Inc. here found. Not only does NY have the highest closing costs, it also has the widest gap between one state and ...
FNIS .NET Launch 'Empowered' Early.
Sep 01, 2006; ... JACKSONVILLE, FL -- A good six months earlier than many predicted, Fidelity National Information Services Inc. has launched the .NET version of its Empower origination system. The move follows beta testing with National City Mortgage prior to initial implementation in that lender's ...
Fitch Study: Title Insurers' Risk-Adjusted Capital Seen Declining: Fitch expects that RAC will increase by the end of this year due to growth in surplus and a reduction in revenue.
Sep 01, 2006 ... CHICAGO -- The risk-adjusted capital position of the nation's title insurers, while still showing the industry as well capitalized, declined slightly between year- end 2004 and year-end 2005, a study conducted by Fitch Ratings here shows. But, the report adds, the effect of ...
PricewaterhouseCoopers Survey Says Commercial RE in Demand: Interest rates and other concerns have not dampened investor enthusiasm for this asset category.
Sep 01, 2006 ... NEW YORK -- Commercial real estate investments are still going strong in spite of recent increases in interest rates, since this asset class continues to be favored by investors, especially all-cash buyers that have not been impacted by the Federal Reserve's move to a tighter monetary ...
Collateral Going Beyond Mortgages: Besides mortgage banking, the company now provides advisory services on a variety of property types.
Sep 01, 2006 ... Collateral Mortgage Capital has changed its name to Collateral Real Estate Capital as of Aug. 1, in what appears to be a bid to stave off marketing myopia and better reflect the scope of its business. The company would like to present itself as part of the wider commercial ...
ECC's Challenges Continued: ECC is eyeing secondary market returns in its changes.
Sep 01, 2006 ... IRVINE, CA -- ECC Capital here saw its financial challenges continue in the first quarter of this year. While the company's first-quarter loss narrowed to $6.4 million, down from a $49.8 million loss in the fourth quarter of last year, the company's stock price has been ...
Loans Affect H&R Block.
Sep 01, 2006 ... KANSAS CITY, MO -- Problems in the mortgage banking segment had an effect on the fiscal-year 2006 earnings of H&R Block Inc. here. The company's fiscal year ended on April 30 to account for its busiest time of the year, tax-filing season. The company reported earnings of ...
Ginnie Paves Way for Lenders to Shed Excess Servicing.
Sep 05, 2006 ... WASHINGTON -- Ginnie Mae has issued a final rule that clears the way for its mortgage-backed securities issuers to securitize excess servicing and remove the assets off their balance sheets. Effective July 5, the final rule clarifies Ginnie Mae's authority to guarantee ...
Servicing Hedge Challenges PHH.
Sep 05, 2006 ... MOUNT LAUREL, NJ -- PHH Corp., which is in the midst of an accounting review, released un-audited first-quarter performance measures last month, including what the company's CEO described as "disappointing" mortgage results related to mortgage servicing, among other issues. ...
HUD to Settle RESPA Issue with Firms.
Sep 05, 2006; ... WASHINGTON -- The Department of Housing and Urban Development has agreed to settle with three firms, including the mortgage unit of Citigroup, regarding violations of Section 8 of the Real Estate Settlement Procedures Act. The three companies will pay a total of $1.6 million ...
Explaining Title Insurance Online.
Sep 05, 2006 ... RICHMOND, VA -- Title insurers have been under the gun from regulators and consumer groups questioning the value proposition of the product, in particular the homeowner's title insurance policy. To help increase knowledge about what title insurance is and what it does, ...
Wells' Volumes Nearing Those of Countrywide.
Sep 05, 2006 ... WASHINGTON -- Wells Fargo Bank's mortgage affiliates funded $116 billion in residential loans during the second quarter, a hair shy of matching industry leader, Countrywide Home Loans, Calabasas, Calif. In total, Wells Fargo Home Mortgage, San Francisco, saw its production ...
NHEMA, MBA Merging.
Sep 05, 2006; ... WASHINGTON -- Citing the blurred distinction between prime and subprime lending as well as the large overlap in their memberships, the boards of the Mortgage Bankers Association and the National Home Equity Mortgage Association have agreed to merge. Under the pact, the MBA ...
No Charges for Fannie.
Sep 05, 2006; ... WASHINGTON -- The Department of Justice last week officially discontinued its investigation of Fannie Mae, saying it would not bring any charges against the company in regard to its $10.6 billion accounting scandal. A spokesman for the U.S. Attorney's office in Washington ...
Technology to Retain ARM Resets.
Sep 05, 2006; ... JACKSONVILLE, FL -- Keeping adjustable-rate mortgage clients is a big concern as resets will cause their payments to balloon and possibly result in increased foreclosures. The smart application of technology can help ease borrower fallout. Many borrowers of adjustable-rate ...
Mortgage Insurance Firms Concerned About 'Riskiness' of Pos.
Sep 05, 2006; ... WASHINGTON -- Mortgage insurers are concerned that regulators are not acting quickly enough to put the brakes on risky nontraditional loans, particularly payment-option mortgages with "piggy back" second liens. The Mortgage Insurance Companies of America is urging federal ...
HUD Updates the FHA Handbook.
Sep 05, 2006 ... WASHINGTON -- The Department of Housing and Urban Development has updated the Federal Housing Administration handbook and it is enforcing its policy that loan officers cannot be independent contractors or moonlight at other shops - they must work exclusively for the FHA-approved lender ....
Thrifts See a Rise In 2Q Production.
Sep 06, 2006 ... WASHINGTON -- Thrifts originations of single-family loans rose slightly in the second quarter, despite a decline in refinancings and adjustable-rate mortgage activity. Thrifts originated $148.4 billion in one-four family loans in the second quarter, up 4% from the previous ...
Builder Fund Sets Leasebacks.
Sep 06, 2006 ... CHICAGO -- The Fund For Builders LP is planning its third fund under its corporate umbrella to provide sales and leaseback financing for model homes to builders of single-family homes across the U.S. Tim Lyons has been appointed as chief financial officer and David Reinsdorf ...
Hanover Sees Net Improve.
Sep 06, 2006 ... EDISON, NJ -- Hanover Capital Mortgage Holdings earned $900,000, or $0.10 per share, in the second quarter, a turnaround from a net loss of $200,000, or $0.02 per share, in the second quarter of 2005. The company said the increase in earnings reflects higher operating income ...
Franklin Sees Higher Revenue Despite Loss.
Sep 06, 2006 ... NEW YORK -- Franklin Credit Management Corp. continued to see a loss in the second quarter despite a 34% increase in revenue. Franklin reported a net loss of $1.4 million, or $0.18 per diluted share, in the second quarter. In the second quarter of 2005, Franklin earned $2 ...
Editorial: Ten-Year Report.(Editorial)
Sep 06, 2006 ... It has been 10 years since the present editor took over this position from Stan Strachan, the man who founded National Mortgage News and led it for the first 20 years of its life. We trust that the standards of excellence Stan set have been followed over the past decade even as new courses ...
'Third Wave' Augers Challenge.
Sep 06, 2006 ... The mortgage market is changing, and that could pose challenges for companies that service home loans. The nonprime mortgage industry has evolved and changed dramatically in recent years, with one leading executive predicting at a recent SourceMedia Subprime Lending Symposium ...
Fraud: A View from the Trenches.
Sep 06, 2006; ... Mr. Effertz is vice president of industry relations at Interthinx, a provider of fraud prevention and decision support tools to the mortgage industry. There is a great deal of fraud in the mortgage finance industry. Though no single uniform figure exists, everyone knows the ...
Adobe PDF Gets An E-Sign OK.
Sep 06, 2006 ... WASHINGTON -- The eMortgage Workgroup of the Mortgage Industry Standards Maintenance Organization has unanimously passed a motion to develop implementation guidance for creating electronically signed PDF documents using the Adobe PDF 1.6 specification. The announcement is a ...
Convict's Story Shows How Fraud Can Happen.
Sep 06, 2006; ... TAMPA, FL -- When federal inmate No. 08657-041 told his story last month at the Florida Association of Mortgage Brokers annual convention here, there wasn't another sound to be heard in the cavernous ballroom of the Tampa Convention Center. Everyone was fixated on Jerome ...
Touting the Advantages of a Switch to Commercial.
Sep 06, 2006 ... TAMPA, FL -- Lucky Carothers was wearing a suit and tie, picking up bags of doughnuts and "'kissing up' to every Realtor in town" five years ago. Now, the mortgage broker says Realtors call on him. The difference between then and now is that Mr. Carothers switched from ...
Executive Changes Seen in California at Countrywide and Platinum.
Sep 07, 2006 ... CALABASAS, CA -- Joe Anderson, senior managing director in charge of Countrywide's consumer markets division, has left the company, this publication has learned. A Countrywide spokesman confirmed that Mr. Anderson has parted ways with the Calabasas-based mortgage giant, the ...
Bay Area Housing Demand Remains Underserved.
Sep 07, 2006 ... SAN FRANCISCO -- The Bay Area Housing Profile, a study by the Bay Area Council of the region's 101 cities and nine counties, found that jurisdictions permitted only 83% of the housing needed to meet assigned levels for the Jan. 1, 1999 to June 30, 2006 time period. Although a ...
Placing Storm Aid Grants in Escrow Accounts.
Sep 07, 2006; ... BATON ROUGE, LA -- The Louisiana Recovery Authority has decided that assistance grants going to homeowners with hurricane-damaged and flooded properties should be placed in escrow accounts. "Compensation to the homeowners with mortgages will be disbursed at closing directly to an escrow ...
Open Forum: NFIP Has Protected Owners.
Sep 07, 2006; ... Excerpts of Mr. Maurstad's recent testimony before the House Financial Services Committee are presented as our Open Forum. The National Flood Insurance Program, with its floodplain management criterion and flood insurance protection, is a cornerstone of FEMA's mitigation ...
Rates Good Now, but Watch Out for Seesawing: Lower rates might boost housing, but improved housing might convince the Fed to raise rates again.
Sep 07, 2006; ... Mortgage rates and long-term, rate-indicative bond yields continued to trend lower last week, which bodes well for those who benefit from lower, long-term mortgage rates over the near horizon. But it also makes it look pretty likely to me and other market observers that this could give way ...
MindBox Making Inroads to Becoming a One-Stop: The major innovation of Power Portal over previous loan decisioning platforms is the speed of implementation and cost savings.
Sep 07, 2006; ... GREENBRAE, CA -- In an attempt to be more of a one-stop shop, MindBox has launched its new Power Portal product to help lenders develop a more comprehensive Web presence and make product and pricing more seamless. Specifically, Power Portal was designed for brokers, loan ...
ING, ABN Amro Proceed with Sales of European Units.
Sep 07, 2006 ... AMSTERDAM, NETHERLANDS -- Among mortgage-related global mergers and acquisitions seen recently, two Netherlands-based international real estate finance players known in the U.S. have separately moved ahead with respective planned sales in Europe. * ING Group has agreed to ...
FARES Buys in to Aussie Firm.
Sep 07, 2006 ... SANTA ANA, CA -- First American Real Estate Solutions has entered into a strategic alliance with, and purchased a 38% interest in, Australia/New Zealand property information provider RP Data Ltd. "Through this relationship, RP Data will be among the first companies to ...
The Fannie Scandal: The 'Financiopaths' Did It.
Sep 07, 2006; ... When Ken Lay died of a heart attack in early July, two questions about the Enron scandal once again floated through my brain: why did Mr. Lay perpetrate one of largest corporate frauds in U.S. history, and secondly, why did he think he could get away with? I'm not the only ...
Housing Turnover Continues to Boost Speeds.
Sep 07, 2006; ... Prepayment rates on 30-year fixed-rate mortgages collateralizing agency mortgage-backed securities fell slightly in June, with stronger housing turnover offsetting some of the decline in refinancing, according to Bear, Stearns & Co. Overall speeds on 30-year Fannie Mae ...
Bill Would Make Flood Insurance More Expensive on Vacation Homes.
Sep 08, 2006; ... WASHINGTON -- The House has passed a flood insurance reform bill by a 416-4 vote that phases out subsidized premiums on vacation/second homes and commercial properties - impacting an estimated 450,000 properties. In phasing out the subsidies, the Federal Emergency Management ...
Fidelity Will Buy Flood Policies From Liquidated Insurance Firm.
Sep 08, 2006 ... JACKSONVILLE, FL -- Fidelity National Financial's subsidiary, Fidelity National Property and Casualty Insurance, has received approval to purchase the existing flood insurance policies from a company that has been placed in receivership by Florida authorities. Fidelity will ...
Ginnie Securitizes RD Loans.
Sep 08, 2006 ... WASHINGTON -- Ginnie Mae has made eligible as collateral-backing, Ginnie Mae multifamily securities, for the U.S. Department of Agriculture's Rural Development Multifamily Housing Program Section 538 guaranteed loans currently used to revitalize section 515 loans. ...
Freddie Funds LIHTC Rehab: The 20 buildings of Hartwood Place are two-story structures composed entirely of three-bedroom units.
Sep 08, 2006 ... MCLEAN, VA -- In cooperation with CharterMac Mortgage Capital, Freddie Mac has funded the first transaction based on its newly developed Low-Income Housing Tax Credit Moderate Rehabilitation program that is supported by Freddie's "Delegated Underwriting" initiative. Freddie ...
Revenue Properties Buys REIT: It is expected to close in the fourth quarter, subject to the approval of Sizeler shareholders.
Sep 08, 2006 ... NEW ORLEANS -- Sizeler Property Investors, a retail and multifamily real estate investment trust, is being acquired by Revenue Properties Co., a publicly traded affiliate of Toronto-based Morguard Corporation, in a transaction valued at $324 million. Under the merger ...
Commercial Transactions.
Sep 08, 2006 ... * Holliday Fenoglio Fowler has arranged a seven-year, $11.5 million fixed-rate loan, at 6.26% (interest-only for three years), through Nomura Securities for a 140,990 sq. foot Denver, Colo., office property. * WRIT has acquired a 139,589 sq. foot Falls Church, Va., office ...
Multifamily Transactions.
Sep 08, 2006 ... * Archstone-Smith has acquired a 163-unit Manhattan, N.Y., property for $87.8 million, funding the acquisition through tax-deferred exchange proceeds through other property sales and the assumption of a $24.2 million secured loan. * Arbor Commercial Funding has provided a $4.4 ...
John T. Conaghan.
Sep 08, 2006 ... John T. Conaghan has been hired as president of Old Republic Title Co. of Kansas City Inc. Mr. Conaghan has a title insurance background and experience as an underwriter, business leader and legal counsel in the title industry. He has served as Kansas, Missouri and Nebraska state counsel ...
Macquarie Solidifying North America Presence: The move may have implications for the U.S.
Sep 08, 2006; ... NEW YORK -- Macquarie Group here has strengthened its foothold in North America by entering the Canadian mortgage market. Macquarie has acquired Canada's Cervus Financial Corp. for C$12.5 million (about $11 million) and said that its Canadian mortgage business, as well as its ...
Median Home Price Rises as Sales Fall vs. Last Year: The long run of two-digit rises ended.
Sep 08, 2006; ... LOS ANGELES -- The median price of an existing home in California increased 8% in May and sales decreased 21.1% compared with the same period a year ago, according to the California Association of Realtors. "The median price of a home continued to increase in May, but at a ...
Hard Sell Equals No Sale.
Sep 11, 2006; ... This is a lesson on how not to make a sale. Many sales people believe that using the hard-sell approach will win the day for them, especially in a competitive situation. The story starts rather simply. My wife and I own a two-family house and our tenant discovered there were ...
E-Payment Rate Approaching 50%.
Sep 11, 2006; ... WESTLAKE VILLAGE, CA -- A study of mortgage borrowers found that nearly half of them now pay their monthly bill electronically, up from just 34% two years ago. Moreover, electronic payment - whether through automated bank account debits or through online bill paying - results ...
Wells Again King of the Hill.
Sep 11, 2006; ... SEATTLE -- In a deal for the record books, Washington Mutual agreed last month to sell its entire government servicing portfolio and part of its conforming portfolio- $140 billion in receivables - to competitor Wells Fargo. The portfolio was not sent out for bid, and was ...
New Conduit Gearing Up.
Sep 11, 2006 ... AUSTIN, TX -- Even though scores of mortgage bankers are heading for exits, Amherst Funding Group here, a relatively new comer to the conduit business, is jumping into the market with both feet. Not only that, but this month the conduit is launching a new payment-option ARM ...
GSE Liquidity Worry.
Sep 11, 2006; ... WASHINGTON -- Passage of a Senate GSE bill could require Fannie Mae to reduce its giant mortgage portfolio to just $10 billion, limiting its ability to provide liquidity, according to the company's chief executive. "In our analysis, a literal reading of the bill could lead to ...
Big Volumes For Alt-ABS.
Sep 11, 2006 ... NEW YORK -- The alternative-A credit mortgage market saw record-setting volume in the second quarter of 2006 with issuance of alt-A securities increasing by about 33% to $101 billion from $76 billion in the first quarter of 2006, according to a recent report by Standard & Poor's ...
A New Wave Offshore.
Sep 11, 2006; ... The third wave of mortgage offshoring appears to have transformed the business into something unlike what it originally was in some striking ways. Perhaps most notably: Although it continues to be known primarily for its staffing cost-effectiveness, prices being paid for talent ...
ARMs Raise 'Suitability' Issue.
Sep 11, 2006; ... WASHINGTON -- The increasing use of adjustable-rate mortgage products is leading consumer advocates to consider the concept of suitability as a way to hold lenders accountable and to secure redress for borrowers that are harmed. "The explosion of ARMs in the subprime market has raised ...
Trades Merge.
Sep 11, 2006; ... WASHINGTON -- The boards of the Mortgage Bankers Association and the National Home Equity Mortgage Association have agreed to merge citing the blurred distinction between prime and subprime lending as well as the large overlap in their memberships. Under the pact, the MBA ...
Iberiabank Corp. to Acquire Pulaski Investment: The mortgage and title units 'add value and depth.'.
Sep 11, 2006 ... LAFAYETTE, LA -- In a deal valued at $130 million, Iberiabank Corp. here will acquire Pulaski Investment Corp., Little Rock, Ark. Company executives said the transaction would help it meet the needs of borrowers in its home state in the post-hurricane environment. Pulaski is ...
AHMIC to Purchase Chicago's Flower.
Sep 12, 2006 ... MELVILLE, NY -- In deal valued at $16 million, American Home Mortgage Investment Corp. here has agreed to buy the Chicago-based Flower Bank FSB. By purchasing the single-branch thrift, the fast-growing and acquisition-minded American Home Mortgage Investment Corp. obtains a ...
Cracking Down on Fraud in Michigan.
Sep 12, 2006; ... Michigan's Office of Financial and Insurance Services recently beefed up its scrutiny of both the mortgage and title insurance industries. On the mortgage front the crackdown is partly in response to an increase in loan fraud. The attention to the title insurance industry comes ...
Ability to Pay Trumps Incentives: Loans with PMI may be making a comeback.
Sep 12, 2006; ... Sellers are throwing all sorts of goodies at would-be buyers in an effort to bring them back into the marketplace - free upgrades, free vacations, even free cars. But when all is said and done, it still comes down to whether the prospect has enough money to close and can afford the monthly ...
Gain Referrals by Hosting Events.
Sep 12, 2006 ... The founder and chairman of the referral networking organization BNI suggests hosting strategic alliance events as a way of creating new business relationships. Ivan Misner said, "Bringing people together who'll be able to create a symbiotic relationship with one another ...
Loopholes Plague New Law.
Sep 12, 2006 ... LAS VEGAS -- The bankruptcy reform law implemented last October was supposed to make life easier for mortgage servicers, but attorneys who represent the industry say that debtors are already finding ways to circumvent some of the law's intent. That means abuse of bankruptcy ...