June 29, 2005
CIB Marine Bancshares, Inc. to Implement Branch Capture Xpress(TM) and Check 21-Enabling Solutions from Fidelity Information Services
Fidelity National Financial, Inc. (NYSE: FNF - News), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and its Fidelity Information Services ("Fidelity") division announced today that CIB Marine Bancshares, Inc. (CIB Marine) will implement Fidelity's ImageCentre(TM), Branch Capture Xpress(TM) and Voyager(TM) check imaging solutions across its network of 41 banking offices located throughout Wisconsin, Illinois, Indiana, Nebraska, Nevada, Arizona and Florida.
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Posted by S. Germain at 02:40 PM | Comments (0)
June 28, 2005
First American Title Insurance Company Promotes James J. Dufficy to Lead Lenders Advantage Division
First American Title Insurance Company today announced that James J. Dufficy has been appointed as director of the company's Lenders Advantage Division. Dufficy, who also serves as senior vice president and regulatory counsel for the corporation, replaces Patrick E. McLaughlin, who has been named president of the company's National Default Title Services group.
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Posted by K. Perry at 11:01 PM | Comments (0)
Patrick E. Mclaughlin Named President of First American's National Default Title Services Group
First American Title Insurance Companytoday announced that Patrick E. McLaughlin has been named president of the companys National Default Title Services group. In this new role, McLaughlin will oversee all operations of the division, which helps customers manage defaulted loans throughout acquisition, loss mitigation, foreclosure and the REO process.
Posted by K. Perry at 11:01 PM | Comments (0)
Roger S. Hull Promoted to Executive Vice President for The First American Corporation
The First American Corporation (NYSE: FAF),the nations largest data provider, today announced that Roger S. Hull has been promoted to executive vice president in recognition of the key role he has played in developing and integrating First Americans technology and business strategies. Serving as the companys chief information officer since 2001, Hullhas been instrumental in the creation and deployment of industry-leading Web-based technology that has become the backbone of First Americans products, services and processes. His work has set the stage for dramatic improvements in the agility and performance of First American and its customers and partners.
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Posted by K. Perry at 11:00 PM | Comments (0)
Central Pacific to Buy Hawaii HomeLoans
Central Pacific Bank, Honolulu, has announced the signing of a letter of intent to acquire Hawaii HomeLoans Inc. for an undisclosed amount. Hawaii HomeLoans is a full-service mortgage broker with two offices, one in Honolulu and one in Kona on the island of Hawaii. It originated $555 million in residential mortgages in the fiscal year ended Feb. 28 and services approximately $750 million in loans owned by third parties, Central Pacific said. Tom Zimmerman, president of Hawaii HomeLoans, will oversee Central Pacific Bank's residential mortgage operations upon the completion of the deal. "With an expanded portfolio and the addition of top mortgage professionals, our bank will be better positioned to service larger residential real estate development projects, from start to finish," said Clint Arnoldus, chief executive officer of Central Pacific.
Posted by K. Perry at 10:58 PM | Comments (0)
Housing Secretary Jackson Trying To Streamline Mortgage Closings
Is there any hope for simplifying the paper-laden, costly and often confusing American system of closing a home mortgage? Can anybody help straighten out the mess?
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Posted by K. Perry at 10:57 PM | Comments (0)
RealtyTrac: New Foreclosures Decline
RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that the number of new properties in some stage of foreclosure decreased 2.5% nationwide in May. The company's Monthly U.S. Foreclosure Market Report indicates that 62,432 new foreclosure properties were added to the rolls in May, compared with 64,057 in April. "Although there were significant monthly fluctuations in some states, May's foreclosure numbers should help curb any immediate concerns of a nationwide real estate bubble," said James J. Saccacio, RealtyTrac's chief executive officer. The company said new reported foreclosures in New Mexico soared in May, giving it the nation's highest foreclosure rate. One property was in foreclosure in New Mexico for every 554 households, more than three times the national rate of one in 1,853, the company reported.
Posted by K. Perry at 10:56 PM | Comments (0)
ALTA: Title Industry Still Strong
The title insurance industry remained strong in the first quarter, as after-tax profits declined less than 10% from their level in the first quarter of 2004, a record year, according to the American Land Title Association. ALTA reported that revenue totaled $3.70 billion in the first quarter, up slightly from $3.69 billion a year earlier, while losses and loss-adjustment expenses rose 35.4%, from $148.8 million to $201.5 million. "After the rise in business during 2002, 2003, and 2004, claims were expected to eventually catch up," the association said. The industry loss ratio rose from 4.03% to 5.45%. Pretax profits (before investment income) totaled $71.2 million in the first quarter, down 50% from $142.3 million a year earlier, but after-tax profits (after investment income) fell far less, from $123.0 million to $111.6 million, according to ALTA
Posted by K. Perry at 10:53 PM | Comments (0)
NAHB Says Builders Curbing Speculation
Homebuilders have taken steps to curtail speculative homebuying in the nation's hottest housing markets, and speculation in new single-family homes appears to be "quite limited," according to surveys conducted by the National Association of Home Builders. The NAHB found that 82% of the members of a panel of large builders said they would sell only to buyers for owner occupancy, 64% said they won't allow buyers to sell a home before closing, and 55% said they won't let buyers sell during the first year after purchase. And in a national survey of over 500 homebuilders in June, the NAHB found that only 4% of single-family homes were sold to investors in the first half of 2005. "Builders -- especially the largest builders -- early on recognized the dangers of excessive speculative activity and took steps to discourage sales to investors who did not intend to occupy the new homes," said NAHB chief economist David Seiders. "As a result of these proactive efforts, speculative activity in the national market for new single-family homes has been well contained."
Posted by K. Perry at 10:52 PM | Comments (0)
Commercial/Multifamily Originations Rankings Released by MBA for the First Time
Wachovia, GMAC Commercial Holding Corp. and Keybank Real Estate Capital were the top commercial/multifamily originators in 2004, according to a study released by the Mortgage Bankers Association (MBA) today. The MBA study is the first of its kind to present a comprehensive listing of commercial/multifamily mortgage originators and the different roles they play.
Posted by K. Perry at 10:51 PM | Comments (0)
Fed Watching But Sees No Housing Bubble
Federal Reserve Gov. Mark Olson conceded this week that runaway home appreciation in some markets is raising red flags; however, the central bank official stopped short of acknowledging a national problem. "There is clearly some froth in some markets, but we still don't see a nationwide housing bubble," he stated, although he added that the Fed is monitoring the issue closely. Meanwhile, Federal Deposit Insurance Corp. Vice Chairman John Reich quelled speculation that his agency is working on a guidance for adjustable-rate and interest-only finance products. "Our division of supervision may be gathering information on the extent of these loans," he explained, "but I'm not aware of any guidance that is in the process.
Posted by K. Perry at 10:49 PM | Comments (0)