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Mortgage Banking July 31, 2008
→ SearchMyLoan.com Announces Strategic Alliance with JMAC Lending
-Lender’s extensive loan programs now available through pricing and search engine -
SearchMyLoan.com (SML), a provider of loan search and pricing services for the mortgage industry, announced a strategic alliance with Huntington Beach, Calif.-based JMAC, a lender offering diversified product lines and competitive pricing to the wholesale funding market. -- SearchMyLoan.com,Info,PORT WASHINGTON NY 07/31/2008
→ MAVENT OBTAINS INNOVATIVE TECHNOLOGY PATENT FOR MORTGAGE COMPLIANCE
Mortgage compliance pioneers assist lenders nationally amid mortgage crisis; technology quickly and effectively determines loan compliance -- Mavent Inc.,Lou Pizante,Irvine California 07/31/2008
→ BasePoint`s Opinion on Reporting Mortgage Fraud - Fighting Fraud with Frank
If a tree falls in a forest and no one is around to hear it, does it make a sound? You have probably heard this riddle which presents the situation of a reality (the tree falling) and a human observation (hearing a sound). Did the sound the tree made when it fell really exist when no one was around to hear it? Can something exist without it being recognized by the world? Is recognition necessary for existence? -- BasePoint Analytics,Info, 07/30/2008
→ MBA's Quinn Hails Senate Passage of Housing Bill
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) issued the following statement following the Senate's passage of H.R. 3221, The Housing and Economic Recovery Act of 2008. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 07/30/2008
→ Regulation Finally Reaches Mortgage Industry
One full year after the credit crisis began, the government is finally getting around to regulating the mortgage industry. The new housing bill that just passed Congress requires background checks, testing, registration in a national database and annual continuing education requirements for all individual mortgage bankers and brokers. “The government is finally paying attention to what we’ve been advocating for years,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. -- CMPS Institute,Josephine Nicholas,Ann Arbor MI 07/30/2008
→ James P. Gross Joins MBA as Associate Vice President of Accounting, Tax and Bank Regulation
The Mortgage Bankers Association (MBA) today announced the appointment of James P. Gross as Associate Vice President of Accounting, Tax and Bank Regulation. In this capacity, he will help develop and implement MBA's strategy on legislative, regulatory and industry issues in the areas of accounting and tax policy and bank regulatory capital. He will also be the staff representative to MBA's Financial Management Committee. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 07/30/2008
→ Seniors Considering Reverse Mortgages to Benefit Greatly from Housing Legislation
Landmark housing legislation (H.R. 3221) passed by Congress this weekend will make substantial improvements to the federally-insured reverse mortgage program and greatly benefit senior homeowners who may want to utilize home equity to help finance their retirement years. -- National Reverse Mortgage Lenders Association,Darryl Hicks,Washington DC 07/30/2008
→ Pending Suitability Regulations Leave Mortgage Lenders Exposed to Potential Violations
Current and proposed regulations require lenders to select loans that are suitable to borrowers and watch out for their best interest -- Overture Technologies,Pete Maselli,Bethesda Maryland 07/30/2008
→ Second Half 2007 Mortgage Originations Show Preference for
Fixed Rate Products Over Adjustable Rate Products -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 07/30/2008
→ Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 420.8, a decrease of 14.1 percent on a seasonally adjusted basis from 489.6 one week earlier. On an unadjusted basis, the Index decreased 13.7 percent compared with the previous week and was down 30.3 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/30/2008
→ MBA's Quinn: HUD Takes Bold Step to Modernize FHA with Housing Tax Credit Program
-The Mortgage Bankers Association (MBA) today applauded issuance of HUD Mortgagee Letter 2008-19 which streamlines processing of FHA multifamily insurance applications with Low Income Housing Tax Credits. The Mortgagee Letter contains important changes to FHA processing which will provide flexibility and cut costs, making FHA insurance a very competitive financing vehicle for affordable rental properties with low income housing tax credits. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 07/25/2008
→ StoneWater Selects MindBox Technology to Deliver Instant On-Line Product and Pricing Decisions
Proven technology, speed of implementation key advantage for new mortgage lender -- MINDBOX,Yared Benyam,Greenbrae California 07/25/2008
→ DocuSign Launches New Enterprise Service Capabilities for
Electronic Contract Execution
Beyond eSignatures, DocuSign gives enterprise customers the most powerful solution available to eliminate slow, expensive paper-based processes for transporting, signing, storing contracts and capturing business data -- DocuSign,Info,Seattle Washington 07/25/2008
→ MBA's Quinn: "This is the Most Important Housing Bill in a Generation"
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) hailed the House of Representatives passage of the omnibus housing bill. The bill, which passed the House by a vote of 272-152, will now go to the Senate - where leaders have indicated it will pass - and then to President Bush, who has stated he will sign it. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 07/25/2008
→ CampusMBA Launches Reverse Mortgage Central
A Complete Training Solution For Lenders As Reverse Mortgage Business Continues To Grow -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 07/25/2008
→ MBA Submits Formal Response to SEC Regulatory Proposals on Credit Rating Agencies
The Mortgage Bankers Association (MBA) today submitted a comment letter to the Securities Exchange Commission (SEC) in response to the SEC`s proposed amendments to its regulations governing nationally recognized statistical rating organizations (NRSROs). MBA expressed support for measures in the SEC proposal that would promote transparency, accountability, and credibility of NRSROs and the methodologies used to assign credit ratings. However, MBA strongly opposes different ratings symbols to be used for structured finance versus other investment products. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/25/2008
→ MBA's Kittle Testifies on Mortgage Servicing
David G. Kittle, CMB, Chairman-elect of the Mortgage Bankers Association (MBA) and President of Principle Wholesale Lending, Inc. of Louisville, KY testified today before the House Financial Services Committee. At the hearing titled, "A Review of Mortgage Servicing Practices and Foreclosure Mitigation," Mr. Kittle explained to committee members that servicers' and borrowers' interests are typically aligned in avoiding foreclosure and working together to help keep borrowers in their homes. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 07/25/2008
→ MBA`s Kempner Announces His Departure
Jonathan L. Kempner, President and Chief Executive Officer of the Mortgage Bankers Association, announced today that he will be stepping down from that role on December 31, 2008. Kempner was hired in March 2001 to lead MBA through a turnaround in its operations after three especially rough years. Under his leadership, the association doubled its revenues and operating reserve fund, while scoring a host of policy and advocacy victories. Major strides have been recorded in MBA`s various member-focused departments, including communications, research, conferences, education and technology - in both the realms of residential and commercial/multifamily real estate finance. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/23/2008
→ Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 489.6, a decrease of 6.2 percent on a seasonally adjusted basis from 522.2 one week earlier. On an unadjusted basis, the Index decreased 6.1 percent compared with the previous week and was down 19.6 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/23/2008
→ Fannie and Freddie – What Went Wrong and Can It Be Fixed?
Ann Arbor, MI July 22, 2008 – “There are two main issues that need to be addressed regarding the problems being experienced by Fannie Mae and Freddie Mac,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. -- CMPS Institute,Josephine Nicholas,Ann Arbor MI 07/22/2008
→ Hyland Software Named Top 50 Provider by Mortgage Technology Magazine for Fifth Consecutive Year
- Company recognized as one of 'best and brightest' mortgage technology providers - -- Hyland Software Inc.,Lindsey Quirk,Cleveland Ohio 07/21/2008
→ Acquired Mortgage Companies Increase as Failures Decline
Mortgage-related company failures have fallen as the number of acquisitions has grown, according to data tracked at http://www.mortgagegraveyard.com/, a journal of failed, ailing and acquired lenders. -- MortgageDaily.com,Sam Garcia,Irving Texas 07/21/2008
→ New Fed Mortgage Rules – What Consumers Need to Know
On Monday, July 14, 2008, the Federal Reserve issued rules that are designed to combat predatory lending practices. “The final version of the rules incorporated many of the changes we suggested to the Fed when we commented on these rules a few months ago,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Some of the rules apply only to higher cost non-conventional mortgages such as many jumbo loans and those in the sub-prime category, while other rules apply across the board and affect all mortgage originations,” said Nicholas. Here are two examples of how the new rules will affect consumers: -- CMPS Institute,Josephine Nicholas,Ann Arbor MI 07/21/2008
→ Mortgage Credit News - July 18, 2008
A Fannie/Freddie Treasury guarantee on the way means mortgage rates have fallen, right? The huge spread between 10-year T-notes and mortgages has closed, for sure? All these mortgage-backed securities as good as Treasurys, they’re trading the same way? Fannie and Freddie can borrow cheaply, so mortgage rates will be cheap, too?
All wrong. This week’s mortgage trading removes any remaining dispute about the difficulty facing the financial system, the economy, and housing. Mortgage rates have soared to 6.75%, up .375% in a week, the spread over 4.07% 10-year notes wider. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado 07/21/2008
→ Ellie Mae’s Encompass® Mortgage Management Solution to Be Delivered via Integrated Data Centers and Global Wide Area Network
Nation’s Top Brokers and Bankers to Benefit from Innovative Software-as-a-Service Solution -- Ellie Mae Inc.,David Lewis,Pleasanton California 07/21/2008
→ Prospect Mortgage Moving Forward with Acquisition of Indymac Mortgage Retail Branches
Branches in full operation during transition, funding and originating loans, unaffected by federal actions toward former parent company -- Prospect Mortgage Company,Info,Northbrook il 07/21/2008
→ ACCURATE APPRAISALS KEY TO SECURING MORTGAGE LOANS
Changing Market Conditions Create New Challenges for Industry -- Forsythe Appraisals,Tim Forsythe,Minneapolis Minnesota 07/16/2008
→ MBA's Quinn: "Housing Bill Crucial to Stabilizing the Market"
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA), in anticipation of today's Senate vote to pass HR 3221, the Foreclosure Prevention Act of 2008, praised the Senate and stressed the importance of this bill to address ongoing instability in the housing and mortgage markets. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 07/16/2008
→ Mortgage Credit News - July 11, 2008
The Fannie-Freddie panic began on Wednesday -- that is, this Fannie-Freddie panic, as opposed to the prior ones. The firms had already lost 90% of their stock value, and can continue to lose half of their remaining value every day forever with no trouble. It’s losing the other half that’s a problem. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado 07/16/2008
→ Lydian Forms New FHA/VA Loan Processing Subsidiary
FHA loans expected to take 10 percent of lending market in 2008, 15 percent in 2009, and mortgage companies have little experience processing them -- Lydian Data Services,Philippe Turpault,Boca Raton FL 07/16/2008
→ MBA's Quinn Reacts to Treasury and Fed Announcement on GSEs
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) this evening applauded the actions outlined today by the United States Department of Treasury and the Federal Reserve Board regarding Fannie Mae and Freddie Mac (the GSEs). -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 07/16/2008
→ MBA's Quinn Reacts to Release of Final HOEPA Rule
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today commended the Federal Reserve's Board of Governors for approving the Board's final rules under the Home Ownership and Equity Protection Act (HOEPA). -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/16/2008
→ Cogent Road Launches Padded Credit Score Detection Tool
- Tool enables lenders to detect artificially raised credit scores - -- Cogent Road, Inc.,Information,Sanb diego ca 07/16/2008
→ SearchMyLoan.com Offers Mortgage Insurance Through Loan Search and Pricing Engine
SearchMyLoan.com (SML), a provider of loan search and pricing services for the mortgage industry, announced it is now offering users of its loan search and pricing engine the ability to identify mortgage insurance products. -- SearchMyLoan.com,Info,PORT WASHINGTON NY 07/16/2008
→ HEALTHCARE BORROWERS TO RECEIVE SPEEDIER HUD 232 LOANS AS DRAMATIC RESTRUCTURING PROGRAM ENERGIZES HUD
Against a backdrop of steadily deteriorating conditions in the financial markets, senior housing/healthcare borrowers caught a sizable break with the recent announcement by FHA Commissioner Brian Montgomery that HUDs healthcare funding programs, frequently faulted in the past for being administratively tedious and slow, will run more lean and efficient from this point forward. -- Cambridge Realty Capital Ltd,Evan Washington,Chicago Illinois 07/16/2008
→ New Report by Center for Responsible Lending Shows How IndyMac Fueled Growth with Unsound and Abusive Home Loans
As IndyMac Bancorp battles questions about its financial stability, a new report from the Center for Responsible Lending provides evidence that IndyMac put itself in a hole by engaging in unsound and abusive lending during the nation's mortgage boom. -- Center for Responsible Lending,Kathleen Day, 07/10/2008
