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Residential Mortgage Lending, 2d ed.

Residential Mortgage Lending 2nd Edition

Residential Mortgage Lending is a book to be included on the shelf of everyone involved in mortgage banking. It undertakes to educate the reader about the large, complex and dynamic profession of mortgage lending. From originator to payoff specialist, all areas of lending specialization are accurately covered.

Before going further, one should acknowledge the fortitude required to undertake a project of this scope and to bring it to completion. As to its success, all a prospective reader really needs to know is that Residential Mortgage Lending is the primary text used at Course I of the Mortgage Bankers Association of America's (MBA) School of Mortgage Banking. Within our industry, there is no higher accolade.

Dennis adroitly decides which topics to exclude, thus defining the book's scope. He excludes commercial lending, for example, and chooses to treat government regulation as incidental to other functions, such as underwriting and secondary marketing. Such decisions make the book more accessible to the novice and more focused on the principal business of most lenders.

Through his expert edition, Dennis guides the reader into each topic. Any of the 16 chapters could be expanded to book length; conversely, the key ideas of each chapter could be summarized in a page of bullet points. Finding a middle ground is a challenge that Dennis negotiates successfully.

Dennis also obtains balance by covering each topic in proportion to its importance to the industry as a whole. From the history of mortgage lending to security instruments and their functions, each topic is taken to a depth that is meaningful to mortgage lenders.

Dennis' writing style is precise and accurate. However there are two faults I find with the book; one is mechanical and the other is functional.

First, there are a number of distracting typesetting errors, coupled with the fact that the typesetter neglected to box many of the exhibits. These simple failures detract from the professional appearance of the book. Second, the book's statistical data and industry analysis are current only to 1986. There is no mention of the thrift debacle, the RTC, the death and apparent rebirth of Texas or the critical depreciation of Northeast real estate. Given the rate of evolution in our industry, Residential Mortgage Lending needs to be updated at least every two years.

Even with this flaw, Residential Mortgage Lending remains the definitive text on our industry. Probably none of us could fail to learn something by browsing through it, and we all owe the author a debt of gratitude for having systematized and set down the body of knowledged and practice that is mortgage banking.
COPYRIGHT 1991 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
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Author:Hubbard, Andy
Publication:Mortgage Banking
Article Type:Book Review
Date:Jun 1, 1991
Words:437
Previous Article:1991 residential finance survey.
Next Article:The Mortgage Banking Sourcebook: A Reference Guide to Information Sources on the Mortgage Lending Industry.
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