The Magazine

Why aren't trial modifications converting to permanent modifications? The Cover Story tackles this very serious industry problem. Another serious concern the mortgage industry is battling is how to valuate REOs. What are they really worth? Also, Ron Morgan discusses home retention strategies, B2C website advances are detailed, and much more.

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Featured Story

The Changing Face of Mortgage Lending

Perspectives By Paul Fosco, Chairman and CEO, Document Express

“HUD ISSUES NEW MORTGAGE RULES TO HELP CONSUMERS SHOP FOR LOWER COST HOME LOANS”, “RADICAL CHANGES TO RESPA TO TAKE EFFECT JANUARY 1, 2010”, “ARE YOU READY FOR SOME RESPA REFORM?” You’ve been reading the headlines for quite some time now and you’re still losing sleep because you aren’t sure if you’re in compliance with the new regulations. All players involved in the loan process are concerned, and rightfully so. After all, these changes are more than just the implementation of a new form or two. They constitute an entirely new way of doing business and are widespread. Lenders and loan officers are confused about what new disclosure forms to use. Correspondent lenders are typically required to deliver loans that are fully compliant with all federal, state and local laws, rules and regulations. Investors are afraid that they will be held responsible for the errors of others. Brokers are worried about compliance, and oh, what about the yield spread premium? Settlement providers aren’t sure about changes to the new HUD-1 form and how it is affected by the new Good Faith Estimate. Before I address these concerns, let’s take a look at some of the more important RESPA changes first.

For the first time in over 30 years, HUD has instituted sweeping changes to RESPA. While amendments to RESPA have been discussed and even proposed by previous administrations, the onslaught of home foreclosures and the ongoing housing market instability has created a new sense of urgency for lending and settlement reform. Under the new regulations, lenders, brokers, title companies, attorneys and others who provide loan and settlement services are subject to the tighter, stricter standards. In fact, because the changes are so noteworthy, HUD has announced that it will exercise restraint in enforcing the new regulatory requirements for the first four months of 2010.

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Tech Niches Blog

AmTrust Isn’t Done By A Long Shot

In the last edition of this blog I mourned the loss of an electronic mortgage pioneer, AmTrust. As it turns out, that obituary was premature and this mortgage technology editor couldn’t be happier. New information has come to light that will make e-mortgage believers very happy, indeed.

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Executive Spotlight

Risk Is King

Interview with David Green, The StoneHill Group

It is commonly reported that with new regulation like HVCC, MDIA, RESPA and a whole host of other new regulatory acronyms, that compliance is paramount. That statement is hard to refute. However, the end goal of all this new regulation is to force lenders to be more risk averse so they’re originating better quality loans. David Green, President of The StoneHill Group, talked to our editor about the best quality control strategies.

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Tech Innovation Blog

B-to-B Social Media to Grow Your Organization

Social media is a fundamentally transformative and rapidly evolving business tool for sales, marketing, communication, business development and the dissemination of information to today's consumers. What many business-to-business executives question is how social media applies to their business. They say: Maybe it’s right for companies that sell directly to consumers, but I don't see how it would apply to business-to-business transactions. How is Twitter, LinkedIn, Facebook, YouTube or a blog going to benefit my company?

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Video Newscast

Mortgage Technology Awards

And The 2009 Mortgage Technology Magazine Award Winners Are ...

SourceMedia, the publishers of Mortgage Technology magazine, gave out awards in 10 categories honoring achievement in mortgage lending technology. The awards illustrate that especially in times of uncertainty, innovation is critical to future success. In the end, innovation matters and those that innovate will thrive in any mortgage market.

"This has been a transitional year for the mortgage industry," said Tim Murphy, mortgage group publisher and vice president at SourceMedia. "However, in times of adversity, true leaders emerge. Through these awards, we honor their ability to step up and reshape the space for the better by adopting new technology and overall business practices."

In fact, the awards competition itself has stepped up by adding four new categories including the Servicer of the Year Award, the Green Originator Award, the Customer-Focused Lender Award and the Innovative Lender Award, specifically to recognize the efforts of leading lenders and servicers that have taken this time to reinvent the mortgage process through technology adoption. "Realizing the severity of the problems lenders and servicers are facing," added Mortgage Technology magazine editor Anthony Garritano, "now is not the time to abandon or outsource technology. Our award winners this year stand out as examples of how success in a down market can be achieved by embracing change and using technology as a tool to help bring about a better way to conduct business that benefits everyone involved in the mortgage chain from the borrower, to the lender, to the investor, to the servicer, and so on."

In each of the 10 categories commendations are given out and one winner is announced. The 2009 companies and individuals recognized are:

Daily Mortgage Technology News

2009 Top 25 Tech-Savvy Lenders

Last year Mortgage Technology magazine included a lot of top 25 lenders in this list. This year, however, that has changed. Midtier lenders make up most of the list of lenders using technology to remain ahead of the mortgage market.

Why? There has been a lot of consolidation at the top of the market that has forced small and midtier lenders to try new avenues to compete and remain relevant. In addition, new regulation is making it almost impossible for lenders to avoid automating. And with future RESPA changes expected, lenders will have to adapt.

2009 Top Providers

Each year Mortgage Technology magazine names its Top 50 Service Providers. Our four major criteria for inclusion of eligible vendors and service providers on our list are customer satisfaction, functionality, market share and viable revenue model. Demonstrating functional value to lenders is our most important criterion. It is crucial that the providers on our list have satisfied users and show the ability to hold them by keeping those customers apace of the technology deployed by competing lenders. What makes the list even more compelling this year is that 19 providers that made it this year were not on the list last year.