First American Client Relations Industry View: December 2005 Archives

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December 30, 2005

Export Credits Guarantee Department (ECGD) Implements the ACBS Commercial Lending System from Fidelity Information Services

Fidelity National Financial, Inc. announced that the British Government Department, Export Credits Guarantee Department ("ECGD") has implemented the following products: ACBS Servicing, ACBS Origination and ACBS DataMart. These products from FNF's Fidelity Information Services subsidiary have replaced ECGD's former unconnected business systems and now provide a cradle-to-grave system for ECGD to manage its case underwriting, claims payment and recoveries activities, with tools for case reporting.

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

Fidelity National to Buy Sedgwick for $635M

Insurance underwriter Fidelity National Financial Inc. has agreed to acquire Sedgwick CMS Holdings Inc. for $635 million. Sedgwick provides outsourced insurance claims management services. It is based in Memphis, Tenn.

According to Sedgwick, the main sellers are Marsh & McLennan Cos., through its risk and insurance services firm Marsh Inc., and a private-equity fund managed by Stone Point Capital LLC.

In a press release Tuesday, Jacksonville-based Fidelity National said it expects to fund the acquisition through a combination of cash on hand and borrowings under existing lines of credit.

Fidelity National expects to complete its purchase Jan. 31.

Fidelity National said Sedgwick is expected to have 2005 revenue of almost $400 million. In the first nine months of 2005, Fidelity National had revenue of $7.24 billion.

Posted by S. Germain at 08:18 AM | Comments (0)

ABN Amro To Transfer Data Over Secure Network

ABN Amro Mortgage Group is to switch to using secure electronic networks to send its customer data to credit bureaus after losing a tape with the details of over 2 million customers. The tape, with the names, account details, payment histories and social security numbers of the bank’s residential mortgage customers, was lost for four weeks at a DHL facility while in transit but did not seem to have been tampered with. Ironically, ABN Amro was at the time about a month away from completing a secure data network to transfer encrypted data to its credit reporting bureaus.

In spring 2005, ABN Amro set the goal of using secure electronic networks to transfer customer data instead of relying on data tapes, and of using special couriers to move tapes if the intended recipient is unable to receive data electronically. The particular tape that was lost was to have been electronically encrypted and transferred this month, according to mortgage group CEO Thomas Goldstein. To assist its customers in preventing identity theft, ABN Amro has offered a year’s free enrollment in the credit monitoring service of credit reporting agency Trans Union LLC.

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

Doral Interim CEO Named Operating Chief

Doral Financial Corp., the top mortgage banking institution in Puerto Rico, said Friday it named interim Chief Executive John Ward III to the additional post of chief operating officer, replacing Zoila Levis, who is retiring.

The company said Levis will step down as operating chief on Jan. 31, but she will remain a board director.

Posted by S. Germain at 08:15 AM | Comments (0)

Del Mar Launches New POS App

Del Mar Database, San Diego, has announced the release of InTrac, a front-end point-of-sale application for small and medium-size mortgage lenders. The application is an optional add-on to a lender's DataTrac software, Del Mar's flagship back-office automation system, the company said. Del Mar said it will continue supporting POS integrations with other software vendors. "The third-party POS systems work very well for many lenders because they are simple and easy to use, and most originators are already familiar with them," said John Walsh, president of Del Mar Database. "However, the very simplicity of the solutions also requires lenders to impose business rules for managing their business outside of their technology. InTrac provides a powerful POS option to lenders needing a more sophisticated solution."

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

Ellie Mae Partners With Multi Financial

Ellie Mae Inc., a provider of mortgage technology based in Dublin, Calif., has embarked on a strategic partnership with Tallahassee, Fla.-based Multi Financial Services Co., providers of Trakker Loan Servicing Software. As a result of the agreement, Ellie Mae will feature direct integration from its Encompass Mortgage Automation System to Trakker. The integration of Encompass and Trakker responds to broker demand to service loans. Trakker Loan Servicing Software is an end-to-end system that enables companies to easily service conventional and nonconventional loans.

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

Data-Vision Plans Expansion in '06

Data-Vision Inc., Mishawaka, Ind., says it plans to expand its products and staff in 2006 to meet increased mortgage industry demand. The mortgage technology provider said it is planning many enhancements to its RemoteDocs system, including the continued streamlining of the sending and receiving process. Further enhancements are also in the works for the LoanQuoter system, Data-Vision said. John Dempsey, Data-Vision's vice president of sales, said the company will also continue various innovations adopted in 2005, such as so-called webinars and user groups to test company software and services.

Posted by S. Germain at 08:02 AM | Comments (0)

CAR: Home Sales, Prices Will Set Records

Home sales and home prices will both set records this year in California, according to the California Association of Realtors. In a rundown of this year's housing market in California, CAR reported that sales of existing single-family homes are expected to rise 1.8%, to 635,000, from last year's record of 624,700. The state's median home price is expected to reach $523,150 this year and then increase 10% next year to $573,500, according to the association. CAR said the median home price in California experienced a double-digit increase for the fourth consecutive year, but slowed to 16% from the 18%-21% rises of the previous three years.

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

Resales Fall 1.7%

Existing-home sales fell for the second consecutive month in November (by 1.7%), contributing to evidence that the housing market is slowing, but at a moderate pace. The National Association of Realtors reported that November sales of single-family homes, condominiums, and cooperatives fell from a seasonally adjusted annual rate of 7.09 million in October to 6.98 million in November -- the slowest sales pace since March. November sales confirm that housing activity has "peaked" and the market is headed for a "soft landing" thanks to moderately rising mortgage rates, said NAR chief economist David Lereah. Inventories of unsold homes rose to a five-month supply, the highest since June 2003, and price appreciation on single-family homes slowed from a 16.6% annual rate in October to 13.5% in November. The NAR report shows single-family home sales fell by 1.9% in November, while condo and co-op sales fell 0.8%.

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

December 23, 2005

American Home Bank Announces Premier Branch Operator Division Called American Direct Funding

American Home Bank, N.A. (AHB) today announced the opening of its American Direct Funding Division. American Direct Funding (ADF) allows experienced mortgage brokers and mortgage professionals working at a national or regional mortgage company to become an ADF Branch Operator and take advantage of the benefits and opportunities of running their own mortgage operation. Branch Operators can develop their mortgage business with the full support and lending opportunities provided by a federally chartered bank.

Posted by S. Germain at 09:24 AM | Comments (0)

Loan Protector's EasyData℠ Streamlines Insurance Tracking for Lenders

Loan Protector, a leading independent outsourcer of servicing technology and services, announced the renaming of its EasyLink product to EasyData to better describe the product's attributes. EasyData has saved lenders time and money by providing up-to-date, digital homeowners insurance information from more than 85 insurance carriers. EasyData is ideal for lenders who prefer not to outsource their insurance tracking process, but who would benefit from receiving insurance information from major carriers electronically.

Posted by S. Germain at 09:23 AM | Comments (0)

e4e Financial Services Partners With eXpertivity to Offer Mortgage Processing Services

e4e Financial Services (formerly known as iSeva), a leading Mortgage Services company, today announced that it has partnered with eXpertivity Mortgage Solutions Corp., a leading provider of end-to-end mortgage processing services and Business Service Management (BSM) solutions. The agreement will provide for a complete mortgage processing service with state of the art infrastructure, operations staff, mortgage processing domain experience and intellectual property.

Posted by S. Germain at 09:22 AM | Comments (0)

Federal regulators target mortgage bankers

Top federal regulators directed banks to tighten their mortgage lending practices, warning that interest-only loans and other nontraditional mortgages pose a risk to the banking system and the economy.
The banking directive is expected to have a big effect on Washington and other hot real estate markets where more than one-third of home buyers have been using such deferred-payment loans, often because that's the only way they can qualify to purchase houses whose prices have doubled or tripled in recent years.
Feeding what some analysts think is a "bubble" in the housing market, lenders increasingly are offering the loans to novice buyers and those with shaky credit to keep their buying prospects alive while circumventing the sharply higher interest rates engineered by the Federal Reserve in the past 1½ years.
"[We are] concerned that these products and practices are being offered to a wider spectrum of borrowers, including subprime borrowers and others who may not otherwise qualify for more traditional mortgage loans or who may not fully understand the associated risks," said the Federal Reserve, Federal Deposit Insurance Corp., Office of Thrift Supervision and two other regulators in a joint statement.

Posted by S. Germain at 09:21 AM | Comments (0)

eOriginal Releases SmartSign On Demand Electronic Signature Service

eOriginal, Inc. announced today the release of SmartSign On Demand, a set of hosted services to help organizations easily implement electronic signatures in their existing web enabled applications. SmartSign On Demand is built upon eOriginal's industry leading electronic signature and vaulting software. Deployed in the automotive finance and mortgage industries, SmartSign has captured and secured over 2 million electronic signatures for high value digital documents. Providing this capability on-line, through a services oriented architecture (SOA), enables electronic signing and optional storage capabilities to be implemented quickly with minimal costs.

Posted by S. Germain at 09:20 AM | Comments (0)

Del Mar Database Launches InTrac™ POS Application

Del Mar Database has released InTrac™, a front-end point-of-sale (POS) solution for small and medium-size mortgage lenders. InTrac works with DataTrac®, Del Mar Database's flagship back-office automation solution, providing DataTrac users with another option for integrating front-office operations with their core mortgage banking solution.

Posted by S. Germain at 09:19 AM | Comments (0)

American Home Opens Branch Ops Unit

American Home Bank NA, Mountville, Pa., has announced the opening of the American Direct Funding Division, which allows experienced mortgage professionals at national or regional mortgage companies to become ADF branch operators. Branch operators will have access to major lenders and be able to select from hundreds of loan products provided by Fannie Mae, Freddie Mac, and other major mortgage players, American Home said. ADF will be headed by senior vice president Jason J. Lloyd. "ADF is geared for successful, experienced mortgage originators who have an entrepreneurial spirit but seek the support of a corporate umbrella and the lending power of a national bank," said James Deitch, the company's chief executive officer. "Mortgage professionals will operate independently and receive up to 100% commission payouts. They will have the ability to recruit their own teams and have no barriers to growth." The bank specializes in construction-to-permanent lending.

Posted by S. Germain at 09:15 AM | Comments (0)

Mortgage Debt Growth Highest in 36 Years

Fueled by record home sales and a red-hot home equity market, residential debt in the United States grew at a blistering pace in the third quarter, according to new figures released by Fannie Mae. According to Fannie Mae chief economist David Berson, residential debt grew at a 15.9% annualized rate in the third quarter, compared with 15% in the second quarter. "This was the fastest two-quarter increase since 1979," Mr. Berson said. According to figures compiled by National Mortgage News, there is now $8.1 trillion in outstanding home mortgages in the United States. (By comparison, at the end of 2002 consumers owed $6.3 trillion on their homes.) Meanwhile, Fannie is forecasting $2.1 trillion in production next year. NMN is forecasting $3 trillion in production for 2005, which means -- according to Fannie's numbers -- fundings could decline by 30% next year.

Posted by S. Germain at 09:15 AM | Comments (0)

Fixed Rates Decline

The average 30-year fixed mortgage rate fell from 6.30% to 6.26% over the seven-day period ended Dec. 22, according to Freddie Mac's Primary Mortgage Market Survey.
The average 15-year fixed mortgage rate fell from 5.85% to 5.79%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 5.78% to 5.82%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.15% to 5.22%. Fees and points averaged 0.6 of a point for fixed-rate mortgages, and 0.7 of a point for ARMs. "Long-term mortgage rates dipped this week because of recently released inflation indicators for November, while short-term rates rose, responding to the Fed's recent -- and expected future -- actions," said Frank Nothaft, Freddie Mac's chief economist. "Although mortgage rates by and large are higher than they were at the start of this year, they've only risen about one percentage point since hitting a four-decade record low in June of 2003." A year ago, the average 30-year and 15-year fixed rates were 5.75% and 5.18%, respectively, and the average one-year ARM rate was 4.17%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.

Posted by S. Germain at 09:14 AM | Comments (0)

WaMu Realigns Prime, Subprime Lending

Washington Mutual Inc., Seattle, has announced plans to realign its single-family residential mortgage lending operations under one management team. Under the new structure, management responsibility for Long Beach Mortgage Co., WaMu's subprime lending business, and Mortgage Banker Finance, its warehouse lending operation, will move from the commercial group to David Schneider, president of WaMu's home loans group. The rest of the commercial group, including the multifamily lending business, will report to industry veteran Al Brooks, WaMu said. "Bringing our leading prime and subprime lending businesses under common leadership provides us the opportunity to fully leverage our resources to better serve our customers and shareholders," said Steve Rotella, WaMu's president and chief operating officer. "At the same time, we have a strong and experienced leadership team that recognizes the unique characteristics of the subprime business." In a related development, WaMu commercial group president Craig Chapman will leave the company as of Jan. 31.

Posted by S. Germain at 09:13 AM | Comments (0)

December 16, 2005

First American Title Insurance Company to Acquire Transcontinental Title Company

First American Title Insurance Company today announced that it has signed a definitive agreement to acquire privately held TransContinental Title Company, a leading provider of title and settlement services to national mortgage lenders. The acquisition, which is subject to regulatory approvals, is expected to close in late February.

Established in 1987, TransContinental Title is a licensed title insurer in 38 states and has the ability to handle transactions nationwide through its affiliation with First American. Led by its chief executive officer and sole shareholder William Baumgart, TransContinental has become a prominent multistate title agency serving many of the nation’s largest mortgage lenders, with current volumes averaging in excess of 8,000 mortgage transactions per month.

Read the entire story here.

Posted by S. Germain at 09:53 AM | Comments (0)

Residential Mortgage Delinquencies Rise Due to Hurricane, Loans in Foreclosure Fall, According to MBA National Delinquency Survey

The third-quarter 2005 National Delinquency Survey (NDS), released today by the Mortgage Bankers Association (MBA), shows that the seasonally adjusted delinquency rate for mortgage loans on single-family residential properties stood at 4.44 percent at the end of the third quarter, down 10 basis points from the third quarter of 2004 but up 10 basis points from the second quarter of 2005.

Read the entire story here.

Posted by S. Germain at 09:49 AM | Comments (0)

After a Long Absence, BB&T Back To Buying

After a 20-month period of abstinence, BB&T Corp. ended its self-imposed moratorium on bank acquisitions Thursday.

The $107 billion-asset Winston-Salem, N.C., company said it would acquire Main Street Banks Inc. of Atlanta in a $623 million stock deal.

The once-acquisitive BB&T announced its moratorium in December 2003, when it had one deal pending. During the previous three years it had completed 16 deals, including its July 2003 acquisition of First Virginia Banks Inc. for $3 billion. That price drew criticism from Wall Street.

The moratorium was originally set to end next year, but John A. Allison, BB&T's chairman, president, and chief executive, adjusted his message in October, and left the door open for making a deal sooner, by saying his company could close one next year.

Burney Warren, the executive vice president of mergers and acquisitions at BB&T, said Thursday that it came off the sidelines now to take advantage of the $2.5 billion-asset Main Street's availability. He would not provide many details about the negotiations, except to say Main Street went through "a full process" in seeking an acquirer.

Posted by S. Germain at 09:35 AM | Comments (0)

BusinessTrac™ Dashboard Integrates with DataTrac, Empowering Lenders with Enhanced Business Intelligence

Del Mar Database has released BusinessTrac™, a business management dashboard for small and medium-size mortgage lenders. BusinessTrac seamlessly integrates with DataTrac®, Del Mar Database's flagship back-office automation solution. By consolidating loan-level information from DataTrac, BusinessTrac empowers lenders to track workflow performance 24/7 across their entire enterprise, with the ability to drill down through production channels to yield key metrics. As an optional module that supplements a lender's existing DataTrac solution, BusinessTrac enables lenders to measure their business performance by providing summary and detailed views of real-time information, including loan production, pull-through by product and source, and analysis of product and originator profitability.

Posted by S. Germain at 09:32 AM | Comments (0)

FutureNet Realty Technologies Selects Allpointe Mortgage to Form Joint Venture for Servicing ''List-To-Close'' Real Estate Platform

FutureNet Realty Technologies (FNT) and Allpointe Mortgage today announced they have created a joint venture, FutureNet Mortgage (FNM), to provide a no mortgage fee, no cost loan product to buyers and sellers on the MyFutureNet.com online real estate sales platform.

FNT's patent pending "list-to-close" technology will handle the entire real estate transaction from the moment a property is listed, during the offer/negotiation phase and through to the closing for the property. The nationwide system currently is undergoing internal testing and is scheduled for live beta tests in early 2006.

Posted by S. Germain at 09:30 AM | Comments (0)

GlobeXplorer's ImageConnect 2.6 Provides Earth Imagery Library to Autodesk® Users (Stewart)

GlobeXplorer® announced that their popular ImageConnect(TM) web extensions for GIS and CAD are now fully compatible with Autodesk's suite of desktop mapping software. ImageConnect allows GIS and CAD users to bring geo-referenced aerial and satellite images from GlobeXplorer's online archive directly into their projects with a click of the mouse.

Posted by S. Germain at 09:28 AM | Comments (0)

Dorado Announces Strong Growth in Revenue, Bookings, and Users for 2005

Dorado Corporation, providing the on-demand network at the lender point of sale, today announced significant revenue growth in 2005 as well as strong compound annual growth (CAGR) in revenue over the past three years. Dorado's compound annual growth rate over the past three years is 67%, while seat growth for the same period is 71%. Dorado currently supports over 200,000 loan officers, brokers, and processors industry-wide. The company continues to strengthen its leadership position and as one of the industry's largest technology vendors.

Dorado saw significant growth in 2004 and 2005, years in which overall industry loan volumes dropped dramatically from approximately 20 million originations in 2003 to 14 million in 2004 and an estimated 16 million in 2005. Dorado's growth is a result of the company's focus on helping top-tier and emerging lenders transform their businesses through a well-defined Unified Point-of-Sale strategy that gives customers access to an on-demand network of commerce partners.

Posted by S. Germain at 09:26 AM | Comments (0)

Federal Reserve Board of Governors Approves New York Community Bancorp, Inc.'s Acquisition of Long Island Financial Corp.

New York Community Bancorp, Inc., the holding company for New York Community Bank, and Long Island Financial Corp., the holding company for Long Island Commercial Bank, today announced that the acquisition of Long Island Financial by New York Community Bancorp, Inc. has been approved by the Board of Governors of the Federal Reserve System.

Posted by S. Germain at 09:25 AM | Comments (0)

PCLender Embraces Imaging, E-Delivery

PCLender.com has announced that it is integrating the VirtualLoanFolder system of Hasbrouck Heights, N.J.-based PaperClip to offer its customers online document management and electronic delivery capabilities. By the end of the year, PCLender's customers will be able to access all the tools they need to manage their electronic loan documents within PCLender's Web-based loan origination system, the company said. PaperClip's VirtualLoanFolder ASP-based imaging and document management system will be integrated into PCLender, offering users the tools to operate without paper through the PCLender interface. Customers will be able to drag and drop electronic documents into electronic loan folders, input them into the system via scanning, receive them as an electronic fax, or save them into their hosted virtual loan folder.

Posted by S. Germain at 09:19 AM | Comments (0)

Del Mar Launches Pipeline Management Tool

Del Mar Database, San Diego, has released BusinessTrac, a business management dashboard for small and medium-size mortgage lenders. BusinessTrac integrates with DataTrac, Del Mar Database’s flagship back-office automation system. BusinessTrac allows lenders to track workflow performance around the clock across their entire enterprise, with the ability to drill down through production channels. The product allows users to track their business performance by providing summary and detailed views of real-time information, including loan production, pull-through by product and source, and analysis of product and originator profitability.

Posted by S. Germain at 09:18 AM | Comments (0)

a la mode Releases Online App

Oklahoma City-based a la mode inc. has released FleXApp 1003, an online mortgage loan application system for mortgage brokers and loan officers, as a standalone product. FleXApp 1003 lets brokers provide customer service, a secure environment, and around-the-clock application availability and status updates to borrowers. FleXApp 1003 is housed on a la mode's servers, and the administration interface is accessible from any computer.

Posted by S. Germain at 09:18 AM | Comments (0)

Survey Sees 15.3% New-Home Sales Drop

Wall Street economists are forecasting a 15.3% drop in new-home sales in 2006 and a 5.6% decline in existing-home sales, according to a survey by The Bond Market Association. "The housing sector is expected to cool from its blockbuster pace but still register solid gains in a higher interest rate environment," the TBMA survey says. Members of TBMA's economic advisory committee expect new single-family sales to drop from a record 1.3 million this year to 1.1 million in 2006. They see resales declining from a record 7.1 million to 6.7 million next year. On the other hand, the National Association of Realtors is forecasting a 4.8% drop in new-home sales and a 3.7% drop in resales in 2006. "The slowdown amounts to a tapping of the brakes on a hot market," NAR chief economist David Lereah said. TBMA and NAR forecasts have the 30-year mortgage rate reaching 6.6% in the second half of 2006. However, the NAR projects that gross domestic product will grow by 4.1% in 2006, while the TBMA economists are predicting 3.6% GDP growth.

Posted by S. Germain at 09:17 AM | Comments (0)

Roark Buys Majority Stake in Ace Mortgage

Roark Capital Group, an Atlanta-based private equity firm, has announced the acquisition of a majority stake in Ace Mortgage Funding, an Indianapolis-based retail mortgage broker, for an undisclosed amount. Richard Hall and Robert Gregory will continue to head the management team at Ace, which offers primarily debt consolidation loans. Ace is Roark's second investment in a financial services firm, and the third acquisition for its $413 million fund raised in March, Roark reported.

Posted by S. Germain at 09:16 AM | Comments (0)

MBA: Commercial/MF Debt Hits $2.5T

Commercial and multifamily mortgage debt outstanding reached the $2.5 trillion mark in the third quarter, representing a 3.4% increase of $83.8 billion from that of the previous quarter, according to a Mortgage Bankers Association analysis of flow-of-funds data from the Federal Reserve Board. Considering debt backed by multifamily properties alone, there was a 1.5% rise, to $641 billion, in debt outstanding at the end of the third quarter. "The commercial/multifamily mortgage market continues to be buoyed by modest long-term interest rates, improving property fundamentals and strong equity flows," said Doug Duncan, the MBA's chief economist. Commercial banks hold $1.1 trillion of the debt outstanding, representing 43% of the total (commercial banks also sometimes report commercial and industrial loans that are backed by the borrower's business income). CMBS pools hold 20% of the total, followed by life insurance companies with 10%, and savings institutions with 8%. Fannie Mae, Freddie Mac, and Ginnie Mae hold another 8% of the debt outstanding.

Posted by S. Germain at 09:15 AM | Comments (0)

Rates Dip

The average 30-year fixed mortgage rate fell from 6.32% to 6.30% over the seven-day period ended Dec. 15, according to Freddie Mac's Primary Mortgage Market Survey.

The average 15-year fixed mortgage rate fell from 5.87% to 5.85%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages decreased from 5.78% to 5.77%, and the average rate for one-year Treasury-indexed ARMs declined from 5.16% to 5.15%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs, and 0.6 of a point for one-year ARMs. "Earlier in the week, interest rates were a bit higher, as financial markets were a little anxious about what language the Federal Reserve would use in its statement this month," said Frank Nothaft, Freddie Mac's chief economist. "When the Fed signaled that its interest rate tightening might be coming to an end, the financial market breathed a sigh of relief, and rates eased somewhat." A year ago, the average 30-year and 15-year fixed rates were 5.68% and 5.11%, respectively, and the average one-year ARM rate was 4.18%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.

Posted by S. Germain at 09:14 AM | Comments (0)

FBI: Mortgage Fraud Cases Up 35%

Calling mortgage fraud "one of the fastest-growing white-collar crimes" in the United States, the government said the number of pending cases rose 35% in fiscal 2005, to 721. According to figures released by the Federal Bureau of Investigation on Dec. 14, fraud-related losses totaled $1.01 billion in 2005, more than doubling from the year before. The FBI and several other agencies are working together to combat mortgage fraud—particularly land flips—by targeting what it calls "mortgage fraud groups." In a statement, the FBI repeated earlier allegations that industry professionals play an integral role in mortgage fraud, particularly in regard to appraisals and loan underwriting.

Posted by S. Germain at 09:13 AM | Comments (0)

December 09, 2005

First American Launches New MLS Solutions Division

The First American Corporation, the nation's largest data provider, today announced the launch of First American MLS Solutions, a new division of First American Residential Group. The division will combine the organizations and services of First American subsidiaries MarketLinx® Solutions and Interealty to provide customizable Web-based solutions for multiple listing services (MLSs) and real estate associations through a single entity.

Read the entire story here.

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

The First American Corporation Decalres Quarterly Cash Dividend

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

The cash dividend is payable on Jan. 13, 2006, to shareholders of record as of Dec. 30, 2005. First American has paid a cash dividend for each of the last 96 years.

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

Fidelity National Title Group, Inc. Commences Registered Exchange Offers for $500 Million of Fidelity National Financial, Inc. Senior Notes

Fidelity National Title Group, Inc. and Fidelity National Financial, Inc. today jointly announced the commencement of FNT's previously announced offers to exchange a total of $500 million of FNF's outstanding senior notes for securities of FNT.

FNT is offering new securities to holders of both FNF's $250 million 7.30% notes due August 15, 2011 and $250 million 5.25% notes due March 15, 2013, in exchange for their existing FNF notes. The FNT notes will bear the same principal amounts, interest rates, redemption terms, and payment and maturity dates as the existing and outstanding FNF notes.

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

LandAmerica Announces Full Execution of the December 2004 Common Stock Repurchase Program

LandAmerica Financial Group, Inc., a leading provider of real estate transaction services, announces that it has fully executed, through the purchase of 998,203 shares of company common stock, the share repurchase program publicly announced in December 2004 that provided for the purchase of shares of common stock in an amount not to exceed 1.0 million shares or $60.0 million. As of September 30, 2005, the Company had purchased 650,400 shares under the program.

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

New Fiserv Business Unit to Assess and Mitigate Secondary Market Risk for Portfolio Loans

The mortgage-backed security market has a new resource to facilitate the secondary marketing of portfolio loans. Fiserv Lending Solutions Portfolio Services (FLS-PS) will help those involved in the mortgage portfolio investment business identify risks within their portfolios, provide solutions to help mitigate those risks and help clients make informed investment decisions about their loan portfolios. This new unit joins Fiserv Lending Solutions' Fulfillment Services Division, a wholly owned business unit of Fiserv, Inc.

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

ResMAE Mortgage Corporation Offers 40/30 Product as Lower Payment Alternative

ResMAE Mortgage Corporation today announced the release of its 40/30 loan product. Amortized over 40 years and due in 30 years, this product will provide homeowners with a lower monthly payment without the major increases associated with other loan products like Interest Only or Option ARMs. ResMAE's 40/30 product will provide the lowest possible payment extended over 30 years along with the opportunity to build equity.

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

MRG Touts DocPrep-BytePro Interface

The Miracle DocPrep platform of MRG Document Technologies, Dallas, is now available through a direct interface with BytePro, the latest version of Byte Software's loan origination system, according to MRG. The interface provides mortgage lenders and brokers with closing documents for prime and subprime loans, home equity lines of credit, option adjustable-rate mortgages, and other lending products, MRG said. When users request loan closing documents through the interface, the data are transferred to MRG and the document packages are prepared and sent back to the user, the company said. "This interface is a tool that enhances the lender's workflow process," said Terry King, group chairman of MRG. "Offering MRG's document preparation services through BytePro enables mortgage lenders to more efficiently request and deliver loan products to their customers." The interface was developed as part of a continuing alliance between MRG and Byte Software, based in Kirkland, Wash.

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

FICS Upgrades Servicing Product

Financial Industry Computer Systems Inc., Dallas, has announced new upgrades to eStatus, a residential mortgage loan servicing product that provides online customer service for borrowers. The upgrades to eStatus (which interfaces in real time with Mortgage Servicer, the FICS residential mortgage servicing system) enable lenders to present "a more unified branding message" on their websites and to create a more user-friendly environment for borrowers, FICS said. A lender can reduce incoming call volume by sending a standardized e-mail message to borrowers encouraging them to view statements and notices on the lender's eStatus website, according to FICS. "Because documents are available for display in eStatus as soon as they are generated in Mortgage Services, borrowers always have access to up-to-date information about their loans," the company said.

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

Ryan Beck Picks Archive Client-Doc System

Archive Systems, Fairfield, N.J., has announced an agreement with Ryan Beck & Co., an investment banker and broker based in Florham Park, N.J., to provide Archive's comprehensive process automation service to manage all client documentation. Aspen 360 Broker/Dealer Edition offers a services-based system for Web-based image hosting and workflow management. "This service will transform Ryan Beck's previous paper-based, manual process into an automated solution that manages the flow of all client documents in a fully redundant, Web-based environment," Archive Systems said. Ryan Beck will be able to use remote document capture through scanning gateways to scan documents directly into the Aspen system. "Archive Systems offers the only comprehensive 'software-as-a-service' model with the flexibility to roll out a solution enterprise-wide," said Nick Leone, senior vice president and director of operations at Ryan Beck.

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

Kroll Buys Carolina Franchisee

Kroll Factual Data Inc., a provider of customized mortgage services based in Loveland, Colo., has announced the acquisition of its franchisee D, D & C Inc. (d/b/a Factual Data of the Carolinas) for an undisclosed amount. D, D & C, a franchisee since 1991, provides mortgage credit reports to mortgage brokers, banks, and credit unions in North and South Carolina, Kroll Factual Data said, adding that it was the company's 54th acquisition since 1998. "The acquisition of D, D & C continues our strategy of reacquiring previously licensed territories and competitors, and will further enhance our marketability among national mortgage lenders," said James Donnan, president of Kroll Factual Data. "Charlotte [N.C.] and its surrounding areas are strong banking centers for the United States, and Kroll Factual Data is poised to capitalize on this opportunity."

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

PCLender Embraces Imaging, E-Delivery

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

Nothaft Forecasts Slowing Home Sales

Freddie Mac chief economist Frank Nothaft sees home sales slowing in the fourth quarter as higher mortgage rates take a bite out of housing demand and house prices begin to moderate. House prices have been rising on average at a 14%-16% clip for the past year. But Mr. Nothaft says he expects a single-digit increase in the fourth quarter and a rise in the 7% range next year. He noted that existing-home sales declined by 2.7% in October. "We may see some further retrenchment in homes sales and housing demand in the fourth quarter, and we may very well begin to see a moderation in house price growth," Mr. Nothaft told MortgageWire. The Freddie Mac economist called the recent report by the U.S. Census Bureau that new single-family home sales jumped 13% in October (to a seasonally adjusted annual rate of 1.42 million units) an "aberration." He said he expects the November report to show a sizable decline. "It will probably drop by 200,000 units," Mr. Nothaft said. The 30-year mortgage rate rose 50 basis point in October to 6.25%, and he projects that the 30-year rate will average 6.5% in 2006, which will hurt the refinancing business. His forecast calls for mortgage originations to decline by 14% next year to $2.5 trillion. Mr. Nothaft estimates that his year's originations will total $2.9 trillion -- the second-best year ever.

Posted by S. Germain at 07:30 AM | Comments (0)

December 02, 2005

New Fiserv Business Unit to Assess and Mitigate Secondary Market Risk for Portfolio Loans

Posted by S. Germain at 09:34 AM | Comments (0)

Fidelity Information Services Chooses PKWARE's SecureZIP Strong Security to Protect Against Identity Theft

PKWARE, the leading provider of enterprise solutions for secure and efficient data transfer and storage, today announced that Fidelity Information Services (Fidelity), a division of Fidelity National Financial, Inc. is implementing SecureZIP within their data center to protect sensitive information exchanged with their financial services customers and business partners from identity theft or accidental exposure.

Fidelity exchanges large volumes of information on a daily basis with banks, mortgage companies, insurance companies, tax companies, and government-sponsored entities. This information is transferred via FTP or copied to CD/tape from FIS' UNIX servers and mainframes. With SecureZIP, FIS can efficiently protect their data with strong encryption, making it virtually impossible for anyone except authorized parties to access files.

Posted by S. Germain at 07:49 AM | Comments (0)

Enhanced LATFnet Web Ordering and Reporting System Now Available for LandAmerica Tax and Flood Customers Nationwide

LandAmerica Financial Group, Inc. has launched an enhanced web ordering and reporting system for its tax and flood customers nationwide, with a powerful mix of easy-to-use features. LATFnet includes a new, robust operating platform that lets lenders save time and increase efficiency when using LandAmerica's complete menu of tax and flood services. LandAmerica continues its leadership in the tax and flood industry by offering LATFnet's enhanced web ordering and reporting capabilities to its customers.

LAFTnet is a comprehensive resource created specifically for LandAmerica's growing number of tax and flood customers, such as banks, credit unions, mortgage lenders and title companies. LATFnet offers users a simplified web page layout with improved toolbar navigation. Lenders can easily pick and choose the services they want, tailoring this powerful system to the specific needs of the task at hand.

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

Stewart National Title Services Opens New Office in Michigan

Stewart National Title Services has opened a new office in Southfield, Mich.

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

Century Bank Accommodates Rapid Expansion with Sollen Technologies' Product, Pricing Engine

Sollen Technologies, an Internet-based application services provider of product, pricing and best execution capabilities for the mortgage industry, announced that Texarkana, Texas-based Century Bank has integrated Lender OnLine into its loan origination system. Organized in 1900, Century Bank is a fast growing financial institution with more than 300 employees managing $857 million in assets.

Lender OnLine is a Web-based solution enabling online loan search, product validation, pricing, registration, locking, loan status reporting and pipeline management for wholesale, retail, correspondent or call center applications. The program allows the originator to capture multiple lending options in one execution, searching loan types, loan products and documentation at the same time to find the optimal match for the borrower.

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

U.S. Home Equity Market to Reach $1 Trillion by Close of 2005

Home equity, the largest segment of the non-mortgage consumer lending space, continues to be a leading loan product for many consumers. TowerGroup estimates that the U.S. home equity market could reach $1 trillion in value by year-end 2005. This growth is driven not just by overall market factors of rising home values and low interest rates over the past decade, but insightful strategies executed by financial services players dedicated to the category.

Driven by the low interest rate environment of the past five years, homeowners have looked increasingly toward home equity lines as "free money" -- and have actively applied home equity loans to a broad array of purposes beyond home repairs. For many of these uses, the low interest rates and potential tax deductions offered by home equity represent a better option than using other forms of credit, tapping into savings, or simply not making a given investment.

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

Electronic Appraiser Launches New Engine - Connecting Consumers to Both Lenders and Realtors®

Electronic Appraiser (EA), the industry's leading provider of online home valuations to the consumer, announced today the launch of its newest valuation technology for Electronic Appraiser. EA is the only web site since 2000 where homebuyers and sellers can purchase a report of a specific property's current market value. The valuation report is provided instantly, as compared to the weeks that a full appraisal may take, greatly reducing the time and resources in a real estate transaction. In addition to other enhancements, users can also request mortgage quotes and/or Realtor® information, establishing the strongest validation process in the industry by connecting pre-qualified consumers directly into marketing channels.

About Electronic Appraiser Version 3.1
Through partnerships with companies such as DataQuick, Fidelity, First American, TransUnion, Veros and other trusted sources, EA offers the industry's foremost cascading automated valuation model (AVM). The EA cascading AVM engine chooses the appropriate property-data vendor based on breadth of data available, insuring the most accurate valuation reports possible. The EA AVM engine incorporates leading edge address verification, plotted maps showing comparable sales in relation to the subject property, and a database management system for consumer and vendor matching criteria. For B2B scenarios: Customizable co-branded solutions are available for companies seeking value-added services for their customers.

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

Orion Financial Group Takes On-Site Servicing on the Road

Orion Financial Group, Inc., a leading document services provider, announces it can bring its proprietary scanning process, Electronic Onsite Servicing (EOS), to lenders for special projects. The company rolled out the "travel" aspect of its EOS product this past month. The EOS system includes unique software that streamlines the lien assignment and release process.

"Through modern technology and our in-depth expertise, we're able to travel to any lender or custodian and scan the documents on-site. This is particularly beneficial to lenders who have deadlines to meet but don't necessarily have the resources to allocate in order to get the job done in a timely fashion," stated Mike Wileman, President and CEO of Orion Financial Group. "The offering is just another demonstration of our commitment to providing peak performance in document services."

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

FICS Addresses Loan Boarding Notification With MGIC Partnership

Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential servicing technology to the mortgage industry, announced a new upgrade to Mortgage Servicer, the company's residential mortgage loan servicing software. In partnership with Milwaukee, Wis.-based MGIC, the nation's leading provider of private mortgage insurance, FICS' Mortgage Servicer now includes a loan boarding notification function.

Loan boarding notifications inform MGIC that the loan has closed, insurance should be activated and who will be servicing the loan. With FICS' enhanced Mortgage Servicer, this procedure is automated based on a mortgage insurance industry standard file format (MISMO) and replaces a manual process for both the servicer and MGIC.

Posted by S. Germain at 07:39 AM | Comments (0)

PNC Developing Broker Network

PNC Bank, a member of The PNC Financial Services Group Inc., has selected San Mateo, Calif.-based Dorado Corp.'s Dorado Unified Point of Sale as the bank's new wholesale home equity channel. PNC Bank, the nation's 15th-largest home equity lender, is developing a broker network across its consumer banking region. The Dorado Unified Point of Sale application, leveraging Dorado ChannelMaster and PriceMaster, will provide a network-based, on-demand avenue for PNC brokers to originate, price, and submit home equity loans and lines of credit at the point of sale.

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

FLDI Allies With SMI

First Lenders Data Inc., a provider of bundled mortgage settlement services based in Austin, Texas, has announced an alliance with Houston-based Stewart Mortgage Information. Under the alliance, lenders will have access to SMI's flood, title, closing, recording, and satisfaction services through FLDI's FirstClose vendor management platform. "This alliance offers lenders an expanded number of financial services that can help them stay competitive in the wake of the refinance boom," said Dennis Conway, SMI's national account manager. "Through cost savings and comprehensive vendor management, our participating lenders can use the services provided by FLDI to improve the way they do business and gain a competitive edge."

Posted by S. Germain at 07:31 AM | Comments (0)

Fed: Housing Markets Slowing Down

Housing markets have "moderated" in many parts of the country with slowing sales and rising inventories of unsold homes, according to the Federal Reserve Board's Beige Book. "Generally, residential real estate market activity remained high, but many [Federal Reserve banks] reported a slowing or cooling of activity," in their districts, the Beige Book says. The previous Beige Book, released in October, found that demand for housing had "eased" in some districts. But the November Beige Book says "cooling" is evident in Southern California. Home sales have "slowed" in New Jersey, while in Minneapolis/St. Paul homes are on the market longer and price appreciation has slowed. Meanwhile, demand for mortgage financing "eased in the New York, Philadelphia, Chicago, and St. Louis districts, and in some areas of the San Francisco district," the Fed said.

Posted by S. Germain at 07:30 AM | Comments (0)

Fannie Misclassified $10.3B in Purchases

Fannie Mae reported late Wednesday that it had misclassified $10.3 billion in loan purchases over the past two years, counting single-family acquisitions as multifamily and vice versa. The company, which is working its way through an $11 billion accounting scandal, said the misclassification will not affect earnings. A company spokeswoman told MortgageWire that the problem was caused by a "coding" mistake. She also said the government-sponsored enterprise will no longer specify its loan purchases as single-family or multifamily on a monthly basis, offering that information only quarterly. It will continue to publicize its total purchases each month under the data point called "business volume."

Posted by S. Germain at 07:27 AM | Comments (0)