First American Client Relations Industry View: November 2005 Archives

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November 25, 2005

Latest Issue of LoanPerformance MarketPulse™ Features Freddie Mac Home Price Growth Study

LoanPerformance, a subsidiary of First American Real Estate Solutions (RES®) and a leader in residential mortgage data and analytics, today announced that the latest issue of its MarketPulse report is available for download at www.loanperformance.com.

This latest report features a study by Freddie Mac economists entitled "Reversion to the Mean Versus Sticking to Fundamentals: Looking to the Next Five Years of Housing Price Growth."

The study, co-authored by Frank E. Nothaft, Freddie Mac's chief economist; and Amy Crews Cutts, the agency's deputy chief economist, examines the question of whether there is a house price bubble nationally or in some regions of the United States. Included is a forecast of the likely change in prices under three models: one that asserts a mean reversion correction on regional markets to return the national average gain in prices to the 50-year annual growth rate of 5 percent over the period 1998-2010; the second and third base future regional and national home price growth on economic fundamentals.

"In all cases," the authors say, "we find the predicted worst-case outcomes to be much less dire than the 'doomsday' predictions reported in the mainstream press and elsewhere."

Posted by S. Germain at 07:52 AM | Comments (0)

Stewart Information Services Corporation Increases Annual Cash Dividend By 63 Percent to $0.75 Per Share

The Board of Directors of Stewart Information Services Corp. today declared a regular annual cash dividend of $0.75 per share, payable December 20, 2005, to common stockholders of record on December 6, 2005. This represents an increase of 63% since last year.

Posted by S. Germain at 07:50 AM | Comments (0)

Information Services of Illinois Now Offers Online Access to Property Profile Information Via ISI on PropertyInfo.com

A veteran provider of real estate data to a Chicagoland multiple listing service, Information Services of Illinois (ISI) LLC is now providing online access in the Chicago area to assessments, taxes, deeds/mortgages, tax maps, aerial images, mortgage/deed and other current data. This information is available for professionals in the lending, commercial real estate and title, appraisal, insurance and other real estate-related fields via ISI on PropertyInfo.com .

"Whether you're looking for refi leads, verifying ownership or putting together a marketing package for a large commercial transaction, we have the data that makes your business run," said Don Wanke, ISI general manager. "For 12 years, we've been providing data to the Multiple Listing Service of Northern Illinois (MLSNI) as well as other industries and individuals outside the MLS who need property ownership and valuation information.

Posted by S. Germain at 07:44 AM | Comments (0)

Survey: 88% of HEL Lenders Doing Subprime

BenchMark Consulting International, Atlanta, has reported that 88% of the participants in the 19th annual Consumer Bankers Association Home Equity Lending Study originated subprime credits in the 12 months ended June 30. The subprime credits -- those rated C or D (defined as having a FICO score less than 630) -- represented an average of 11% of new home equity loan accounts and 6% of new home equity line of credit accounts, BenchMark said. "While not as brisk as in the previous two years, overall home equity portfolio growth continues on a double-digit pace, according to the data, and home equity line growth is 25%," said Brian King, manager of BenchMark's consumer lending and mortgage banking practice. The study includes findings on pricing, marketing activities, sourcing channels, underwriting attributes, and delinquencies/chargeoffs, among other factors. Conducted by the CBA in conjunction with BenchMark, the report included 39 participating home equity lenders, an increase of more than 50% from the total in last year's study, BenchMark said.

Posted by S. Germain at 07:42 AM | Comments (0)

Bernanke Supports GSE Portfolio Caps

Fannie Mae and Freddie Mac need to be placed under strong regulatory controls and their huge mortgage portfolios need to be capped, according to Ben Bernanke, who is expected to be the next Federal Reserve Board chairman. "Capping the size of the GSE portfolios, which beyond a certain size do not contribute to the GSEs' housing mission, is also important for controlling potential system risk," the Fed nominee said in a written response to Sen. Jim Bunning, R-Kentucky. Fannie and Freddie's portfolios have combined assets of $1.4 trillion.

Posted by S. Germain at 07:41 AM | Comments (0)

Refinancing Down Sharply

The Market Composite Index, an overall measure of mortgage applications, fell to 635.4 for the week ending November 18, down from 657.6 a week earlier as a 7% drop in refinancing reduced loan application volume, according to the Mortgage Bankers Association. The MBA's seasonally adjusted home purchase index fell slightly to 472.3 from 477.9 a week earlier, while the refinancing index declined to 1584.1 from 1702.4 a week earlier. Moreover, the refinancing index was down 17% compared to four weeks earlier. The refinancing share of mortgage applications dipped to 39.9% of total applications from 40.4% the previous week. The adjustable-rate share of activity rose to 33.2%, from 32.9% the previous week. The Mortgage Bankers Association can be found online at www.mortgagebankers.org.

Posted by S. Germain at 07:40 AM | Comments (0)

Rates Change Course and Dip

The average rate on 30-year, fixed-rate mortgages was 6.28%, down from 6.37% a week earlier, for the week ending November 24, according to Freddie Mac's weekly survey. The average for 15-year FRMs was 5.81%, down from 5.90% a week earlier. Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 5.75%, down from 5.86% a week earlier. One-year Treasury ARMs averaged 5.14%, down from 5.20%. Rates remained substantially higher than at this time in 2004, however. Freddie Mac chief economist Frank Nothaft attributed the decline in rates to lower oil prices, which helped alleviate some inflationary fears during the week of November 24. "That helped to reduce upward pressure on interest rates last week,

Posted by S. Germain at 07:40 AM | Comments (0)

November 18, 2005

Training & Business Development: First American Grants Technology Tools to Real Estate Apprentices

The Real Estate Apprentice Foundation announced the continuation of an agreement with The First American Corporation (NYSE: FAF) under which First American will award its industry leading real estate transaction management technology to the winners of the Real Estate Apprentice Grant Program, a curriculum designed to assist new licensed agents entering the industry to overcome fears and obstacles and become top-producing sales people.

Read the entire story here.

Posted by S. Germain at 07:50 AM | Comments (0)

Fidelity National Financial Division Adds More Foreclosure Properties and Educational Tools to BuyBankHomes.com

Fidelity National Financial, Inc. (NYSE: FNF - News), a Fortune 500 provider of products, services and technology solutions to the financial and real estate industries, today announced the release of enhancements to BuyBankHomes.com, its popular online portal dedicated to marketing properties that are in or have completed the foreclosure process. The updates to this site will enable buyers and investors to search even more pre- and post-foreclosure property listings and use additional resources to educate themselves in the process of purchasing bank-owned, auction or pre-foreclosure properties.

Read the entire story here.

Posted by S. Germain at 07:48 AM | Comments (0)

Stewart Title Latin America's Upcoming STAR Conference Highlights the Region's Booming Real Estate Markets

Developments in some of the world's fastest-growing real estate markets are the focus of the upcoming Stewart Title Latin America STAR Conference in Houston.

Attorneys from 13 Latin American and Caribbean nations and the United States who are responsible for real estate-related matters in the region will attend the meeting of the Stewart Title Attorney Referral Network (STAR) from Nov. 28 to Nov. 30.

Read the entire story here.

Posted by S. Germain at 07:47 AM | Comments (0)

Rekon Technologies Launches Online Version of Lien Release Software

Rekon Technologies, a software provider of lien release and reconveyance processing software, announces the launch of Rekon Online, the new version of their popular mortgage lien release system Rekon. Loan servicing companies now have an alternative way to use the enterprise version of the Rekon system for preparing reconveyances, lien releases and satisfactions nationwide. Rekon Online provides smaller to mid-size companies an opportunity to be competitive and cost-effective in recording lien releases and satisfactions.

Posted by S. Germain at 07:46 AM | Comments (0)

Advectis Paperless Mortgage Processing Survey Yields Insight

Most company representatives overwhelming said it was important to integrate new technologies into the systems they currently use. Almost half of the respondents said they preferred to use technology that uses a standard approved by the Mortgage Bankers Association (MBA) or the Mortgage Industry Standards and Maintenance Organization (MISMO).

Participants identified the primary benefits of paperless processing as decreasing turnaround and processing time per loan, cost reduction and improved service. Enabling collaboration with other mortgage players was ranked very important or somewhat important by 85 percent of respondents, a 64 percent increase from responses to this question in the 2004 survey. A significant percentage of respondents indicated they believe the mortgage industry will be processing more than 50 percent of all loans as an e-mortgage, or totally paperless, in four years or less.

Posted by S. Germain at 07:43 AM | Comments (0)

PLATINUMdata Solutions AVM Platform Enhances Bank's Loan Department when Assigning Property Values

Recent advances in automated valuation technology are accelerating the banking industry's acceptance of automated valuation models (AVM). One of the most recent advances is the development of a next generation AVM platform. As distinguished from the traditional "black box" first generation AVM platform, the next generation AVM platform stores all returned data and enables users to request administrative reports tailored to their company needs.

In addition, mortgage-banking operations and investors can analyze any and all the data returned from property valuation queries. These users can create usage reports and conduct rigorous testing to help assign appropriate AVMs to specific property searches. Based on this feature, the next generation platform further enables investors to continually validate and redesign their preference table in a real time manner.

Posted by S. Germain at 07:42 AM | Comments (0)

TrueClose Partners with SharperLending, Providing Mortgage Originators Access to Bundled Services Platform Via Web-based LOS

TrueClose, LLC, provider of the proprietary, Web-based loan origination platform, has partnered with SharperLending LLC, provider of a secure Web-based platform that enables lenders to order, store and manage mortgage products from multiple vendors at a single point of entry, to offer TrueClose users access to credit reports, title and closing services and property valuation services through SharperLending's bundled services platform.

"This partnership with TrueClose further demonstrates our commitment to enhancing our services, enabling Web-based loan origination platforms to access our bundled services platform," said Dave Black, president of SharperLending. "We are dedicated to providing a superior bundled services platform that enables our partners to offer a superior solution. SharperLending allows TrueClose to provide added value with the ability to bundle all services needed to close a loan within one secure location. This positions TrueClose as a valuable partner to their customers."

The partnership between TrueClose and SharperLending enables brokers using the TrueClose(TM) Loan Origination Platform access to the SharperLending bundled services platform that has a complete suite of settlement services, including credit reports, flood certifications, property valuation services, document preparation, title and closing services. SharperLending's technology platform enables it to expand its offering to broker markets which it traditionally does not target, providing brokers with the opportunity to leverage multiple vendor services. Additionally, TrueClose brokers can integrate their preferred vendors with the SharperLending platform.

Posted by S. Germain at 07:41 AM | Comments (0)

Cypress Software Introduces AVM Module for Mark IV Application

Cypress Software Systems, LP has introduced the Automated Valuation Model (AVM) module for its Mark IV consumer loan-origination application. The module helps banks and financial institutions instantly retrieve an accurate residential property value, thereby greatly reducing both the time and effort involved when using traditional property appraisal methods.

Drawing data from Freddie Mac's Home Value Explorer (HVE), Hansen Quality's ValueSure and TransUnion/Banton's ValueWizard, the module provides property values for more than 90 percent of U.S. homes. Cypress offers the AVM module on a pay-as-you-go basis for Mark IV users, with no upfront costs.

Posted by S. Germain at 07:40 AM | Comments (0)

WaMu unveils growth plan

Washington Mutual Inc. says it plans to add employees and market share in its home-loan business next year, even as it expects a slowdown in the housing market nationally.

At its annual presentation to stock analysts and investment-fund managers Tuesday in New York, Wamu executives outlined plans for growth in its other businesses as well, including adding 150 to 200 branches next year, signing up more of its own customers for credit cards and offering money-market accounts through its Web site.

Wamu Chairman and Chief Executive Kerry Killinger said in a phone interview following the meeting that the Seattle-based consumer bank and mortgage company does expect to spend more on bad loans next year. In its presentation, Wamu said provisions for bad loans will be $750 million to $850 million next year, up from $150 million to $250 million in 2005.

That's in part because losses on loans have been at historically low levels and are expected to rise. "It just does not get any better than it has been" in recent months, he said.

Posted by S. Germain at 07:38 AM | Comments (0)

PushMX™ Software Introduces On-Site Consulting Services to Help Calyx® Point®

Users PushMX™ Software, the leading developer of workflow, productivity and pipeline visibility solutions for loan origination, and Advanced Performance Training, the leader in delivering high quality training and systems optimization services to improve loan origination workflow and mortgage processing operations, have joined together to deliver a unique combination of software and on-site consulting services to mortgage professionals who use Calyx® Point® Software for loan origination.

PushMX Software integrates tightly with Calyx Point and layers additional functionality on top of Point to improve originators' productivity, increase profitability and help them close more loans in less time. Advanced Performance Training has many years of experience in training more than 38,000 mortgage professionals to become more productive and more proficient, and in properly installing and optimizing mortgage software and computer systems.

Posted by S. Germain at 07:35 AM | Comments (0)

MRG and World Wide Notary Form Alliance to Provide e-Closing and e-Notarization Through DocPrep Platform

MRG Document Technologies (MRG), a provider of document preparation services for the financial industry, announced that it has formed an alliance with Vernon, Texas-based World Wide Notary (WWN) to develop an interface between MRG's Miracle DocPrep platform and WWN's DigaSign's e-closing and e-notarization applications.

The agreement enables MRG to provide mortgage lenders with a seamless, end-to-end electronic solution for processing loans. The company's lending customers will now be able to electronically post, review, close, record and file completed electronic mortgage documents.

Posted by S. Germain at 07:35 AM | Comments (0)

Encompass 2.8 Includes Mandated 1003

Ellie Mae has timed the 2.8 release of its Encompass loan origination system to incorporate the mandated 2006 version of Fannie Mae's 1003 loan application form. Unveiled at the Western Regional Mortgage Brokers Conference in Las Vegas, the newest version of Encompass features enhancements for new business development, loan processing, electronic document management, and administration. It also includes new prequalification and loan comparison tools, an employment verification service, and a simplified appraisal ordering function. Users can conduct a comprehensive prequal with a single form featuring "easy-to-interpret visual cues" showing whether the borrower is qualified or pending qualification, Ellie Mae said. The 2.8 release is scheduled to be available by the end of November. Ellie Mae received a 2005 Mortgage Technology commendation from Mortgage Technology magazine, a MortgageWire affiliate.

Posted by S. Germain at 07:24 AM | Comments (0)

Countrywide Sale to Lehman 'Unlikely'

An analyst that closely covers Countrywide Financial Corp. says in a new report that it is "highly unlikely" that Lehman Brothers will buy the Calabasas, Calif.-based company. In a research note, Sandler O'Neill analyst Mike McMahon says that, "Unless CFC's management has undergone a dramatic change in thinking," a sale to Lehman is not in the works. Countrywide, the nation's largest mortgage banker, was the subject of takeover rumors on Tuesday, sending its stock up about 1% in a down market. (The takeover talk was sparked by heavy buying in call options.) Over the years Countrywide has sporadically been the subject of takeover rumors. The suitors have usually been large depositories. A few years back, Countrywide obtained a bank charter and now boasts $34 billion in federally insured deposits

Posted by S. Germain at 07:23 AM | Comments (0)

Survey: 88% of HEL Lenders Doing Subprime

Posted by S. Germain at 07:22 AM | Comments (0)

Commercial/MF Originations Set Record

Commercial and multifamily mortgage loan originations surged to a record $58.3 billion in the third quarter, 31.2% higher than in the second quarter and 64% higher than in the third quarter of 2004, according to the Mortgage Bankers Association. In addition, year-to-date originations are 43.6% higher than they were last year at this time, the trade association said. "Capital continues to flow into the commercial and multifamily real estate markets on both the debt and equity sides," said Doug Duncan, the MBA's chief economist. The $22.8 billion increase in lending over that of last year's third quarter was led by a 531% increase in loans on hotel properties. Lending volume on other property types also increased, with office-backed loans up 55%, multifamily lending up 45%, lending on retail properties up 33%, and lending on industrial space up 80%. Originations for commercial mortgage-backed securities conduits were up 144% from those of the third quarter of 2004, followed by originations for commercial banks, which were up 33%.

Posted by S. Germain at 07:22 AM | Comments (0)

Nonprime Sector Thriving as Clouds Threaten

Although nonprime lending is enjoying an unprecedented run, forces are converging that could bring the sector to its knees, according to speakers at SourceMedia's Subprime Lending Symposium in Miami Beach. Keynote speaker William Kile, executive vice president of mortgage banking at CitiFinancial Mortgage, said nonprime production could reach $700 billion next year. But Rod Alba, vice president for federal and regulatory affairs at ACC Capital Holdings, the parent of Ameriquest and Argent, among others, said subprime lenders are facing a "storm" of criticism from all levels of federal and state government, "all at once and each affecting the other." Critics "will be coming at us from all three sides -- judicially, regulatorily, and legislatively," Mr. Alba said. "But most of the activity will be at the state level." Jeff Naimon of the Washington law firm of Buckley Kolar agreed, saying the "regulatory environment for subprime is worsening" as states continue to pass new legislation or tighten old laws, and federal bank regulators become increasingly skeptical. In his keynote talk, Mr. Kile also said that, according to his company's preliminary estimates, interest-only loans will account for a third of all production this year. In the second quarter alone, he reported, more newly issued mortgage securities were backed by IO loans than by fixed-rate loans.

Posted by S. Germain at 07:21 AM | Comments (0)

Housing Starts Decline

Single-family housing starts fell 3.7% in October, but construction activity remained slightly above the 1.7 million mark for the sixth consecutive month. The U.S. Census Bureau reported that single-family starts declined from a seasonally adjusted annual rate of 1.77 million in September to 1.70 million in October, but the October starts were 2.3% above the level recorded a year earlier. Single-family starts were flat in the South, where the Gulf Coast states were battered by hurricanes in September and October. Meanwhile, homebuilders registered a sharp decline in future sales expectations in a National Association of Home Builders/Wells Fargo survey. The survey index of sales expectations for the next six months dropped 9 points to 64. Any reading above 50 indicates that more builders view sales conditions as good than poor. NAHB chief economist David Seiders said the sharp decline in the index "probably overstates the actual degree of deterioration in the single-family market." He said he expects the market to cool, with slightly lower sales and production next year. "We' re looking for a 5% or 6% decline in home sales next year," Mr. Seiders said.

Posted by S. Germain at 07:21 AM | Comments (0)

OFHEO: Feds Can Already Slow GSE Growth

The Treasury Department and federal banking regulators could slow the growth of Fannie Mae's and Freddie Mac's mortgage portfolios using their existing authority, according to the regulator of the two government-sponsored enterprises. While Congress is working on legislation to limit the size of the GSEs' portfolios, there are existing safeguards to address the portfolios and potential problems they pose to the financial system, said Stephen Blumenthal, acting director of the Office of Federal Housing Enterprise Oversight. "First, the Treasury Department currently has the authority to limit debt issuance by the GSEs," he said. Second, federal regulators could limit bank investments in GSE debt. Congress should recognize that "addressing systemic risk requires a collective effort of GSE and financial services regulators as well as participants in the financial system," he said. OFHEO has not taken a position on portfolio limits, Mr. Blumenthal told a Hong Kong meeting of The Bond Market Association. "We view that as a public policy decision that lies exclusively within the discretion of elected representatives," he said. However, OFHEO supports the legislation because it would create a new and stronger GSE regulator. "If Congress does not act, OFHEO will continue to do its job, but it will face the increasing pressure of inadequate regulatory authority," he said.

Posted by S. Germain at 07:20 AM | Comments (0)

Ameriquest Capital Corp. Lays Off 10% of Staff

Subprime giant Ameriquest Capital Corp., Orange, Calif., late Thursday announced a 10% companywide layoff, excluding two divisions: wholesaler Argent Mortgage, and its auto finance division. A company spokesman confirmed the layoffs to National Mortgage News but at press time details were still sketchy. ACC controls Ameriquest Mortgage, Argent and other mortgage brands. The company is negotiating a $325 million global settlement with 30-plus states regarding allegations that some of its lending practices were abusive. The settlement is not yet final.

Posted by S. Germain at 07:19 AM | Comments (0)

November 11, 2005

California Home Affordability Near Record Low in September

Soaring home prices in California shut out 85 percent of households in the state from its housing market in September and that number may increase as interest rates rise, according to a report issued on Thursday.

Read the entire story here.

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

Form 10-Q for FIRST AMERICAN CORP

Form 10-Q from The First American Corporation is available here.

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

Form 10-Q for Fidelity National Financial

Form 10-Q for Fidelity National Finacial is available here.

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

Fidelity Information Services Expands Relationship with WINGS Financial Federal Credit Union to Include Internet Banking Services

Fidelity National Financial announced today that Wings Financial Federal Credit Union, one of the top 50 credit unions in the United States, will deploy consumer Internet Banking services offered by Fidelity to its more than 50,000 active online banking members. The five-year agreement extends into 2011 and demonstrates a strong endorsement of Wings' existing relationship with Fidelity and the breadth and depth of Fidelity's online banking capabilities.

The $1.5 billion-asset credit union, which had been seeking a proven partner to help grow and retain its online banking member base, chose Fidelity as part of its efforts to achieve greater efficiency and generate revenue while delivering superior service to its rapidly growing membership. Wings Financial cited the strength of Fidelity's solution and its ability to provide Wings Financial members access to a wide array of advanced self-service features as critical to its decision. Particularly important was the tight integration of these services with MISER®, Wings Financial's core processing platform delivered by Fidelity.

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

Fidelity Information Services Provides Sterling National Bank With Complete Check Image Exchange Capabilities with the Federal Reserve Banks

Fidelity National Financial announced today that its ImageCentre™ Voyager™ check imaging solution has enabled Sterling National Bank to send and receive images to and from the Federal Reserve Banks.

Sterling National Bank began using the Federal Reserve's FedForward℠ service in June 2005, which allowed it to begin transmitting image cash letters electronically. In September 2005, Sterling became the first in New York City and among the first in the United States to begin using FedReceipt℠ Plus, a Federal Reserve service that gives banks the ability to receive their inclearings electronically. Sterling was an early adopter of FedReceipt Plus because both the bank and Fidelity were able to demonstrate that they were ready, willing and able to accept a file in the FedReceipt Plus format.

Posted by S. Germain at 08:05 AM | Comments (0)

Paradigm Quest Launches Filogix/Fidelity End-to-End Mortgage Processing Solutions

Filogix today announced that Paradigm Quest, Canada's newest mortgage outsourcer, has implemented Canada's first end-to-end mortgage solution.

Filogix and FIS partnered to deliver an integrated end-to-end mortgage processing solution in an Application Service Provider (ASP) environment offering financial institutions a comprehensive solution that can service all channels involved in the mortgage application process. Under this alliance, Filogix provides mortgage underwriters with the technology to source a variety of mortgage products and services, as well as the underwriting and processing technology necessary to complete the process. FIS provides the complete end-to-end servicing solution, facilitating cost-effective management of the entire mortgage process. As a result, financial institutions realize benefits including real-time, paperless mortgage brokering, processing and servicing.

Posted by S. Germain at 08:05 AM | Comments (0)

LandAmerica Financials Available

Financials for LandAmerica are available here.

Posted by S. Germain at 08:04 AM | Comments (0)

Form 10-Q for Stewart Information Services

10-Q for Stewart Information Services is available here.

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

Dorado Introduces ChannelMaster 4.0 Networked Point-of-Sale Solution

Dorado Corporation providing the on-demand network at the lender point of sale, today announced the release and immediate availability of ChannelMaster 4.0, a comprehensive, networked point-of-sale solution for the home lending industry. ChannelMaster 4.0 delivers enhanced Unified Point-of-Sale capabilities including a new rich Internet application (RIA) interface, centralized viewing and control of loan pipelines enterprise-wide, and a new orchestration process driven by a business rules engine. The new release takes a giant leap toward unifying all lending operations through a single point of sale.

Dorado ChannelMaster is a comprehensive, networked point-of-sale solution for home lending. The solution tightly integrates all participants in the lending process–consumers, brokers, loan officers processors, and partners–at the POS. It also provides participants with POS access to the Dorado on-demand network of lending systems, which includes: credit reporting, automated underwriting, settlement services, and up-front documents. ChannelMaster significantly increases the efficiency and productivity of all distribution channels, enhances marketing efforts, and facilitates collaboration with customers. Deployments offer less risk, lower cost, and faster time-to-market than traditional loan origination systems.

Posted by S. Germain at 08:01 AM | Comments (0)

GMAC Residential Funding Teams With ComplianceEase®

ComplianceEase®, a premier provider of regulatory compliance and risk management solutions, today announced the signing of a strategic partnership agreement with GMAC Residential Funding. The partnership will effectively establish the most comprehensive automated compliance solution available in the marketplace by combining ComplianceEase's industry leading compliance tool, ComplianceAnalyzer™, with GMAC Residential Funding's Assetwise Compliance Engine. GMAC Residential Funding's lender partners will now be able to run audits on both solutions simultaneously, addressing all federal, state and municipal laws and regulations, as well as GMAC Residential Funding's specific guidelines.

As part of the new alliance, GMAC Residential Funding will integrate its technology platform with ComplianceAnalyzer, ComplianceEase's proprietary intelligent decisioning system. Both companies will jointly market the solution to GMAC Residential Funding's approved sellers, as well as prospective customers. This state-of-the-art compliance system will enable GMAC Residential Funding's lender partners to streamline the mortgage loan process, increase profitability and bring better value to homeowners.

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

Survey Finds Most Banks Haven't Changed Home Equity Line Standards Despite Concerns About Risks

Most U.S. banks haven't altered lending standards for home equity lines of credit even after authorities raised concerns about whether lenders were adequately weighing risks, says a Federal Reserve survey released Monday.

Banking regulators in May worried that lenders had eased their standards for granting home equity lines of credit to consumers in a way that increased the risk of problem loans.

In many cases, “institutions' credit risk management practices for home equity lending have not kept pace with the product's rapid growth and easing of underwriting standards,” the federal banking regulators, including the Federal Reserve, said in May.

The Fed survey of 57 U.S. banks found that “most domestic institutions indicated that they had not changed their lending standards or terms on home equity lines of credit” in response to regulators' concerns about these lines of credit.

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

MortgageRamp Announces Successful Launch of Residential Loan Performance Advisory Service

MortgageRamp, a division of OfficeTiger and a leading provider of business-process outsourcing and technology solutions for the real estate finance industry, today announced the successful launch of its Residential Surveillance Solution, a powerful residential loan performance advisory service for companies that invest in residential mortgage-backed securities.

MortgageRamp's Residential Surveillance Solution is designed to protect and increase investors' returns by identifying risks, helping investors avoid potential loses and improving bond cash flow. "This industry is changing and we're beginning to see a demand in the marketplace for a solution that can provide real insight into how these loans are performing," said MortgageRamp CEO Ken Beyer. "Investors want a broad performance overview as well as the ability to drill down and isolate specific issues quickly and efficiently. MortgageRamp's Residential Surveillance Solution does both."

Posted by S. Germain at 07:56 AM | Comments (0)

eOriginal Integrates Topaz Systems' Electronic Signature Technology with Paperless Document Software Platform

Topaz Systems and eOriginal announce the integration of Topaz Electronic Signature Solutions with the eOriginal Software Platform. eOriginal customers will now receive the benefit of choosing from the wide selection of Topaz pads, and being covered by the patented Topaz forensic electronic signature authentication system. Computime Inc., the Topaz fulfillment partner for this program, will be instrumental in providing pre- and post-sales fulfillment support to resellers and end-users of the technology.

Posted by S. Germain at 07:54 AM | Comments (0)

Standard and Poor's: Home Prices at Record 3.5x Income

Home prices now average a record 3.5 times disposable household income, and they will have to slide down to the average level as interest rates rise, according to David Wyss, chief economist at Standard & Poor's. Speaking at a New York seminar organized by the rating agency, Mr. Wyss said it is now “awfully cheap” to buy a house, given historically low interest rates. Most of the home price rise comes from the fact that people are buying bigger and bigger houses, but it's more of a local phenomenon that is occurring in high-priced areas such as the Northeast, the West, and Florida, Mr. Wyss said. Home price appreciation is going on around the world, he noted. In the United Kingdom, for instance, there has been a 150% appreciation in home prices over the period 1997-2005, according to Mr. Wyss.

Posted by S. Germain at 07:51 AM | Comments (0)

Rates Rise Again

The average 30-year fixed mortgage rate rose from 6.31% to 6.36% over the seven-day period ended Nov. 10, according to here">Freddie Mac's Primary Mortgage Market Survey.

The average 15-year fixed mortgage rate increased from 5.85% to 5.89%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.76% to 5.81%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.09% to 5.12%. Fees and points averaged 0.5 of a point for 30-year fixed-rate mortgages and 0.6 of a point for the other categories. "News that wages grew faster than had been expected in October reinforced fears of inflation in the financial markets, and that bumped up interest rates again this week," said Frank Nothaft, Freddie Mac's chief economist. "Consumer Price Index and Producer Price Index figures due out [the week of Nov. 14] will help to confirm or deny whether market concerns are warranted." A year ago, the average 30-year and 15-year fixed rates were 5.76% and 5.16%, respectively, and the average one-year ARM rate was 4.16%, Freddie Mac said.

Posted by S. Germain at 07:51 AM | Comments (0)

Fannie Reveals Yet More Accounting Woes

Fannie Mae–without providing financial estimates–revealed Thursday that it has found accounting mistakes in four additional areas: its guaranty business, certain mortgage insurance contracts, bookkeeping errors tied to the Low Income Housing Tax Credit, and investments it made in three synthetic fuel partnerships. The troubled mortgage giant made the disclosure Thursday morning in a filing with the Securities and Exchange Commission. During a news conference, the government-sponsored enterprise said it continues to lose market share in the issuance of mortgage-backed securities. Its share now stands at 25%, compared with 45% back in 2003. The company also unveiled several additions to its senior management team, including the hiring of Robert T. Blakely as its new chief financial officer. An accounting industry veteran of 40 years, Mr. Blakely oversaw the massive restatement of MCI Inc.

Posted by S. Germain at 07:50 AM | Comments (0)

November 04, 2005

RE3W Application Featured at Microsoft Event

RE3W World Wide Limited today previewed its commercial real estate application at a press and analyst event hosted by Microsoft Corp.

Read the entire story here.

Posted by S. Germain at 07:58 AM | Comments (0)

First American's FAST Transaction System Puts Microsoft SQL Server 2005 to the Test

The First American Corporation announced today that its principal subsidiary, First American Title Insurance Company, has formed a strategic alliance with Microsoft Corp. for early testing of Microsoft SQL Server 2005 using First American's FAST Transaction System (FAST) database.

Posted by S. Germain at 07:57 AM | Comments (0)

The First American Corporation Announces Committee to Oversee Governmental and Regulatory Affairs

The First American Corporation, the nation's largest data provider, today announced that John P. Dwyer has been named vice president of The First American Corporation and director of the company's governmental and regulatory affairs. In this role, Dwyer will oversee the company's relations with its various state and federal regulatory oversight agencies and will represent First American in both industry and governmental forums on matters of importance to the company and its agency base, such as the current roundtable discussions with the Office of Housing and Urban Development on potential reform of the Real Estate Settlement Procedures Act (RESPA). Dwyer will also work with the company's operations to assure compliance with applicable laws and regulations. He will be assisted by the company's regulatory and legal staff, including Timothy V. Kemp, regulatory counsel of The First American Corporation; and John T. LaJoie, who has assumed the additional role of special regulatory counsel of The First American Corporation.

Posted by S. Germain at 07:56 AM | Comments (0)

Fidelity Information Services Completes Webster Conversion With Integrated Solution Suite

Fidelity Information Services today announced the completion of Webster Financial Corporation's (Webster) conversion to Fidelity's enterprise-wide, integrated financial services software solutions suite. This included converting 154 branches throughout Connecticut, New York, Massachusetts and Rhode Island.

Posted by S. Germain at 07:55 AM | Comments (0)

MBA Opposes Tax Reform Proposals Impacting Homeowners

The Mortgage Bankers Association (MBA) expressed its opposition to several proposals affecting homeownership that are included in the report issued today by the President’s Advisory Panel on Federal Tax Reform. Among other recommendations, the panel, commissioned by President Bush earlier this year, proposes a significant decrease in the deduction for mortgage interest.

Read the entire story here.

Posted by S. Germain at 07:52 AM | Comments (0)

REIData's New Property Profiles Offers Nationwide Detailed Residential Real Estate Information

REIData's new Property Profiles analysis tool, will offer subscribers access to one of the most complete sets of property information online, including tax assessor values for a three-year period, Competitive Market Analysis (CMA) and other valuable reports.

Read the entire story here.

Posted by S. Germain at 07:48 AM | Comments (0)

CoreLogic and National Real Estate Form a Strategic Alliance to Offer the Most Reliable Warranted AVM

CoreLogic, a C & S Company, now offers the industry's most reliable and flexible Warranted AVM product through a strategic alliance with National Real Estate Information Services (NREIS). CoreLogic plans to combine the NREIS Warranted AVM with built-in fraud and flip detection through their proprietary HistoryPro product.

Read the entire story here.

Posted by S. Germain at 07:45 AM | Comments (0)

ILOG JRules Enables Option One to Streamline Mortgage Lending Processes

ILOG® today announced that Option One Mortgage Corporation, a national residential mortgage lender and subsidiary of H&R Block Inc., has deployed a key offering in ILOG's Business Rule Management System (BRMS) product line, ILOG JRules™, to build both its mortgage pre-qualification system as well as its automated underwriting system. Option One selected ILOG JRules to enable faster turnaround times on loan qualifications and loan approvals, increase decision making flexibility, and improve risk management for regulatory compliance.

Read the entire story here.

Posted by S. Germain at 07:43 AM | Comments (0)

GE Money Introduces Mortgages in Canada

GE Money Canada, the Canadian consumer-lending unit of General Electric Company, today officially launched its mortgage business, offering residential mortgages through brokers in Ontario, with plans for other Canadian markets soon.

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Posted by S. Germain at 07:42 AM | Comments (0)

Emerging Trends in Real Estate® 2006

Although a continuous flow of capital has kept the real estate industry stable overall, growth over the next year is likely to be more moderate compared to the robust levels of recent months, with much depending on what happens with a variety of factors such as consumer spending, energy prices, housing demand, job growth, corporate productivity gains and inflation, according to Emerging Trends in Real Estate® 2006, just released by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP.

Posted by S. Germain at 07:41 AM | Comments (0)

Fair Isaac Announces Fourth Quarter and Fiscal 2005 Results

Fair Isaac Corporation, the leading provider of analytics and decision technology, today announced financial results for its fourth quarter and fiscal year ended September 30, 2005.

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Posted by S. Germain at 07:40 AM | Comments (0)

Paperless Crusade Unites Industry Leaders to Support Electronic Real Estate Transactions (Stewart Title)

Inman News today announced The Paperless Crusade, a task force of residential real estate companies dedicated to making the fully digital housing transaction a commonplace reality. The Crusade will include transaction software vendors, researchers, journalists and major brokerages working together across a broad range of informational, promotional and technological fronts to raise awareness of paperless transactions and improve the paperless customer experience.

Read the entire story here.

Posted by S. Germain at 07:37 AM | Comments (0)

Fiserv UniFi PRO Automates Signing, Closing

Fiserv Lending Solutions, Brookfield, Wis., has announced that it is incorporating electronic document presentment and signature and the automatic scheduling of closings into its UniFi PRO Mortgage eX loan origination system. The company said the system will enable lenders to electronically present loan documents directly to borrowers and closing agents via a secure website and allow borrowers to sign their loan documents online. John Tenuta, division president of Fiserv Lending Solutions, said UniFi PRO's electronic processes are designed to protect privacy and ensure security, using encryption and multiple layers of authentication. "With this integration, Fiserv delivers single-vendor access to electronic processes directly through the loan origination system," Mr. Tenuta said. Lenders previously required "extensive integration of multiple providers and disparate technology" to provide the same functionality, Fiserv said. The company also announced that Mid America Bank is now leveraging the UniFi PRO system's integration of the Nautilus Enterprise Content Management system to compress loan processing time. Fiserv said the bank is now able to obtain an appraisal from an outside appraiser in minutes instead of the 24-48 hours formerly required. In other Fiserv news, the company said its MortgageServ loan servicing system has been instrumental in enabling GMAC Mortgage to expand its subservicing relationships by 50% over the past year.

Posted by S. Germain at 07:36 AM | Comments (0)

Calyx, Ellie Mae Settle Lawsuit

San Jose, Calif.-based Calyx Software and Ellie Mae, Dublin, Calif., have resolved their dispute in Calyx's lawsuit against Ellie Mae. In a joint statement, both companies described the settlement as "mutually beneficial in allowing both companies to focus on serving their respective customers." As part of the confidential settlement, Ellie Mae agreed to pay Calyx an undisclosed sum. The companies added that "Calyx and Ellie Mae are distinct companies, each with their own products and services to offer to the mortgage industry. Any confusion in the marketplace regarding this distinction is not desirable. Certain statements attributed to Ellie Mae in the past implying affiliation between Ellie Mae and Calyx have been inaccurate."

Posted by S. Germain at 07:35 AM | Comments (0)

Reverse Mortgage Volume Rises

Lenders closed a record 43,131 federally insured reverse mortgage loans in the federal fiscal year ended Sept. 30, up from the previous year's record of 37,829, according to the National Reverse Mortgage Lenders Association. It was the fifth consecutive year of record originations for such mortgages, NRMLA reported. The Home Equity Conversion Mortgage, which is insured by the Federal Housing Administration, accounts for about 90% of all reverse mortgage loans made in the United States. According to NRMLA, the top market for HECM production in fiscal 2005 was Los Angeles, where 3,915 loans were closed -- followed by Santa Ana, Calif., 3,067; Sacramento, Calif., 2,161; San Francisco, 2,040; and Denver, 1,515. The association said volume growth could have been much higher were it not for the fact that there are significant delays in some parts of the country in scheduling mandatory counseling. "Put simply, there aren't enough counselors to handle the high volume of requests," said Peter Bell, president of NRMLA.

Posted by S. Germain at 07:34 AM | Comments (0)

Economists Differ on Housing 'Bubble'

Three economists at the Urban Land Institute's fall meeting in Los Angeles have weighed in with differing views on whether a housing "bubble" exists in the U.S. economy. Jeremy Rifkin, president of the Foundation on Economic Trends, Washington, said he expects the United States, like the United Kingdom, to see the deflation of a housing bubble that will lead to a "grave situation" and "lots of foreclosures in the next few years." Catherine L. Mann, senior fellow at the Institute for International Economics, Washington, noted that in Japan there was "significant economic distress" after financial markets were exposed to a decline in the value of assets they had lent against. She said she doesn't believe that the U.S. financial system is exposed in a similar manner, mainly because mortgages are securitized in this country. However, she said one effect might be to slow consumer spending. Nariman Behravesh, chief global economist of Global Insight, Lexington, Mass., said he expects some regional markets to see declines, including New England, Washington, D.C., and Florida. If home prices fall 10%, U.S. gross domestic product will slow down, Mr. Behravesh said. This would not lead to a recession unless accompanied by some other adverse event, he said.

Posted by S. Germain at 07:33 AM | Comments (0)

Rates Jump

The average 30-year fixed mortgage rate rose from 6.15% to 6.31% over the seven-day period ended Nov. 3, according to Freddie Mac's Primary Mortgage Market Survey.

The average 15-year fixed mortgage rate increased from 5.69% to 5.85%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.63% to 5.76%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.91% to 5.09% (its highest level since March 2002). Fees and points averaged 0.5 of a point for all mortgage categories. "Based on preliminary [gross domestic product] figures for the third quarter, the economy is expanding faster than had been expected," said Frank Nothaft, Freddie Mac's chief economist. "Originally, the markets had lowered economic expectations for the third quarter because of the impact of the hurricanes. So the news of an economy growing at such a strong pace gave financial markets a jolt and added to the impetus that caused mortgage rates to rise again this week." A year ago, the average 30-year and 15-year fixed rates were 5.70% and 5.08%, respectively, and the average one-year ARM rate was 4.00%, Freddie Mac said.

Posted by S. Germain at 07:32 AM | Comments (0)

Cendant to Buy Title Agencies

Cendant Settlement Services Group, Mount Laurel, N.J., has agreed to acquire American Title Co. of Houston, Texas American Title Co., Title Resources Guaranty Co., and their related title agencies based in Texas, from Herbert L. Williams, their owner. The terms of the deal were not disclosed. The deal gives CSSG its initial venture as a sole owner and operator of a title insurance underwriting business, namely Dallas-based Title Resources Guaranty. Texas American is the largest independent title agency in Texas. "Today's acquisition is a complementary addition to our real estate services value circle," said Richard A. Smith, chairman and chief executive of the Cendant Real Estate Services Division. "These title entities are located in local markets where they already have a leading position as a service provider for independent residential real estate brokerages. They are also well positioned to serve both our existing company-owned residential real estate brokerage offices and our franchise affiliates' independently owned offices in the future." Mr. Williams and his management team will remain in place, and the entities to be acquired will retain their current names. The firms collectively serve as a regional closing center for Cendant Mobility, a relocation company.

Posted by S. Germain at 07:32 AM | Comments (0)