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October 28, 2005
New Study Investigates Residential Real Estate Foreclosures
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 investigates the prevalence of foreclosure sales and the depth of discounts in 629 counties in 36 states, including the District of Columbia.
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Posted by S. Germain at 08:26 AM | Comments (0)
The First American Corporation Reports Record Results for the Third Quarter 2005
The First American Corporation (NYSE: FAF), the nation's largest data provider, today announced results for the third quarter ended Sept. 30, 2005:
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Posted by S. Germain at 08:25 AM | Comments (0)
Greenspan Gets High Marks Despite Economy
Most people give Alan Greenspan high marks for his handling of the economy during his 18 years running the Federal Reserve, and few blame him for what they see as a troubled economy.
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Posted by S. Germain at 08:24 AM | Comments (0)
FNIS’ LSI Division Launches Web-Based Loan Pre-qualification Delivery System
Fidelity National Information Services’ LSI announced today the launch of its DecisionStream™ system, a Web-based technology solution that instantly delivers loan pre-qualification information at the point-of-sale. This solution is designed to facilitate real-time mortgage lending decisions for refinance and home-equity transactions and help lenders determine whether or not to proceed with a loan application prior to investing in full-scale mortgage settlement services.
Posted by S. Germain at 08:22 AM | Comments (0)
Fidelity National Financial, Inc. Reports Third Quarter 2005 EPS of $1.21
Fidelity National Financial, Inc. today reported operating results for the three-month and nine-month periods ended September 30, 2005.
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Posted by S. Germain at 08:20 AM | Comments (0)
Fidelity National Title Group, Inc. Reports Third Quarter 2005 EPS of $0.98
Fidelity National Title Group, Inc. today reported operating results for the three-month and nine-month periods ended September 30, 2005.
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Posted by S. Germain at 08:19 AM | Comments (0)
Fidelity National Financial, Inc. Announces Quarterly Cash Dividend of $0.25
Fidelity National Financial, Inc. today announced that its Board of Directors has declared a quarterly cash dividend in the amount of $0.25 per share. The dividend will be payable November 16, 2005 to stockholders of record as of November 7, 2005.
Posted by S. Germain at 08:19 AM | Comments (0)
Fidelity National Title Group, Inc. Announces Quarterly Cash Dividend of $0.25
Fidelity National Title Group, Inc. today announced that its Board of Directors has declared a quarterly cash dividend in the amount of $0.25 per share. The dividend will be payable December 14, 2005 to stockholders of record as of December 1, 2005.
Posted by S. Germain at 08:18 AM | Comments (0)
LandAmerica Announces Common Stock Repurchase Program
LandAmerica Financial Group, Inc. announces that its Board of Directors has approved a program to purchase up to 1,250,000 shares, or approximately 7.1%, of its outstanding common stock between now and the end of July 2007. Purchases of stock will be accomplished primarily in the open market, with the timing of such transactions subject to market conditions and SEC regulations. The Company anticipates funding for this program to come from available corporate funds, future excess cash flow or an existing credit facility. The program would be in addition to purchases made under the share purchase plan publicly announced in December 2004 that provides for the purchase of up to 1.0 million shares or $60.0 million and expires in February 2006, as well as, open market purchases presently made in connection with LandAmerica's employee benefit plans.
Posted by S. Germain at 08:16 AM | Comments (0)
LandAmerica Reports Record Operating Revenue for Third Quarter 2005 of More Than $1 Billion
LandAmerica Financial Group, Inc. today reported operating results for the third quarter ended September 30, 2005.
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Posted by S. Germain at 08:16 AM | Comments (0)
Stewart Reports Earnings for Third Quarter 2005
Stewart Information Services Corporation reported net earnings of $31.8 million, or $1.74 per diluted share, for the three months ended September 30, 2005, versus net earnings of $21.1 million, or $1.16 per diluted share, for the third quarter of 2004. Revenues in the third quarter of 2005 increased 21 percent to $639.4 million from $529.7 million for the same period last year.
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Posted by S. Germain at 08:15 AM | Comments (0)
Kroll Factual Data and Stewart Mortgage Information Announce Title Insurance Alliance
Kroll Factual Data, Inc., a subsidiary of Kroll Inc., the global risk consulting company, and Stewart Mortgage Information Co. a wholly owned subsidiary of Stewart Information Services Corp., today announced an agreement giving Kroll Factual Data integration with Stewart Mortgage Information's full collection of title insurance products and services. This technology interface agreement will give Kroll Factual Data a full suite of title products and related mortgage settlement services that will further enhance its bundled services offering for the mortgage industry.
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Posted by S. Germain at 08:14 AM | Comments (0)
Flagstar Bank Announces Availability Of Digital Document Transfer Platform With Key Partners
Flagstar Bank announced general availability of its Digital Document Transfer platform and specification for seamless electronic document exchanges with key mortgage industry partners.
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Posted by S. Germain at 08:12 AM | Comments (0)
Peoples Choice Mortgage Takes Advantage of Guardian Mortgage Services and MBSD to Outsource Back-Room Operations
Peoples Choice Mortgage Company has chosen to outsource closing coordination and post-closing to Guardian Mortgage Services (GMS). The growing $500 million mortgage lender has also chosen to work with Mortgage Banking Services Direct (MBSD) to further advance key industry relationships and operational efficiencies. Through a new relationship, MBSD and GMS offer a combination of solutions that enable mortgage lenders to outsource non-core competency back-office processes and functions to increase efficiencies, production, profitability and liquidity.
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Posted by S. Germain at 08:10 AM | Comments (0)
Del Mar Database Signs Seattle Mortgage Company, Reaches 400th Client Milestone
Washington-based Seattle Mortgage Company has selected Del Mar Database's DataTrac® mortgage lending solution for its back-office automated processing solution of record. As Del Mar Database's 400th customer, Seattle Mortgage will take advantage of DataTrac's proven ability to reduce costs, generate greater profits per loan, minimize errors using business intelligence and fund more loans with fewer people. The news was announced at Mortgage Bankers Association's 92nd Annual Convention and Expo.
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Posted by S. Germain at 08:10 AM | Comments (0)
FICS Greatly Simplifies Expense Documentation on Disclosure and Closing Documents Through Latest Enhancements to Loan Producer
Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential loan origination technology to the mortgage industry, announced at the 92nd MBA Annual Convention & Expo a new upgrade to Loan Producer®, the company's loan origination system (LOS), which now includes enhanced closing cost itemization and enhanced tax and insurance notation.
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Posted by S. Germain at 08:08 AM | Comments (0)
Veros Announces Availability of Propertywise℠ Qualified Automated Valuation (AVM) Program Through the VeroSELECT Platform
Veros Real Estate Solutions, based in Santa Ana, California, has introduced an AVM certification program which offers GMAC Residential Funding Corporation's Propertywise Qualified AVM products. The Propertywise system is designed to help mortgage originators reduce cost and limit exposure to repurchase risk while improving service to borrowers.
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Posted by S. Germain at 08:07 AM | Comments (0)
SouthBanc Mortgage Chooses PLATINUMdata Solutions Next Generation Platform
PLATINUMdata Solutions, a provider of next generation cascading automated valuation model (AVM) tools for the mortgage industry, announced at the 92nd Annual Mortgage Banking Association conference that SouthBanc Mortgage selected the PLATINUMdata Platform as a cost saving tool for delivering property valuation reports. Herndon, Va.-based, SouthBanc Mortgage is a subsidiary of SouthBank, a federal savings bank headquartered in Huntsville, Ala. SouthBanc Mortgage comprises of 80 loan officers and originates various residential loan products throughout the United States. PLATINUMdata Solutions offers SouthBanc Mortgage loan officers a configurable AVM platform supported by an enhanced level of customer service.
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Posted by S. Germain at 08:05 AM | Comments (0)
First Horizon Home Loan Corp. Offers Lenders Property Plus and MLR Via SharperLending Platform
SharperLending, LLC, provider of a secure Web-based platform that enables lenders to order, store and manage products and services from multiple vendors at a single point of entry, announced at the Mortgage Bankers Association 92nd Annual Convention and Expo its expanded relationship with First Horizon Home Loan Corporation (First Horizon), one of the nation's top mortgage lenders. SharperLending now provides the Mortgage Loan Report (MLR) and Property Plus Report for First Horizon's home equity lending program.
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Posted by S. Germain at 08:04 AM | Comments (0)
TransUnion Launches New Independent Technology Company -- Cordance Technologies
TransUnion today announced the launch of an independent technology company known as Cordance Technologies, Inc. The announcement was made in Orlando at the Mortgage Bankers Association's 92nd Annual Convention & Expo. The new enterprise leverages advanced workflow automation, powerful analytics and decisioning technologies to streamline supply chain management functions for financial institutions.
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Posted by S. Germain at 08:03 AM | Comments (0)
eLynx's HUD-1 Check Eliminates Inconsistencies, Errors, Delays
Cincinnati-based eLynx Ltd., a leading provider of secure electronic information management solutions and services for the financial industry, announced from the 92nd Annual Mortgage Bankers Association Convention and Expo the availability of HUD-1 Check, its new service designed to expedite the workflow of HUD-1 creation, review and approval process, significantly improving the loan closing process for lenders, settlement agents and homebuyers.
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Posted by S. Germain at 08:02 AM | Comments (0)
Financial Mortgage Outsources Backroom Operations to Guardian Mortgage Services in Order to Speed Growth
Financial Mortgage, Inc., has chosen to outsource closing coordination, title and escrow, post-closing and subservicing vendor coordination and delivery to Guardian Mortgage Services (GMS) in order to better manage fixed costs, improve salability on the secondary market and fuel even faster growth. Financial Mortgage, Inc., a 15-year industry veteran with retail and wholesale operations, currently has seven branch locations and plans to quadruple its volume over the next year. Financial Mortgage began using GMS in May 2005.
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Posted by S. Germain at 08:02 AM | Comments (0)
Trinity Partners Expands Its Lender Services Solutions
Trinity Partners, a leading provider of technology-enabled Business Process Outsourcing and IT delivery solutions to financial institutions, today announced they are providing strategic outsourcing, including back end credit and insurance functions to First Magnus' Lender Services Division. First Magnus' Lender Services Division is responsible for providing a core set of products, such as title, appraisal, flood, credit, insurance and escrow services, to mortgage brokers and bankers nationwide.
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Posted by S. Germain at 08:01 AM | Comments (0)
FLDI Announces Alliance with SouthCoast Title
First Lenders Data, Inc. (FLDI), an Austin, Texas-based provider of bundled settlement service solutions to the mortgage lending industry, and SouthCoast Title and Escrow, Inc. (SCTEI), a Swansea, Mass.-based provider of real estate services, announced today at the 92nd MBA Annual Convention & Expo the formation of a strategic marketing alliance to provide customers with multiple mortgage closing products and services through FLDI's FirstClose™ platform.
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Posted by S. Germain at 08:00 AM | Comments (0)
MortgageFlex and DocuTech Partner to Bring Lenders, Borrowers Enhanced Benefits of an Improved Loan Process
DocuTech Corp., a leading provider of compliance services and documentation technology for the mortgage industry, announced at the 92nd Annual Mortgage Bankers Association Convention & Expo a strategic alliance with MortgageFlex Systems, Inc., provider of advanced software and systems solutions within the lending industry, to provide customers with a seamlessly integrated loan document solution.
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Posted by S. Germain at 07:59 AM | Comments (0)
MortgageServ® Loan Servicing Platform Spurs Additional Subservicing Relationships for GMAC Mortgage
Fiserv Lending Solutions said its MortgageServ loan servicing system has been instrumental in GMAC Mortgage's capability to expand its subservicing product line since it deployed the system 15 months ago.
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Posted by S. Germain at 07:58 AM | Comments (0)
a la mode and Pipeline Solutions Announce Planned Integration
a la mode, inc., developer of multi-market real estate software and online services, and mortgage loan technology provider Pipeline Solutions announced a planned integration of a la mode’s Mortgage XSites with Pipeline’s Mortgage Software, a leading Loan Origination System.
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Posted by S. Germain at 07:55 AM | Comments (0)
TransUnion Increases Focus on Mortgage Servicing Technology and Outsourcing Solutions
In a strategic move to enhance its mortgage servicing offering, TransUnion Settlement Solutions today announced the hiring of industry veteran Bob Spector as vice president of servicing for the company. Spector will be responsible for creating and implementing a strategic plan to enhance TransUnion's existing solutions for mortgage servicers. The announcement was made in Orlando at the MBA's 92nd Annual Convention & Expo.
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Posted by S. Germain at 07:54 AM | Comments (0)
VMP and Entyre Announce Integration of VMP's Compliance Content With Entyre's eMortgage-X4 Technology
VMP® Mortgage Solutions and Entyre®, both a part of Wolters Kluwer Financial Services, today announced they will integrate VMP's compliance content into Entyre's X4 solution in order to provide mortgage lenders with an enterprise class, web-based document creation, management, packaging, and delivery solution. The new integrated solution is called VMP X4 Workflow Manager.
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Posted by S. Germain at 07:53 AM | Comments (0)
Fiserv's UniFi® PRO Loan Origination System Delivers Electronic Documents and Signatures and Closing Automation
Fiserv Lending Solutions is incorporating electronic document presentment and signature, coupled with the ability to automatically schedule closings, into its UniFi® PRO Mortgage eX loan origination system. UniFi PRO will enable lenders to electronically present loan documents directly to borrowers and closing agents via a secure Web site and offer borrowers the option to electronically sign their loan documents online.
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Posted by S. Germain at 07:52 AM | Comments (0)
Mid America Bank Goes Paperless with Integration of the Fiserv UniFi® PRO and Nautilus Systems
Fiserv, Inc. said Mid America Bank is now leveraging the UniFi® PRO Mortgage eX loan origination system's integration of Fiserv's Nautilus Enterprise Content Management (ECM) system to compress loan processing time. MAF Bancorp, the parent company of Mid America Bank, is headquartered in Clarendon Hills, Ill., a suburb of Chicago.
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Posted by S. Germain at 07:50 AM | Comments (0)
Landata e-Recording System Integrates With Hart InterCivic's Anthem System™ to Enable Remote Electronic Recording
Landata Technologies Inc. and Hart InterCivic have signed an alliance agreement supporting integration between the Landata e-Recording System™ (LERS) and the Hart InterCivic Anthem™ System, a document management and imaging system for county clerks and registers of deeds that fully supports electronic recording through its eRecorder module.
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Posted by S. Germain at 07:49 AM | Comments (0)
MBA Releases Long-Term Economic Forecast
The Mortgage Bankers Association (MBA) today released its three-year economic forecast update. MBA is projecting robust economic growth of around 3.5 percent through 2007. Total residential mortgage production in 2005 will be $2.78 trillion, the third-biggest year behind 2003 and 2002.
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Posted by S. Germain at 07:44 AM | Comments (0)
Mortech: Tech Spending Up 8% in '05
The Mortech 2005 study forecasts that mortgage industry technology expenditures for 2005 will record a "very healthy" 8% increase over those of the previous year, to $3.6 billion. This 18th Mortech study finds mortgage lenders optimistic about expanding their businesses and heavily targeting subprime borrowers as they adopt management-by-modeling capabilities for fraud detection and collateral valuation. Mortech principal Jeff Lebowitz finds lenders broadly focused on reducing human interaction with loan files to reduce errors and shorten cycle times in mortgage originations. Guilford, Conn.-based Mortech LLC publishes its study annually based on scientific surveys of over 300 lenders.
Posted by S. Germain at 07:43 AM | Comments (0)
Ellie, E-Ops Create Fully Outsourced Automation
A partnership between Dublin, Calif.-based Ellie Mae and Miami-based E-Ops has formed the Encompass Processing Network to allow users to completely outsource loan processing. Ellie Mae said it believes the industry needs to focus more on volume and productivity and less on technology, and therefore more companies will be interested in outsourcing as much of the process as possible so they can concentrate on their core competencies of lending and generating business. Processors will submit a loan to E-Ops for processing seamlessly through Encompass in two mouse clicks. All relevant data and documentation will be added for processing, the brokerage will get e-mail status updates, and the completed loan will be automatically fed back to Encompass at the end of the mortgage cycle, Ellie Mae said.
Posted by S. Germain at 07:43 AM | Comments (0)
eLynx Expedites HUD-1 Workflow
Cincinnati-based eLynx Ltd., a provider of electronic information management systems for the financial industry, has announced the introduction of a service designed to expedite the workflow for creating and reviewing HUD-1 settlement sheets. HUD-1 Check "virtually eliminates discrepancies and errors associated with the HUD-1 documents by providing a simple and secure interface which allows lenders and closers to review, correct (if needed), and approve HUD-1 statements online in a matter of minutes without incurring the costs or delays associated with paper, printing, and faxes," eLynx said. The new service creates an audit trail of each transaction and provides settlement agents with verified HUD-1 acceptance before closing. The announcement was made at the Mortgage Bankers Association's annual convention in Orlando, Fla.
Posted by S. Germain at 07:42 AM | Comments (0)
'07 Seen as Big Year for IO Refis
The big year to watch for refinancings of interest-only mortgage loans will be 2007, according to Doug Duncan, chief economist of the Mortgage Bankers Association. Speaking at a news briefing at the group's annual convention in Orlando, he said 2007 is when $15 billion of 3/1 IO loans will reset. Consumers have become good at optimizing the benefits and the timing when they switch mortgage products, he said. In the past, 15% was the traditional baseline for the ratio of refinancings to total production, but now it is around 20%-25% because the cost to restructure a mortgage is much lower, he said. Jay Brinkmann, the MBA's vice president of research and economics, said he has heard of loan officers who go back to their IO clients and solicit them to refinance, but he said consumers are more likely not to act until the trigger date.
Posted by S. Germain at 07:41 AM | Comments (0)
Court Rules for Radian in Class Action
In a class action lawsuit against Radian Guaranty Inc., a federal district court has affirmed its position regarding the commercial nature of mortgage insurance transactions. The ruling, in U.S. District Court for the Eastern District of Pennsylvania, found that mortgage insurance transactions between mortgage lenders and mortgage insurers are not consumer credit actions and are not subject to the notice requirements of the Fair Credit Reporting Act. "This court order is a big win for consumers," said Roy J. Kasmar, president and chief operating officer of Radian. ".... Requiring mortgage insurers to issue adverse action notices to borrowers would not only be inconsistent with the FCRA, it would also disrupt the critical lender-borrower relationship, making the mortgage process unnecessarily complex and confusing for consumers." The class action had claimed Radian failed to issue an adverse action notice to a customer of one of its mortgage lending clients when the customer's credit history disqualified the customer from receiving a lower mortgage insurance rate. Radian successfully argued that it does not take adverse action under the FCRA when it sells mortgage insurance to its clients, and that it does not enter into credit transactions with individual borrowers.
Posted by S. Germain at 07:40 AM | Comments (0)
Countrywide's 3Q Profits Rise
Countrywide Financial Corp., Calabasas, Calif., has reported consolidated net earnings of $634 million ($1.03 per share) for the third quarter, a 27% increase from $498 million ($0.81 per share) in the third quarter of last year that was attributed mainly to the company's mortgage segment. Pretax earnings by the mortgage banking operations totaled $703 million in the third quarter, up 42% from $496 million a year earlier. "This increase resulted primarily from a $280 million improvement in servicing sector earnings, partially offset by an $83 million decrease in production sector earnings," said Angelo R. Mozilo, Countrywide's chairman and chief executive officer. Loan production in the mortgage segment totaled $131 billion, up sharply from $77 billion in the third quarter of 2004. "The increase in loan volume resulted in a $37 billion increase in loans sold," Mr. Mozilo said. "The benefit of the increase in sales, however, was more than offset by the decline in margins." Countrywide said its servicing portfolio rose to a record $1.05 trillion as of Sept. 30, up $262 billion from the level of a year earlier.
Posted by S. Germain at 07:39 AM | Comments (0)
Another $3 Trillion Year?
While the Mortgage Bankers Association expects mortgage origination activity to total about $2.8 trillion this year, the chief executive officer of the country's largest mortgage banking company believes the tally may exceed $3 trillion. In a conference call to discuss Countrywide Financial Corp.'s third-quarter results, Angelo Mozilo said Countrywide's internal projection of loan origination activity industrywide calls for the 2005 origination tally to range from $3.0 trillion to $3.2 trillion this year. Based on its own estimate of mortgage origination activity this year, Countrywide believes that it has achieved a 15.6% loan production market share, Mr. Mozilo said.
Posted by S. Germain at 07:39 AM | Comments (0)
New-Home Sales Up 2%
New-home sales rose 2% in September (from their August level) to a seasonally adjusted annual rate of 1.22 million units, a sign that the red-hot housing market still has some steam left. However, compared with sales in the same month last year, new-home sales were essentially flat. September's reading was the third-weakest of the year, according to figures released Thursday by the Census Bureau and the Department of Housing and Urban Development. In addition, home sales fell in the Northeast and the West, two of the hottest markets, but rose in the Midwest and the South. Sales in the South likely were aided somewhat by consumers looking for new housing in the hurricane-ravaged states of Alabama, Louisiana, and Mississippi.
Posted by S. Germain at 07:38 AM | Comments (0)
House Passes GSE Bill
The House approved the GSE regulatory reform bill by a 331-90 vote Wednesday after soundly rejecting tighter restrictions on Fannie Mae's and Freddie Mac's investment portfolios and an amendment to stop an increase in the conforming loan limit. An amendment by Rep. Ed Royce, R-Calif., to strengthen the new GSE regulator's hand in addressing systemic risk (by limiting or reducing the size of Fannie's and Freddie's investment portfolios) was rejected by a 346-73 vote. Rep. Royce argued that Congress should heed the warnings of Federal Reserve Board Chairman Alan Greenspan about systemic risk caused by the concentration of assets and debt in the two government-sponsored enterprises. The bill's supporters countered that the new GSE regulator has the necessary authority to prevent systemic risk. But Rep. Royce said the Bush administration disagrees with that assertion. The House voted 358-57 to reject an amendment by Rep. Scott Garrett, R-N.J., to block an increase in the Fannie/Freddie loan limit. The GSE bill (H.R. 1461) raises the loan limit so Fannie and Freddie can purchase jumbo loans of up to $540,000 in high-cost areas. The GSE loan limit is currently $359,650 nationwide.
Posted by S. Germain at 07:38 AM | Comments (0)
October 27, 2005
Loan Origination Solution Programs
To download a .pdf of the brochure right click on the image above and select "Save Target As..." (Mac Users: control-click and select "Download Linked File As...") If you are able to view .pdf files within your browser, simply click on the icon above and the file will appear in a new window.
Posted by K. Perry at 02:49 PM | Comments (0)
October 21, 2005
Operation HOPE and The First American Corporation Announce Joint Development of National Home Counseling Center
Operation HOPE, Inc. (HOPE), a national non-profit organization dedicated to financial literacy and empowerment; and The First American Corporation, the nation's largest data provider, today announced First American's continuing support of HOPE's "Silver Rights Movement" of educating and empowering under-served minority and low-income communities with the opening of a new Operation HOPE/First American call center facility in Poway, Calif. The call center, which will be located within First American's Poway campus and staffed by HOPE employees, will serve as a virtual financial education and services center for individuals seeking credit counseling, homeownership counseling and loan products. The center will also forward HOPE's existing Banking on Our Future and HOPE Coalition America (HCA) programs, which provide financial literacy education in area public schools and emergency financial counsel to impacted families following natural disasters.
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Posted by S. Germain at 08:37 AM | Comments (0)
First American Expands Technology Offerings to Help Lenders and Settlement Agents Streamline Closing Process
The First American Corporation, the nation's largest data provider, today announced the expansion of its technology offerings to help lenders and settlement agents further streamline the closing process with the launch of Closing Collaboration Tools (CCT). CCT helps lenders and settlement agents jointly deliver the efficient, high-quality experience today's borrowers expect from their real estate transactions. CCT is an integrated set of capabilities that enable data and documents to be shared electronically between lenders and settlement agents throughout the closing process, reducing the cost and time now associated with pre- and post-closing activities and increasing accuracy.
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Posted by S. Germain at 08:37 AM | Comments (0)
The First American Corporation to Hold Third-Quarter Conference Call on October 26
The First American Corporation, the nation's largest data provider, today announced that it will host a conference call on Oct. 26, 2005, at 11 a.m. EDT. The call will follow the announcement of the company's third-quarter operating results, which is scheduled for release on Oct. 26, 2005, at 8:32 a.m. EDT.
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Posted by S. Germain at 08:36 AM | Comments (0)
Fidelity Launches Web-Based Loan Pre-qualification Information Delivery System
Fidelity National Information Services' LSI announced today the launch of its DecisionStream™ system, a Web-based technology solution that instantly delivers loan pre-qualification information at the point-of-sale. This solution is designed to facilitate real-time mortgage lending decisions for refinance and home-equity transactions and help lenders determine whether or not to proceed with a loan application prior to investing in full-scale mortgage settlement services.
Posted by S. Germain at 08:35 AM | Comments (0)
Fidelity Aquires LAMPS™ Realtor® Association Management System from BravePoint, Inc.
Fidelity National Real Estate Solutions' MLS Systems and Solutions group today announced its acquisition of LAMPS™ REALTOR® Association Management Software from BravePoint, Inc., a leading provider of technology consulting solutions.
Posted by S. Germain at 08:34 AM | Comments (0)
Fidelity National Real Estate Solutions Releases Update to Integrate Broker BackOffice(TM) Pro with RE/MAX's FRAMES System
The Real Estate Solutions division of Fidelity National Financial, Inc. announced today the release of an update that enables Broker BackOffice™ Pro to integrate directly with FRAMES, RE/MAX's proprietary system utilized for reporting individual office statistics to its regional and international offices.
Posted by S. Germain at 08:34 AM | Comments (0)
Fidelity National Title Group, Inc. Announces 3rd Quarter Earnings Release and Conference Call
Fidelity National Title Group, Inc. will release 3rd quarter 2005 earnings before the opening of regular market trading on Wednesday, October 26, 2005.
Posted by S. Germain at 08:33 AM | Comments (0)
Stewart re-source® By Stewart Geo Technologies Offers Web-based Site Analysis for Commercial Real Estate Professionals
Commercial real estate professionals as well as municipal economic development agencies will benefit from Stewart re-source a new Web-based site analysis tool offered by Stewart Geo Technologies.
Posted by S. Germain at 08:32 AM | Comments (0)
Fiserv Integrates easyLENDER Mortgage LOS with Interthinx™ DISSCO™ Fraud-Detection Solution
Interthinx™, a leading provider of comprehensive fraud prevention and decision support tools for the mortgage industry, has successfully integrated its DISSCO™ fraud detection and prevention system with easyLENDER® Mortgage loan origination software (LOS) system. easyLENDER is a product of Fiserv Lending Solutions, a unit of financial information management systems and services provider Fiserv, Inc. As a result of this integration, loans originated in easyLENDER Mortgage can be instantly and seamlessly submitted to DISSCO for automatic screening for potential mortgage fraud.
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Posted by S. Germain at 08:31 AM | Comments (0)
a la mode, inc. Ships Aurora Generation of WinTOTAL to More Than 50,000 Appraiser Users
a la mode, inc., developer of multi-market real estate software and online services, said it began shipping version 5.0 of its industry leading form filling and business management software for appraisers, WinTOTAL, to its more than 50,000 appraiser users.
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Posted by S. Germain at 08:29 AM | Comments (0)
LION Subsidiary Tuttle Risk Management Services Signs Four New Customers
LION, Inc., a leading provider of online lead generation and advanced business solutions that streamline the mortgage fulfillment process, today announced that its wholly owned subsidiary, Tuttle Risk Management Services LLC ("Tuttle"), has recently signed contracts with four new mortgage lender customers, bringing to fourteen the number of new customers it has added this year.
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Posted by S. Germain at 08:24 AM | Comments (0)
Integrated Loan Services (ILS) and General American Corp. (GAC) Combine Strengths Under New Fiserv Lending Solutions Banner
Two leaders in the mortgage fulfillment industry, both business units of Fiserv, Inc., have joined forces to offer the industry's most comprehensive origination and settlement services. Integrated Loan Services (ILS) and General American Corp. (GAC) will form the Fulfillment Services Division (FSD) of Fiserv Lending Solutions (FLS) and will adopt FLS as the parent brand for all products and services offered to the lending industry.
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Posted by S. Germain at 08:23 AM | Comments (0)
Advantage Credit Introduces ViewFast™ Credit Report
Advantage Credit International announced the launch of its new ViewFast™ report today. ViewFast(TM) offers brokers and lenders the opportunity to view solutions to increase borrowers' low credit scores or build a credit score if none appears on the report. The ViewFast(TM) report also has an easier to read format, which Advantage Credit is known for.
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Posted by S. Germain at 08:21 AM | Comments (0)
National Real Estate Information Services' E-Signing Pilot Project Next Step in E-Mortgage Evolution
National Real Estate Information Services (NREIS) has engaged with World Wide Notary (WWN) in an e-signing pilot project that just may be the next big step in the e-mortgage evolution.
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Posted by S. Germain at 08:20 AM | Comments (0)
Funding America Chooses Ocwen for Due Diligence and Loan Processing Services
Mortgage aggregator Funding America, Inc. has selected Ocwen Financial Corporation to provide a range of services including Ocwen's newly unveiled due diligence and loan processing services, Ocwen announced today.
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Posted by S. Germain at 08:19 AM | Comments (0)
Experian Launches New Portfolio Tool
Costa Mesa, Calif.-based Experian has announced the launch of Portfolio Benchmarking and Trend Analysis, touting it as "the first total portfolio management and acquisition solution on the market today." The tool is built on Experian's File One consumer credit database and tracks changes in credit activity to enable quick assessment of current conditions in support of strategic portfolio decisions, the company said. One example cited by Experian is the use of the tool to profile consumers in a specific metropolitan statistical area, state, or region based on delinquency, loan amount, utilization, and inquiry behaviors. Portfolio managers are enabled to look at changes in 30-, 60- and 90-day delinquency trends to adjust risk-management protocols. The tool offers a snapshot generated from a statistically valid 20% random sample of Experian's File One consumer credit database, which currently includes records dating back to 2003.
Posted by S. Germain at 08:16 AM | Comments (0)
S&P: Housing Bubbles on Coasts
The chief economist for hereStandard & Poor's told the nation's leading homebuilders Oct. 19 that there are "big local" housing bubbles in such high-priced markets as California, Florida, and New York. S&P economist David A. Wyss said a typical home in San Diego costs 9.6 times the area's average household income, compared with a national affordability ratio of 3.2 times. He said in the New York metropolitan area a home costs 8.6 times the average household income. Ten years ago the national average was just 2.6 times household income. Even though Mr. Wyss described these markets as "bubbles," he said home prices could fall gradually in these areas. He also said housing bubbles exist in several foreign industrialized nations, including the United Kingdom. Mr. Wyss and NAHB chief economist David Seiders predicted that mortgage rates will continue to rise and will top out at 7% over the next two years.
Posted by S. Germain at 08:14 AM | Comments (0)
WaMu Profits Up Despite Home Loan Decline
Washington Mutual Inc., Seattle, has reported earnings of $821 million ($0.92 per share) for the third quarter, up from $674 million ($0.76 per share) a year earlier despite a falloff in net income in its home loan segment. Net income for the home loan segment totaled $165 million in the third quarter, down from $208 million in the second quarter and $273 million a year earlier, the company said. "The decrease from the comparable quarters reflects a decline in noninterest income due to lower gain from mortgage loans driven by a more competitive pricing environment for prime home loans in the secondary market, as well as the increasing cost of hedging the [mortgage servicing rights] as interest rates have risen throughout the year," the company said. "Also contributing to around half of the linked quarter variance were gains recorded in the second quarter related to inter-segment sales of loans during the first half of 2005." Net income for the commercial group segment, including Long Beach Mortgage Co., totaled $201 million in the third quarter, up from $139 million a year earlier, WaMu reported.
Posted by S. Germain at 08:13 AM | Comments (0)
Fed: Housing Demand Slowing
Residential sales and housing construction remain at high levels but demand is slowing in some regions, according to a periodic report of economic activity by the Federal Reserve Board. "Residential real estate activity remained generally strong, but reports that demand has eased have become somewhat more common," the Fed's Beige Book says. Federal Reserve Banks in Atlanta, Boston, Chicago, Kansas City (Mo.), and Minneapolis noted slower sales in some parts of their districts. The Richmond (Va.) district bank reported "continued strength in housing construction, but indicated that demand was easing in some parts of the district." Reports of economic activity from all 12 district banks were collected in early October. Meanwhile, the commercial sector continues to improve. "All of the districts reporting on commercial real estate conditions noted rising demand for office, retail, or industrial space," the Beige Book says.
Posted by S. Germain at 08:13 AM | Comments (0)
Wells Fargo Picks VirPack
Wells Fargo, Des Moines, Iowa, has selected Vienna, Va.-based VirPack to support Wells Fargo Delivery Express by providing electronic loan delivery and imaging for transactions with Wells Fargo's correspondent lending partners. Instead of mailing loan packages, correspondents can use VirPack Direct to transmit loan files to Wells Fargo Funding for purchase review. Loans identified for delivery to Wells are instantly retrieved from the VirPack system and delivered securely. Delivered free to VirPack customers, VirPack Direct is integrated with VirPack's imaging solutions and its barcoding, scan capture, and electronic document-management tools. VirPack boasts that its imaging systems can be installed and in production within three days. Wells Fargo Funding's client base includes more than 1,000 banks, thrifts, and mortgage lenders nationwide.
Posted by S. Germain at 08:12 AM | Comments (0)
October 17, 2005
Prado Mortage Implements Dorado/First American Technology to Increase Mortgage Approvals Among Hispanic Homebuyers
Dorado Corporation and The First American Corporation today announced that Prado Mortgage, a leading lender to the Hispanic community, has deployed a Dorado/First American integrated point-of-sale mortgage origination solution. In this offering, Dorado will combine its industry leading origination technology with First American's capabilities as the nation's leading real estate information provider to meet the unique needs of Hispanic homebuyers.
Read the entire story here.
Posted by S. Germain at 07:17 AM | Comments (0)
First American and NAHREP Announce Launch of National Referral Network on MSN® Latino
The First American Corporation, the nation's largest data provider, and the National Association of Hispanic Real Estate Professionals (NAHREP) today announced the launch of the NAHREP National Referral Network (NRN) on MSN Latino Finanzas, a premier Spanish-language Internet destination offering an unparalleled collection of financial education and planning resources for the U.S. Hispanic market.
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Posted by S. Germain at 07:16 AM | Comments (0)
LoanPerformance Announces Beta Version of TrueStandings™ Servicing
LoanPerformance, a subsidiary of First American Real Estate Solutions® (RES®) and a leading data, research and analytics provider for the mortgage industry and Wall Street, today announced the release of the beta version of TrueStandings Servicing, a Web-based analysis and reporting solution for mortgage servicers.
Read the entire story here.
Posted by S. Germain at 07:16 AM | Comments (0)
First American Real Estate Solutions' Rob Walker Earns Certified Mortgage Technologist Designation
First American Real Estate Solutions® (RES®), the nation’s largest provider of advanced property and ownership information, analytics and services, today announced that Rob Walker, executive vice president of collateral solutions, has earned the prestigious Certified Mortgage Technologist designation from the Mortgage Bankers Association. Last year, Walker received the MBA’s Certified Mortgage Banker title, which makes him one of only five people in the nation to hold both designations.
http://firstam.com/faf/news/newsdisplay.cfm?id=1315
Posted by S. Germain at 07:14 AM | Comments (0)
Multi-Regional Multiple Listing Services, Inc. Adopts First American's Transaction Manager
First American Residential Group, Inc., a member of The First American Corporation Family of Companies, announced today that it has entered into an agreement to provide Transaction Manager, its online real estate transaction management platform, to the Multi-Regional Multiple Listing Service, Inc. (MRMLS). The agreement provides for the deployment of First American's dynamic transaction management system to the more than 26,000 members of MRMLS located in the Southern California counties of San Bernardino, Riverside and Los Angeles.
Read the entire story here.
Posted by S. Germain at 07:13 AM | Comments (0)
Fidelity National Financial Announces Acquisition of Land Trust Business Assets of LaSalle Bank
Fidelity National Financial, Inc., today announced that its wholly owned subsidiary, Chicago Title Land Trust Company, has acquired the Land Trust business assets of LaSalle Bank National Association ("LaSalle Bank"), one of the nation's oldest providers of land trustee services.
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Posted by S. Germain at 07:10 AM | Comments (0)
Fidelity National Financial Announces the Acquisition of the Remaining Minority Equity Stake in Kordoba
Fidelity National Financial, Inc. today announced that is has acquired the remaining 25.1 percent minority equity stake in Kordoba GmbH & Co. KG ("Kordoba") that it does not currently own.
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Posted by S. Germain at 07:10 AM | Comments (0)
LandAmerica Writes Down Customer Relationship Intangible to Reflect Tax Servicing Loss
LandAmerica Financial Group, Inc. announced a tax servicing loss and a related non-cash write down of customer relationship intangible of $38 million, or $23 million after taxes. Effective October 2005, the customer, Washington Mutual (WaMu), will in-source future tax services in California and Colorado. LandAmerica will continue to manage its remaining portfolio of tax and flood services for WaMu, which includes 23 states in the western United States.
Read the entire story here.
Posted by S. Germain at 07:09 AM | Comments (0)
Cedar Mortgage Selects EasyLink for Paperless Faxing
EasyLink Services Corporation today announced that Cedar Mortgage Corporation has selected EasyLink's FaxMail Gold Service to eliminate fax machines within their company along with the manual business processes associated with sending and receiving loan documents as paper.
Read the entire story here.
Posted by S. Germain at 07:07 AM | Comments (0)
Popular, Inc. and E-LOAN, Inc. Announce Approval of Merger Agreement By E-Loan's Stockholders
Popular, Inc. today announced that the Agreement and Plan of Merger dated as of August 2, 2005 between Popular and E-LOAN was adopted by E-LOAN's stockholders at a Special Meeting held on October 14, 2005. The transactions contemplated by that agreement remain subject to the satisfaction of other customary closing conditions contained in the agreement, including the receipt of all regulatory approvals.
Posted by S. Germain at 07:05 AM | Comments (0)
National City's happy after Provident takeover
National City's happy after Provident takeover
Michael Price, National City's chief executive in Cincinnati, says the transition from the familiar Provident Bank has gone smoothly. National City completed the Provident buyout about six months ago. Branches have been steadily added, and "We'll be in every community where there's a banking opportunity,'' he says.
Read the entire story here.
Posted by S. Germain at 07:04 AM | Comments (0)
Ocwen Unveils 24-Hour Loan Processing
Ocwen Financial Corp., West Palm Beach, Fla., has announced the introduction of 24-hour mortgage loan processing and closing services for mortgage lenders and brokers. Ocwen said its loan processing services (including all back-office activities) are aimed at originators who want to shorten the closing cycle, reduce expenses, and improve accuracy. Ocwen executive vice president W. Michael Linn said Ocwen's document imaging technology ensures clean loan packages and enables lenders and brokers to reduce the time from application to close by a week or more. "Because we also perform due-diligence services, we understand how important it is to produce clean loan files," he said. "After the lender or broker supplies the mortgage application, we image all supporting loan documents. This allows Ocwen personnel across multiple time zones to multitask on a single file, eliminating bottlenecks and speeding the entire process."
Posted by S. Germain at 07:02 AM | Comments (0)
Freddie Forecasts 5% Volume Dip
The mortgage markets will continue to be busy in the coming year, with overall production slipping by just 5%, according to the latest Freddie Mac projections. While the refinancing boom is "clearly behind us," the purchase-money sector should more than hold its own, Freddie Mac chief economist Frank Nothaft said at a National Press Club briefing. Total single-family home sales will slide a bit, too, from 7.28 million to 7.04 million over the same period, Mr. Nothaft predicted. "We can't have records every single year," he lamented. But that's still enough sales to sustain the mortgage market well into the first half of 2007. Overall, Freddie Mac's latest forecast for one- to four-family loan originations calls for a gradual decline, from $755 billion in the third quarter of 2005 to $714 billion for the same period a year from now. Further out, projections call for production to slide under the $600 billion level by the first quarter of 2007 before bouncing up again to $669 billion in the next quarter. Also over, according to the economist, is the "remarkable run" of unusually low mortgage rates as well as double-digit gains in house prices. "It's unrealistic to expect appreciation to remain at such phenomenal levels," he said. "We'll still see appreciation, but it will be nowhere near the rates of the last few years."
Posted by S. Germain at 07:01 AM | Comments (0)
30-Year Rate Passes 6%
The average 30-year fixed mortgage rate rose from 5.98% to 6.03% over the seven-day period ended Oct. 13, according to Freddie Mac's Primary Mortgage Market Survey. The average 15-year fixed mortgage rate increased from 5.54% to 5.62%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.48% to 5.57%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.77% to 4.85%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and one-year ARMs and 0.7 of a point for hybrid ARMs. "In spite of the job losses caused by hurricanes Katrina and Rita, the employment report was better than has been expected," said Frank Nothaft, Freddie Mac's chief economist. "This indicates that economic growth is likely to accelerate in 2006. That acceleration of growth, coupled with the specter of higher energy costs, will translate into higher long-term mortgage rates in the coming months." A year ago, the average 30-year and 15-year fixed rates were 5.74% and 5.14%, respectively, and the average one-year ARM rate was 4.01%, Freddie Mac said.
Posted by S. Germain at 07:00 AM | Comments (0)
ARC Systems Forms Alliance With NCRA
ARC Systems, a provider of decisioning technology based in Austin, Texas, has announced a partnership with the National Credit Reporting Association under which the NCRA and its Atlanta-based joint venture, CDS Mortgage Reports Inc., will offer a preferential connection to ARC Systems. ARC Systems said new interfaces built into its LendTech and Loan Finder Express products will provide access to more than 150 credit reporting agencies. NCRA members will have direct access to a portal that provides a connection to ARC Systems clients who want to obtain credit reporting services. "The new program is a great example of the classic win-win, as ARC Systems' customers, and the consumers they serve, can now obtain access to a network of credit reporting agencies known for the best customer service in the industry in the most cost-effective manner," said Terry Clemans, executive director of the Bloomingdale, Ill-based NCRA.
Posted by S. Germain at 07:00 AM | Comments (0)
Extreme Housing Overvaluation Rising?
More than 50 metropolitan areas representing 32% of the U.S. housing market were "extremely overvalued" and faced a high risk of price declines in the second quarter, according to an analysis by National City Corp., Cleveland, and Global Insight, Waltham, Mass. The companies said the analysis looked at 299 U.S. real estate markets and concluded that 56 metro areas may face price declines, up from 53 in the first quarter. Five areas were added to the list, and two—Boston and Essex, Mass.—were removed because fundamentals such as income and population gains had improved, they said. The adjustment in the Boston area "illustrates the possibility for orderly corrections, rather than inevitable crashes," said Philip Hopkins, managing director of U.S. Regional Services at Global Insight. "Outside the hottest housing markets, some signs of a slowdown in the rate of price growth were evident." The average overvaluation level fell from 22.7% to 19.9%, with 171 areas showing a decline in the extent of overvaluation in the second quarter, he said.
Posted by S. Germain at 06:59 AM | Comments (0)
October 07, 2005
Stewart Insurance Solutions & Stewart of California Insurance and Financial Services Partner with American Home Shield for Home Warranty
Stewart Insurance Solutions, along with Stewart of California Insurance and Financial Services (SIFS, LLC), announced today that they will begin selling home warranty protection under the name Stewart Home Warranty, which will be serviced and supported by American Home Shield (AHS), the number one home warranty company in the country. Together, SIFS and American Home Shield will offer home warranty protection to millions of homeowners at competitive rates.
Posted by S. Germain at 10:19 AM | Comments (0)
The First American Corporation Chooses MicroStrategy as an Enterprise Standard for Business Intelligence
MicroStrategy® Incorporated, a leading worldwide provider of business intelligence software, today announced that The First American Corporation, the nation's largest data provider, has selected MicroStrategy as a business intelligence solution. A Fortune® 500 company, First American is expanding its deployment of MicroStrategy across the enterprise to support internal and external business intelligence applications.
Read the entire story here.
Posted by S. Germain at 07:44 AM | Comments (0)
George L. Argyros Appointed as a Member of the Board of Directors of the First American Corporation
The First American Corporation, the nation’s largest data provider, today announced that George L. Argyros has been re-appointed as a member of the board of directors of the corporation. Argyros, who had previously served 13 years on the board of directors for The First American Corporation, stepped down from his position in 2001 after being appointed to serve as the U.S. ambassador to Spain and Andorra by President George W. Bush.
Read the entire story here.
Posted by S. Germain at 07:43 AM | Comments (0)
First American Recognized by the Business Committee for the Arts as One of the Nation's Supporters of the Arts
The First American Corporation, the nation’s largest data provider, today with the Business Committee for the Arts (BCA) announced that The First American Corporation was recognized as one of the nation’s top supporters of the arts.
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Posted by S. Germain at 07:42 AM | Comments (0)
The First American Corporation Acquires Interealty
The First American Corporation, the nation’s largest data provider, today announced that it has acquired Interealty, a division of Geac® Enterprise Solutions, Inc. and a provider of Web-based multiple listing service (MLS) technology, for $35 million in cash. The transaction closed Oct. 1, 2005.
Read the entire story here.
Posted by S. Germain at 07:42 AM | Comments (0)
Fidelity National Financial Announces 3rd Quarter Earnings Release and Conference Call
Fidelity National Financial, Inc. will release 3rd quarter 2005 earnings before the opening of regular market trading on Wednesday, October 26, 2005.
Posted by S. Germain at 07:40 AM | Comments (0)
LandAmerica Announces Dates for 3rd Quarter 2005 Results & Conference Call
LandAmerica Financial Group, Inc. will release its third quarter 2005 financial results after the market closes on Wednesday, October 26, 2005.
Posted by S. Germain at 07:37 AM | Comments (0)
Stewart Default Solutions and MSTD - 'Back in the Black' on Default Servicing
Stewart Default Solutions (SDS) has entered into a strategic relationship, license and reseller agreement with MSTD Inc., creators of the Web-based default servicing platform, BackInTheBlack®, (BITB). As part of this agreement, BITB will provide support and services to SDS' current and future users.
Read the entire story here.
Posted by S. Germain at 07:37 AM | Comments (0)
ACS Enhances TIPS Platform With NextAce's Title EDGE Application
Affiliated Computer Services, Inc. announced today that it has entered an agreement with automated title software and application service provider NextAce to provide its Title EDGE(TM) application to title industry customers in the Texas counties of Dallas, Tarrant, Denton, Collin, Kaufman, and Rockwall.
Read the entire story here.
Posted by S. Germain at 07:36 AM | Comments (0)
Prymak Introduces Three New Loan Origination, Integration Solutions for Mortgage, Commercial and Consumer Lending
Prymak, LLC, a member of the FirstPoint Family of Resources, today announces the commercial launch and availability of three breakthrough solutions for the lending industry: Discovery-180™, Deployment-270™ and Evolution-360™. Together, the Prymak services and technology suite helps lenders overcome two of the biggest challenges their companies face: how to choose the right loan origination system (LOS) to meet their unique needs and how to successfully deploy it without risking costly workflow disruptions.
Posted by S. Germain at 07:33 AM | Comments (0)
BasePoint Analytics Launches FraudMark™, Next Generation Predictive Technology to Identify Mortgage Fraud
BasePoint Analytics today announced the general release of FraudMark™, a revolutionary new fraud detection product for mortgage lenders, investments banks and due diligence firms.
Read the entire story here.
Posted by S. Germain at 07:31 AM | Comments (0)
Electronic Recordation Advances
Advancing the cause of enabling electronic recordation of lien releases and other documents, St. Paul, Minn.-based US Recordings announced that it has expanded its footprint to serve another six counties via its InteleDoc Plus Multi-Level eRecording Platform. InteleDoc Plus imports data directly from mortgage databases to automatically create documents specific to each state. Boasting a fourfold increase during 2005, the company said it will expand to numerous counties during 2006. The system was created in 2003 and now offers templates for lien releases in all U.S. jurisdictions. Partnering with several software companies, U.S. Recordings' InteleDoc Plus was the first to record electronically in several Midwest counties as well as Florida, New Jersey, Utah, and Washington. Slightly more than 200 county recording authorities account for 80% of recordations nationwide.
Posted by S. Germain at 07:29 AM | Comments (0)
VMP Parent Acquires Entyre
Wolters Kluwer Corporate & Financial Services, New York, has acquired Entyre, a provider of Web-based compliance solutions to the mortgage lending industry. The terms of the deal were not disclosed. Entyre, located in Ann Arbor, Mich., earlier this year introduced eMortgage-X4, a data and document management and delivery software platform. The eMortgage-X4 application allows for intelligent rules setting, compliance testing, and a means for electronic collaboration and communication among the numerous stakeholders in the mortgage origination and closing process. Wolters Kluwer also owns VMP Mortgage Solutions, PCi, and Bankers Systems. The Entyre business will become a part of the Financial Services customer unit of Wolters Kluwer.
Posted by S. Germain at 07:28 AM | Comments (0)
NRMLA Touts New Reverse Mortgage Feature
The National Reverse Mortgage Lenders Association has announced the implementation of the "principal limit lock," which it describes as a consumer protection that freezes the "expected interest rate" on federally insured reverse mortgages for up to 60 days from the date of application. The expected interest rate is used to calculate the amount of funds available from a Home Equity Conversion Mortgage, and is a "critical factor" in determining how much equity an elderly homeowner is eligible to receive from a HECM, according to NRMLA. The association said it has developed a model disclosure that explains how the principal limit lock works. Before the advent of this feature, borrowers received less money if rates increased between the time of application and the time of loan closing, NRMLA said. "Interest rate fluctuations over the past several years have benefited some reverse mortgage borrowers, but hurt others," said NRMLA president Peter Bell. "This principal limit lock protects borrowers in a rising rate environment, yet lets them benefit if rate are lower at the time of closing."
Posted by S. Germain at 07:28 AM | Comments (0)
Foreclosures Spike in Massachusetts
Foreclosure filings in Massachusetts were nearly a third higher through August than in the comparable period of last year, according to ForeclosuresMass, Framingham, Mass. Statewide foreclosures were 32.8% higher in the period of January through August than the levels recorded in the same months of 2004, the online data provider reported. "We have seen a remarkable spike in the past few months," said Jeremy Shapiro, president and co-founder of ForeclosuresMass. "Looking forward, it will be interesting to see how unprecedented increases in the cost of home heating fuel and gas, coupled with other pressures on mortgagees, will impact foreclosures in the months to come."
Posted by S. Germain at 07:27 AM | Comments (0)
30-Year Rate Nearing 6%
The average 30-year fixed mortgage rate rose from 5.91% to 5.98% over the seven-day period ended Oct. 6, according to Freddie Mac's Primary Mortgage Market Survey.
The average 15-year fixed mortgage rate increased from 5.48% to 5.54%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.44% to 5.48%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.68% to 4.77%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and 0.6 of a point for ARMs. "Mortgage rates have been rising for the last four weeks on inflation jitters caused in part by extended high energy costs," said Frank Nothaft, Freddie Mac's chief economist. "Still, we need more concrete data to predict the direction of the national economy, including mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 5.82% and 5.24%, respectively, and the average one-year ARM rate was 4.08%, Freddie Mac said.
Posted by S. Germain at 07:26 AM | Comments (0)
NAR: Index Suggests No Housing Slowdown
Sales contracts on existing single-family homes reached a record level in August, according to a National Association of Realtors survey, countering perceptions of a slowdown in the housing market. The NAR index of pending sales rose 3.2% to a record 129.1 in August, up from 125.1 in July. The August index reading is up 4.7% from that of the same month in 2004. "Home sales remain at remarkable levels," NAR chief economist David Lereah said, although some of the sales may not close because of hurricanes Katrina and Rita. "Even so, national sales should stay close to record over the next two months," he said. The NAR considers its pending sales index to be a leading indicator of sales that will close in the next one or two months.
Posted by S. Germain at 07:26 AM | Comments (0)