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Inside Mortgage Finance

January 27, 2006

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Despite a Fourth Quarter Slowdown, 2005 Tops $3 Trillion in Mortgage Originations

Buoyed by strong consumer demand for alternative mortgage products and the opportunity to cash in some of their home equity, mortgage origination volume topped the $3 trillion mark for just the second time ever in 2005. According to a new Inside Mortgage Finance analysis of extensive industry data, total originations hit $3.120 trillion in 2005. That was a largely unexpected gain of 6.8 percent over the $2.920 trillion produced in 2004, and marked the industry’s… [One data table included] Read More

Countrywide and Wells Fargo Pull Away from the Rest of the Pack in 2005; Jostling in the Second Tier

Countrywide Home Loans extended its lead as the top originator in the residential mortgage market in 2005, according to an exclusive new ranking by Inside Mortgage Finance. Countrywide reported a record $490.95 billion in new mortgage production last year, up 35.2 percent from the company’s volume in 2004. Back in the 1980s that would have been a decent year for total mortgage originations. It boosted Countrywide to a 15.7 percent share of new production, although… [Two data tables included] Read More

Banking Agencies’ Plan to Update Existing Risk-Based Capital Rules Widely Supported by Mortgage Industry

Mortgage industry groups are divided over the treatment of piggyback seconds and alternative mortgages under new risk-based capital rules being devised by federal regulators to level the playing field between the few jumbo-sized financial institutions that are expected to adopt new international capital standards and the vast majority of banks and thrifts that are not. … Read More

Ameriquest Settlement Sends Wake-Up Call To Subprime Mortgage Industry, States Say

The subprime market’s largest originator, Ameriquest Mortgage, has reached a settlement with state attorneys general in a high-profile predatory lending investigation that law enforcement officials say should put the industry on notice. The settlement, announced this week, requires Ameriquest to pay a hefty $325 million in borrower restitution and investigative costs and make changes to its business practices in order to put to rest allegations that the company’s loan officers used high-pressure sales tactics… Read More

Lenders Urged to Stay Ahead of the Fraud Curve; Experts Say Risk Assessment Can Prevent Fraud

With mortgage fraud on the rise, lenders should adopt a risk-assessment methodology that identifies all major threats to safety and soundness, including sources of loan fraud, and be ready to respond to any potential state or federal fraud inquiry, according to industry experts. In an audio conference hosted by Inside Mortgage Finance last week, top executives with The Prieston Group and Option One said that a lack of adequate laws and regulations has pushed… Read More

More Standards, a Few Milestones May Make 2006 the Year eMortgages Begin to Take Root

Despite several years of intelligent design being thrown at it, the all-electronic mortgage has evolved at a very deliberate pace. Boosters of the so-called eMortgage say recent events may help accelerate a concept that promises significant productivity gains in a market that prizes efficiency. Wells Fargo’s delivery of its first eMortgage to Freddie Mac last week is being hailed as a milestone that will jumpstart the era of paperless mortgages. Indeed, all the technology pieces… Read More

National Flood Insurance Program Needs Another $5.6 Billion to Get Through 2006

The $18.5 billion borrowing authority that Congress approved for the National Flood Insurance Program in November is still not enough, according to the Federal Emergency Management Agency. The NFIP is set to reach its borrowing limit by mid-February and the program will require an additional $5.6 billion in borrowing authority to cover claims and expenses through 2006. … Read More

MBA Advocacy Agenda for 2006 Features Mortgage Fraud, Data Security and Flood Insurance Reform

Mortgage fraud, consumer data breaches, and reform of the National Flood Insurance Program are the new additions to the top regulatory and legislative issues that the Mortgage Bankers Association will be working on in 2006, according to trade group officials. The MBA this week said federal efforts to stop fraud and lenders’ significant investment in fraud-prevention technology have not been able to stem continuing increases in mortgage fraud. “It is not enough,” said Kurt… Read More

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