First American Client Relations Industry View: August 2005 Archives

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August 26, 2005

The First America Corporation Declares Quarterly Dividend

The First American Corporation (NYSE: FAF), the nation’s largest data provider, today announced that its board of directors has declared a regular quarterly cash dividend of 18 cents per common share.

To read the entire story click here.

Posted by S. Germain at 08:54 AM | Comments (0)

First American Acquires Certified Closing Network

The First American Corporation (NYSE: FAF), the nation’s largest data provider, today announced that it has acquired Certified Closing Network (CCN), a premier provider of customized and outsourced title clearance, equity calculation and settlement services for clients with residential relocation-related transactions. CCN will become a part of First American Residential Group, Inc., a specialty business line established by First American in 2002 to address the service, technology and outsourcing needs of companies serving the residential real estate and relocation markets. Terms of the transaction, which closed on Aug. 19, 2005, were not disclosed.

To read the entire story click here.

Posted by S. Germain at 08:54 AM | Comments (0)

REIData Inc. Introduces Property Profiles to California Market Via PropertyInfo.com

Property Profiles, a comprehensive property and ownership report used by residential and commercial real estate professionals, is now available for all 58 California counties via PropertyInfo.com, a Web-based product of REIData Inc.

To read the entire story click here.

Posted by S. Germain at 08:51 AM | Comments (0)

Document Processing Systems Extends eMortgage Leadership, Closing First Cash eNote Sale through MERS® eRegistry

Document Processing Systems, Inc. today announced that its DPS eMortgage Studio(TM) online lending platform has been used by 1st Advantage Mortgage to execute the industry's first cash sale of an electronic mortgage loan to a secondary market investor through the MERS® eRegistry. The mortgage was electronically closed, registered and immediately sold, using the eMortgage Studio as the interface between DPS partner 1st Advantage Mortgage, LLC of Chicago and the eRegistry.

To read the entire story click here.

Posted by S. Germain at 08:50 AM | Comments (0)

HSBC Mortgage Services Further Expands HELOC Offering to Correspondents Through Guardian Mortgage Documents' Web-Based NGIS Solution

HSBC Mortgage Services, the non-conforming correspondent lending unit of HSBC - North America, has expanded its home equity product line to include new draw/repayment programs and a low introductory rate. Guardian Mortgage Documents' (GMD) Web-based Next Generation Input System (NGIS(TM)) enables HSBC Mortgage Services' correspondent network to order HELOC documents nationwide at anytime. The new products were launched on July 7, 2005.

To read the entire story click here.

Posted by S. Germain at 08:49 AM | Comments (0)

ING-DiBa Signs Long-Term Outsourcing Agreement With Fidelity National Financial Subsidiary KORDOBA

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 majority-owned subsidiary KORDOBA GmbH & Co. KG ("KORDOBA"), announced today that KORDOBA has signed a multi-year application management and IT outsourcing agreement with ING-DiBa AG ("ING-DiBa"). The contract includes a migration to KORDOBA's K-GS (Global Securities) system, a market-leading securities application. With more than euro 51.9 billion in assets, ING-DiBa is Europe's largest and most successful direct bank.

To read the entire story click here.

Posted by S. Germain at 08:47 AM | Comments (0)

Paradigm Quest Inc. Awards Seven-Year Mortgage Servicing ASP to Fidelity Information Services Canadian Division

Fidelity Information Services (FIS), a division of Fidelity National Financial, Inc. (NYSE: FNF - News), announced today that its Canadian Division has signed an agreement to supply software and ASP processing services to Paradigm Quest, Inc. of Toronto, Ontario, Canada.

To read the entire story click here.

Posted by S. Germain at 08:46 AM | Comments (0)

Paradigm Quest Inc. Chooses Filogix Mortgage Solution for New Business Processing Outsource Service

Filogix Inc., Canada's premier provider of mortgage and real estate-related technology, announced today that its solution has been selected by Paradigm Quest for its new third party mortgage processing service. Paradigm will use filogix express(R) to provide multiple lenders with a cost-effective means to deliver greater mortgage selection and pricing to its Canadian consumers. This mortgage processing model is the first of its kind in the Canadian industry.

To read the entire story click here.

Posted by S. Germain at 08:45 AM | Comments (0)

Ellie Mae and Positive Networks Create Strategic Partnership

Positive Networks, the leading provider of hosted VPN and end-point security services, today announced an agreement with Ellie Mae, a leading supplier of software and services for the mortgage industry, to provide preferred services to Ellie Mae clients needing secure VPN access for their remote users.

To read the entire story click here.

Posted by S. Germain at 08:45 AM | Comments (0)

Emigrant Savings Bank to Implement ACBS for Expanding Commercial Loan Portfolio

Fidelity National Financial, Inc. and its Fidelity Information Services (Fidelity) division announced that Emigrant Savings Bank has agreed to implement Fidelity's Advanced Commercial Banking Systems (ACBS) to support Emigrant's rapidly growing commercial lending portfolio. Emigrant Savings Bank is one of the largest and oldest savings banks in New York City and has been actively expanding its presence in the competitive commercial lending marketplace.

To read the entire story click here.

Posted by S. Germain at 08:42 AM | Comments (0)

Fidelity National Real Estate Solutions Releases Add-on Tool for Office Management System

The Real Estate Solutions division of Fidelity National Financial, Inc. announced today the release of a new reporting add-on utility for its Broker BackOffice Pro™ system, a comprehensive office management solution designed to automate and streamline successful real estate teams and small to mid-sized real estate office processes. Using this new reporting tool, real estate management professionals can expect more flexible and detailed reporting capabilities to support the executive-level decision-making process.

To read the entire story click here.

Posted by S. Germain at 08:41 AM | Comments (0)

Flagstar Adopts VirPack Direct

Vienna, Va.-based VirPack has announced that Flagstar Bank, Troy, Mich., has begun using an enhanced version of its Virpack Direct electronic image loan delivery system. VirPack Direct conforms to Flagstar’s electronic image loan delivery specification and supports delivery to Flagstar's paperless loan processing systems for both correspondents and brokers, VirPack said. Now Flagstar's correspondents and brokers can deliver fully indexed images instead of paper loan packages to reduce costs and cycle times. VirPack said loans identified for delivery to Flagstar are immediately retrieved from the VirPack system, prepared and electronically delivered in a secure fashion. Direct is integrated with VirPack's imaging systems, which provide barcoding, scan capture, and electronic document management applications designed specifically for the mortgage industry. VirPack Direct is free to VirPack customers.

Posted by S. Germain at 08:39 AM | Comments (0)

Fannie Sees Record Home Sales

Fannie Mae chief economist David Berson is forecasting record home sales this year, with house prices rising at an annual rate of 10%, down from 12% in 2004. "We now project an increase of nearly 4% in total homes to an all-time high of 8.29 million units (comprised of 7.03 million existing units, including sales of condominiums and co-ops, and 1.27 million new units)," Mr. Berson says in his August commentary on the mortgage market. "This assumes that there will be a small fall off in activity later this year, presumably as investor activity begins to cool and as mortgage rates continue to edge up." But so far, there are no signs of a slowdown, he admits. And even with the Federal Reserve pushing up short-term rates, Fannie's chief economist says he expects the interest rate on the 30-year fixed-rate mortgage to be 5.83% at year-end and only 5.88% at the end of 2006. Nevertheless, he is forecasting a 9% drop in total home sales next year to 7.57 million units and a slowdown in price increases. "House price gains should slow to the 3%-4% range, although there is a risk of a larger slowdown given the increased use of riskier mortgage products in recent years and the sharp jump in investor buying -- especially in certain metro areas."

Posted by S. Germain at 08:38 AM | Comments (0)

New-Home Sales Set Another Record

New single-family home sales jumped 6.5% to a monthly record in July as demand for housing continued to defy gravity and the expectations of a slowdown. The U.S. Census Bureau reported that new-home sales rose from a seasonally adjusted annual rate of 1.32 million units in June to a record 1.41 million rate in July. New-home sales were already headed for another record year, and the July figures, which outpace July 2004 sales by 17%, will force economists to revise their estimates upward. The Census Bureau report also shows that the inventory of unsold new homes edged down to a four-month supply. Sales jumped 36% in the West in July and 10.1% in the Northeast. Sales fell 13.5% in the Midwest and 3.5% in the South.

Posted by S. Germain at 08:38 AM | Comments (0)

New Foreclosures Hit '05 Monthly High

RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that the number of new properties in some stage of foreclosure increased 4.7% nationwide in July to a new monthly high for the year. The company's Monthly U.S. Foreclosure Market Report indicates that 78,979 new foreclosure properties were added to the rolls in July. "If the trend from the last two months continues, foreclosures may gather enough momentum to significantly impact the real estate market," said James J. Saccacio, RealtyTrac's chief executive officer. The company said Florida reported the highest number of new foreclosures of any state in July, with 12,471, an increase of 27.5%. However, the state's foreclosure rate fell from second-highest to third-highest because of greater percentage increases in other states. New foreclosures in Arkansas shot up 150% in July, giving it the nation's highest foreclosure rate, the company said.

Posted by S. Germain at 08:37 AM | Comments (0)

NAIMB: Guarantee Lender Fees Up Front

Lender fees, such as appraisal, underwriting and processing fees, should be guaranteed up front at the time of application, according to a RESPA reform proposal by the National Alliance of Independent Mortgage Bankers. "We owe it to consumers to know those fees prior to application," said NAIMB chief executive Scott Stern. "They are within our control, and we should guarantee them to the customer." Lenders would guarantee the origination fees and points once the borrower locks in the interest rate under the proposal that has been sent to the Department of Housing and Urban Development for consideration at an Aug. 25 roundtable discussion on Real Estate Settlement Procedures Act reform. The NAIMB has redesigned the good-faith estimate so that lender fees are separated from title charges and escrow items. Lenders could provide estimates of title and escrow requirements within tolerances, but there would be no tolerances with respect to lender fees.

Posted by S. Germain at 08:36 AM | Comments (0)

August 19, 2005

RBC Capital Markets to Implement ACBS SyndTrak Product for Its Global Loan Syndication Business

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 the signing of a contract with RBC Capital Markets ("RBC") for use of its ACBS SyndTrak product in RBC's global loan syndications business.

To read the entire story click here.

Posted by S. Germain at 09:02 AM | Comments (0)

NextAce Achieves 50K title Orders in California

Automated title software and application service provider NextAce(SM) (www.nextace.com) announced today that it has processed more than 50,000 orders for its California-based title insurance company customers via its Title EDGE(SM) process. Title EDGE is now utilized by title companies representing more than 40 percent of the $3 billion California title market. Since first launching Title EDGE in California, NextAce is in early production with data providers, title insurance underwriters and agents in Arizona's Maricopa County and 16 counties in Florida.

To read the entire story click here.

Posted by S. Germain at 08:59 AM | Comments (0)

First Magnus Financial Corporation Selects Trinity Partners to Provide Additional Compliance and Closing Outsourcing Processes

Trinity Partners, a leading provider of technology-enabled Business Process Outsourcing (BPO) and IT delivery solutions to financial institutions, today announced First Magnus Financial Corporation, a Tucson-based mortgage lender, has expanded its strategic outsourcing model by using Trinity Partners to offshore additional non-mission critical functions, including policy audits and loan closing processes. As one of the nation's largest privately held mortgage companies, in the last five years, First Magnus has opened more than 200 offices in 31 states.

To read the entire story click here.

Posted by S. Germain at 08:58 AM | Comments (0)

Stewart Title and NAREB® Form Alliance to Expand Opportunities for Minority Homeownership

Stewart Title, a global real estate information company, and the National Association of Real Estate Brokers, Inc. (NAREB®), the oldest minority real estate trade association in the United States, have formed a strategic alliance to help pave the way for more minority families to achieve the American dream of homeownership.

To read the entire story click here.

Posted by S. Germain at 08:57 AM | Comments (0)

Lender Boosts Mortgage Limit

At least one U.S. mortgage bank is making it easier to get cheaper mortgages for more expensive homes and others may soon follow, pumping more money into what some fear may already be an overpriced housing market.

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Posted by S. Germain at 08:55 AM | Comments (0)

How Hot Is Aerial Mapping Technology? In Just One Month, 61 Percent of a la mode Real Estate Agent Customers Are Already Using It

a la mode, a leading developer of desktop, mobile and Web tools for real estate professionals, today announced that in less than one month, 61 percent of its real estate agent customers have already begun using the recently introduced aerial-mapping technology, making it one of the top features found on a la mode's agents' sites.

To read the entire story click here.

Posted by S. Germain at 08:54 AM | Comments (0)

Fidelity National Title Group, Inc. Files Amended Form S-1 Registration Statement

Fidelity National Financial, Inc. today announced that its wholly-owned subsidiary Fidelity National Title Group, Inc. ("FNT") has filed an amended Form S-1 Registration Statement pertaining to the previously announced strategic restructuring and public distribution of a minority interest in FNF's title insurance operations. The amended Form S-1 Registration Statement filing was submitted in the name of Fidelity National Title Group, Inc. so those persons wishing to access the filing are advised to utilize the name Fidelity National Title Group, Inc. when accessing the Securities and Exchange Commission website.

To read the entire story click here.

Posted by S. Germain at 08:53 AM | Comments (0)

Fiserv's MortgageServ® Integration With AnyQueue® Provides More Efficient Printing for Checks and Reports

Fiserv, Inc. (Nasdaq:FISV - News) has entered into a strategic alliance with output management leader Levi, Ray & Shoup, Inc. of Springfield, Ill., to integrate the AnyQueue® check and document printing solutions with its MortgageServ® loan servicing system. AnyQueue® is a browser-based output management system that cost-effectively delivers and manages high volumes of checks, reports and letters.

To read the entire story click here.

Posted by S. Germain at 08:52 AM | Comments (0)

Flagstar Adopts VirPack Direct

Posted by S. Germain at 08:50 AM | Comments (0)

Paradigm Launches 3rd-Party Processing

The Toronto-based Paradigm Quest, Inc. has launched third-party mortgage processing operations. Kathy Gregory, president and chief executive officer of the company, said the move "will have a significant impact on mortgage processing" in Canada because, "although the origination and funding of Canadian mortgages has experienced unprecedented growth and change over the past 10 years, there has been very little enhancement of the administration, movement, and processing."

Posted by S. Germain at 08:49 AM | Comments (0)

Court Battles Focuses Attention on Closing-Cost 'Markups'

Earlier in the month, a federal appellate court in Philadelphia ruled in favor of HUD in determining that all fee markups on mortgages are illegal without the provision of additional services. Such industry groups as lenders and title agencies, though, continue to fight HUD on the issue, contending that the agency's ban on upcharges supercedes the intent of the Real Estate Settlement Procedures Act. The Pennsylvania ruling does not put the issue to rest by a long shot, however, because a trio of other federal appellate courts, covering 15 states, recently have ruled in favor of markups without limit within their jurisdiction. These states include Maryland, Virginia, Indiana, Minnesota, Missouri, Nebraska, both Carolinas and both Dakotas; while eight other states besides Pennsylvania—including Florida, Georgia and New York—do not allow markups.

Posted by S. Germain at 08:45 AM | Comments (0)

Interest Rates Fall After 6 Weeks of Gains

Freddie Mac reported a drop in the 30-year mortgage rate to 5.80 percent from 5.89 percent during the past week, marking the first decline in six weeks. Interest on 15-year loans fell as well, sinking to 5.40 percent from 5.47 percent over the same time span. The one-year adjustable mortgage rate, however, rose slightly to 4.58 percent from 4.57 percent. Experts attribute the decrease in long-term mortgage rates to concerns that high energy prices could hinder economic growth.

Posted by S. Germain at 08:45 AM | Comments (0)

U.S. Home Market Nears Peak as Buyers Stretch to Afford Prices

The increasing number of non-traditional mortgages taken out by home buyers in order to afford inflated residential property prices is a sign that the housing market is nearing a peak, according to economists and realty professionals. The Federal Reserve released a quarterly survey this week finding that adjustable-rate mortgages, interest-only loans and other creative mortgage product made up a larger percentage of the portfolios of more than half of the participating banks, with 12 percent of respondents indicating that their share of non-traditional loans was "substantially" higher over the past 12 months compared with the previous year. Meanwhile, agents indicate that homes are no longer selling as quickly in some markets and that the number of unsold residences is rising. The National Association of Realtors reported in the first week of August that housing affordability has reached a 14-year low and last week added that home sales are "close to a peak."

Posted by S. Germain at 08:44 AM | Comments (0)

August 12, 2005

Metavante Completes GHR Acquisition

Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI - News), has completed its acquisition, announced in June, of Wayne, Pa.-based GHR Systems, Inc., a leading provider of loan origination solutions for the residential mortgage and consumer finance industries that offers point-of-sale products and comprehensive underwriting, processing and closing technology. GHR Systems will become a Metavante subsidiary.

Read the entire story here.

Posted by S. Germain at 09:07 AM | Comments (0)

Allied Energy Corporation Announces Additional Information on FloodSmart

Allied Energy Corporation (Other OTC:ALNG.PK - News) (``Allied'') is pleased to announce additional information concerning FloodSmart, Inc. (``FloodSmart''), a privately held company, with which they have signed a Letter Of Intent (LOI) whereby FloodSmart(tm) will acquire Allied in a reverse merger transaction.

Read the entire story here.

Posted by S. Germain at 09:06 AM | Comments (0)

August 11, 2005

First American Quarterly Income Statement

First American's income statement can be found here.

Posted by S. Germain at 08:27 AM | Comments (0)

Stewart Title Quarterly Income Statement

Stewart Title's income statement can be found here.

Posted by S. Germain at 08:27 AM | Comments (0)

Tobacco Quota Owners Can Shield Up to 25% of Government Buyout Payments from Taxes With LandAmerica 1031 Exchange Services

LandAmerica Financial Group, Inc. (NYSE: LFG - News), a leading provider of real estate transaction services, announces that its 1031 Exchange Services subsidiary is uniquely prepared to help tobacco quota owners save on taxes resulting from the federal government's new Tobacco Transition Payment Program.

Read the entire story here.

Posted by S. Germain at 08:26 AM | Comments (0)

LandAmerica Quarterly Income Statement

LandAmerica's income statement can be found here.

Posted by S. Germain at 08:25 AM | Comments (0)

Fidelity Quarterly Income Statement

Fidelity's income statement can be found here.

Posted by S. Germain at 08:25 AM | Comments (0)

U.S. Bank Selects Fair Isaac's Strategy Science Service to Optimize Credit Line Decisions

Fair Isaac Corporation (NYSE:FIC - News), the leading provider of analytics and decision technology, today announced that U.S. Bank has selected Fair Isaac's Strategy Science as a tool to further augment its risk management practices while enhancing both customer service and revenue.

Read the entire story here.

Posted by S. Germain at 08:21 AM | Comments (0)

AppIntelligence Founder Launches Next Generation Loss and Fraud Mitigation Company

It was announced today that former founder and CEO of AppIntelligence, Steve Halper, has launched a company named DataVerify, which offers a new first-in-class generation of automated data integrity tools. Powered with more robust exterior database sources, superior predictive analytics and a comprehensive array of new and advanced features, DataVerify's products outperform the capabilities of existing legacy fraud prevention systems by significant margins. These new technological advancements allow lenders to predict fraud and mitigate loss with unprecedented accuracy while increasing workflow efficiency and reducing loan approval timeframes at the point of sale.

Posted by S. Germain at 08:19 AM | Comments (0)

BancorpSouth to Expand Arkansas Franchise With Acquisition of American State Bank Corporation

Officials of Tupelo, Mississippi based BancorpSouth, Inc. (NYSE: BXS - News) and American State Bank Corporation of Jonesboro, Arkansas announced today the signing of a definitive merger agreement pursuant to which American State Bank Corporation will merge with and into BancorpSouth, Inc. The transaction is subject to approval of American State Bank Corporation's shareholders and the approval of banking regulators. The merger will expand BancorpSouth's Arkansas presence into four northeast Arkansas counties while adding eleven additional branches. BancorpSouth currently operates 48 banking locations in 24 Arkansas cities and communities with approximately $1.7 billion in deposits.

Read the entire story here.

Posted by S. Germain at 08:16 AM | Comments (0)

Cohen Financial Upgrades to FICS' Commercial Servicer

Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced the successful implementation of Commercial Servicer® at Chicago-based Cohen Financial, one of the nation's largest originators of commercial real estate loans.

Read the entire story here.

Posted by S. Germain at 08:11 AM | Comments (0)

New Product Rates Risk of Applicants With Nontraditional Credit

Fair Isaac Corp. has a new system that promises to speed up the creditworthiness assessment process of mortgage and home-equity lenders, while reducing credit and fraud risk and lowering operational costs. Made available July 31, Capstone Intelligent Data Manager is a more sophisticated system that is able to handle real-time information from various risk-management data sources. Moreover, the product incorporates data from the Minneapolis-based company's FICO Expansion score, which uses nontraditional data such as rental history and management of debit accounts to determine the credit risk of applicants that have little or no credit history. "We all struggle with lending to people who lack traditional credit histories, and any help we can give this deserving sector of the market would be welcomed by the industry," says Gary Kirt, CEO of Bell Mortgage in St. Louis Park, Minn.

Posted by S. Germain at 08:09 AM | Comments (0)

Fannie Mae Sets Target Date for Restatement

In a filing with the Securities and Exchange Commission, Fannie Mae says it plans to restate its earnings from the past few years by the latter half of next year. The announcement represents the first timeline given by the government-sponsored enterprise with regard to the restatement, which was made necessary by questionable accounting practices that sparked a federal investigation and the ouster of its chairman and CEO, among other upper-level executives. Fannie Mae CEO Daniel Mudd says 1,500 consultants will be hired this year to work on the restatement, to which more than 30 percent of the company's workers will devote over 50 percent of their time. If an annual report is not filed by Dec. 15, Fannie Mae could be de-listed from the New York Stock Exchange.

Posted by S. Germain at 08:08 AM | Comments (0)

Fed Raises Rates, Cites Stronger Spending

A boost in spending prompted the Federal Reserve to hike the short-term interest rate to 3.5 percent from 3.25 percent at its most recent meeting. Tuesday's action marks the 10th increase in a little more than a year, with economists anticipating a federal-funds rate of 4.25 percent by year's end. They also expect the central bank to continue raising rates next year as it looks to achieve neutrality. Mortgage rates are still holding strong at less than 6 percent.

Posted by S. Germain at 08:08 AM | Comments (0)

Home Sales Are Expected to Hit New Highs

U.S. home sales will not fall too far from historically high levels over the second half of the year, and 2005 should be a record-setting year, according to the National Association of Realtors. In the latest monthly forecast of NAR, existing-home sales are expected to rise 2.9 percent to 6.98 million units this year, up from the earlier forecast of 6.97 million and the 2004 record of 6.78 million; while new-home sales are projected to increase 4.8 percent to 1.26 million, another record. Still, over the past five weeks, fixed 30-year mortgage rates have started to increase, according to Freddie Mac; and there have been signs that sales have slowed and inventory has risen in some high-priced markets. "The housing market is probably close to a peak right now in terms of sales activity, but there is tremendous momentum," says NAR chief economist David Lereah.

Posted by S. Germain at 08:07 AM | Comments (0)

August 05, 2005

Rate Ascent Continues

The average 30-year fixed mortgage rate rose from 5.77% to 5.82% over the seven-day period ended Aug. 4, according to Freddie Mac's Primary Mortgage Market Survey.

The average 15-year fixed mortgage rate increased from 5.34% to 5.38%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.27% to 5.30%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.46% to 4.47%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "Long-term mortgage rates will more than likely rise over the next few months, albeit modestly compared to shorter-term rates," said Frank Nothaft, Freddie Mac's chief economist. "As the Federal Reserve increases its targeted overnight lending rate, home equity loans will become more costly." A year ago, the average 30-year and 15-year fixed rates were 5.99% and 5.40%, respectively, and the average one-year ARM rate was 4.08%, Freddie Mac said.

Posted by S. Germain at 08:00 AM | Comments (0)

MetLife Extends Relationship With Fidelity Information Services

Fidelity National Financial, Inc. and its Fidelity Information Services ("Fidelity") division, announced today that MetLife Bank, N.A. has signed a multi-year contract renewal for Fidelity's software and services.

Read the entire story here.

Posted by S. Germain at 07:59 AM | Comments (0)

August 04, 2005

First American Title Launches Hispanic Marketing Program in Central Florida

First American Title Insurance Company today announced the launch of an enhanced Hispanic Marketing Program in Orlando, Fla., designed to help increase homeownership opportunities within Orange County's Hispanic community. The program will help address the specific needs of Hispanic homebuyers by helping real estate practitioners better serve this growing homebuyer segment. As part of its Orange County kickoff, First American's Orlando office will host a seminar and reception for real estate agents and mortgage lenders entitled: "Understanding the Hispanic Homebuyer."

Read the entire story here.

Posted by S. Germain at 08:33 AM | Comments (0)

Fidelity National Financial, Inc. Announces Closing of Service Link Acquisition

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, today announced the closing of the acquisition of Service Link, L.P. ("Service Link"), a licensed title insurance agency and a leading provider of title and closing services to national lenders.

Read the entire story here.

Posted by S. Germain at 08:30 AM | Comments (0)

The Bankers Bank of Atlanta, GA Opts for The HORIZON™ Banking System from Fidelity Information Services

Fidelity National Financial, Inc., and its Fidelity Information Services division today announced the expansion of its long-term relationship with Atlanta, GA-based The Bankers Bank with an agreement to implement Fidelity's HORIZON suite of technology solutions.

Read the entire story here.

Posted by S. Germain at 08:30 AM | Comments (0)

Fidelity National Financial Division Extends Natural Disaster Condition Report To Lenders Nationwide

Fidelity National Financial, Inc., announced today that its LSI Market Intelligence division is now offering a Natural Disaster Condition Report to lenders nationwide. Compiled using the company's national network of nearly 30,000 real estate professionals, this inspection report provides lenders with detailed information regarding the condition of a specified property in the aftermath of a natural disaster.

Read the entire story here.

Posted by S. Germain at 08:29 AM | Comments (0)

LandAmerica AgentXtra℠ Program Celebrates One-Year Anniversary with Expanded Services

LandAmerica Financial Group, Inc., celebrates the one-year anniversary of the AgentXtra℠ Program with expanded services.

Read the entire story here.

Posted by S. Germain at 08:28 AM | Comments (0)

Stewart Title Office in Vancouver, Washington, Opens File Number 1,000,000 in SureClose

Stewart Realty Solutions announced that the Van Mall branch of Stewart Title of Western Washington in Vancouver has opened the one millionth closing file in the SureClose online transaction management system.

Read the entire story here.

Posted by S. Germain at 08:27 AM | Comments (0)

PlatinumData Updates Cascading AVM Offering

PlatinumData Solutions, a provider of cascading automated valuation models based in Mission Viejo, Calif., has added report creation capabilities to its AVM platform that allow system administrators to track the geographic performance of specific AVMs and individual users' AVM orders. The PlatinumData platform allows lenders and investors to create customized AVM cascades that deliver valuation and activity analyses identifying property or borrower characteristics indicative of elevated risk factors. Administrators can now better understand and more strategically manage their organizations' valuation resources through the creation of "Hits Reports" and "Products Ordered by User" reports via the update, the company said. The Hits Report details usage of all AVMs that return data within the selected time period, and the Products Ordered by User report displays all the AVMs that each user has ordered within the specified period, allowing accountants to know, by user, how much AVMs are costing the organization, according to PlatinumData.

Posted by S. Germain at 08:26 AM | Comments (0)

Pending Home Sales Index Rises

The Pending Home Sales Index rose to 126.3 in June, 0.6% higher than in May and 3.6% above that of a year earlier, according to the National Association of Realtors. The index is based on pending sales of existing homes, including single-family, condominium, and cooperative. (A sale is deemed pending when the contract has been signed but the transaction has not closed, a period that typically lasts one or two months, the NAR said.) David Lereah, the NAR's chief economist, said the index indicates that historic levels of home sales will continue in the near future. "Existing-home sales will stay in record territory for transactions in July and August," Mr. Lereah said. "There is some volatility to the index due to the short history of seasonal factors, so we're not predicting another record month, but it certainly is possible." (Resales reached a record high in June.) An index of 100 is equal to the average level of contract activity in 2001, the first year for which the NAR has analyzed data.

Posted by S. Germain at 08:25 AM | Comments (0)

Putnam Opposes Washington Mutual/Providian Merger

At least one owner of stock in Providian Financial Corp., San Francisco, has come out in opposition to the proposed acquisition of the company by Washington Mutual Inc., Seattle. Boston-based Putnam Investments said it regards the price as inadequate. "In a consolidating industry and in light of the recently announced Bank of America/MBNA transaction, mono-line credit card companies such as Providian represent an increasingly scarce asset that should command a higher price," Putnam said. "By accepting a price well below the fair value of the Providian common stock, Putnam believes the merger would transfer significant value to Washington Mutual's existing shareholders, at the direct expense of Providian's shareholders." Putnam has the right to vote approximately 7.5% of Providian's common stock. The deal was originally valued at $6.45 billion, with 89% of the purchase price being paid in Washington Mutual stock. On June 6, the day the deal was announced, WaMu closed at $40.54. As of noon Aug. 1, WaMu was trading at $42.20, down $0.08, while Providian was trading at $18.92, up $0.02.

Posted by S. Germain at 08:25 AM | Comments (0)

Fitch: Default Servicing Needed on Option ARMs

Fitch Ratings has advised lenders that the payment-shock risk inherent in option adjustable-rate mortgages requires a special operational focus on default management. Fitch said mortgage servicers "should have extensive default management procedures and practices" in place prior to taking on option ARM servicing assignments. "The servicer's objective is to return loans to performing status whenever possible, but that may be more difficult if option ARM borrowers simply turn in the keys when their property value is not sufficient enough to cover their debt," said Karen Eissner, a Fitch director.

Posted by S. Germain at 08:24 AM | Comments (0)

IndyMac Joins Forces With ACB

IndyMac Bank has entered into a strategic alliance with America's Community Bankers to provide correspondent services to the association's member banks and thrifts. Under the terms of the agreement, ACB community banks will be able to sell loans to the Pasadena, Calif., thrift on a servicing-retained basis. "The servicing-retained feature will allow our members to sell mortgages into the secondary market while still maintaining an ongoing relationship with their customers," said William Kroll, president and chief executive of ACB Business Partners. IndyMac Bancorp is the nation's 12th-largest mortgage originator, according to the Mortgage Industry Directory published by National Mortgage News. In 2004, its correspondent division purchased $13.7 billion in loans. "IndyMac Bank is proud of this alliance with ACB," said Len Israel, president of IndyMac's correspondent division. ACB members will have access to IndyMac's QuickPricer and e-MITs technology that provides "online risk-based pricing, decisioning, and rate-locking in less than one minute," he said. ACB also has alliances with Fannie Mae, Freddie Mac, Countrywide Financial Corp., CitiMortgage, and Freedom Financial.

Posted by S. Germain at 08:23 AM | Comments (0)

Direct Investment Japan Co. Ltd. Acquires Majority Interest in MorNorth Mortgage Holdings Inc.

MorNorth Mortgage Holdings Inc., a New Mexico corporation, announced today that Direct Investment Japan, Co. Ltd. has acquired a majority interest in the company. Concurrent with the change of control, the company announced the resignation of its current directors and the election of Eiichiro Hemmi as chairman.

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Posted by S. Germain at 08:21 AM | Comments (0)

People's Bank Deploys AFS Commercial Real Estate to Service Growing Loan Portfolio

Automated Financial Systems, Inc. (AFS) announced today that People's Bank, one of Connecticut's largest independent banks with assets of more than $11 billion and over 150 branches, has deployed the AFS Commercial Real Estate solution to service the bank's growing Commercial Real Estate loan portfolio.

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Posted by S. Germain at 08:19 AM | Comments (0)

Advectis Introduces BlitzDocs® Collaboration Suite

Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, announced the introduction of the BlitzDocs Collaboration Suite. The suite brings to fruition Advectis' vision of building a truly collaborative network for mortgage participants that includes brokers, correspondents, lenders, investors and other third party entities. With the recent addition of BlitzDocs Connector and the latest application, BlitzDocs Deliver, the suite now expands on the BlitzDocs Enterprise solution.

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Posted by S. Germain at 08:17 AM | Comments (0)

Alliance Between Orion Financial and ACS Advances E-Recording Initiative Nationwide

Orion Financial Group, Inc., a leading document services provider, has seen its alliance with ACS, Inc., advance e-recording nationwide. The agreement gives Orion access to ACS' eRX Web Interface, and facilitates electronic recording in an increasing number of participating counties throughout the US. In comparison to 3,300 documents e-recorded in 2004, Orion has surpassed 4,000 e-recorded documents to-date in 2005 - all completed with no additional requirements from its clients, and no additional costs.

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Posted by S. Germain at 08:17 AM | Comments (0)

Popular, Inc. and E-LOAN, Inc. Sign Merger Agreement

Popular, Inc., the leading financial institution in Puerto Rico, and E-LOAN, Inc., an online consumer direct lender, today announced the signing of a definitive merger agreement under which Popular, Inc. will acquire 100% of the issued and outstanding shares of common stock and common stock equivalents of E-LOAN, Inc. for $4.25 per share in cash, or approximately $300 million.

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Posted by S. Germain at 08:14 AM | Comments (0)

TD Banknorth Expands eLynx Services Into Consumer Lending Division

Cincinnati-based eLynx Ltd., a leading provider of electronic document solutions for the financial services industry, announced that Portland, Maine-based TD Banknorth Inc. has expanded eLynx' Web Posting Service (WPS) to provide enhanced electronic document delivery for its Consumer Lending Division.

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Posted by S. Germain at 08:07 AM | Comments (0)

Online Documents, ComplianceEase® Partner to Streamline Mortgage Compliance

Online Documents, Inc. (Online), a leading mortgage document solution provider, and ComplianceEase, a division of LogicEase Solutions, Inc. (ComplianceEase®), today announced a strategic alliance to integrate ComplianceEase's popular automated mortgage compliance system, ComplianceAnalyzer™ into Online's mortgage document solutions.

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Posted by S. Germain at 08:06 AM | Comments (0)

GMAC Reaches Agreement to Sell 60 Percent Stake in Commercial Mortgage Business

General Motors Acceptance Corporation (GMAC), the financial services subsidiary of General Motors Corporation , announced today that it has entered into a definitive agreement to sell a 60 percent equity interest in its commercial mortgage subsidiary, GMAC Commercial Holding Corp. (GMACCH) to an investor group comprising Kohlberg Kravis Roberts & Co. (KKR), Five Mile Capital Partners, and Goldman Sachs Capital Partners.

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Posted by S. Germain at 08:03 AM | Comments (0)