MBA Requests HUD to Revise Servicing Penalty Structure

The Mortgage Bankers Association (MBA) is requesting that the Department of Housing and Urban Development revise the penalty structure for servicers who fail to initiate foreclosure by the agency prescribed deadline. Over the years, HUD has placed servicers under increased performance pressure by reducing the timeframe to initiate foreclosure from 12 months to 6 months […]

Mortgage Originations to Fall Under $1 Trillion in 2011 says MBA

Mortgage originations are expected to fall from an estimated $1.4 trillion in 2010 to slightly under $1 trillion in 2011 according to the latest forecast from the Mortgage Bankers Association. The industry will see an increase in purchase originations driven by modest increases in home sales and stabilizing home prices.  In contrast, MBA refinance originations […]

Mortgage Bankers Association Names New Chairman and Other Officers

The Mortgage Bankers Association (MBA) announced the election of Michael D. Berman as the 2011 Chairman at the association’s 97th Annual Convention & Expo in Atlanta on Monday. Berman currently serves as the Chief Executive Officer of CWCapital in Needham, MA, as well as the MBA’s Board of Directors of the Commercial Real Estate Finance […]

Fixed Rate Products Made up 95% of New Loans During 2009 says Study

The Dodd-Frank Bill could could dramatically limit the types of loans offered in the United States according to a new report from the Mortgage Bankers Association.  The study found that mortgage features restricted in the bill such as longer terms, interest-only periods and flexible payment designs are quite common in other countries and are not […]

FHA Reverse Mortgage Program Should Be Strengthened and Embraced says MBA

The Federal Housing Administration needs more resources manage its way through the current housing market crisis and thrive when the market recovers according to a report from the Mortgage Bankers Association. Developed by the MBA’s Council on the Future of FHA and Ginnie Mae, the report provides 12 recommendations to improve the government agencies. “FHA […]

Mortgage Bankers Profit Per Loan Up 51% says MBA

New data from the Mortgage Bankers Association shows independent mortgage bankers and subsidiaries average profit per loan was $917 during the second quarter of 2010, up 51% from the first quarter. The increase was driven by a rise in the average production volume for each firm to $196.6 million in the second quarter of 2010, […]

Mortgage Banking Profits Drop During First Quarter says Report

The average profit per loan originated by mortgage bankers and subsidiaries was $606 during the first quarter of 2010, down from $890 per loan in the fourth quarter of 2009 and $1,088 in the first quarter of 2009 according to the Mortgage Bankers Association. The decline was driven by a drop in the average production volume […]

President Signs Sweeping Reform Into Law, Implementation Left to Regulators

President Obama signed the the Dodd-Frank Act, the most sweeping financial reform since the Great Depression on Wednesday. “With this law, we’ll crack down on abusive practices in the mortgage industry,” said the President during the bill signing ceremony.  “We’ll make sure that contracts are simpler, putting an end to many hidden penalties and fees in complex […]

Let the FHA Reform Act Debate Begin

A bill is making its way through Congress that will have a significant effect on the Federal Housing Administration’s mortgage insurance program and as a result, the reverse mortgage program. Sponsored by Representative Maxine Waters (D-CA), H.R. 5072, the FHA Reform Act of 2010 would give FHA the authority to increase the maximum mortgage insurance payments […]

NRMLA and MISMO Form Alliance for Reverse Mortgage Technology Standards

The Mortgage Industry Standards Maintenance Organization announced an alliance agreement with the National Reverse Mortgage Lenders Association to collaborate on the development of technology standards for the exchange of information about reverse mortgages. “The NRMLA Board, membership and staff are excited about this partnership and the possibilities it brings to both organizations, by extending our […]