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institutions, FHA/Ginnie Mae, REITS, mortgage REITS, investment funds, and other investors; HFF LP for conduits; MetLife for life insurance companies; PNC Real Estate for Fannie Mae; CBRE Capital Markets Inc. for Freddie Mac; TIAA-CREF for pension funds; Glacier Real Estate Group for credit companies; and Deutsche Bank Commercial Real Estate for specialty finance.
National Mortgage Professional Magazine invites you to submit any information on regulatory changes, legislative updates, human interest stories or any other newsworthy items pertaining to the mortgage industry to the attention of:
NMP News Flash column Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.
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in new home retention actions in the second and third quarters of 2009 after the introduction of HAMP. More than 82 percent of all modifications implemented during the quarter reduced principal and interest payments, and all HAMP modifications reduced monthly payments. Most of HAMP modifications decreased borrowers’ monthly payments by 20 percent or more. Recent vintages of modifications that emphasized sustainability through lower monthly payments performed better at three and six months after modification than older vintages. However, re-default rates remained high overall, with more than half of all modifications falling 60 or more days past due by nine months after modification. Newly initiated foreclosures fell by more than 15 percent in the fourth quarter and foreclosures in process were stable, as mortgages remained delinquent for longer periods before entering the foreclosure process and the servicers evaluated more borrowers for loss mitigation and foreclosure prevention programs. However, servicers report that they expect new foreclosure actions to increase in upcoming quarters as alternatives to prevent foreclosure are exhausted and a larger number of seriously delinquent mortgages slip into foreclosure. Current second liens that stand behind delinquent or modified first liens have an elevated risk of default and loss. The OCC and OTS have instructed banks and thrifts that hold such second liens, which are a minority of all second liens, to hold appropriate loan loss reserves to reflect the elevated risk. For more information, visit www.occ.gov and www.ots.gov.
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news flash
By dollar volume, the top five originators for third parties in 2009 were Deutsche Bank Commercial Real Estate, Wells Fargo Bank, PNC Real Estate, CBRE Capital Markets Inc. and HFF LP. The MBA study presents a comprehensive set of listings of commercial/multifamily mortgage originators and the different roles they play. The MBA report, “Commercial Real Estate/Multifamily Finance Firms—Annual Origination Volumes,� presents origination volumes in more than 140 categories, including by role, by investor group, by property type, by financing structure type, and by the location of the originating office. For more information, visit www.mortgagebankers.org.
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MBA finds Wells Fargo as top U.S. commercial/multifamily originator in 2009
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O Wells Fargo Bank as the top originator for commercial banks/savings
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Wells Fargo Bank was the top comm e rc i a l / m u l t i family originator in 2009, according to a set of listings released by the Mortgage Bankers Association (MBA). Other originators in the top 10 include PNC Real Estate, Deutsche Bank Commercial Real Estate, CBRE Capital Markets Inc., HFF LP, Prudential Mortgage Capital Company, Meridian Capital Group, MetLife, Northmarq Capital LLC and Capmark Financial Group Inc. Eight different companies topped the 11 lists reporting originations by investor groups:
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