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September 30, 2005
First American Real Estate Solutions Acquires Minority Interest in ComplianceEase
First American Real Estate Solutions (RES®), the nation's largest provider of advanced property and ownership information, analytics and services, today announced that it has formed a strategic alliance with, and purchased a minority interest in, ComplianceEase®, a premier provider of regulatory compliance and risk management solutions to the financial services industry.
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Posted by S. Germain at 08:43 AM | Comments (0)
Evan Jafa Promoted to Chief Technology Officer of the First American Corporation
The First American Corporation, the nation’s largest data provider, today announced that Evan Jafa has been appointed to the newly created position of chief technology officer. In this new position, Jafa is responsible for overseeing First American’s Corporate Information Technology Group, which was recently formed to support the ongoing development of the company’s technical infrastructure and world class technology centers. He and his team will also evaluate and implement standards and new technologies to support the continued growth of all First American business units.
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Posted by S. Germain at 08:42 AM | Comments (0)
Patrick T. John Named Vice President, Business Development For First American Title's Northeast Region
First American Title Insurance Company today announced that Patrick T. John has been named vice president, business development for the Northeast region. As a 20-year industry veteran, John will use his expertise in the title industry to implement new business strategies for the title company’s Northeast region.
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Posted by S. Germain at 08:41 AM | Comments (0)
Lionel C. Savage Named Vice President of Market Development and Industry Relations For the First American Corporation
The First American Corporation, the nation’s largest data provider, today announced that Lionel C. Savage has been named vice president of market development and industry relations for The First American Corporation. Savage will continue in his current responsibilities of advancing First American’s corporate emerging markets strategy and managing several of the company’s strategic industry relationships in Washington, D.C.
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Posted by S. Germain at 08:40 AM | Comments (0)
First American Appoints George S. Livermore President of Property Information Group
The First American Corporation, the nation’s largest data provider, today announced that George S. Livermore has been promoted to president of the company’s Property Information Group. Assuming the role previously held by Dennis J. Gilmore, who was promoted to chief operating officer for the corporation in November 2004, Livermore will now oversee Data Trace, Data Tree and the Property Information Group staff. He also will maintain his duties as president of First American Real Estate Solutions, a position he has held since 1997.
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Posted by S. Germain at 08:40 AM | Comments (0)
Fidelity National Real Estate Solutions Signs Enterprise Agreement with RE/MAX Greater Atlanta
Real Estate Solutions division of Fidelity National Financial, Inc. announced today that it has completed the first ninety days of its enterprise agreement with RE/MAX Greater Atlanta, a leading real estate brokerage firm in Georgia. As part of this agreement, Fidelity National Real Estate Solutions (FNRES) is focusing its industry expertise and technological resources to help RE/MAX Greater Atlanta boost operational effectiveness and accelerate revenue growth. RE/MAX Greater Atlanta will save an estimated $1.5 million through technology related expense reductions over the course of the agreement.
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Posted by S. Germain at 08:39 AM | Comments (0)
Fidelity National Financial, Inc. Announces Final Terms of Fidelity National Title Group, Inc. Stock
Fidelity National Financial, Inc. today announced final terms and set the record date and distribution date for the distribution of Fidelity National Title Group, Inc. (Pending NYSE: FNT) common stock to FNF stockholders.
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Posted by S. Germain at 08:38 AM | Comments (0)
Stewart Title of California Announces Its Entree Into the Property & Casualty Insurance Industry
Stewart Title of California (STC) is set to become a player in the property and casualty insurance industry with the launch of Stewart of California Insurance and Financial Services (SIFS). Recently approved by California's Department of Insurance, SIFS represents a comprehensive portfolio of insurance carriers, including Allied Insurance, The Hartford and Travelers.
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Posted by S. Germain at 08:37 AM | Comments (0)
Del Mar Database and Entyre Enter Strategic Marketing Agreement
Del Mar Database and Entyre have entered a strategic marketing agreement through which the companies will market their solutions to each other's customers. Entyre customers will gain access to a back-office automation solution that is tightly integrated with their existing document preparation provider. Del Mar Database customers will gain access to a robust web services document preparation solution that has powerful workflow and collaboration features that is tightly integrated with their mortgage banking solution. Del Mar Database is the provider of DataTrac®, a back-office automation solution for small and medium-size lenders that increases production and profitability. Entyre is a provider of web-based mortgage closing solutions.
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Posted by S. Germain at 08:33 AM | Comments (0)
Advantage Credit International Introduces SCORMOR™, Non-Traditional Credit Report for Brokers Nationwide
Advantage Credit International® announced today that it has reached an agreement with PRBC® to become a verification partner and distributor of PRBC reports. Under the agreement, Advantage Credit will provide supplemental reports for borrowers who require non-traditional credit information to qualify for a mortgage. Advantage Credit is the first credit reporting company to offer this service to its more than 8,000 broker clients. PRBC is the only credit repository to provide a supplemental credit report for borrowers with thin credit files. Advantage Credit offers the PRBC Report℠ and Bill Payment Score℠ (BPS℠) as the SCORMOR™ report. The most unique feature of this service is that the report generates a BPS℠ as a supplement to a traditional credit score, if one exists, to provide applicant segmentation that is more accurate, and pricing in the secondary markets that is more efficient.
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Posted by S. Germain at 08:31 AM | Comments (0)
Ocwen REALTrans Upgrade Will Make Genworth MI Products Available to Mortgage Originators
Ocwen Financial Corporation announced today that its REALTrans® interface connecting vendors with originators is now MISMO compliant, enabling REALTrans® to provide access to Genworth Financial mortgage insurance products. Assuring the highest electronic commerce standards for the mortgage industry, the interface also will make REALTrans access possible for other vendors who require MISMO standards be in place.
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Posted by S. Germain at 08:30 AM | Comments (0)
Harbourton Mortgage to Launch Portellus' Broker Portal
Harbourton Mortgage Investment Corp., a national wholesale lender, and Portellus Inc., a leading provider of technology tools and services for the financial services industry, announced that it is launching Portellus' broker portal solution to its entire broker network. The Web portal helps brokers to close more loans faster by providing real-time access to pricing, pre-qualifications, credit/debt management and automated credit approvals at the point of sale. The solution is scheduled to go live in the fourth quarter of 2005.
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Posted by S. Germain at 08:29 AM | Comments (0)
Bimini Mortgage Management and Opteum Financial Services Sign Definitive Agreement to Merge
Bimini Mortgage Management, Inc. today announced that it has signed a definitive merger agreement with Opteum Financial Services, a privately held home mortgage lender headquartered in Paramus, New Jersey. With nearly 1,000 associates operating out of 30 offices and lending in 44 states, Opteum expects to originate or acquire approximately $7.4 billion in mortgage loans for the fiscal year ending November 30, 2005. The transaction, in which Opteum will become a subsidiary of the Company, is expected to close in November 2005 and is subject to customary closing conditions. The Company expects the transaction will be accretive to earnings in 2006 and beyond.
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Posted by S. Germain at 08:29 AM | Comments (0)
RealEC: Data Ops Should Survive Rita
RealEC Technologies, a Houston-based electronic exchange for mortgage fulfillment transactions, has announced that its business recovery preparations are expected to ensure minimal, if any, interruption in service if Hurricane Rita makes landfall near its main data center in Houston. RealEC said it has fully engaged its established business continuation plan, including the deployment of several teams to Dallas, Austin, Texas, and Santa Ana, Calif. "These teams have been organized to respond immediately should the data center operations need to be redirected to RealEC's redundant data center in Austin, Texas," the company said. RealEC added, however, that such a redirection is not expected because its Houston facility includes an on-site generator, flood controls, and redundant Internet connections.
Posted by S. Germain at 08:27 AM | Comments (0)
3 Companies Dubbed MISMO-Compliant
Three companies from the credit reporting sector—Bixby Consulting, Fair Isaac Corp., and Gallagher Financial Systems Inc.—have completed the compliance certification process under the recently launched MISMO XML Compliance for credit reporting, according to the Mortgage Industry Standards Maintenance Organization. MISMO said MXCompliance allows implementers of its Internet-based XML standards to reference requirements and take steps toward becoming officially compliant, as well as validate their XML. There are three types of MXCompliance services: verification, import, and export. Verification is a service for businesses interested in purchasing certified products and services from organizations that are certified as MISMO-compliant. For a nominal fee, the verification service ensures that vendor products and services have maintained compliance with the products that were MXCompliance-certified. The import and export services are used by applicants seeking certification of their product or service interfaces under MISMO standards. MISMO is a not-for-profit subsidiary of the Mortgage Bankers Association.
Posted by S. Germain at 08:27 AM | Comments (0)
Spectrum Buys Majority Stake in Mortgagebot
Spectrum Equity Investors has announced the completion of an $84 million recapitalization of Mortgagebot, Cedarburg, Wis., that will give Spectrum a majority stake in the mortgage technology company. The terms of the transaction were not disclosed. Michael Kennealy and Benjamin Spero of Spectrum will join Mortgagebot's board of directors as a result of the recapitalization. "Mortgagebot is a perfect fit for Spectrum, given our firm's focus on recapitalization of profitable software and information services companies with strong growth potential and recurring-revenue business models," said Mr. Kennealy, a Spectrum managing director.
Posted by S. Germain at 08:26 AM | Comments (0)
New-Home Sales Down Almost 10%
New home sales declined 9.9% in August (from July's total) to a seasonally adjusted annual rate of 1.237 million units, a sign that the red-hot housing market may finally be slowing. However, compared with sales in the same month last year, new-home sales rose 6.8%. The sales figures, courtesy of the Census Bureau and the Department of Housing and Urban Development, also show that the monthly supply of new homes stood at 4.7% in August, the highest reading all year. On Monday the National Association of Realtors reported that existing-home sales increased 2% in August from July's level to 7.29 million units annualized, the second-best reading ever by the industry.
Posted by S. Germain at 08:26 AM | Comments (0)
Wholesale Lending Outpaces Retail 3-1 Online
The volume of online wholesale mortgage lending exceeded that of online retail lending by nearly three to one in 2004, according to TowerGroup, a financial services research and consulting firm based in Needham, Mass. Online wholesale lending grew from 15.0% of total mortgage origination in 2001 to 20.5% last year, while retail online lending rose from 3.5% to 7.3% during the same period, TowerGroup said. The systems that support online wholesale lending -- such as website hosting, loan product and price management, and third-party settlement services -- "have become mission-critical for virtually all wholesale lenders, regardless of size," the company said. A new report by TowerGroup, "Wholesale Mortgage Lending: Online Lending Adoption, Lender Segments and Technology," looks at the growth of online lending and analyzes wholesale lending segments by lender size and product type.
Posted by S. Germain at 08:25 AM | Comments (0)
Rates Rise Again
The average 30-year fixed mortgage rate rose from 5.80% to 5.91% over the seven-day period ended Sept. 29, according to Freddie Mac's Primary Mortgage Market Survey.
The average 15-year fixed mortgage rate increased from 5.37% to 5.48%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.31% to 5.44%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.48% to 4.68%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs, and 0.6 of a point for one-year ARMs. "This past week's increase in mortgage rates reflects market anxieties over inflationary pressures, energy price increases, and slipping consumer confidence," said Frank Nothaft, Freddie Mac's chief economist. "Taken together, these developments suggest less personal spending during the last quarter of the year and additional upward pressure on mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 5.72% and 5.12%, respectively, and the average one-year ARM rate was 3.97%, Freddie Mac said.
Posted by S. Germain at 08:24 AM | Comments (0)
September 23, 2005
Regina Campbell Named Vice President of Diversity Strategy for First American Real Estate Information Services, Inc.
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First American Real Estate Information Services, Inc., a member of The First American Corporation family of companies, announced today that Regina Campbell has been named vice president of Diversity Strategy. Read the entire story here. |
Posted by S. Germain at 08:46 AM | Comments (0)
First American Title Expands Hispanic Marketing Program in Phoenix
First American Title Insurance Company today announced the launch of an enhanced Hispanic marketing program in greater Phoenix designed to help increase homeownership opportunities among Maricopa County's Hispanic community. The program will help address the needs of Hispanic homebuyers by assisting real estate practitioners in better serving this growing homebuyer segment.
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Posted by S. Germain at 08:45 AM | Comments (0)
SharperLending Hits Record Levels for HELOC Products
SharperLending, LLC, provider of a secure Web-based platform that enables lenders to order, store and manage mortgage products at a single point of entry, announced at the Consumers Bankers Association (CBA) Home Equity Lending Conference that the company experienced its highest transaction volume in August with the ordering of home equity lines of credit (HELOCs) products. SharperLending reported 21 percent growth in HELOC products last month and 41 percent growth from the beginning of Q2 2005.
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Posted by S. Germain at 08:41 AM | Comments (0)
Union Federal Rolls Out New Home Equity Offering to Correspondent Lenders through Guardian Mortgage Documents' NGIS Solution
The Wholesale Division of Union Federal Bank of Indianapolis, a division of Waterfield Mortgage Company and one of the nation's top Alt A lenders, has selected Guardian Mortgage Documents' (GMD) Next Generation Input System (NGIS)™ to roll out home equity products to its correspondent lenders. NGIS is a Web-based input processing system that allows the lender to quickly produce, manage and electronically deliver home equity product documentation to its correspondent lenders with full compliance including complex state and local compliance regulations. The documents are customized specifically to Union Federal Bank's products to help ensure that correspondents meet product guidelines.
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Posted by S. Germain at 08:40 AM | Comments (0)
Fiserv Integrates Credit Processing Services into MortgageServ HELOC Servicing Support
Fiserv Lending Solutions has announced that it will add credit card transaction management for home equity lines of credit (HELOCs) to the MortgageServ loan servicing system. Credit card support within MortgageServ will enable lenders to leverage the point of purchase habits of today's consumers.
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Posted by S. Germain at 08:39 AM | Comments (0)
VueCentric Releases MortgageDashboard Version 2.5
VueCentric, Inc., developer of the MortgageDashboard™ paperless loan origination system, has released version 2.5 of it's Web-based platform, adding functionality that allows everyone involved in the mortgage transaction to track the status of the deal from application to close.
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Posted by S. Germain at 08:38 AM | Comments (0)
MarketScan Mortgage Industry Scorecard Finds Brand Name Banks Losing Real Estate Online
SEMphonic, search engine marketing (SEM) analytics technology provider, today released results from the MarketScan Mortgage Industry Scored Report which shows that sites such as eLoan.com, LendingTree.com, Shopping.com, Nextag.com, and Calibex are buying mortgage-keywords online in the search engine real estate marketplace and competing strongly against mortgage lenders and mortgage brokers at major banking institutions including Wells Fargo, Chase, Bank One, HSBC, and Citibank, among others. Smaller, local mortgage brokers are relying on paid placement to gain rankings on Search Engines. Also poorly represented in this competitive space are well-known Real Estate companies: only GMAC and Century 21 appear in the top 100 rankings overall.
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Posted by S. Germain at 08:35 AM | Comments (0)
Companies Tout 'Seamless' Appraisal Tracking
Buffalo, N.Y.-based Appraisal.com and ACI, Palm Coast, Fla., have worked together to develop what they say is a seamless bridge between ACI's appraisal desktop software and the Appraisal.com National Appraisal Network. Real estate appraisers who use ACI or Lighthouse-enabled appraisal software can now process, retrieve, and provide status updates on appraisal orders from Appraisal.com's Nationwide Appraisal Network without leaving their desktop, the companies said. Appraisers using this new technology can prepare and process reports and upload completed appraisals with both a traditional portable document format (PDF) and a full Extensible Markup Language (XML) data stream directly into the Nationwide Appraisal Network for delivery and storage. The companies can be found on the Web at http://www.appraisal.com and http://www.aci.com.
Posted by S. Germain at 08:33 AM | Comments (0)
It's Official: BNC, Finance America to Merge
Lehman Brothers has decided to merge its two subprime wholesale divisions—BNC Mortgage and Finance America, both of Irvine, Calif.—leaving BNC as the surviving brand. A source close to the situation confirmed to MortgageWire that the merger is well under way and that BNC instituted a 3% reduction in force on Tuesday. (MW broke the news Tuesday about the merger.) The combination of the two lenders creates the nation's ninth-largest subprime lender, according to figures compiled by the Quarterly Data Report. Back in May, Lehman Brothers fired several top executives at Finance America. It then named Kelly Monahan, president of BNC Mortgage, to manage both FA and BNC. Mr. Monahan will remain in charge of the newly merged company. (For full details, see the Sept. 26 issue of National Mortgage News.)
Posted by S. Germain at 08:33 AM | Comments (0)
Rates Rise
The average 30-year fixed mortgage rate rose from 5.74% to 5.80% over the seven-day period ended Sept. 22, according to Freddie Mac's Primary Mortgage Market Survey. The average 15-year fixed mortgage rate increased from 5.32% to 5.37%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.26% to 5.31%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.46% to 4.48%. Fees and points averaged 0.6 of a point for 30-year fixed-rate mortgages, 0.7 of a point for 15-year FRMs and one-year ARMs, and 0.8 of a point for hybrid ARMs. "Mortgage rates look like they are back on track where the Fed wants them, which is gradually rising," said Frank Nothaft, Freddie Mac's chief economist. "Freddie Mac's economic forecast calls for a cooling of the housing market going into next year, and gently rising rates are part of that scenario." A year ago, the average 30-year and 15-year fixed rates were 5.70% and 5.10%, respectively, and the average one-year ARM rate was 4.00%, Freddie Mac said.
Posted by S. Germain at 08:32 AM | Comments (0)
September 16, 2005
LoanPerformance Introduces SecondLook™ to Identify Presence of Second Mortgage Risk
LoanPerformance, a subsidiary of First American Real Estate Solutions (RES®) and a leader in residential mortgage data and analytics, today announced the introduction of SecondLook, a new service that, for the first time, uncovers the existence of second mortgages added after origination.
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Posted by S. Germain at 09:04 AM | Comments (0)
First American Real Estate Solutions Study Takes In-Depth Look at Real Estate Flipping
First American Real Estate Solutions (RES®), the nation’s largest provider of advanced property and ownership information, analytics and services, released a new study today that offers seldom revealed details on the practice of real estate “flipping,” or the re-selling of residential properties for profit within 24 months of purchase.
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Posted by S. Germain at 09:02 AM | Comments (0)
First Advantage Corporation Acquires the Credit Information Group of First American
First Advantage Corporation and The First American Corporation today jointly announced that First Advantage, a global risk mitigation and business solutions provider, has acquired the Credit Information Group (CIG) of The First American Corporation, the nation’s largest data provider and First Advantage’s largest shareholder, in an all-stock transaction.
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Posted by S. Germain at 09:02 AM | Comments (0)
Certegy to Merge With Fidelity Nat'l Unit
Check authorization provider Certegy Inc. said Thursday it agreed to merge with a unit of title insurance firm Fidelity National Financial Inc., creating a new giant in the financial processing industry.
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Posted by S. Germain at 09:00 AM | Comments (0)
CSC and Fidelity Information Services Form Alliance to Offer Top-Tier Banks Innovative Services
Computer Sciences Corporation and Fidelity Information Services today announced they have formed an alliance for the marketing, maintenance and support of three of CSC's Hogan core banking system components. Under the 10-year agreement, CSC and Fidelity will also develop and market new Hogan offerings aimed at lowering banks' total cost of information technology (IT).
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Posted by S. Germain at 08:59 AM | Comments (0)
Fidelity National MLS Systems and Solutions and Clareity Security Announce Joint Marketing Agreement
Fidelity National Real Estate Solutions' MLS Systems and Solutions group, a division of Fidelity National Financial, Inc. and Clareity Security, LLC today announced a joint marketing and preferred provider agreement that will offer all Fidelity National MLS customers the opportunity to deploy Clareity Security's SAFEMLS™ solution to their users. Fidelity National MLS Systems and Solutions is the first MLS vendor to complete the integration of SAFEMLS into all of their MLS platforms.
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Posted by S. Germain at 08:59 AM | Comments (0)
Empire Bancorp Selects Del Mar Database's DataTrac to Add Reporting, Remote Access, and Imaging Capabilities
Empire Bancorp has selected and implemented Del Mar Database's DataTrac© as its back-office mortgage banking technology solution. DataTrac is an automated back-office solution built specifically for small and medium-sized lenders that increases efficiency, profitability and production. Founded in 2004, Empire Bancorp is a $350 million wholesale lender based in Rancho Cucamonga, Calif. The news was announced from the 2005 Fiserv Client Conference.
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Posted by S. Germain at 08:56 AM | Comments (0)
Document Systems, Inc. Adds New Web Services
Document Systems Inc. (DSI) is making the mortgage loan document preparation functionality that the company has built into its DocMagic Direct Web-based document preparation platform for larger lenders available as Web services. By making its software components available as published services accessible to any lender using software built on a Services Oriented Architecture (SOA), DSI will give lenders greater control over how they use the tools the company has created.
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Posted by S. Germain at 08:56 AM | Comments (0)
FLDI Announces New Strategic Alliance with Southeastern Marketing Group, Inc.
First Lenders Data, Inc. (FLDI), an Austin, Texas-based provider of bundled settlement service solutions to the mortgage lending industry, and Southeastern Marketing Group, Inc. (SEMGI), an Atlanta-based provider of insurance services, announced the formation of a strategic alliance to provide credit union customers with mortgage products and services.
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Posted by S. Germain at 08:55 AM | Comments (0)
GlobeXplorer® Acquires AirPhotoUSA®
GlobeXplorer announced today that it has acquired a 100 percent interest in AirPhotoUSA LLC. Financial terms of the deal were not disclosed.
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Posted by S. Germain at 08:54 AM | Comments (0)
DocuSign Unveils Electronic Signature Solution for Appforce at Dreamforce 2005
DocuSign, Inc., the leading online signing service provider and salesforce.com, the market and technology leader in on-demand customer relationship management (CRM), today announced the availability of DocuSign Professional for Appforce. DocuSign is tightly integrated with Salesforce via the Appforce on-demand platform and is immediately available to salesforce.com customers. It enables users to easily send documents out for electronic signature from the Contacts, Opportunities or Contracts tabs in Salesforce. More secure then email and compliant with existing electronic signature laws, DocuSign helps eliminate errors and mail delays in the signing process, simplifies workflow and assists sales teams in closing deals faster.
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Posted by S. Germain at 08:52 AM | Comments (0)
Saxon Mortgage Services, Inc. Leverages Fiserv's MortgageServ to Expand Servicing
Fiserv Lending Solutions, a business unit of Fiserv, Inc., announced today that Saxon Mortgage Services, Inc., a subsidiary of Saxon Capital, Inc., will use the MortgageServ loan servicing system to facilitate multi-site expansion of its servicing business. Since June 30, 2004, Saxon Mortgage Services has experienced a 203 percent growth in total mortgage loans serviced. To better meet the needs of its borrowers, Saxon Mortgage Services is adding a second site in Glen Allen, Va.
Posted by S. Germain at 08:50 AM | Comments (0)
Lender Advocate Web Site Releases Latest Mortgage Industry Regulatory Updates
DocuTech Corp. (DocuTech), a leading provider of compliance services and documentation technology for the mortgage industry, today announced the latest updates from its "Lender Advocate" Web site, www.lenderadvocate.com. The award-winning Web site is the first -- and only -- one-stop Internet resource to provide an accurate, up-to-date and comprehensive list of all pending legislation impacting the mortgage industry.
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Posted by S. Germain at 08:50 AM | Comments (0)
Red Vision Introduces New Product, TitleVision/Accelerate - a Lien Protection Alternative for the Home Equity Industry
Red Vision, an innovative supplier of real estate information to users of title evidence, is launching a new lien protection alternative, TitleVision/Accelerate.
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Posted by S. Germain at 08:47 AM | Comments (0)
McCracken Buys DealCentral LOS
McCracken Financial Software, Billerica, Mass., has announced the acquisition of the DealCentral origination system from Atlanta-based MortgageRamp for an undisclosed amount. McCracken said DealCentral streamlines the origination process for commercial loan packages. The company said it plans to integrate the software with its Strategy commercial loan servicing system, enabling the transfer of underwriting and asset information into Strategy and eliminating the costs of duplicate data entry. "The commercial finance industry has been asking for a robust, single-vendor solution that can manage the entire loan life cycle," said McCracken president Noel Webster. "Now they have one." OfficeTiger, a New York-based professional support services firm, recently announced an agreement to acquire MortgageRamp, which is slated to become the Global Real Estate Division of OfficeTiger.
Posted by S. Germain at 08:45 AM | Comments (0)
Fiserv CredStar Allies With PCi
As Fiserv held its client conference in Las Vegas, the company announced that Fiserv Lending Solutions' CredStar has entered into an alliance with Boston-based PCi Corp. to integrate several of PCi's Wiz systems with WebStar, CredStar's credit services platform. The Brookfield, Wis.-based Fiserv said the combined offering is expected to streamline processes for wholesalers using CredStar with Fiserv's easyLender and UniFi LOS systems. The alliance also promises to reduce steps for brokers submitting loans to lenders using CredStar. The PCi functionality available to CredStar customers includes: geocoding, edit checks, and validation of Home Mortgage Disclosure Act data using FFIEC error-checking logic, flood zone determinations, and identification of high-cost loans before they are funded.
Posted by S. Germain at 08:44 AM | Comments (0)
Study: Subprime Percentage Varies Greatly by Region
Homeowners in the Southwest and the Southeast are much more likely to refinance with subprime loans than those in the Pacific and New England regions, according to a new study by the Consumer Federation of America. "The variation in prevalence of high-cost mortgages by geography raises concerns about whether this type of lending is priced solely on risk factors, or whether some lenders take advantage of the lack of competition in certain localities to price mortgages as high as they can," said Allen Fishbein, the CFA's director of credit and housing policy. According to the study, "Subprime Cities: Patterns of Geographic Disparity in Subprime Lending," the share of subprime refinance lending ranges from 10.5% in the Pacific states to 27.4% in the Southwest. Moreover, regional variation was even higher for what the CFA termed the most expensive segments of subprime lending (with interest rates generally above 10%), with only 2.3% of Pacific state homeowners receiving such loans compared with 10.3% of Southwestern homeowners. The loan information was obtained from lenders who had compiled the data for reports they must file under the Home Mortgage Disclosure Act.
Posted by S. Germain at 08:44 AM | Comments (0)
Wachovia to Buy AmNet
Wachovia Corp., Charlotte, N.C., and AmNet Mortgage Inc., San Diego, have signed a definitive agreement under which Wachovia will acquire AmNet, the parent company of American Mortgage Network, for approximately $83 million ($10.30 per share) in cash. AmNet's board, with the unanimous recommendation of a special committee of independent directors, has approved the proposed merger and agreed to recommend that the company's stockholders approve it, the companies announced. "This merger gives our stockholders the ability to maximize the value of our mortgage banking business, which has been created over the last four years," said John M. Robbins, AmNet's co-founder, chairman, and chief executive officer. (Mr. Robbins is vice chairman of the Mortgage Bankers Association.) AmNet has a nationwide branch network that serves over 7,000 mortgage brokers and funded $9 billion in residential mortgage loans in 2004, according to the company. AmNet will remain headquartered in San Diego and will operate as a wholly owned subsidiary of Wachovia Bank NA after the merger. Wachovia will also continue to originate residential mortgages and home equity lines of credit through Wachovia Mortgage Corp.
Posted by S. Germain at 08:43 AM | Comments (0)
PNC, Wells Launch Mortgage JV
The PNC Financial Services Group has announced the launch of a joint venture with Wells Fargo Home Mortgage to make homeownership easier for customers in the Greater Washington area. PNC said the venture, PNC Mortgage LLC, will offer a wide range of home financing products and services and will enable PNC Bank customers to apply for mortgages through consultants based in branches, PNC Advisors' offices, and PNC's call center. Though the launch of PNC Mortgage is in Greater Washington, it will expand to include all PNC markets later this year, the company said.
Posted by S. Germain at 08:42 AM | Comments (0)
Foreclosures Down; Delinquencies Up
While the percentage of loans in foreclosure dropped sharply in the second quarter, the share of loans that were delinquent edged up slightly, according to the Mortgage Bankers Association. The percentage of loans in the foreclosure process fell 8 basis points from the first-quarter level to 1.00%, according to the MBA's quarterly delinquency survey. The foreclosure rate was also down 22 bps from that of one year earlier. Meanwhile, the overall delinquency rate—the percentage of loans 30 or more days past due—was 4.34% in the second quarter, up 3 bps from the first-quarter level. However, the overall delinquency rate remained 22 bps lower than it had been in the second quarter of 2004. Doug Duncan, the MBA's chief economist, noted that nearly 96% of mortgage customers were making their payments on time. But he added that the MBA expects "an uptick in delinquency rates over the next few quarters" in states affected by Hurricane Katrina. Higher energy costs may also exacerbate delinquency rates starting in the fourth quarter.
Posted by S. Germain at 08:41 AM | Comments (0)
MBA Fears Katrina-Related Liquidity Crisis
The nation's largest mortgage trade group has asked Congress for assistance in dealing with a possible liquidity crisis for lenders brought on by Hurricane Katrina-related damage. In prepared testimony before Congress on Thursday, the Mortgage Bankers Association said that in regard to Katrina, "The most immediate need of mortgage companies is liquidity." Testifying for the MBA, IndyMac Bank senior vice president J.K. Huey applauded Freddie Mac for allowing servicers to suspend interest payments on loans affected by Katrina, while expressing her desire that other "holders, guarantors, or owners of mortgage loans will follow with similar policies." The trade group estimates that almost $7 billion in government-insured loans are in the Katrina disaster area. It wants Ginnie Mae to continue making payments on loans it has guaranteed there, but without declaring an affected issuer in technical default. "Such a determination of default creates a sizable business hardship for any financial institution," Ms. Huey said in her prepared testimony.
Posted by S. Germain at 08:41 AM | Comments (0)
September 09, 2005
LandAmerica to Contribute $1 Million to Arizona Red Cross Hurricane Relief to Resolve Discussions With Arizona Insurance Regulators
LandAmerica Financial Group, Inc. reached an agreement with the Arizona Department of Insurance (DOI) under which the company will voluntarily contribute $1,000,000 to the Arizona chapters of the American Red Cross to benefit Arizona citizens and the victims of Hurricane Katrina recently evacuated to Arizona. LandAmerica and the Arizona DOI have been engaged in discussions over the propriety and legality of captive reinsurance transactions in that state. Because the Arizona DOI agreed that no Arizona consumer paid more for title insurance under these arrangements, the company, Insurance Director Christina Urias, and the Arizona DOI worked cooperatively and creatively to resolve their differences while maximizing consumer benefit to those who need it most.
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Posted by S. Germain at 07:50 AM | Comments (0)
Guardian Mortgage Documents Enables Principal Bank to Quickly Introduce New Home Equity Product to National Correspondent Network
Principal Bank, a member of The Principal Financial Group®, has expanded its use of Guardian Mortgage Documents' (GMD) Web-based Next Generation Input System (NGIS)(TM) and has launched its newest home equity product to support its new correspondent network. The new 10-year balloon HELOC product is immediately available nationwide via the Web - 24 x 7. Principal Bank is a direct bank serving customers online, by phone, U.S. Mail and through a nationwide ATM network, enabling customers to access account information any time, from anywhere across the country.
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Posted by S. Germain at 07:44 AM | Comments (0)
OfficeTiger Reaches Agreement to Acquire MortgageRamp to Expand Financial Management Services Offering
Leading professional support services firm, OfficeTiger, today announced that it has reached an agreement to acquire MortgageRamp, a leading provider of business-process outsourcing and technology solutions for the global real estate finance industry with established offices throughout the United States.
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Posted by S. Germain at 07:41 AM | Comments (0)
Fidelity National Financial Creates Specialized Solutions Using Microsoft® Office™ Small Business Accounting 2006
The Real Estate Solutions division of Fidelity National Financial, Inc. announced today it will launch a new solution using the new Microsoft Office Small Business Accounting 2006 software. This new solution seamlessly integrates Fidelity's Broker BackOffice Pro™ system, a comprehensive office management tool designed to automate and streamline small to mid-sized real estate office processes, with Small Business Accounting to enable customers to manage their real estate and accounting transactions through a single solution customized for the real estate industry.
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Posted by S. Germain at 07:39 AM | Comments (0)
Paul Financial Selects eLynx for Secure Document Management Solution
Cincinnati-based eLynx Ltd., a leading provider of electronic delivery solutions for the financial industry, announced that San Rafael, Calif.-based wholesale mortgage lender, Paul Financial, LLC, has chosen eLynxPRO™ for secure, accelerated loan processing.
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Posted by S. Germain at 07:36 AM | Comments (0)
Dexma, FirstAm Align to Automate POS
Minneapolis-based Dexma has formed a strategic partnership with First American Fulfillment Solutions, Jacksonville, Fla., to offer a point-of-sale application directly to First American Fulfillment Solutions customers. The product is geared toward small and midsize lenders currently using First American Fulfillment Solutions for outsourced processing. Specifically, Dexma has developed a transactional consumer/retail website for First American, which can be offered on a private-label basis to its customers. These sites enable consumers and loan officers to obtain loan approvals from either Fannie Mae's DO/DU or Freddie Mac's Loan Prospector. In addition, the consumer/retail platform is already integrated with the outsource processing platform and fully supported by First American. In 2004, First American acquired LOS Xsequor, now called First American Fulfillment Solutions, to expand its role as a fulfillment outsourcer. The new combination of First American and Dexma was designed to further First American's origination technology offering and broaden Dexma's customer base, according to First American.
Posted by S. Germain at 07:31 AM | Comments (0)
Foreclosure.com: Inventory Rises 3%
The nationwide inventory of foreclosed residential properties rose 3% in August, according to Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla. There were 24,328 new foreclosed residential properties listed in the United States in August, and such properties totaled 93,440 overall, the company reported. "Foreclosure inventory has been steadily increasing since May, representing a slowdown in the purchase of foreclosed homes," said Brad Geisen, president and chief executive officer of Foreclosure.com. "This trend of sustained high inventory presents a strong investment opportunity for buyers, as lenders are challenged with greater holding and disposition costs the longer that they have to hold on to a property."
Posted by S. Germain at 07:30 AM | Comments (0)
Fed: Residential Real Estate is Strong but 'Softening'
The Federal Reserve Board had picked up signs of "softening" in a few residential real estate markets just before Hurricane Katrina slammed into the Gulf Coast. "Residential real estate was strong," according to the Fed's Beige Book, a periodic survey of economic conditions in the 12 Federal Reserve Bank districts. "Dallas, St. Louis, and San Francisco reported increased activity, with Kansas City, New York. Philadelphia and Richmond all observing strong sales, but signs of cooling were evident," the Beige Book says. The Federal Reserve banks submitted their reports before Aug. 29. The Fed banks in New York, Philadelphia, and Richmond (Va.) also reported decreased demand for residential loans. Meanwhile, commercial real estate markets in most Federal Reserve districts "strengthened," the Beige Book says.
Posted by S. Germain at 07:29 AM | Comments (0)
30-Year Rate Holds Steady
The average 30-year fixed mortgage rate was unchanged at 5.71% over the seven-day period ended Sept. 8, according to Freddie Mac's Primary Mortgage Market Survey. The average 15-year fixed mortgage rate decreased from 5.32% to 5.30%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages fell from 5.30% to 5.24%, and the average rate for one-year Treasury-indexed ARMs declined from 4.48% to 4.45%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and hybrid ARMs and 0.7 of a point for one-year ARMs. "We expect that near-term growth will now be a bit weaker than had been anticipated, due in very large part to the disruption in economic activity brought on by Katrina last week," said Frank Nothaft, Freddie Mac's chief economist. "However, the federal monies that will flow into the damaged areas and the lower interest rates brought on by the disaster will stimulate economic growth next year, making up for the slowdown in the last part of this year." A year ago, the average 30-year and 15-year fixed rates were 5.83% and 5.22%, respectively, and the average one-year ARM rate was 4.00%, Freddie Mac said.
Posted by S. Germain at 07:28 AM | Comments (0)
September 02, 2005
First American Strengthens Investor Relations Program with Promotions of Two Executives
The First American Corporation, the nation’s largest data provider, today announced the promotions of Denise M. Warren and Mark A. Hoppe as part of a move to increase the company’s visibility and strengthen communications with shareholders on both the East and West Coasts.
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Posted by S. Germain at 09:25 AM | Comments (0)
Rizal Commercial Banking Corporation Renews Software Agreement With Fidelity Information Services
Fidelity National Financial, Inc. today announced the renewal of a five-year software maintenance agreement with Rizal Commercial Banking Corporation ("RCBC") in Manila, Philippines. RCBC has been a Fidelity client since 1993 and this new agreement represents its second maintenance renewal for Fidelity's Systematics solution to support the bank's retail banking operations.
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Posted by S. Germain at 09:24 AM | Comments (0)
Harland Financial Solutions Announces Electronic Signing Solution
Harland Financial Solutions, Inc., a wholly owned subsidiary of John H. Harland Company (NYSE:JH), continues to embrace technological advancements in the financial industry with its upcoming release of Pro Sign(tm), an electronic signing solution that eliminates the need to scan the most commonly used loan documents after closing.
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Posted by S. Germain at 09:23 AM | Comments (0)
Mortgage Firm's Tool to Speed Loan Process
National City Mortgage Co. is streamlining its loan origination process with a single technology that will be used in all three of the company's loan areas.
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Posted by S. Germain at 09:19 AM | Comments (0)
U.S. Capital, Warren Bank and TruHome Solutions Install Mortgage Builder LOS
Mortgage Builder Software, Inc., a provider of an end-to-end mortgage banking software solution, announced that three additional financial institutions recently installed its loan origination software (LOS). U.S. Capital, a regional sub-prime wholesale lender headquartered in West Hempstead, N.Y. chose to launch its lending operations with Mortgage Builder's LOS. In addition to rolling out Mortgage Builder's LOS, Detroit, Mich.-based Warren Bank, a federally chartered community bank, also selected Mortgage Builder's wholesale broker Web site. Lenexa, Kan.-based TruHome Solutions, a credit union service organization (CUSO), selected Mortgage Builder to position the CUSO for upcoming business expansion.
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Posted by S. Germain at 09:17 AM | Comments (0)
Fidelity National Financial, Inc. Responds to Hurricane Katrina With a Dedicated Toll-Free Claims Hotline
Fidelity National Financial, Inc. today announced that the Fidelity National Property and Casualty Insurance Group Catastrophe team ("FNPC"), which consists of Fidelity National Insurance Company, Fidelity National Property & Casualty Insurance Company and Fidelity National Indemnity Insurance Company, is staffed and ready to assist its agents and policyholders. A dedicated hotline is available 24 hours a day, 7 days per week for reporting of claims at 866-397-6347. Prompt reporting of claims will enable FNPC to assist the insureds in scheduling inspections of their property.
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Posted by S. Germain at 09:16 AM | Comments (0)
First Vietnamese American, First Choice and Monument Banks Choose Fidelity Information Services' Premier(TM) Suite of Banking Solutions
Fidelity National Financial, Inc. today announced that three community-based financial institutions have selected Fidelity's Premier(TM) solution for their core processing needs.
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Posted by S. Germain at 09:12 AM | Comments (0)
Stewart Title Deposits $2 Million in Citizens Bank of Nashville to Seed Community Development
Today, the Stewart companies are making a $2 million deposit with Citizens Savings Bank & Trust Co., the oldest continuously operating minority-owned bank in the nation and the first minority-owned bank in Tennessee.
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Posted by S. Germain at 09:10 AM | Comments (0)
Fidelity National Financial, Inc. Announces the Acquisition of DOCX LLC
Fidelity National Financial, Inc. today announced the acquisition of DOCX LLC ("DOCX"), a provider of mortgage lien release solutions, assignment services, county recording office requirements and fee calculators to the mortgage banking industry.
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Posted by S. Germain at 09:07 AM | Comments (0)
Popular, Inc. Announces Definitive Agreement to Acquire the Assets of Infinity Mortgage Corporation
Popular, Inc. today announced that it has reached a definitive agreement to acquire substantially all of the assets of Infinity Mortgage Corporation, located in Parsippany, New Jersey. Following the closing of the transaction, expected to occur during the fourth quarter of 2005, Infinity Mortgage's operations will become part of the retail mortgage business of Equity One, Inc., a subsidiary of Popular Financial
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Posted by S. Germain at 09:06 AM | Comments (0)
MBA Releases Its First Commercial Technology Survey
The Mortgage Bankers Association (MBA) today released the findings of its Commercial Technology Survey – the first time it has undertaken a comprehensive study of the use of information technology in the commercial and multifamily mortgage industry. MBA’s Commercial Real Estate/Multifamily Finance Board of Governors’ (COMBOG) Technology Initiatives Committee was responsible for developing the survey, aimed at establishing an industry baseline to measure the degree to which specific information and its correlated mortgage processes and functions are computer-based. The survey enjoyed strong industry participation, with originator and lender respondents responsible for roughly $70 billion in 2004 loan originations and servicer respondents for more than 130,000 loans with an aggregate unpaid principal balance of $525 billion. The survey is the first in a series of studies by MBA on the industry’s use of technology.
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Posted by S. Germain at 09:03 AM | Comments (0)
IO Production Sets Record in 2Q
Interest-only loans accounted for 26% of all mortgages funded in the second quarter, according to exclusive survey figures compiled by National Mortgage News. Lenders originated $213 billion in IO mortgages during the second quarter, compared with $141 billion in the first. In the first quarter, IOs accounted for 21% of all loans funded. In the fourth quarter, IO production accounted for 15% of all loans ($101 billion), survey figures show. (NMN is the only publication that has a history of tracking IO production.) IO loans and payment-option ARMs lower monthly payments for consumers, because no principal is being paid down, but are considered somewhat controversial because consumers cannot build equity in their homes unless the property rises in value. Some lenders say the loan is being used by speculators who are betting on rapid price increases in hot housing markets.
Posted by S. Germain at 09:02 AM | Comments (0)
Freddie Repeats Refi Warning
Freddie Mac is reminding lenders that it will not tolerate lending practices that reward borrowers for quickly refinancing loans. The secondary-market agency has found that some mortgage brokers and originators promise to cover several monthly mortgage payments if the borrower agrees to take out a high-interest-rate loan and refinance within a few months. Freddie Mac is warning for the second time that such arrangements violate the representations and warranties lenders sign when they sell a loan to Freddie. And Freddie Mac could require repurchase of such loans or take other actions against the lender. Freddie previously raised objections to these practices in an April news release. Now the agency has issued an industry letter to underscore its concerns. "We expect seller/servicers to monitor prepayment levels of the mortgages they have sold to Freddie Mac, and to notify their Freddie Mac account manager if they become aware of circumstances likely to result in unusually high prepayment rates of these mortgages," the Sept. 1 industry letter says.
Posted by S. Germain at 09:02 AM | Comments (0)
Freddie Profits Plunge; Stock Hits 52-Week Low
Freddie Mac–which is almost current on its earnings releases–has reported that first-half 2005 profits tumbled by 60% as net interest income fell and the company recorded a massive loss on its derivatives. Freddie released its earnings after the market closed Aug. 31, and in trading Sept. 1 its stock fell more than $2 a share, setting a new 52-week low of $58.05 per share. The government-sponsored enterprise, which earned $1.64 billion in the first half, also reported that guarantee fee and "contractual management" income rose to $720 million (16.4 basis points), compared with $635 million in the first half of 2004. Annualized, its "g-fee" income fell to 15.8 bps, compared with 16.6 bps a year ago. Freddie took a $747 million derivatives loss in the first half, compared with a gain of $521 million in the year-ago period. Sandler O'Neill maintained its "hold" rating on Freddie, saying "we remain cautious until we have increased comfort and visibility in the core earnings power of the company with additional financial disclosures."
Posted by S. Germain at 09:01 AM | Comments (0)
Realtors–Resale Contracts Down
The National Association of Realtors reports a 1-percent decline from June to July in its pending home sales index. The organization attributes the drop to higher mortgage rates in July and soaring home prices, which made homeownership unaffordable to a larger number of buyers. "If we haven't passed the point where affordability squeezes new homeowners right out of the market, then we're right near it," remarks Wachovia Corp. economist Gina Martin. Regionally, the index slipped 3.7 percent in the Northeast, 3.1 percent in the Midwest, and 1.1 percent in the West but posted a 1.2-percent gain in the South.
Posted by S. Germain at 08:53 AM | Comments (0)
Housing Market Gives Cooling Sign
The Office of Federal Housing Enterprise Oversight reports that prices rose 13.4 percent in the second quarter from the corresponding period last year, marking the biggest gain in more than two decades, with the strongest activity seen in such markets as Florida, California and Nevada. However, the National Association of Realtors' pending home-sales index slipped by 1 percent from June to July, giving experts another reason to believe that the housing market is cooling. Meanwhile, the Mortgage Bankers Association confirmed that applications for purchase loans plummeted 11 percent between June 10 and Aug. 26. According to National Association of Home Builders chief economist Dave Seiders, residential sales probably will start slowing during the final quarter of this year.
Posted by S. Germain at 08:52 AM | Comments (0)