Mortgage Banking articles from October 2002

Mortgage Banking archives from October 2002

Unbelievable rates. (Portfolio).
October 1, 2002... ARE LOW RATES A TREND OR JUST A SHORT-TERM BLESSING? IT'S HARD TO KNOW, really--but the bond market has definitely been the beneficiary of a lousy stock market. And real estate markets have been the beneficiary of a happy bond market. If that...

Delinquencies and foreclosures increase in Q2. (Business Alert).
October 1, 2002... ACCOROING TO THE MORTGAGE BANKERS Association of America's (MBA's) latest quarterly National Delinquency Survey, the percentage of homeowners paying their mortgages late increased in the second quarter of 2002. This increase occurred for all...

Citigroup pays $215 in FTC settlement. (Business Alert).(Federal Trade Commission)(Brief Article)
October 1, 2002... NEW YORK-BASED CITIGROUP INC. HAS agreed to a $215 million settlement with the Federal Trade Commission (FTC), which charged a Citigroup subsidiary, Irving, Texas--based Associates First Capital Corporation, with predatory lending practices....

Judge approves lawsuit involving First Alliance. (Business Alert).(First Alliance Mortgage Company)
October 1, 2002... IN A HEARING IN SEPTEMBER IN U.S. District Court, Central District of California, Judge David Carter approved the settlement of a lawsuit involving Irvine, California--based First Alliance Mortgage Company and its chief executive officer, Brian...

Lendingtree improves outlook for third quarter. (Business Alert).(Brief Article)
October 1, 2002... LENDING TREE INC., CHARLOTTE, NORTH Carolina, has revised its financial guidance upward for the third quarter ended Sept. 30, 2002. The company expects earnings per share (EPS) of $0.06, calculated in accordance with generally accepted...

Countrywide reports record August loan fundings. (Business Alert).(Countrywide Credit Industries Inc.)
October 1, 2002... COUNTRYWIDE CREDIT INDUSTRIES INC., Calabasas, California, released operational data for the month ended Aug. 31, 2002. "Countrywide achieved exceptional operating results across all business lines in August," said Stanford L. Kurland,...

OFHEO reports 6.48% rise in home prices. (Business Alert).(Office of Federal Housing Enterprise Oversight)
October 1, 2002... THE OFFICE OF FEDERAL HOUSING ENTERprise Oversight (OFHEO) released its House Price Index (HPI), a quarterly report analyzing housing appreciation trends. OFHEO found that average U.S. home prices increased 6.48 percent from the second quarter...

HUD amicus brief filed in Haug v. Bank of America. (Business Alert).(U.S. Dept. Of Housing and Urban Development)
October 1, 2002... ON SEPT. 3, THE U.S. DEPARTMENT OF Housing and Urban Development (HUD), along with Justice Department attorneys, filed a "friend of the court" (amicus curiae) brief for the United States in the case of Haug v. Bank of America, being tried in...

FNIS files federal lawsuit against PA appraisal board. (Business Alert).(Fidelity National Information Solutions)
October 1, 2002... A FEDERAL LAWSUIT WAS FILED IN AUGUST by Fidelity National Information Solutions (FNIS), Santa Barbara, California, and Market Intelligence Inc., FNIS' property valuation subsidiary, against the Pennsylvania State Board of Certified Real Estate...

Landsafe continues record growth. (Business Alert).
October 1, 2002... PLANO, TEXAS--BASED LANDSAFE INC. reported its record-breaking production continued in August as the volume of orders processed and closed jumped 22 percent above July totals. The company also reported increased customer satisfaction ratings...

WAMU purchases Homeside Lending. (Business Alert).(Washington Mutual Inc.)
October 1, 2002... WASHINGTON MUTUAL INC., SEATTLE, signed a definitive agreement to acquire the stock of the parent company of HomeSide Lending Inc., the U.S. mortgage unit of the National Australia Bank Limited, for an estimated $1.3 billion in cash. Washington...

New York City passes Predatory Lending Bill. (Business Alert).(Brief Article)
October 1, 2002... THE NEW YORK CITY COMMITTEE ON CONsumer Affairs voted unanimously to pass the New York City Predatory Lending Bill on Sept. 4. The vote came after a month of actions, letter writing and lobbying by the Association of Community Organizations for...

Calendar of Events.(Calendar)
October 1, 2002... Calendar of Events OCTOBER 2002 Oct. 8-10: MBA Loan Origination University, Denver Oct. 10-12: MBA Detecting and Avoiding Mortgage Fraud seminar; Orlando, Florida Oct. 16-19: ...

Narrowing the homeownership gap. (Executive Suite).
October 1, 2002... DESPITE ALL THE TURBULENT NEWS, there is still so much to be proud of--and that pride is demonstrated by what has been done in the housing marketplace. It remains the bright spot in our struggling economy. While the stock market has declined,...

The intrepid American consumer. (Cover Report: Industry Trends).
October 1, 2002... For nearly two years observers have been expecting the consumer engine that drives the economy to stall. So far--thanks to incredibly low interest rates and rising home values and personal incomes--consumers continue to spend. And they continue...

Today's brand of mortgage company. (Cover Report: Industry Trends).
October 1, 2002... Washington Mutual Inc., Seattle, has found a powerful business model to capture and retain mortgage business. Four elements are at the core of its approach: a powerful brand, smart technology, innovative loan programs and strong relationships....

Just how fast can home mortgage debt Grow? (Cover Report: Industry Trends).
October 1, 2002... Mortgage debt growth is expected to slow modestly in the current decade. This analysis pegs the growth at 7 percent to 8 percent, somewhat off the hot 10 percent pace of more than five decades. THE PRODUCT OF MORTGAGE COMPANIES IS, oddly...

Commercial market prospects. (Cover Report: Industry Trends).
October 1, 2002... We look at six regional markets and explore what's hot, what's not and prospects for loan volume in 2003. Some markets are hot--like Southern California--yet many others are likely to be soft or only modestly up in 2003. The wild card is the...

The quest to raise homeownership rates. (Cover Report: Industry Trends).
October 1, 2002... Studies of the most effective ways to raise homeownership rates suggest direct cash assistance gets the most bang for the buck. The simulations of home-buying behavior show cash assistance outstrips the effectiveness of the lower mortgage rates...

Deja vu all over again. (Cover Report: Industry Trends).
October 1, 2002... A refi boom of a decade ago holds many lessons for today. In the first full quarter of the 1991-1992 refi boom, the refi share shot to 46 percent from 21 percent. The current boom's refi share soared to 55 percent from 25 percent in its first...

The company Courson keeps. (Profile).(John Courson of Central Pacific Mortgage becomes chairman of Mortgage Bankers Association of America)
October 1, 2002... Veteran mortgage banker John Courson, president and CEO of Central Pacific Mortgage, has some real tests ahead as he takes the job of chairman of the Mortgage Bankers Association of America. IT'S A 20-MINUTE COMMUTE ON A TWO-LANE COUNTRY...

A costly web of compliance. (Regulatory).
October 1, 2002... Proposed reforms of the Real Estate Settlement Procedures Act (RESPA) might bring welcome relief from a barrage of costly class-action suits over yield-spread premiums. That alone would make it a monumental step to many lenders. Yet other...

Big investments in transformation and technology. (Technology).
October 1, 2002... Two leading players in the mortgage business have financed large internal projects to transform their tending operations. Washington Mutual and Bank of America have both chosen the same solution to streamline the mortgage process and deliver...

Converting customers to mortgage e-Servicing. (Technology).(Column)
October 1, 2002... Encouraging homeowners to use the Web to answer servicing questions and make payments could pay big dividends for servicers down the road. To date, the usage levels are underwhelming. YOU'VE MADE THE INTERNET YOUR TOP PRIORITY. You bought...

Technology pays off in 2001. (Technology).(Fannie Mae's Mortgage Focus study)
October 1, 2002... Fannie Mae's third annual Mortgage Focus study found lenders dramatically boosted productivity and reduced origination costs in 2001 with new technology. The survey found the Internet/call center channel saw the biggest savings--roughly $1,700...

The growing debate over appraisal technology. (Technology).(automated valuation models)
October 1, 2002... Many lenders have fully accepted automated valuation models (AVMs) for home-equity lines and second mortgages. Now the battle lines are forming over whether the new technology is good enough to be used in the first-mortgage business. I...

Level the playing field. (Executive Essay).(technology used by mortgage banks)(Column)
October 1, 2002... I REMEMBER PLAYING A GAME AS A CHILD with some of the neighborhood kids, in which we would put a flashlight on the ground and stand near a wall a few feet away to create a giant shadow image of ourselves. It made us look more menacing and...

The care and feeding of remote trainers. (Training).(Column)
October 1, 2002... LET'S SUPPOSE YOU ARE THE EXECUTIVE in charge of a huge servicing operation headquartered in Grand Island, Nebraska. (No jokes about cruel and unusual punishment.) There are four satellite servicing locations scattered around the country,...

Trends and drivers--what keeps us up at night? (eMortgage).(overview of mortgage market)
October 1, 2002... WHILE THE NATIONAL ECONOMY has undergone significant strain over the last 21 months, the mortgage market has continued to set a brisk pace, providing one of the few positive highlights in a sea of otherwise bleak economic data. As housing...

Realec and Framework form partnership. (Tech Newz).(Realec Technologies)(Brief Article)
October 1, 2002... REALEC TECHNOLOGIES, SANTA ANA, California, announced a partnership agreement with Framework Inc., Tarrytown, New York. The extensible markup language (XML) integration of RealEC's technology into Framework's Lend Ware e-business platform will...

Entyre Doc Prep and DocuTech form strategic partnership. (Tech Newz).(Brief Article)
October 1, 2002... ENTYRE DOC PREP INC., ANN ARBOR, Michigan, has formed a strategic partnership with DocuTech Corporation, Idaho Falls, Idaho, by which both companies will offer a complete package of services and technology for mortgage closings. The partnership...

Experian launches Cross-Sell portfolio management solution. (Tech Newz).(Brief Article)
October 1, 2002... COSTA MESA, CALIFORNIA-BASED EXPERIAN has introduced Gross-Sell Triggers, a fully compliant daily cross-sell campaign capability that enables lenders to quickly identify and respond appropriately to credit-active customers in their portfolios....

Dexma launches lending suite. (Tech Newz).
October 1, 2002... DEXMA INC., MINNEAPOLIS, HAS launched a comprehensive package of products called the Dexma Lending Suite. Built specifically for retail lenders that want to attract online borrowers and streamline their lending practices, the Dexma Lending...

Companies choose Ignition Risk-Management Technology. (Tech Newz).(Brief Article)
October 1, 2002... SAUSALITO, CALIFORNIA--BASED IGNITION Mortgage Technology Solutions Inc. (formerly Tuttle Decision Systems Inc.) announced that H&R Block Corporation, National Bank of Commerce and Transnational Financial Network have selected its Pipeline...

Loansoft offers Web module. (Tech Newz).(Brief Article)
October 1, 2002... BERKELEY, CALIFORNIA--BASED LOANSOFT Inc. has launched LS On-Line, its new Web module. LS On-Line provides users with a complete Web-based solution from point of sale to processing and underwriting all the way through closing. On-Line's...

DataQuick and Real Info sign multiyear license agreement. (Tech Newz).(DataQuick Information Systems)(Brief Article)
October 1, 2002... DATAQUICK INFORMATION SYSTEMS, SAN Diego, has signed a multiyear national data file license agreement with Real Info Inc., Buffalo, New York. According to the terms of the contract, DataQuick will provide Real Info with the critical real...

Cardinal Financial selects GHR Technology. (Tech Newz).(to deploy and support a wholesale origination Web site)
October 1, 2002... WAYNE, PENNSYLVANIA--BASED GHR Systems Inc. has been selected by Trevose, Pennsylvania--based Cardinal Financial Company to deploy and support a wholesale origination Web site for Cardinal Financial. Cardinal will use the new wholesale...

Interlinq and NetUPDATE announce partnership. (Tech Newz).
October 1, 2002... INTERLINQ SOFTWARE CORPORATION, Bellevue, Washington, announced a strategic partnership with NetUPDATE Inc., Redmond, Washington. The partnership will provide mortgage originators using INTERLINQ's MortgageWare[R] system with access to...

Cusource adds ABT servicing system. (Tech Newz).(Access Business Technologies)
October 1, 2002... GREAT FALLS, MONTANA-BASED CUSOURCE LLC, a credit union service organization, has implemented PowerCore, Mather, California-based Access Business Technologies' (ABT's) Web-enabled application. PowerCore is a loan servicing system that...

Realec and Appraisal.com offer residential appraisal transaction solutions. (Tech Newz).
October 1, 2002... REALEC TECHNOLOGIES HAS SIGNED AN agreement with Appraisal.com Inc., Buffalo, New York. Significant new XML and Web integration of RealEC's technology with The Appraisal.com Nationwide Appraisal Network will allow lenders that are linked to the...

MBA ranks top CMBs servicers. (Commercial).(Mortgage Bankers Association of America; commercial mortgage-backed securities)
October 1, 2002... THE MORTGAGE BANKERS ASSOCIATION OF America (MBA) released its latest survey of the largest commercial mortgage-backed securities (CMBS) servicers. MBA's survey offers two groups of rankings: those based only on CMBS loans and those based on...

Prudential closes $173 million loan package. (Commercial).
October 1, 2002... NEWARK, NEW JERSEY-BASED PRUDENTIAL Mortgage Capital Company closed a $173 million package of commercial mortgage loans for a venture consisting of ProLogis and Macquarie ProLogis Trust, on behalf of the general account of The Prudential...

New York City Office Market slow to recover. (Commercial).
October 1, 2002... ACCORDING TO A REPORT BY STANDARD & Poor's (S&P), New York, The New York City Office Market Faces Challenges in Its Recovery, the New York City office market is experiencing higher vacancy and reduced effective rents resulting from the Sept. 11...

CMBS ratings not affected by Ames closing. (Commercial).(Ames Department stores; commercial mortgage backed securities)(Brief Article)
October 1, 2002... STANDARD & POOR'S REPORTED THAT THE closure of 327 Ames Department stores has no immediate effect on the ratings currently assigned to 27 CMBS transactions that include loans secured by Ames Department stores. The 27 rated conduit transactions...

Moody's downgrades and affirms four MSDW classes. (Commercial).(Morgan Stanley Dean Witter)
October 1, 2002... MOODY'S INVESTORS SERVICE, NEW YORK, has downgraded the ratings of four classes and affirmed the ratings of four classes of Morgan Stanley Dean Witter Capital I Inc., commercial pass-through certificates, series 2000-XLF as follows: Class A,...

NorthMarq arranges $72.2 million loan. (Commercial).
October 1, 2002... NORTHMARQ CAPITAL, MINNEAPOLIS, HAS arranged financing in the amount of $72,200,000 for Union Plaza, located in the heart of the Denver Tech Center. Union Plaza is a 23-story. 266-unit condominium tower and an adjoining seven-story,...

LMRES arranges $19.5 million mortgage. (Commercial).(Brief Article)
October 1, 2002... LEGG MASON REAL ESTATE SERVICES (LMRES') Orlando, Florida, regional office arranged a first-mortgage loan of $19.5 million for Grand Reserve at Kirkman Parke, located in Orlando. The financing was based on a 10-year term with an interest-only...

CRIIMI MAE reports earnings. (Commercial).
October 1, 2002... ROCKVILLE, MARYLAND--BASED CRIIMI MAE Inc. reported operating results for its second quarter ended June 30, 2002. For the three months ended June 30, 2002, CRIIMI MAE reported GAAP net income to common shareholders of approximately $2.3...

LandAmerica acquires NAC. (Commercial).
October 1, 2002... LANDAMERICA FINANCIAL GROUP INC., Richmond, Virginia, has acquired the assets of National Assessment Corporation (NAC), Alameda, California, a full-service real estate due-diligence firm specializing in engineering, construction and...

Tremont and Capitalsource form strategic alliance. (Commercial).
October 1, 2002... CAPITALSOURCE FINANCE LLC, CHEVY Chase, Maryland, a commercial finance company specializing in asset-based, senior and mezzanine financing, has entered a strategic alliance with Tremont Realty Capital LLC, Boston, a real estate investment...

$60 million in Title claims paid in 2001. (Business Alert).(Brief Article)
October 1, 2002... ACCORDING TO THE AMERICAN LAND TITLE Association (ALTA), Washington, D.C., results of its recent industry survey show that title insurers paid approximately $460 million in claims in 2001, compared with $350 million the previous year. These...

Countrywide forms Institutional Mortgage Service Group. (Business Alert).
October 1, 2002... COUNTRYWIDE CREDIT INDUSTRIES INC. HAS formed a new senior management group called the Institutional Mortgage Services Group (IMSG), and named Doug Jones, managing director of the company's Correspondent Lending Division, as its president. The...

MortgageSelect.com adds realtor locator service. (Business Alert).
October 1, 2002... NEW YORK--BASED AMERICAN HOME Mortgage Holdings Inc. has formed a relationship with Lending Tree and eRealty to provide customers with a network of real estate brokers via MortgageSelect.com, its online mortgage delivery channel. For a limited...

In search of good loans. (On the Road).
October 1, 2002... ANY0NE LOOKING FOR A SIMPLE description of predatory lending might adopt Jack Konyk's reasoning. Konyk, vice president of regulatory risk management for National City Bank, Pittsburgh, says, "Any loan can be predatory if it involves deception."...

Market Performance Gauge. (Price Watch).
October 1, 2002... Price Watch Market Performance Gauge Sample of highest to lowest performance by state price tier over the last one-year period (through 3/31/02) HIGH TIER Rank MSA Performance Gauge 1 MINNESOTA ...

Nationwide Residential Lenders--Top 30. (Marketrac).
October 1, 2002... Marketrace[R] Nationwide Residential Lenders--Top 30 First-Half 2002 / Sort Order: Total Loan Amount PURCHASE Rank Lender Total ...

Mortgage Applications Indexes Mortgage Bankers Association of America. (Vital Statistics).
October 1, 2002... Vital Statistics MORTGAGE APPLICATIONS INDEXES MORTGAGE BANKERS ASSOCIATION OF AMERICA MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM ...