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The Mortgage Banking Sourcebook: A Reference Guide to Information Sources on the Mortgage Lending Industry.

The Mortgage Banking Sourcebook: A Reference Guide to Information Sources on the Mortgage Lending Industry

The mortgage lending industry, what is it? Who is involved? Where can I obtain information about it? Every person who is involved in the mortgage lending industry has asked these questions at one time or another during his or her career. These questions appear to be simple ones, but with the mortgage lending industry what it is today - large, complex and ever changing - the answers are often difficult to find.

The Mortgage Banking Sourcebook supplies names, addresses and telephone numbers of state, local and federal government agencies; trade associations; legislative committees and representatives; regulatory agencies; tax and accounting authorities; publishers of trade periodicals; training resources; and universities and real estate research centers. With these resources, persons interested in the mortgage lending industry or currently involved in the industry can obtain answers to their questions. The Sourcebook, however, is more than just an alphabetical directory of names and addresses. Short narratives introduce topical areas and point the reader toward sources of additional information.

The book begins with a chapter that contains a brief, concise overview of the mortgage banking industry. It discusses the specialized roles that correspondents, wholesalers, subservicers and conduits play and explains how the mortgage banker makes money.

A chapter on business start-ups talks about how to begin a mortgage banking company and lists points to consider when starting up a business. This section is intended for the mortgage lending veteran who understands the business, not the newcomer to the industry. Career opportunities in mortgage banking are explored, and jobs are categorized into four main areas: origination, underwriting, servicing and marketing. The book neglects to discuss two of the positions that a newcomer is likely to begin in - loan processing and loan closing.

Another chapter discusses regulation of mortgage lending practices and the lending of money for residential home purchases.

Legislation is explained in another chapter that lists legislative agencies, committees and services that the mortgage lender can contact to keep abreast of pertinent changes pending in Congress. An explanation of the role of political action committees (PACs) is also included.

The bibliography lists publications, correspondence courses, computer-based training, periodicals, newsletters, newspapers and selected articles from Mortgage Banking magazine on all facets of the mortgage lending industry that the reader can obtain.

The book's introduction states: "The Mortgage Banking Sourcebook can help you select a career in mortgage banking; find a legislative contact; comply with regulatory acts and legislation; learn more about tax reporting and accounting procedures; become better trained and educated; and establish a network of industry contacts." As a reference source, it can lead you in the right direction to complete these tasks.
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.

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Author:Stotts, Saundra
Publication:Mortgage Banking
Article Type:Book Review
Date:Jun 1, 1991
Previous Article:Residential Mortgage Lending, 2d ed.
Next Article:Technology.

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