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February 24, 2006

Mortgage Rate History

Posted by S. Germain at 09:31 AM | Comments (0)

The First American Corporation Declares Quarterly Cash Dividend

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that its board of directors has declared a regular quarterly cash dividend of 18 cents per common share.

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

Frank V. McMahon to Join The First American Corporation as Vice Chairman and Chief Financial Officer

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that Frank V. McMahon has been named vice chairman and chief financial officer.

Read the entire story here.

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

Fidelity National Information Services' Integrated Financial Solutions Division Introduces New Source Code Escrow Service

Fidelity National Information Services today announced the introduction of a new source code escrow service designed to assist FIS' financial institution clients with regulatory compliance.

Read the entire story here.

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

LandAmerica Reports Record Operating Revenue for Fourth Quarter and Full Year 2005

LandAmerica Financial Group, Inc. (NYSE: LFG - News), a leading provider of real estate transaction services, announces preliminary operating results for fourth quarter and fiscal year ended December 31, 2005.

Read the entire story here.

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

Stewart Information Services Corp. Listed on FORTUNE 'America's Most Admired Companies 2006

Stewart Information Services Corp. (Stewart) (NYSE:STC - News) has been named to FORTUNE magazine's annual list of "America's Most Admired Companies," landing as number four on the "mortgage services" industry list.

Stewart was the highest-ranking title insurance company on the list, receiving high marks for its use of corporate assets and financial soundness.

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

Leadership of Stewart Title and National Association of Real Estate Brokers Discuss Stewart Title's Role in Upcoming NAREB® Activities

To honor the strategic alliance forged in 2005 between Stewart Title and the National Association of Real Estate Brokers (NAREB®) and to solidify relationships between the groups' national leadership, Stewart executives hosted a luncheon at their corporate office for NAREB President Clifford Turner and national and local NAREB leadership.

Read the entire story here.

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

Electronic Mortgages Take a Step Forward with Law and Data Standards

The Property Records Industry Association (PRIA) announced immediate availability of the “Uniform Real Property Electronic Recording Act (URPERA) Enactment and eRecording Standards Implementation Guide” providing background and policy analysis to state legislatures across the country on enacting the URPERA and detailed guidance to state and local commissions developing technological standards for electronic recording – a pivotal link to the creation of paperless, electronic mortgage transactions.

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

100 Percent of Clients Renew Fiserv MortgageServ License and Service Bureau Agreements in 2005

Fiserv Lending Solutions, a business unit of Fiserv, Inc. (Nasdaq:FISV - News), announced today that 100 percent of its MortgageServ loan servicing system clients slated for renewals in 2005 recommitted to use of the platform. The renewals include multiyear agreements to either license MortgageServ or leverage the system via Fiserv Lending Solution's Philadelphia-based service bureau.

As the production market declines, loan servicing becomes a critical source of revenue for lenders. In addition to cash flow generated from transactions, the ongoing servicing relationship affords the opportunity to forge strong bonds with customers that encourage not only loyalty, but increased cross sales for other financial products.

Posted by S. Germain at 09:03 AM | Comments (0)

Wells Fargo opens mortgage loan site

Wells Fargo has opened a new 14,312-square-foot facility in Concord, where it will process mortgage loans originated across the Bay Area. The San Francisco-based bank will employ 60 employees, many of whom speak Spanish, Cantonese and Tagalog, at the new center at 1000 Burnett Ave., Suite 300.

"This new mortgage center allows us to provide quicker and more efficient processing of applications with local staff members who are familiar with the local market conditions," said Arlene Allert, regional managing director of Wells Fargo Home Mortgage.
During the past year, Wells Fargo Home Mortgage has opened 50 branches in 18 cities with culturally themed décor and staffing that reflect the cultural makeup of the communities.

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

October Research to Again Measure Pressure on Appraisers to Overstate Property Values

America is about to find out if more than half of its real estate appraisers are still feeling pressure from mortgage lenders, mortgage brokers and others to restate the values of properties.

October Research Corporation, publisher of Valuation Review, will conduct a follow-up survey to its critically acclaimed 2003 National Appraisal Survey this spring. A national sample of real estate appraisers will again be surveyed on key issues in the real estate services industry, including whether or not they have ever felt uncomfortably pressured to restate the value of a home. The results are expected to be published late this spring in the 2006 National Appraisal Survey. (A complimentary version will be available to selected media outlets. Please contact Brian Rieger at brieger@npcommunications.biz to reserve a copy.)

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

Two Credit Unions Choose the Mercury(TM) Core Processing Solution from Fidelity National Information Services

Fidelity National Information Services today announced that two credit unions have chosen the Mercury(TM) solution to meet their core processing needs. The new clients include Town of Palm Beach Federal Credit Union of Palm Beach, FL and Hayward Community Credit Union of Hayward, Wisconsin.

Hayward Community Credit Union, which received its community charter in 1935, was specifically seeking three attributes in a core solution: greater report-writing flexibility to make the generation of board reports faster; easier access to data from more fields for creating queries; and the ability to expand into business lending.

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

PLATINUMdata Solutions Enhances Offering with TransUnion's Flood Products

PLATINUMdata Solutions, a provider of next generation cascading automated valuation model (AVM) solutions for the mortgage industry, announced that it will provide a front-end tool that helps determine if a property is in or out of a flood zone, accompanied by a flood hazard certification product issued via TransUnion Settlement Solutions, the real estate services subsidiary for TransUnion.

Quick Flood Preview, created specifically for PLATINUMdata Solutions by TransUnion, is unique in the mortgage industry in that it enables lenders to determine a property's risk for flood damage on the front-end of the loan process. This product will be beneficial to lenders and brokers who normally have to wait for flood certification at the end of the origination process, thus enabling platform users to streamline their workflow.

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

VMP Parent in Acquisition Mode

At their 2006 Summit in Las Vegas John Bryant, SVP of banking at Wolters Kluwer Financial Services, said that banking is one of two growth areas for the company this year, with the mortgage space being the most profitable division within the banking umbrella. In 2005 the WKFS brand was introduced, the company integrated its back-office operations, acquired doc prep vendor Entyre, launched new products such as SMART Doc delivery to Freddie Mac and a bilingual initiative, and adopted a Six Sigma approach. In 2006 Mr. Bryant shared three goals: first, the company intends to continue to invest in its existing brands; second, WKFS plans to increase its mortgage technology portfolio by embarking on several acquisitions and strategic partnerships; and lastly, WKFS will integrate its systems to allow for a more seamless environment to allow for more cross selling opportunities.

Posted by S. Germain at 08:43 AM | Comments (0)

Refinancing Falls Again

The refinancing share of loan applications fell to 38.2% for the week ending February 17, according to the Mortgage Bankers Association of America. Adjustable-rate mortgages also dipped as a percentage of all applications, to 29.1% from 29.6%. Overall, loan applications increased slightly for the week due to an increase in applications for home loan purchases. However, total home loan applications were down 20% compared to the same week a year earlier.

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

Oxley Seeks Investigation of Title Industry

House Financial Services Committee chairman Michael Oxley, R-Ohio, has directed the Government Accountability Office to conduct a study of kickbacks and other anti-competitive practices in the title insurance industry. In a letter to the congressional auditing agency, chairman Oxley noted that investigations have revealed payments of referral fees to mortgage lenders and real estate agents that violate the Real Estate Settlement Procedures Act. "Other investigations have revealed abuses of reinsurance agreements that have forced title companies to pay millions of dollars in settlements," Rep Oxley says in the letter to GAO. The Financial Services Committee chairman expects GAO to look at the pricing and marketing of title insurance and to "examine the relationships between title insurers, realtors, lenders and home builders." The American Land Title Association executive vice president Jim Maher said a GAO study could help to clear up a lot of the "misinformation" about the title insurance business. "We see this as an opportunity to help clear up the confusion that exists, and to foster a better understanding about title insurance and the value it provides," Mr. Maher said.

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

Howard, Spencer, Raines on Hook for Fannie Mess

Fannie Mae's former chief financial officer Timothy Howard and former controller Leanne Spencer were primarily responsible for abusing accounting rules that led to the GSE's $11 billion earnings scandal, according to a long awaited internal report conducted by retired U.S. senator Warren Rudman. However, the Rudman report says former chairman and CEO Franklin Raines "was ultimately responsible" for management's abuse of general accepted accounting principals, noting that top executives at the company were "aware" of departures from GAAP. Released Thursday morning, the report seems to clear the GSE's board of all wrongdoing, saying the board was misled by "management." Mr. Rudman and his investigators charge that GSE employees who occupied "critical" accounting and audit functions at the company were unqualified for their positions or did not understand their roles. Also, Mr. Howard is singled out for not cooperating at all with the investigation, while Ms. Spencer cooperated early on but then declined further interviews "after we became aware of a critical document in her files, which Spencer had failed to produce...." Law enforcement officials and regulators were briefed on the report's findings before its release. The investigation, however, is not done. The report says the company has brought to the attention of investigators "new materials" that could be relevant. Messrs. Raines, Howard and Ms. Spencer have yet to comment on the report.

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

February 17, 2006

Single Family Housing Starts

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

eAppraiseIT Buys Network Appraisal Services

Valuation technology company eAppraiseIT LLC, Poway, Calif., has announced the acquisition of Network Appraisal Services, Kalamazoo, Mich. The terms of the transaction were not disclosed. NAS manages appraiser networks for national and regional lenders and develops online systems that help them comply with regulations by the Office of the Comptroller of the Currency to prevent directed appraisals. NAS executives will remain with the company, which will retain its name and operate as an independent subsidiary of eAppraiseIT, the company said. "NAS expands the range of services that we are able to deliver to the lending community," said Anthony Merlo, president of eAppraiseIT. "It allows us to better serve retail-focused lenders who maintain their own network of appraisers, and it will also help our other clients implement safeguards that help remove bias from the appraiser selection process."

Posted by S. Germain at 07:53 AM | Comments (0)

The First American Corporation Reports Results for the Fourth Quarter and Full Year 2005

The First American Corporation, America's largest provider of business information, today announced results for the fourth quarter and year ended Dec. 31, 2005:

Read the entire story here.

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

Fidelity National Information Services Provides Full Year 2006 Outlook

Fidelity National Information Services, Inc. announced today that it expects pro forma full year 2006 diluted earnings per share of $1.50 to $1.55, compared to $1.28 pro forma diluted earnings per share in 2005, and pro forma diluted cash earnings per share of $2.11 to $2.17, compared to $1.92 pro forma diluted cash earnings per share in 2005.

Read the entire story here.

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

LandAmerica Reports Restated Results for Policy and Contract Claims Reserve Calculation Error

LandAmerica Financial Group, Inc. announces that it will restate its audited financial results for the fiscal years 2000 through 2004 and its unaudited quarterly financial results for the first three quarters of 2005 to correct an accounting error related to the calculation of the Company's policy and contract claims accrual ("claims reserve"). The error resulted in a net understatement of reported earnings and has no impact on the cash flows of the Company.

Read the entire story here.

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

Stewart Reports Earnings for 2005

Read the entire story here.

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

Nueces County, Texas, Accepts Electronic Recording of Real Estate Documents Filed by Stewart Title

Stewart Title of Corpus Christi completed the first electronic recordings of real estate documents with the Nueces County Clerk using the Landata e-Recording System (LERS).

The first closing document packages including deeds, deeds of trust and other related documents for 13 real estate sales were transmitted on Dec. 1, 2005, into the county's Landata e-STAR Plus™ automated public records system. Packages were generated via LERS and submitted by Stewart Title of Corpus Christi.

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

Wells Fargo's Managed Servicing Portfolio Tops $1 Trillion

Wells Fargo & Company reported that its managed servicing portfolio (including 1 to 4 family first mortgages and commercial mortgage loans serviced for others), along with the company's owned-loans serviced and subservicing, surpassed the $1 trillion mark for the first time in 2005.

At the end of 2005, the company's total managed servicing portfolio totaled $1.016 trillion. "This is astonishing growth considering that just five years ago our total managed servicing portfolio was less than half this total at $468 billion," said Mark Oman, senior executive vice president, Wells Fargo Home and Consumer Finance Group. "Hitting the $1 trillion mark represents the trust that customers have in Wells Fargo to help them reach their dreams of homeownership and succeed financially."

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

NotaryPro Partners with Secured Funding and World Wide Notary to Close Their First Complete Electronic Mortgage

NotaryPro, a nationwide signing service dedicated to getting loan documents signed accurately and on time, has coordinated and completed their first electronic notarization and electronic mortgage closing with e-recording in the history of the company. NotaryPro successfully demonstrated the ability to electronically automate the mortgage loan document signing process, enabling lenders to offer brokers and borrowers a complete electronic mortgage.

NotaryPro, the preferred signing service of home equity specialist Secured Funding, coordinated and completed its first electronic home equity mortgage closing utilizing World Wide Notary's DigaSign electronic notarization and closing technology. Secured Funding recorded the electronic warranty deed and security agreements utilizing US Recording, which officially filed with the Orange County, Calif. recorder of deeds.

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

TransUnion Launches End-to-End Servicing Solution

TransUnion Settlement Solutions launched Enterprise Document and Information Management today at the Mortgage Bankers Association's National Mortgage Servicing Conference and Expo in Phoenix, Arizona. The new complete offering, which includes both enterprise software and business process management services, helps mortgage loan servicers reduce costs, more effectively manage resources and minimize risk by assisting their regulatory and investor guidelines compliance programs.

TransUnion has expanded and enhanced the post-closing offering it acquired from AccuPost Corp. in 2004. TransUnion Enterprise Document and Information Management is comprised of the following two components:

Enterprise software - combines application technology and mortgage workflow models to help alleviate backlogs, increase productivity and minimize the risks associated with non-compliance and late delivery of loan documents.

Business process management services - helps servicers handle overflow, meet acquisition and transfer deadlines and reduce overhead costs. These services are managed by a TransUnion-staffed team of servicing professionals and can be deployed as either an in-sourcing or outsourcing arrangement.

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

MRG Document Technologies to Add Business Rules System to Core Technology

MRG Document Technologies (MRG), a provider of document preparation services for the financial industry, has announced an alliance with Pittsburgh-based Haley Systems Inc. and St. Paul, Minn.-based Artemis Alliance Inc.

The integration manages business rules (policies, procedures, regulations, logic, etc.) more effectively, while providing greater accessibility and flexibility for both business users and IT staff. MRG's platform is accessed by lenders through Miracle DocPrep, which simplifies the ordering process for loan documents by providing automated data entry, document selection and electronic delivery nationwide.

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

Electronic Mortgages Take a Step Forward with Guidance on Electronic Recording Law and Data Standards

Today the Property Records Industry Association (PRIA) announced immediate availability of the “Uniform Real Property Electronic Recording Act (URPERA) Enactment and eRecording Standards Implementation Guide” providing background and policy analysis to state legislatures across the country on enacting the URPERA and detailed guidance to state and local commissions developing technological standards for electronic recording – a pivotal link to the creation of paperless, electronic mortgage transactions.

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

Thrift Originations Off 10% in 4Q

Thrift originations of single-family loans fell 10% in the fourth quarter and borrowings against home equity lines edged up slightly, according to the Office of Thrift Supervision. The OTS reported that thrift originations totaled $164.0 billion in the fourth quarter, down from $181.3 billion in the third quarter. In the fourth quarter of 2004, originations totaled $154.1 billion. Home equity lines of credit grew by only 1.3% in the fourth quarter, to $90.5 billion, as rising short-term interest rates cut demand. The annual rate of growth in HELOC borrowing slowed to 15.7% in the fourth quarter of 2005 at OTS-regulated institutions from 68.3% a year earlier. Despite slowing originations, thrifts posted earnings of $4.34 billion in the fourth quarter and $16.4 billion for the year due to a jump in mortgage servicing fees. The value of mortgage servicing assets rose $1.6 billion in 2005 after declining by $62.9 million in 2004.

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

Mortgage Lenders Embracing 'Predictive Analytics'?

Mortgage lenders are now following in the footsteps of credit card and auto lending operations by incorporating predictive analytics to better manage risk, according to James Caldwell, a partner with Deloitte & Touche LLP, at the MBA's National Mortgage Servicing Conference & Expo in Phoenix. "There are several stages of increasing sophistication in collections, ranging from traditional to enhanced and then to risk-based," Mr. Caldwell told conference attendees during his session, "Leveraging Predictive Analytics to Drive Profit in Mortgage Collections." Deloitte & Touche conducted an online survey with the assistance of the Mortgage Bankers Association in which it conducted in-depth interviews with senior executives. With rising rates, concerns over housing prices, and a strained economic outlook, the survey found that lenders are implementing a variety of techniques to lower costs and boost revenues. "Mortgage lending has always looked for trends in customer data," Mr. Caldwell said. "However, sophisticated analytic tools can recognize critical patterns beyond trends. The market for decision analytics software in the U.S. was $2.3 billion in 2004 and is expected to grow by 30% in the next two years."

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

HUD Will Show Hand on RESPA in Spring

The Department of Housing and Urban Development is continuing its work on reforming the Real Estate Settlement Procedures Act and expects to share its views with the industry this spring, a department official has told MortgageWire. "We get closer each day to getting a proposal out," said HUD Assistant Secretary Brian Montgomery in an exclusive interview. However, he stressed that HUD is being "slow and deliberate" and could not say whether a proposal will come in six, eight, or even 15 weeks. "We know the industry wants some clarity," he said. "We certainly know consumers are anxious for something that gives them a certainty of costs." Industry groups are urging HUD to focus its attention on improving the good-faith estimate disclosure so that consumers can tell at closing if settlement costs have been bumped up. Lender groups are divided over proposals that would allow "volume discounts" or require funders to guarantee their costs.

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

Housing Starts Set Another Record

Single-family housing starts jumped 12.8% in January as warm weather sent the pace of construction up to a record level. The U.S. Census Bureau reported that single-family starts rebounded to a record seasonally adjusted annual rate of 1.82 million in January, up from a 1.61 million rate in December. December starts were revised upward by 36,000 units. "Once again it seems the death of the housing market has been greatly exaggerated," RBS Greenwich Capital chief economist Stephen Stanley said. However, he said he believes the housing market is "cooling" and housing activity will "slowly moderate, not collapse." Mr. Stanley said he expects home sales to slow more than starts because builders have such a tremendous backlog of orders. "Some of the big builders have begun to report higher cancellation rates and a slower pace of new orders, so the froth seems to be evaporating," he said.

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

Washington Mutual Cutting Mortgage Jobs by 19%

Washington Mutual, the nation's third-largest residential lender, revealed late Wednesday that it is slashing its mortgage work force by a stunning 19% (2,500 jobs), closing 10 processing sites in an effort to trim costs. The cuts by WaMu are -- by far -- the largest known layoffs by any mortgage firm during the recent industry downturn. Investment banking sources told MortgageWire that at least two other top-10 lenders are in the process of significant consolidations involving their sales forces and back-office operations. As of MortgageWire's deadline, the company's spokesman could not be reached for comment. After the cuts, the Seattle-based mega-thrift will have 16 processing locations left in the United States. Recently, WaMu combined its subprime division, Long Beach Mortgage, into its home loans group.

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

February 10, 2006

Source One Services Announces Name Change To First American Residential Value View

Source One Services, one of the country’s largest providers of broker price opinions (BPOs) and other real estate valuation products and a member of The First American Corporation family of companies, announced today that it will adopt a new corporate name—First American Residential Value View—to better reflect the range of services it provides to its customers. Phil Johnsen has been named chief operations officer and will oversee all sales and operations for the newly renamed company.

Read the entire story here.

Posted by S. Germain at 12:55 PM | Comments (0)

First American Real Estate Information Services Names Chris McCormick as COO of REO Servicing

First American Real Estate Information Services, Inc., a subsidiary of The First American Corporation, today announced that Chris McCormick has been named Chief Operating Officer of First American REO Servicing.

Read the entire story here.

Posted by S. Germain at 12:53 PM | Comments (0)

The First American Corporation To Hold 4th Quarter Conference Call on February 16

The First American Corporation, the nation’s largest data provider, today announced that it will host a conference call on Feb. 16, 2006, at 11 a.m. EST. The call will follow the announcement of the company’s fourth-quarter operating results, which is scheduled for release on Feb. 16, 2006, at 8:32 a.m. EST.

The conference call, which will also be broadcast over the Internet and is open to investors, members of the financial community and the media, can be accessed onlineaccessed online or by dialing toll free (888) 955-3516. Callers from outside the United States may dial (210) 234-5896. The pass code for the event is “First American.”

An audio replay of the conference call will be available through Feb. 23, 2006, by dialing
(203) 369-3615. An audio archive of the call and a copy of the 2005 fourth-quarter earnings release, including the financial information contained therein, will also be available on First American’s Web site.

Posted by S. Germain at 12:52 PM | Comments (0)

Fidelity National Information Services to Host Investor and Analyst Meeting on February 15, 2006

Fidelity National Information Services today announced that it will host an investor and analyst meeting on Wednesday, February 15, 2006, beginning at 8:30 a.m. EST at the company's corporate offices in Jacksonville, Florida.

The meeting, which will be hosted by William P. Foley II, chairman of the board, and Lee A. Kennedy, chief executive officer, will also include presentations by senior members of the FIS management team.

If you are interested in attending, please email Mary Waggoner. All attendees must register prior to the meeting. The company will also sponsor a live webcast of the meeting. To access the broadcast, go to the Investor Relations section of the FIS homepage, and click on the webcast link at least 15 minutes prior to the call. A replay will be available shortly after the meeting concludes and will remain available through March 14, 2006.

Posted by S. Germain at 12:50 PM | Comments (0)

Fidelity National Financial, Inc. Reports Fourth Quarter 2005 EPS of $0.64 or $1.20 Before the Tax Impact of the FNT Distribution

Fidelity National Financial, Inc. today reported operating results for the three-month and twelve-month periods ended December 31, 2005.

Read the entire story here.

Posted by S. Germain at 12:43 PM | Comments (0)

Fidelity National Financial, Inc. Announces Board and Executive Officer Appointments

Fidelity National Financial, Inc., a Fortune 500 provider of outsourced products and services to a variety of industries, today announced the appointment of Alan L. Stinson, Chief Financial Officer, to the additional role of Chief Operating Officer and Brent B. Bickett to President of FNF. Additionally, Richard N. Massey was elected to FNF's Board of Directors.

Posted by S. Germain at 12:42 PM | Comments (0)

Fidelity National Title Group, Inc. Reports Fourth Quarter 2005 EPS of $0.73

Read the entire story here.

Posted by S. Germain at 12:41 PM | Comments (0)

Fidelity National Information Services and Official Payments Enter Into Agreement to Expedite Government Payments

Fidelity National Information Services (NYSE: FIS - News), formerly known as Certegy, today announced a three-year exclusive agreement with Official Payments Corp.®, a subsidiary of Tier Technologies (Nasdaq: TIERE - News) of Reston, Virginia, to issue Visa® prepaid debit cards.

Through its relationships with federal, state and local government entities, Official Payments Corp. facilitates payments between individuals and governments using comprehensive technology solutions. Under the terms of the agreement, Certegy will provide Official Payments with Visa-branded prepaid debit products as part of an initiative to convert government disbursements to electronic prepaid card solutions. The relationship will initially focus on the conversion of child support disbursements, expanding to include additional prepaid debit programs in the future.

Posted by S. Germain at 12:39 PM | Comments (0)

GlobeXplorer®'s ImageAtlas Lets Users Step Back Through Time From Above (Stewart)

GlobeXplorer has announced the latest functionality addition to their ImageAtlas aerial/satellite/map viewer: the ability to instantly pick, compare, and purchase images from multiple dates.

Users simply zoom to their area of interest and then click on a pull-down menu to select from all of the versions of imagery GlobeXplorer carries at that location and zoom level. Multi-date picking gives ImageAtlas users full access to GlobeXplorer's industry-leading catalog of imagery spanning back 15 years, and in some areas, much further.

Posted by S. Germain at 12:38 PM | Comments (0)

GMAC Mortgage to Handle Subservicing for Americorp Credit

GMAC Mortgage Corp. today announced that it will handle interim subservicing for Americorp Credit Corporation's first mortgages and closed-end second mortgages.

"Americorp chose GMAC Mortgage because of our strong reputation in the subservicing industry," said Tom Donatacci, senior vice president of business development. "Our solid focus on the customer and capability to service multiple products on an interim basis were driving factors in this strategic business decision."

Posted by S. Germain at 12:36 PM | Comments (0)

Navy Federal Credit Union Implements FIS' Magnifide™ MSP (Fidelity)

Fidelity National Information Services (FIS) announced today that Navy Federal Credit Union successfully implemented Magnifide MSP: Collections, the first module of Magnifide MSP, FIS' next-generation mortgage servicing system.

FIS has made a significant investment to re-architect its industry-leading Mortgage Servicing Package (MSP) and is dedicating more than 200 employees to the project. This innovative, dynamic servicing solution increases scalability and maintains reliability for which MSP is known, as well as sets the foundation for continued support and growth. Magnifide MSP is a flexible, open and easy to use servicing system that provides consistent, real-time functionality.

Posted by S. Germain at 12:34 PM | Comments (0)

DocuTech Corp. Marks Record Year of Growth and Expansion in 2005

DocuTech Corp. (DocuTech), a leading provider of compliance services and documentation technology for the mortgage industry, reported a record year of growth in 2005 related to successful product introduction sales, key employee additions and fulfillment center expansion levels.

The success of WebXpress, its new service enabling users to meet government-mandated timelines for initial disclosures while providing increased speed and security, was a catalyst for DocuTech's results in 2005. Within its first year as a product offering, WebXpress has been implemented by 30 percent of DT Classic users in addition to creating 25 percent of the company's new business. The secure desktop and Web-based product enables users to better manage files by equipping them with the necessary tools to securely record and update all their loan documents in a fraction of the time previously spent with traditional methods.

Posted by S. Germain at 12:30 PM | Comments (0)

Bank of America to close former MBNA mortgage centers

Bank of America Corp. told employees last week that it will close the mortgage centers of the former MBNA Corp., shifting their work to its own centers, a spokeswoman said Thursday. The Charlotte company has not determined how many jobs will be lost as a result, spokeswoman Julie Davis said. Bank of America plans to cut 6,000 jobs in total as it swallows MBNA.

Bank of America also will shutter Nexstar Financial, a company MBNA acquired last summer that provides mortgage services for other companies, Davis said. Like MBNA's division that handles credit cards for other banks, Nexstar put Bank of America at risk of competing with itself.

Posted by S. Germain at 12:29 PM | Comments (0)

GMACCM Touts 'Smart' Outsourcing

GMAC Commercial Mortgage, Horsham, Pa., is touting its strategy to use technology as an enabler for outsourcing at the 9th Annual SourceMedia Mortgage Technology Conference in Miami Beach, Fla. Galen Hain, vice president of software development at GMACCM, noted that outsourcing goes by several names and is a politically charged topic. Nevertheless, outsourcing is a necessity, he said. GMACCM has avoided huge layoffs by using technology to create a model that upper management owns and manages. The lender has repositioned staff into other areas of the business, transitioning its technology coders to technology architects, for example. Mr. Hain said these employees are now more important to GMACCM, given their expertise in creating a service-oriented platform to make outsourcing more seamless for the lender.

Posted by S. Germain at 12:28 PM | Comments (0)

Flagstar, BeesPath Empower Closing Agents

Flagstar Bank, Troy, Mich., has announced the integration of its Digital Document Transfer platform with BeesPath Inc.'s RecordsDirect to create what it calls the first system to extend image delivery services to closing agents in the mortgage industry. The two products work together to provide "virtually immediate delivery and processing" of closed loan documents and to enable closing agents to share the benefits enjoyed by lenders and investors, Flagstar said. "Today, unsigned loan documents are being delivered electronically to closing agent before a loan closes," said Todd Hougaard, president of Richmond, Utah-based BeesPath. "This integration allows signed documents to be delivered electronically post-closing."

Posted by S. Germain at 12:27 PM | Comments (0)

Arlington Cap Picks Archive SaaS System

Arlington Capital Mortgage Corp., Bensalem, Pa., has picked Archive Systems' ASPEN 360 Software-as-a-Service system to create a central repository to give its branches online access to loan documents. The SaaS system means Arlington will require no software, hardware, or infrastructure to use the system. Arlington Capital personnel will scan and upload loan documents via ASPEN 360's Scanning Gateway technology. Arlington will also use the system to provide direct access to investors looking to purchase loans. Fairfield, N.J.-based Archive Systems provides DPO (document process outsourcing) services.

Posted by S. Germain at 12:26 PM | Comments (0)

ANTs, SFG Launch Direct-Lending System

ANTs Software Inc., Burlingame, Calif., has announced the launch of the SFG Bancorp system that offers to reduce a one- to three-day loan application process to a single 22-minute phone call. SFG, a real estate brokerage and direct mortgage lender based in Pleasanton, Calif., has adopted the ANTs data server to create an integrated mortgage lending system the company touts as slashing the total cost of ownership by 90% compared with that of competing systems. The ANTs Data Server 3.4 serves as the central repository for all customer data. ANTs partnered with sfaFinity Inc., San Jose, Calif., to integrate its customer relationship management capabilities with the ANTs Data Server. SFG Bancorp's resulting SWEEP system is projected to support 1,200 simultaneous users (local or remote via the Internet) and 90 million database records by the end of 2006.

Posted by S. Germain at 12:25 PM | Comments (0)

Banks Report Weaker SF Mortgage Demand

Commercial banks are reporting "weaker" demand for single-family mortgage loans, and they say they expect to see an increase in delinquencies on commercial real estate loans and nontraditional single-family loans this year, according to a periodic survey by the Federal Reserve Board. The January survey of senior loan officers shows that 44% of domestic banks are experiencing "weaker demand for mortgages to purchase homes, a notably larger net fraction that in the October survey," the Fed said. The survey also shows that 40% of banks anticipate that the credit quality of nontraditional products, such as alternative-A, interest-only, and payment-option adjustable-rate mortgages, will deteriorate during 2006. Only six of the 50 respondent banks expect to see higher delinquencies on traditional mortgage loans. Meanwhile, 25% of loan officers said they expect higher delinquencies on CRE loans.

Posted by S. Germain at 12:25 PM | Comments (0)

ComUnity Lending Consolidates Nonprime Unit

ComUnity Lending, Morgan Hill, Calif., has consolidated its CreditFlex Funding nonprime lending division into its overall operations. The offices of CreditFlex Funding, which was started in late 2003 as the nonprime wholesale lending arm of ComUnity Lending, will now become ComUnity Lending offices, the parent company said. "We wanted to focus on providing a wide variety of products to our brokers, and found that having two separate divisions offering the same products was becoming redundant," said Jayson Stebbins, executive vice president of ComUnity Lending. "This is not a reflection on CreditFlex's success -- in fact, the division was very successful in developing new business in the nonprime lending arena for us."

Posted by S. Germain at 12:24 PM | Comments (0)

GSEs Eyeing Subprime Market

Freddie Mac and Fannie Mae are talking about getting involved in the subprime market to increase their credit guarantee business and better serve their customers. Freddie Mac executive vice president Patricia Cook told investors at a Credit Suisse conference that there is nothing in "our charter" that says Freddie cannot purchase and securitize subprime loans. The mortgage giant currently buys triple-A-rated subprime securitizations, she said, and Freddie Mac could securitize subprime mortgages without "necessarily" increasing the company's credit risk. "The key is to be able to buy the mortgages and decide how much of that credit risk we want to retain and how much we want to sell," Ms. Cook said. A company spokeswoman said Freddie Mac has "no immediate plans" to roll out a subprime program. Fannie Mae's chief business officer, Rob Levin, also told the Credit Suisse conference that his company wants to provide secondary-market execution for a wider array of mortgage products that its customers originate. "We are also focused on ways to participate in the subprime market," Mr. Levine said.

Posted by S. Germain at 12:23 PM | Comments (0)

February 03, 2006

Top Servicers in Q3 2005

Source: National Mortgage News

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

First American Partners With Bohan Group to Bring Faster, More Advanced Due Diligence Services to Mortgage Investors

First American Real Estate Solutions (RES®), the nation's largest provider of advanced property and ownership information, analytics and services, today announced that it has formed a strategic partnership with Bohan Group, a premier provider of risk analysis and transaction support services to the capital markets. As part of this strategic partnership, and to demonstrate its commitment to the success of the alliance, First American has purchased a minority interest in Bohan Group. Details of the investment were not disclosed.

Read the entire story here.

Posted by S. Germain at 08:34 AM | Comments (0)

Fidelity National Financial, Inc. and Certegy Inc. Announce Closing of Merger of Fidelity National Information Services, Inc. and Certegy Inc.

Fidelity National Financial, Inc., and Certegy Inc. today announced the closing of the previously announced Merger Agreement between Fidelity National Information Services, Inc., a majority-owned subsidiary of Fidelity National Financial, Inc., and Certegy Inc. ("Certegy").

Under the terms of the Merger Agreement, FIS and Certegy were combined in a tax-free, stock-for-stock merger under which each share of FIS common stock was exchanged for 0.6396 shares of Certegy common stock. After the issuance of Certegy stock to FIS shareholders, current Certegy shareholders own approximately 32% and FIS shareholders own approximately 68% of the combined entity, with FNF directly owning approximately 51%.

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

Fidelity National Financial, Inc. Announces Closing of Sedgwick CMS Acquisition

Fidelity National Financial, Inc. today announced the closing of the acquisition of Sedgwick CMS Holdings, Inc. ("Sedgwick CMS"), an industry leading provider of outsourced insurance claims management services to large corporate and public sector entities.

Posted by S. Germain at 08:32 AM | Comments (0)

New Fed Head Sworn In

Ben Bernanke (R) being sworn in by Federal Reserve Board Vice Chairman Roger Ferguson Jr. The new head of the U.S. Federal Reserve, Ben Bernanke, was formally sworn in to office Wednesday morning in Washington. Bernanke succeeds Alan Greenspan and is expected to continue his fight to contain inflation. Bernanke heads the committee that sets the key U.S. interest rate. Tuesday, on Greenspan's last day as chairman, the committee hiked interest rates one quarter of a percent in an effort to cool the economy and fend off inflation.

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

Palm Desert National Bank Partners With MoneyLine Lending Services to Launch Full-Service Residential Mortgage Loan Program

MoneyLine Lending Services, a specialized provider of end-to-end mortgage origination and fulfillment services, is pleased to announce that Palm Desert National Bank, a nationally chartered community bank with assets exceeding $300 million, has partnered with MoneyLine to launch a full-service residential mortgage loan program for customers. The bank, which offers a large range of construction and commercial loans, has added a wide variety of competitive residential mortgage loan products tailored to fulfill the broad spectrum of its customers' home financing needs.

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

Mortgage Cadence Selects PCi as First Vendor to Deliver Compliance Technology for Their Lending Platform

PCi Corporation (PCi), a part of Wolters Kluwer Financial Services, and Mortgage Cadence, a leading end-to-end mortgage lending platform provider, announced a partnership to combine their offerings enabling Mortgage Cadence customers easy access to PCi's compliance functionality for HMDA (Home Mortgage Disclosure Act), anti-predatory lending and flood zone management.

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

ResMAE Launches Multi-Family Commercial Lending in California

ResMAE Mortgage Corporation announced today the launch of its commercial lending operation in California. Specializing in multi-family properties of five units or more, this initial offering is part of a broader nationwide rollout that includes commercial lending for mixed use, office, retail, and light industrial properties. ResMAE, while primarily a subprime residential wholesale lender, sees commercial opportunities through its independent broker customer base.

Posted by S. Germain at 08:22 AM | Comments (0)

National Real Estate Information Services (NREIS) Mitigates Environmental Due Diligence Challenges for Commercial Lending Clients

With environmental due diligence leading the way as the single most complex issue facing commercial lenders today, National Real Estate Information Services (NREIS) offers its commercial clients environmental services, including lien searches, interviews and valuations.

National Real Estate recognizes that environmental remediation poses a great risk for commercial lenders, as well as their borrowers. Fortunately, National Real Estate provides the expertise commercial clients need to navigate environmental issues and satisfy U.S. Environmental Protection Agency (EPA) regulations.

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

450 Irwin Mortgage jobs may be in jeopardy

About 450 workers at Irwin Mortgage in Fishers face an uncertain future after the firm's parent said it might put the mortgage unit up for sale. Columbus-based Irwin Financial said Jan. 25 it has hired investment bank JPMorgan to consider "strategic alternatives." Home mortgages used to be a cash cow for Irwin Financial, generating profits that covered losses for some other units in the company.
But officials said they fear profits will shrink as big competitors take more of the market and homebuyers are offered more alternatives through the Internet, direct mail and other avenues.

Posted by S. Germain at 08:20 AM | Comments (0)

Wells Fargo Financial Corporation Canada and MortgageBrokers.com Inc. Form a Strategic Partnership

Wells Fargo Financial Corporation Canada and MortgageBrokers.com Holdings Inc. (OTC BB: MBKR) said they entered into a strategic partnership alliance through which Wells Fargo Financial Canada will provide dedicated resources for MortgageBrokers.com to generate greater mortgage volumes for both companies.

"We view this new relationship as a win for both organizations and most importantly the customer," said Richard P. Valade, President, Wells Fargo Financial Canada. "The affiliation further develops our exposure in the market and supports our continued growth plan helping us secure our reputation as one of the premier providers of non-conforming mortgage solutions for Canadian consumers."

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

American Bank Buys Minnesota Mortgage

American Bank of Saint Paul, St. Paul, Minn., has announced the acquisition of Minnesota Mortgage Financial Corp. from Gaertner Meiers Inc. for an undisclosed amount. Minnesota Mortgage is a mortgage broker for residential and commercial properties, with offices in St. Paul and Maple Grove, Minn. It will now be operated under the name Minnesota Mortgage Financial LLC, with Brad Thoreen as president and 17 loan originators, American Bank said. "Our current customer base can benefit from the opportunity of increased lending abilities in secondary-market mortgages," said John Seidel, American Bank's president and chief executive officer.

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

Capital Title Subsidiary Buys Flood Zone Biz

Capital Title Group Inc., Scottsdale, Ariz., has announced the acquisition of the flood zone determination business of America's Flood Services Inc., Rancho Cordova, Calif., by Capital Title's subsidiary, CTG Real Estate Information Services. The terms of the transaction were not disclosed. The acquired business will be merged into Nationwide TotalFlood, a service subsidiary of CTG REIS. (AFS will retain its core business unit, Flood Insurance Agency and Insurance Tracking.) "This acquisition provides us with an enhanced revenue base and will allow us to provide these newly acquired customers access to a full bundle of origination services, including appraisal, title, closing, and foreclosure services, all available through Nationwide Appraisal Services, another service subsidiary of CTG REIS," said Richard A. Alexander, president and chief executive officer of CTG REIS.

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

Prime Alliance Sees 34% Rise in Volume

Minneapolis-based Prime Alliance Solutions Inc., a partnership between technology vendor Dexma and Boeing Employees' Credit Union, has reported handling over 140,000 loans (about $25 billion in loan volume) last year, a 34% increase from the previous year's level. The Prime Alliance technology system now extends to more than 1,300 credit unions that are part of the Prime Alliance consortium. According to the Fannie Mae Mortgage Focus 2005 study, the average cost per closed loan among low-cost/high-productivity credit unions within Prime Alliance stood at $469 -- nearly one-third the average origination cost ($1,206) in other retail credit unions and less than one-fifth of the average cost ($2,703) in the typical retail lender.

Posted by S. Germain at 08:13 AM | Comments (0)

Fairway Launches Alternative Lending Unit

Fairway New England Mortgage, Needham, Mass., has announced the formation of an alternative lending division that will focus solely on nontraditional financing. Heath Lefort has been appointed vice president and will head the new division. Mr. Lefort will focus initially on helping expand Fairway New England, but its parent company, Fairway Independent Mortgage Corp., plans to incorporate his expertise into its nearly 100 branches, Fairway said. (Until now, Fairway Independent Mortgage had been a traditional lender that referred out nontraditional loans.) The company said Mr. Lefort is an 11-year veteran of the mortgage industry who spent seven years with Fleet Boston Financial and several years with Patriot Funding LLC.

Posted by S. Germain at 08:12 AM | Comments (0)

Rates Climb

The average 30-year fixed mortgage rate rose from 6.12% to 6.23% over the seven-day period ended Feb. 2, according to Freddie Mac's Primary Mortgage Market Survey.

The average 15-year fixed mortgage rate rose from 5.70% to 5.81%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 5.75% to 5.87%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.20% to 5.33%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs and 0.7 of a point for one-year ARMs. "Declines in worker productivity coupled with accelerating labor costs increase the threat of inflation down the road," said Frank Nothaft, Freddie Mac's chief economist. "Inflationary pressure generated by these factors pushes long-term mortgage rates upward, which is why we have seen rates rise these last two weeks." A year ago, the average 30-year and 15-year fixed rates were 5.63% and 5.14%, respectively, and the average one-year ARM rate was 4.23%, Freddie Mac said.

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