September 2010 Volume 2 • Number 9
A Message From NMP Media Corp. Executive Vice President Andrew T. Berman
YSP, we’ll miss you
N A T I O N A L
As the yield spread premium (YSP) rides into the sunset, we now have to find a better nomenclature to describe the “credit” that third-party originators (TPOs) will receiving for originating loans. On page 18 of this issue, you will find the new term that we feel will takeoff as an official term in the mortgage industry, replacing the old “YSP” as proclaimed by Jonathan Foxx. Later in the magazine, Jonathan continues his dissection of the Dodd-Frank Act in Part II of his series “A New Era of Mortgage Reform.”
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The future of the mortgage banking marketplace This month, we will focus on the future of mortgage banking. As we face massive changes in the industry, in this focus, we had our experts write about ways to deal with these constant changes. The section starts off with the change-master himself, Rene F. Rodriguez, chief executive officer of Mortgage Dashboard providing an overview of the future of mortgage banking and his perspective from a technology standpoint. Gibran Nicholas then shares his thoughts on why you can control change and how to adapt to the ever-changing marketplace. Then, we get to peek into Dave Zitting’s crystal ball to see the opportunities that await us as the market undergoes its metamorphosis. The section wraps up with David Lykken discussing the current state of the mortgage banking market from the perspective of the C-level executive and speculating on the unknown variables that lie ahead in the marketplace.
Our NMP Mortgage Professional of the Month Last month, we featured wholesaler Joe Amoroso from REMN. As we focus this month on the world of mortgage banking, we didn’t have to go travel very far away from Mr. Amoroso, in fact, we went just down the hall to a man who is considered legendary in the world of mortgage banking, REMN Chief Executive Officer Peter Norden. Peter (who is pretty young by industry standards) came out of retirement when he was faced with unprecedented opportunities presented in the secondary marketplace. Peter is a guy who trades mortgage-backed securities (MBS) on his personal account just for fun. I’m pretty sure you’ll find his insight and stories on the market helpful as you continue to survive in this ever-changing mortgage marketplace. We hope you enjoy this issue and take away from it, knowledge from our informative articles that will assist you in today’s turbulent marketplace. As the leaves begin to fall, action in the industry begins to heat up as I’d like to highlight two marquee events on the horizon. First off, Mortage Revolution will present “MRev New York 2010,” Friday-Sunday, Oct. 15-17 at the Westchester Marriott in Tarrytown, N.Y. For more information on this innovative industry event where the top minds are brought together in a forum to exchange ideas with the common goal of advancing the industry, visit www.mortgagerevolution.info. In December, the National Association of Mortgage Brokers will visit Las Vegas and the MGM Grand, Saturday-Monday, Dec. 4-6, for the 2010 installment of NAMB/WEST. This annual event will feature a number of informative breakout sessions, a jam-packed trade show in the exhibit hall, and much more. NAMB continues to fight the fight for the entire mortgage industry, not just the dues-paying members, so come on out to Vegas and see what NAMB has to offer. For more information, visit www.nambwest.org. Until next month ... Sincerely,
Andrew T. Berman, Executive Vice President NMP Media Corp.
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