MARKET IMPROVEMENTS: Thanks to the Nettleton, Merchants and Farmers Bank notched 20 mortgages in October, a 900 percent increase from two in October 2008. The bank foreclosed on the Downtown condo building and ultimately sold 30 unsold units during an auction, where it provided special financing for many of the bidders. -- PHOTO BY ERIC SMITH

Last week saw the installation of new officers for the Memphis Mortgage Bankers Association, and last month saw further stabilization of local mortgage numbers.

Meribeth LaBarreare, senior loan officer at Magna Bank and outgoing MMBA president, said the past year has been a rocky one for the industry, but that her tenure as president was a positive experience – even calling it a “blast” – despite these crazy financial times.

At the same time, she noted the ongoing changes in the mortgage landscape and the consistent difficulty of predicting what would happen next.

“Every day was challenging, not just for me as president of the Mortgage Bankers Association, but it was challenging for everybody,” LaBarreare said. “(It was a challenge) trying to stay on top and in the loop, trying to get the word out to the association (members) and helping them understand and realize what’s going on and why.”

Now, LaBarreare will hand the reins of the MMBA to Sam Goff, mortgage originator at Evolve Bank and Trust. The other 2010 officers are president-elect Greg Ellenburg of First Tennessee Home Loans, vice president Dean Puryear of Regions Mortgage and secretary/treasurer West Beibers of Evolve Bank and Trust, all of whom were installed at a Thursday event at Memphis Country Club.

For LaBarreare, the Memphis market has weathered the storm as well as can be expected, highlighted by a number of companies outperforming their sales paces from 2008.

“I think we’re doing remarkable,” she said. “I just think that our market, mortgage-wise, has been on top. Look at the numbers. Everybody’s doing more than they did last year. I think it’s been a very good year for everybody.”

Bottom reached?

The most recent figures show signs Shelby County has perhaps reached the bottom. Last month saw 743 residential mortgages, an 8 percent decline from 812 in October 2008 but just a 1 percent decline from 748 in September, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com. (Data for this report included only purchase loans and not refinances.)

October marked the fifth-best month of 2009, trailing only the previous four moths of June through September – often the busiest because of the popular summer buying season.

Mortgages last month averaged $149,386, up 4 percent from $143,647 in October 2008 but down 14.4 percent from $174,491 in September. Also, the total mortgage volume last month was $111 million, a 5 percent decrease from $116.6 million in October 2008 and a 15 percent decrease from $130.5 million in September.

The top lender last month in terms of number of mortgages and total dollar amount was Community Mortgage Corp., which notched 81 mortgages averaging $149,147 and totaling $12.1 million.

It was followed by Magna Bank (50, $186,590, $9.3 million) and Regions Bank, doing business as Regions Mortgage (48, $118,173, $5.7 million.)

One noteworthy October stat came from Merchants and Farmers Bank, which notched 20 mortgages – a 900 percent increase from two in October 2008. Last month’s surge came from the Nettleton, the Downtown condominium building where the bank sold 30 unsold units during an auction, providing special financing for many of the bidders.

Year to date, Shelby County has seen just 6,947 residential mortgages, down 25 percent from 9,312 in 2008 and down 51 percent from 14,049 in 2007. This year’s mortgages average $153,176, up slightly from 2008’s $149,739 and down slightly from 2007’s $154,747.

The top lender so far this year is Community Mortgage with 717 mortgages averaging $158,032 and totaling $113.3 million.

Positive vibes

For Beibers, being elected secretary/treasurer of the 2010 MMBA board isn’t the only change for the longtime mortgage professional. Beibers six weeks ago closed the doors on his company, Delta Trust Mortgage Corp. And along with most of Delta Trust’s mortgage officers, he took a job at Evolve.

Despite the move, which he called the result of a troubling regulatory environment, Beibers said the mortgage industry is improving. And though it might be too soon to say the numbers have bottomed out, it’s clear to at least say they have evened out.

Beibers attributed some of the stability in numbers to the extension and expansion of the $8,000 first-time homebuyers tax credit, something that should continue to help the market.

“We seem to be bubbling right along,” Beibers said. “I don’t think we’re setting any sales records, but at the same time it doesn’t feel as bad, I guess is the best way to put it. It’s hard to say whether this is going to continue, but the fact that we’re a week from Thanksgiving and we’re having some activity, I think that’s a good sign.”

Still, the job market is wreaking havoc on the economy in general and the real estate market in particular. But once those pick up, housing is sure to follow.

“Right now, it seems that the worst of the subprime crisis has faded a little bit,” Beibers said. “I think the jobs market is the key. If we see a recovery in employment, then we’ll see delinquencies coming down and even more sales activity. There’s some good things happening on the housing side right now and I feel more positive about the housing market than I have in two years.”

Chandler Reports is a division of The Daily News Publishing Co.