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March 31, 2006

First American Loan Processing Division and Dorado Deliver the Power of the Network to Customers

Dorado Corporation, delivering the power of the network to home lending, today announced that First American Fulfillment Solutions has partnered with Dorado to deliver a true end-to-end loan origination solution. Using the Dorado ChannelMaster®/POS and PriceMaster offerings, First American Fulfillment customers will now have the ability to leverage point-of-sale and pricing functionality when utilizing First American Fulfillment Solutions.

Read the entire story here.

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

DPS and Chicago Title Team up to Adopt Fully Electronic Closings

Chicago Title Insurance Company, an affiliate of Fidelity National Title Group, Inc., has signed an agreement with Document Processing Systems, Inc., the mortgage industry's leader in paperless eMortgage technology, to roll out the DPS eMortgage Studio™ to its offices beginning in the Midwest.

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

Fidelity Launches Free Mortgage Payment Tool for MLS Organizations and Welcomes Georgia MLS as First Adopter

Fidelity National Information Services today announced the launch of Fidelity National Real Estate Solutions' RatePlug™ offering, an add-on tool that integrates dynamic, real-time mortgage product, rate and payment information directly into broker and agent Web sites and MLS platforms. Georgia MLS is the first organization to incorporate this solution into its MLS system, enabling its members to heighten their homebuyers' experience by providing instant, property-specific mortgage payment and qualification information.

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

First Citizens Bank of Trinidad Enhances Customer Focus With Fidelity National Information Services' Technology

Fidelity National Information Services, Inc. today announced that First Citizens Bank Limited in Trinidad and Tobago has extended its agreement for FIS Profile™, a core banking solution, Profile Financial Management System (FMS), a general ledger application and the Corporate Internet banking solution.

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

LandAmerica to Acquire Capital Title Group, Inc.; Strengthens Presence in Key Western States

Theodore L. Chandler, Jr., President and CEO of LandAmerica Financial Group, Inc., a leading provider of real estate transaction services, and Donald R. Head, Chairman, President and CEO of Capital Title Group, Inc., jointly announce that their respective companies have signed an agreement pursuant to which LandAmerica will purchase Capital Title Group, Inc. (Capital Title), a title insurance underwriter, agent, and settlement services provider, subject to approval by Capital Title's shareholders and receipt of all required regulatory approvals.

Posted by S. Germain at 09:11 AM | Comments (0)

Stewart Standardizes on Silanis e-signatures for both its e-mortgage and Internal Applications

Silanis Technology Inc. today announced that Stewart Information Services Corp. will extend the use of Silanis’ ApproveIt electronic signature platform for its internal operational processes. The real estate information and transaction management company expects its internal processes to benefit from significant time and cost reductions, as has its settlement and title services since integrating Silanis’ solutions in 2004.

In 2004, Stewart Title Co. and Silanis co-developed the patent-pending eClosingRoom™, which is integrated with the SureClose® online transaction management system, becoming the first and only system to handle all real estate closing documents electronically. Prior to the closing meeting, homebuyers electronically review all closing documents and electronically sign all non-notarized documents. The remaining documents can then be electronically signed in the presence of a notary using the system’s eNotary capability. The electronically signed documents are also made available to participating county recorders, where permitted by law.

Posted by S. Germain at 09:10 AM | Comments (0)

MRG Document Technologies Selects PTC® Arbortext® to Publish On-Demand Mortgage Documents

PTC, the Product Development Company™, today announced that MRG Document Technologies has selected PTC Arbortext solutions for its dynamic publishing system to deliver on-demand mortgage closing documents to large lenders, independent mortgage brokers and agents. PTC Arbortext solutions enable companies to automate the assembly and publishing of product and service information in multiple languages and media formats.

Posted by S. Germain at 09:07 AM | Comments (0)

Synergistic Technologies, MRG Document Technologies and World Wide Notary to Provide Mortgage Lenders End-to-End e-Mortgage Solution

Synergistic Technologies, MRG Document Technologies and World Wide Notary today announced an alliance by which the three companies will jointly offer mortgage lenders a comprehensive, end-to-end e-mortgage solution.

The three companies will combine their respective solutions and expertise in document preparation and delivery, document imaging and management and electronic signatures to streamline paper-based loan processes for mortgage lenders while providing them with a flexible, iterative e-mortgage migration strategy that includes automated loan processing workflow, online document sharing, secure, hosted document management, and electronic signing.

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

MRG Introduces Browser-Based Version of Miracle DocPrep(C)

The browser-based Miracle DocPrep speeds up the delivery and simplifies the document-ordering process by providing automated data entry, document selection and electronic delivery nationwide. Browser-based Miracle DocPrep works seamlessly in small to mid-sized lending environments, especially those supporting out-of-the-office associates, since it allows access to the loan platform and documents from any location. Some of the most advanced features include multiple user-friendly fields on the fee and FACT Act disclosure screens, the ability to modify sections of the closing instructions, and the capability for new customers to immediately begin drawing document packages.

Posted by S. Germain at 09:01 AM | Comments (0)

Community Investment Corporation of North Carolina Upgrades to FICS' Commercial Servicer®

Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced at the MBA National Technology in Mortgage Banking Conference & Expo the successful implementation of Commercial Servicer® at North Carolina-based Community Investment Corporation of North Carolina (CICNC), an affordable housing loan consortium whose sole purpose is to provide long term, permanent financing for the development of low-moderate income multifamily and elderly housing.

Posted by S. Germain at 09:01 AM | Comments (0)

Byte Software Unveils Hosted Version of BytePro

Byte Software, a leading provider of mortgage lending software solutions, announced today at the MBA National Technology Annual Conference and Expo the release of BytePro Online, a hosted version of its next generation loan origination software (LOS). This hosted solution enhances connectivity for mortgage professionals, enabling them to access BytePro via the Internet.

A huge advantage, customers now have remote access to BytePro, with no need for additional software installation on the user's computer. With Internet Explorer and an Internet connection, users can securely access BytePro from any location at any time. In addition, as customers expand BytePro Online offers scalability to accommodate a large number of simultaneous connections

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

Additional Mortgage Companies Join BlitzDocs Network

Advectis®, Inc., provider of the most widely used solution for electronic mortgage document collaboration, announced at the Mortgage Bankers Association's National Technology in Mortgage Banking Conference and Expo that three additional mortgage companies have selected BlitzDocs® Collaboration Suite for their organization. California-based Mason-McDuffie Mortgage Corp., Arizona-based Concord Mortgage Company and Georgia-based Primary Capital Mortgage are the latest lenders to join the BlitzDocs collaborative electronic document network, where participants in the mortgage loan industry capture, submit, organize, underwrite, audit, share and archive loan documents electronically.

Posted by S. Germain at 08:58 AM | Comments (0)

Visionet Systems Launches Mortgage-Specific Optical Character Recognition (OCR) Toolkit and Service

Visionet Systems has launched VisiOCR®, a low-cost document indexing and data entry technology service for servicers and lenders. VisiOCR enables mortgage companies to reduce indexing and data entry costs and improve the accuracy of indexing and data through offshore data entry services and document-to-data processes. Properly indexed loan files help improve efficiency from underwriting to secondary marketing and servicing. Automation of data capture for loan review and legal description speeds up the mortgage supply chain.

Posted by S. Germain at 08:58 AM | Comments (0)

Mortgage Builder Introduces LOS Version 3.5

Mortgage Builder Software, Inc., a provider of an end-to-end mortgage banking software solution, released version 3.5 of its loan origination software (LOS) package, Mortgage Builder. The enhanced version has a direct flood interface with CBC, and it has greater back-end capabilities.

Similar to the Mortgage Builder credit interfaces, when the user hits the "submit" button on the flood submission screen, the system will access CBC's Web site across the Internet and pulls the flood certificate back into the Mortgage Builder system. When the certificate is returned to the Mortgage Builder system, county code information populates the loan application, as well as census tract data if that type of flood certificate was elected.

Posted by S. Germain at 08:57 AM | Comments (0)

Byte Software and Online Documents Develop Strategic Alliance

At the National Technology in Mortgage Banking Conference, Byte Software, one of the leading providers of loan origination software (LOS) and Online Documents Inc., a subsidiary of Stewart Mortgage Information (SMI), announced a strategic alliance designed to simplify the closing process for lenders. Originators will be able to use BytePro to seamlessly access Online Express™ Web to draw closing documents quickly and efficiently.

Posted by S. Germain at 08:56 AM | Comments (0)

Veros Announces Advanced Warning & Management System for Natural Disasters and Associated Collateral Risk

Veros Real Estate Solutions, an industry leader in advanced mortgage decision technology, announced today an immediate addition to its Disaster Risk Program in the form of a valuable new warning and management system to further enhance their Automated Valuation Model (AVM), VeroVALUE. This alert feature delivers an automatic warning to provide immediate notification of potential damage to subject properties in designated disaster areas.

The actionable and customizable system is offered to interested parties in order to provide them with the most current information available regarding potential threats to property as a result of natural disasters in the form of earthquakes, fires, hurricanes and other possible threats. Veros maintains ongoing flows of information delivery from multiple sources, including FEMA, and other national, regional and local entities that possess up-to-the-minute information regarding natural disaster threats.

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

a la mode Helps Large Lenders By Introducing eMortgages at the Point of Origination

At the Mortgage Bankers Association's National Technology in Mortgage Banking Conference & Expo here, a la mode, inc., a leader in real estate technology, introduced SureDocs, delivering the promise of e-signature enabled paperless mortgages in an affordable, easy to use application.

SureDocs creates a PDF digital file from any desktop application a user can print -- including their LOS, word processing or spreadsheet software. The digital documents are easily stored, retrieved and manipulated. Loan officers and mortgage brokers manage electronic copies of virtually every paper record in a mortgage deal as simply as printing on paper.

Posted by S. Germain at 08:48 AM | Comments (0)

Secure Web-Hosted Access for Calyx® Point® Loan Origination Software, PushMX Mortgage Productivity Solutions

PushMX Software, developer of loan automation and workflow management software for the mortgage industry, has unveiled PushMX GlobalOffice™ for mortgage professionals who use Calyx Point® loan origination software. This announcement was made this week at the National Technology in Mortgage Banking Conference in San Diego.

PushMX GlobalOffice is a comprehensive suite of secure, online applications that enable mortgage bankers and mortgage brokers to manage and monitor their entire operations using any Windows XP-equipped computer connected to the Internet. GlobalOffice includes a fully functioning Calyx Point loan origination system, PushMX automated mortgage productivity and mortgage company management solutions, Microsoft® Office® (Word, Excel and PowerPoint), Adobe® Acrobat Reader® and secure data archiving.

Posted by S. Germain at 08:46 AM | Comments (0)

CLC Home Loans Embarks into Residential Lending Market with Mortgage Cadence

San Diego-based CLC Home Loans, a wholly owned subsidiary of College Loan Corporation (CLC®), has announced that it has chosen Mortgage Cadence for their lending platform as it moves toward launching its new mortgage lending operation in April 2006.

CLC, the nation's seventh largest student loan provider, has created CLC Home Loans as a means to extend its service-oriented lending operations to the mortgage lending market. One of the critical success factors for the new operation was selecting a mortgage technology platform that would satisfy the needs of a retail lender. Not being burdened by previously existing mortgage systems or processes, CLC Home Loans was afforded a clean slate in seeking out a system that would best fit their organizational and business objectives.

Posted by S. Germain at 08:45 AM | Comments (0)

Mortgage Investors Group Implements Avista Solutions’ Web-Based Loan Origination and Product & Pricing Systems

Avista Solutions, a leading mortgage software provider, has implemented the Avista Accelerator™ Loan Origination System and Avista Advantage™ Product & Pricing Engine for Mortgage Investors Group.

The Avista Accelerator™ loan origination system allows users to create loan applications online or import them from external loan origination software, as well as order services such as credit and automated underwriting. Online status, pipeline management, originator/lender loan collaboration, disclosures and closing documents via 3rd party document providers are also provided in this B2B system. The lender view allows users access to all of the originator specific services as well as features such as template driven underwriting management. Simple updating of website content for each channel is managed through the user friendly back end administration.

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

Equifax and ATM to Establish Joint Venture Mortgage Settlement Services Company

Equifax Inc. (NYSE: EFX - News) today announced that it has formed a joint venture with ATM Corp., the nation's leading settlement solutions provider, to launch a national settlement services company. Equifax Settlement Services LLC will provide a complete set of mortgage settlement offerings, including title, closing and appraisal services.

Based in Pittsburgh, PA, this new venture leverages the combined strength of ATM's VISION(SM) Systems, a Web-based settlement solution and Equifax's advanced technology solutions and market reach. Equifax Settlement Services will provide the vendor management and settlement services that lenders need to close more loans and streamline the overall mortgage experience. For customers, this joint venture will offer convenient, centralized access to a comprehensive suite of mortgage and settlement solutions, empowering lenders in every stage of the mortgage process.

Posted by S. Germain at 08:40 AM | Comments (0)

RESPA Soon, Jackson Tells NAMB

The Department of Housing and Urban Development is preparing to issue a Real Estate Settlement Procedures Act reform proposal soon, according to secretary Alphonso Jackson. The HUD secretary told the National Association of Mortgage Brokers that it is "too early" to discuss the "substance" of the RESPA proposal. "But I will tell you that there will be a new rule proposed very soon." It is believed HUD is working with the White House budget office on the final drafts of the RESPA proposal. The HUD secretary thanked the mortgage brokers for their input at the RESPA roundtables HUD sponsored last summer. "You made a meaningful difference. I am confident, once you see the HUD proposal, it will be much better because we had your help," the secretary said.

Posted by S. Germain at 08:35 AM | Comments (0)

Companies Join to Form E-Mortgage Chain

Synergistic Technologies, MRG Document Technologies and World Wide Notary formed an alliance by which the three companies will jointly offer mortgage lenders an end-to-end e-mortgage solution. At the MBA tech show the companies said that they will combine their respective solutions and expertise in document preparation and delivery, document imaging and management and electronic signatures to streamline paper-based loan processes for mortgage lenders while providing them with a flexible, iterative e-mortgage migration strategy that includes automated loan processing workflow, online document sharing, secure, hosted document management, and electronic signing.

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

Point Moves to Become More Integrated

In more news from the MBA Tech Show, Calyx Software has embarked on a strategic mission to both support the MISMO standards and become a more fully integrated solution. Through the release of four products, DirectConnect, WebConnect, Loan Bridge and Point SDK, Point users will be able to use Point in a variety of ways to integrate other software solutions, connect to lenders and order various settlement services. The most recent of the three products, Point SDK, which will be released in June, is in direct response to the industry's need to integrate with various third-party solutions and providers. This new product will allow Point users to use a common SDK to create more seamless integrations. Vendors can also purchase the SDK, but it can only be used in conjunction with a Point owner's SDK.

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

Bush Proposes Raising FHA Loan Limits in High Cost Areas

The Bush administration is proposing to increase loan limits on Federal Housing Administration single-family loans so that FHA is not shut out of high-cost areas of California and Massachusetts. The legislative proposal would increase the FHA loan limit in high-cost areas to $417,000 -- which is the conforming loan limit on Fannie Mae and Freddie Mac loan purchases. Currently, the ceiling for FHA loans is $362,790 in high-cost areas and the floor is $200,160. The legislation proposal the Department of Housing and Urban Department sent to Capitol Hill raises the floor to $271,050 or 65% of the conforming loan limit. The legislative proposal also allows FHA to charge risk-based premiums so it can price its mortgage insurance based on the borrowers' credit score and loan-to-value ratio. HUD secretary Alphonso Jackson told the House Financial Services Committee this pricing flexibility would allow FHA to offer lower-cost mortgages to borrowers who are currently paying excessively high interest rates on subprime loans. FHA reform is a "top legislative priority for me this year," he said.

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

Centex Selling Subprime Home Lending Division

Centex Corp. has inked a $575-million deal to sell its Centex Home Equity Co. subprime home equity mortgage division. The buyer was Fortress Investment Group LLC of Manhattan. Dallas-based Centex plans to use the proceeds from the sale to invest in its homebuilding activities and buy back stock. According to Centex CEO Tim Eller, the transaction "supports our strategy of focusing on our core homebuilding operations."

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

American Bankers Association: More Home Equity Lines Are Delinquent

The American Bankers Association reports that 0.51 percent of home equity lines of credit were delinquent in the fourth quarter of 2005, up five basis points from the previous quarter and 18 basis points from the October-through-December period in 2004. "Credit quality in the home equity space had really no other place to go other than getting worse," explains SMR Research Corp. executive George Yacik, acknowledging that the rate was at a record low. Closed-end home equity loans recorded a delinquency rate of 2.07 percent, down 26 basis points from the third quarter and 30 basis points during the year-over-year period. Yacik attributes the lower delinquency rate on closed-end home equity loans to the fact that they are just now gaining popularity due to the flattening yield curve. The ABA expects the delinquency rate to change when data from Hurricane Katrina factors in! during the coming months.

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

From Fed, More of the Same

The Federal Reserve has raised its benchmark short-term interest rate to 4.75 percent from 4.5 percent, which marks the 15th consecutive increase in the rate by the central bank since June 2004. The statement from the central bank's policymaking body, the Federal Open Market Committee, also suggests that officials may raise the benchmark rate at least one more time in the months to come to guard against inflation. The cooling housing market and higher interest rates will push the Fed to slow down the economy over the next few months; but raising rates too high could result in a slump, while failing to lift them high enough could lead to inflation. The average rate on a 30-year mortgage was 6.29 percent before the central bank started raising the federal funds rate in June 2004 but was 6.32 percent last week, according to Freddie Mac.

Posted by S. Germain at 08:29 AM | Comments (0)

First Lender Member for Appraisal Group

Lewis Allen, chief appraiser for H&R Block Inc.'s Option One Mortgage Corp., has become the first lender representative of the Center for Responsible Appraisals and Valuations. The National Community Reinvestment Coalition established the eight-member trade group in 2005 to address the pressure placed on appraisers to inflate residential valuations. The center's members are required to perform annual audits, provide special training programs and institute a whistleblower hotline.

Posted by S. Germain at 08:28 AM | Comments (0)

March 24, 2006

Existing Home Sales

Posted by S. Germain at 09:07 AM | Comments (0)

First American Acquired Harvard Design and Mapping Company, Inc.

First American Real Estate Information Services, Inc., a subsidiary of The First American Corporation, announced today that it has acquired Harvard Design and Mapping Company, Inc. (HDM), a leading provider of Geographic Information Systems (GIS) technology to businesses and governments worldwide. Terms of the acquisition, which closed March 1, 2006, were not disclosed.

Read the entire story here.

Posted by S. Germain at 09:05 AM | Comments (0)

Fidelity National Real Estate Solutions Introduces NeighborhoodHomeSales Online Home Valuation Tool

Fidelity National Real Estate Solutions, today announced the availability of NeighborhoodHomeSales, a new Web-based lead generation tool for real estate professionals. NeighborhoodHomeSales is powered by Fidelity's extensive proprietary property ownership database, which contains more than 120 million real property records nationwide.

In keeping with consumers' growing desire to search the Internet for property listings and value information, Fidelity's NeighborhoodHomeSales service allows real estate professionals to put a home evaluation link on their existing Web site or a stand-alone Web site and provide consumers with instant home evaluations. The resulting lead is then provided to the real estate professional or lender to nurture over time. By offering this tool as a free value-added resource to consumers, real estate professionals can increase the number of Web site visitors who provide contact information, supporting their online lead aggregation efforts.

Posted by S. Germain at 09:02 AM | Comments (0)

Loan Protector Enhances Servicing Technologies

Loan Protector Insurance Services, a leading independent provider of customizable lender-placed insurance programs for lenders and mortgage servicers, announced several enhancements to EasyTrack℠ and EasyNOR, the first of six scheduled updates to occur in 2006.

Loan Protector developed EasyTrack to address the needs of servicers who outsource their entire insurance tracking portfolio. The system helps them manage insurance, escrow and verification processes in a secure, online environment.

Posted by S. Germain at 09:00 AM | Comments (0)

MortgageBrokers.com Executes LOI to Acquire New Jersey-based Mortgage Company

MortgageBrokers.com Inc., a subsidiary of MortgageBrokers.com Holdings Inc., announced today that it has a signed a Letter of Intent to acquire a privately held New Jersey-based mortgage broker and banker with licenses in seven states in the USA.

Alex Haditaghi, CEO of MortgageBrokers.com, stated, "This proposed acquisition will provide MortgageBrokers.com with a critical point of entry in the lucrative $3.8 trillion U.S. mortgage market. With an established footprint on the East Coast, this acquisition, once completed, could potentially bring $400 million in mortgage origination volume and $6.2 million in gross revenues to MortgageBrokers.com."

Posted by S. Germain at 08:58 AM | Comments (0)

Synechron Expands High-End Mortgage Knowledge Process Outsourcing Division

Synechron, a premier provider of application development and IT consulting solutions in the mortgage banking, capital markets and insurance domains, today announced expansion of its high-end, specialized Mortgage Banking Knowledge Process Outsourcing (KPO) division.

Synechron's KPO service offerings now include Loan Boarding, Conditions Processing, Title Review Services, Rate Locking Services, Compliance Services, Verification Services, Document Mapping Services, Quality Control and Post-Close Audit Services.

Posted by S. Germain at 08:52 AM | Comments (0)

Triad Guaranty Joins RealEC Service Provider Network (Stewart)

RealEC Technologies®, the leading provider of Supply Chain Technology to the mortgage industry, today announced that Triad Guaranty Insurance Corporation, a wholly owned subsidiary of Triad Guaranty Inc., and RealEC have collaborated to add Triad's mortgage insurance products to the RealEC Exchange. Through working with RealEC, Triad expands their suite of technology solutions available to their customers. RealEC's recent version of the RealEC Exchange and iSelect™ have been expanded to include additional functionality, in addition to the availability of mortgage insurance products.

Posted by S. Germain at 08:51 AM | Comments (0)

eNeighborhoods Launches Strategic Mortgage Solutions Division

eNeighborhoods, Inc., the nation's premier compiler of real estate related home and neighborhood information, has launched a new division to enhance the collateral valuation solutions currently in the market today. eNeighborhoods will debut its new Strategic Mortgage Solutions division and introduce its new NVM (Neighborhood Valuation Metrics) product line at MBA’s National Technology in Mortgage Banking Conference & Expo 2006 in San Diego, CA on March 29 – March 31, 2006 at booth #246.

Posted by S. Germain at 08:48 AM | Comments (0)

Xerox Launches Two New Versions of DocuShare CMS

Xerox Corporation has unveiled DocuShare CPX and DocuShare 5.0, two new enterprise content management software products built on a single technology platform. Businesses can use one or both applications to handle their content and document management needs, such as meeting privacy or disclosure-related government regulations.

Posted by S. Germain at 08:46 AM | Comments (0)

State Files Ameriquest Settlement

A formal settlement agreement has been filed in Alameda County Superior Court that will require Ameriquest Mortgage Co. to give borrowers in California upwards of $50 million in restitution. Some 108,000 borrowers who secured loans from the Orange-based company will benefit from the settlement, but Thomas Papageorge of the Los Angeles County district attorney's office does not expect them to receive any money until spring 2007 at the earliest. The $325 million settlement--covering 49 states and the District of Columbia--was sparked by allegations that the company used fraudulent property values and forged income and asset statements to originate loans that buyers could not afford and also deceived borrowers regarding rates, fees and penalties. Ameriquest has agreed to provide more complete disclosures, eliminate incentives based on the ! inclusion of prepayment penalties and other charges and ensure that borrowers in similar financial circumstances receive the same interest rates and discount points.

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

Investment Banks Begin to Flirt With Providers of Home Loans

More and more Wall Street firms have been making plans to step up their acquisitions of home-loan providers in order to bolster their mortgage-backed securities businesses. While Lehman Brothers Holdings Inc. and Bear Stearns Cos. remain Wall Street's most active players in the mortgage security market, three other major companies--Goldman Sachs Group Inc., Merrill Lynch & Co. and Morgan Stanley--have been successful at packaging pools of mortgage loans into bonds for the purposes of selling them to investors. In its latest annual report, Morgan Stanley stated: "We largely missed the expansion in the mortgage business, where our competitors grew more aggressively. Now, we can and will make sure that our role in the mortgage markets is commensurate with the scope of our fixed-income operation." Lehman and Bear, meanwhile, report that they are unlikely to make any major moves in the United! States anytime soon.

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

Bernanke Is Upbeat About Economy

Federal Reserve Chairman Ben Bernanke does not anticipate an economic slowdown tied to low long-term interest rates, noting that the gap between short- and long-term rates is closing. His comments to the Economic Club of New York underscored the predictions of many analysts that the central bank will boost the short-term interest rate to 4.75 percent from 4.5 percent at its meeting next week, with an additional quarter-point increase likely in May. Meanwhile, Bernanke is not worried about a jump in mortgage debt, as households have used home loans to replace high-rate consumer debt. "Families have made a lot of progress in restructuring their liabilities," he remarked.

Posted by S. Germain at 08:40 AM | Comments (0)

International Document Services Inc., Byte Establish Docs Alliance

International Document Services Inc., Salt Lake City, and Byte Software, Kirkland, Wash., have announced an alliance that offers mortgage professionals new options for legally compliant closing documents. The partnership creates "a seamless interface" between the idsDoc closing system and the BytePro loan origination system, the companies said. IDS president Curt Doman said the interface "will give Byte's customers a fully customizable document system, providing more time to originate loans."

Posted by S. Germain at 08:37 AM | Comments (0)

Metrocities, Keller Williams Form Mortgage JV

Metrocities Mortgage LLC, a residential mortgage lender based in Walnut Creek, Calif., and Keller Williams Realty International, Austin, Texas, have announced the formation of Western Security Mortgage, a joint venture that will serve Contra Costa, Alameda, Solano, and neighboring California counties. Western Security Mortgage's services will be offered at Keller Williams Realty's three partnering offices of Walnut Creek, Danville, and Castro Valley, the companies said. Beverly Steiner, operating partner at the three offices and Keller Williams Realty's regional director in Northern California and Hawaii, said the venture will offer a wide selection of traditional and innovative loan programs, including interest-only, stated income/stated asset, and vacation/ investment home financing.

Posted by S. Germain at 08:36 AM | Comments (0)

Standard & Poor's, Fiserv to Launch Home Price Indices

Standard & Poor's has announced that it is joining forces with MacroMarkets and Fiserv to publish the S&P/Case-Shiller Metro Area Home Price Indices. The indices, scheduled to launch in the second quarter, will include 10 individual metropolitan area indices and a weighted composite index of home prices, S&P said. The Chicago Mercantile Exchange will list futures and options contracts on the indices. The foundation of the new, tradable indices are the Fiserv Case-Shiller Indexes produced commercially by Case Shiller Weiss Inc. since 1991. (Fiserv bought CSW in 2002 to form Fiserv CSW.) "For the vast majority of Americans, their home is their largest and most valuable asset, and in a period of rising housing prices and increased concerns about a possible housing bubble, reliable information on their biggest asset is extremely important," said David Blitzer, managing director and chairman of S&P's Index Committee.

Posted by S. Germain at 08:35 AM | Comments (0)

RealtyTrac: New Foreclosures Rise

RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that the number of new properties in some stage of foreclosure rose 13% in February. The company's Monthly U.S. Foreclosure Market Report indicates that 117,259 new foreclosure properties were added to the rolls in February. "This is the third straight month the U.S. foreclosure rate has moved higher, and it's the second straight month new foreclosures have topped 100,000," said James J. Saccacio, RealtyTrac's chief executive officer. "However, several states, including California, Florida, Texas, and New York, reported a dip in foreclosures in February." The company said Georgia recorded the highest foreclosure rate of any state in February, jumping 28% (to 9,421 new foreclosures) from January's level and more than 100% from the level recorded a year earlier.

Posted by S. Germain at 08:35 AM | Comments (0)

Kohlberg Kravis & Roberts, Others Pay $9B for 78% of GMACCH

After a year of negotiations, an investor group that includes Kohlberg Kravis & Roberts and mortgage-backed security inventor Lewis Ranieri has finally closed on its purchase of GMAC Commercial Holding Co., paying almost $9 billion for the unit. The sale was unveiled Thursday morning. The investor group -- KKR, Mr. Ranieri's Five Mile Capital Partners, and Goldman Sachs -- paid $1.5 billion in cash, while agreeing to repay $7.3 billion in intercompany loans to GMAC. Upon closing, GMACCH, the parent of GMAC Commercial, Horsham, Pa., changed its name to Capmark Financial Group. According to figures compiled by the Mortgage Industry Directory, GMAC Commercial is the nation's largest commercial mortgage banker, with $247 billion in receivables at year-end. The financially ailing General Motors will retain 22% of Capmark. GM also is weighing bids for its residential mortgage business. Cerberus Capital Management, New York, which owns Houston-based Aegis Mortgage, is believed to be the leading bidder at this point, but a final sale could be months away.

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

Re-Sales Reverse Course, Rise 5.2%

Existing-home sales jumped 5.2% in February after a five-month decline, but economists contend that this spike will not reverse the downward trend in home sales. The National Association of Realtors reported that February sales of single-family homes, condominiums, and cooperatives increased from a seasonally adjusted annual rate of 6.57 million in January to 6.91 million in February. Fannie Mae chief economist David Berson noted that unusually warm weather in January led to a pick-up in home sales in February. But he said he expects home sales to decline in March and April. "The trend is clearly downward," and the pace of home price gains will continue to slow, he said. The NAR report shows that existing single-family home sales increased by 4.7% in February and the median single-family price was up 11.6% from that of a year ago. Single-family price appreciation peaked at a 16.4% annual rate last September. Meanwhile, existing condo and co-op sales jumped 8.8% in February as prices rose at a 3.5% annual rate.

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

March 22, 2006

MBA's 93rd Annual Convention and Expo 2006

MBA's 93rd Annual Convention & Expo 2006 is the largest gathering of residential real estate finance professionals and provides endless opportunities for building new relationships and connecting with industry experts.

MBA's 93rd Annual Convention & Expo is the event for all who are involved in the mortgage banking process including, but not limited to, national and regional lenders, full service mortgage companies, mortgage brokers, mortgage conduits, service providers, affordable housing groups, state and local association executives.

Posted by K. Perry at 01:55 PM | Comments (0)

March 17, 2006

Single Family Housing Starts

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

First American Financials

Read the entire story here.

Posted by S. Germain at 09:50 AM | Comments (0)

Time Lending California, Inc.'s Signature Marketing Division Announces Data Reseller Agreement With Fidelity National Information Services' IDM Corporation

Time Lending California, Inc. today announced that its Signature Marketing Division has entered into a reseller agreement with IDM Corporation, a division of Fidelity National Information Services. Under the terms of the agreement, Time Lending California (TLC), Inc. will resell IDM Corporation's property data.

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

Valley National Bank Renews MISER® Core Processing Contract With Fidelity National Information Systems and Adds Online Banking Solution

Fidelity National Information Services, Inc. today announced the five-year renewal of Valley National Bank's contract to run the MISER core processing solution in-house as well as a seven-year contract for Internet banking services. The bank, which operates 163 branches in northern and central New Jersey, is the principal subsidiary of Valley National Bancorp.

Posted by S. Germain at 09:48 AM | Comments (0)

Fidelity National Real Estate Solutions Announces Agreement to Integrate ZipForm® and WINForms® Real Estate Forms Applications With Its Transaction Management Platform

Fidelity National Real Estate Solutions today announced a strategic agreement with RE FormsNet®, LLC, a joint venture between the National Association of REALTORS® and Real Estate Business Services, Inc. (REBS), a subsidiary of the California Association of REALTORS® (C.A.R.). As part of this new agreement, direct integrations between Fidelity National Real Estate Solutions' transaction management technology offerings and RE FormsNet's® ZipForm® and WINForms® real estate forms applications will be facilitated.

Posted by S. Germain at 09:47 AM | Comments (0)

Texas United Bancshares Selects Fidelity National Information Services' HORIZON™ and ImageCentre™ Solutions

Fidelity National Information Services today announced an agreement with Texas United Bancshares, Inc. to deliver comprehensive information technology solutions including core processing, check imaging, online banking, EFT, business intelligence and other related applications. Texas United Bancshares, a $1.7 billion holding company (on a pro forma basis as of 2/15/06, which includes the recent acquisition of The Express Bank of Texas and the pending acquisition of Northwest Bancshares, Inc.), operates through three wholly-owned subsidiary banks in Texas including State Bank of La Grange, GNB Financial of Gainesville and Gateway National Bank of Dallas.

Posted by S. Germain at 09:46 AM | Comments (0)

LandAmerica Financials

Read the entire story here.

Posted by S. Germain at 09:44 AM | Comments (0)

Stewart Financials

Read the entire story here.

Posted by S. Germain at 09:43 AM | Comments (0)

GlobeXplorer® Teams with Zillow.com™ to Enhance the Real Estate Consumer Experience (Stewart)

GlobeXplorer, the leading provider of online aerial, satellite and map data, has expanded its reach by partnering with Zillow.com, a new real estate information Web site. Zillow.com provides free valuations and data for more than 60 million U.S. homes, including high-resolution satellite, aerial and parcel images in many areas, provided by GlobeXplorer.

Since 1999, GlobeXplorer has provided access to the world's largest online archive of aerial/satellite images and maps through custom business applications, Web viewers, and mapping software extensions. GlobeXplorer also delivers a massive library of detailed property and parcel information, including parcel lines and tabular assessor data.

Posted by S. Germain at 09:41 AM | Comments (0)

Synergistic Technologies, MRG Document Technologies, And World Wide Notary To Provide Mortgage Lenders With End-To-End e-Mortgage

Synergistic Technologies, MRG Document Technologies and World Wide Notary today announced an alliance by which the three companies will jointly offer mortgage lenders a comprehensive, end-to-end e-mortgage solution.

The three companies will combine their respective solutions and expertise in document preparation and delivery, document imaging and management and electronic signatures to streamline paper-based loan processes for mortgage lenders while providing them with a flexible, iterative e-mortgage migration strategy that includes automated loan processing workflow, online document sharing, secure, hosted document management, and electronic signing.

Posted by S. Germain at 09:36 AM | Comments (0)

Citizens Banking Corporation Selects PHH Mortgage as Mortgage Strategic Partner

Citizens Banking Corporation announced today that it has selected PHH Mortgage, a subsidiary of PHH Corporation , as a strategic partner for its mortgage loan business.

PHH Mortgage is the industry's leading provider of private label mortgage services and the top originator of mortgage loans by phone. Within the private label relationship, PHH Mortgage will provide the technology and expertise to the Citizens mortgage sales force that creates an end-to-end mortgage experience which seamlessly promotes the Citizens name and brand in all client communications, materials, and products.

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

Metrocities Mortgage Reports Record Closings for 2005

Metrocities Mortgage today announced record closing figures for 2005. During the year, the residential lending leader and its family of companies tallied over $10 billion in closed loan volume—a 57% increase over its 2004 production. The company also announced that it plans to add Loan staff in 2006 to accommodate its ongoing growth.

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

Ocwen Wins VA Commercial Loan Servicing Contract

The U.S. Department of Veterans Affairs (VA) has selected a subsidiary of Ocwen Financial Corporation to provide servicing of the commercial loans related to the construction and redevelopment of multifamily transitional housing for homeless veterans.

Specifically, Ocwen has been contracted to act as the agent for the VA in providing construction loan servicing, permanent performing loan servicing and, if necessary, special servicing of any defaulted loans.

Posted by S. Germain at 09:33 AM | Comments (0)

CreveCor Mortgage Taps Portellus for Enterprise Rules Management and Broker Portal

Portellus Inc., a leading provider of technology solutions and services for the financial services industry, announced that CreveCor Mortgage, a St. Louis-based national lender specializing in nonconforming and alt-A residential loans, is well under way in its implementation of the Portellus Enterprise Rules Management (ERM) system and broker portal. Together, the solutions will drive and manage the decisioning for CreveCor's pricing, product eligibility and automated underwriting within the company's existing LOS and at the point-of-sale.

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

WellFound Decade Merges With Lydian Data

Jacksonville, Fla.-based WellFound Decade has merged with Lydian Data Services, Boca Raton, Fla., to form Lydian Technology Group. WellFound Decade is an integration and architecture company that services some of the top mortgage lenders. Lydian Data Services offers end-to-end outsourced systems with a specialty in conduit services and closed-loan review for top mortgage aggregators and Wall Street companies. The marriage of the two companies will allow Lydian Technology Group to "reduce the fragmentation by doing data normalization," William Decker, chairman and chief executive officer of Lydian Data, told MortgageWire. "We've had to normalize the data for our institutional investor clients for some time now. WellFound Decade is a step ahead in their ability to do data extraction. We can now be a receiver of the data, and WellFound Decade can go out and get that data to us." As part of the merger, WellFound Decade's president, Brian Fitzpatrick, and its CEO, Paul Gain, will retain their positions in Lydian Technology.

Posted by S. Germain at 09:12 AM | Comments (0)

Option One Parent Gets S&L OK

Tax return giant H&R Block has received final approval to start a savings and loan, a move that will allow the depository to purchase mortgages from its subprime affiliate, Option One Mortgage, a top-10-ranked nonconforming lender. The Office of Thrift Supervision gave H&R Block final approval on March 15, noting that it had received "numerous" comment letters on the application, most of them opposed. "Commenters expressed concerns about the ability of the mortgage companies' borrowers to receive the best loan product for which they qualify," the agency said. The thrift will be headquartered in Kansas City, Mo., which will serve as the bank's Community Reinvestment Act designation area.

Posted by S. Germain at 09:11 AM | Comments (0)

Credit Agencies Launch Joint Score

The three national credit reporting companies have launched a jointly developed credit scoring system designed to simplify the credit granting process by providing a consistent score to the marketplace. The system, called VantageScore, was developed as a result of market demand for a more consistent and objective approach to credit scoring, according to Costa Mesa, Calif.-based Experian. The system uses score ranges from 501 to 990 and assigns letter grades of A through D and F to each range. The top grade of A will be assigned to a borrower with a score of 901 to 990, and the other grades and score ranges are as follows: B, 801-900; C, 701-800; D, 601-700; and F, 501-600. "The new scoring system addresses the potential weaknesses in existing scoring solutions in the marketplace because any variances in credit scores between credit reporting companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or interpretation of the data," Experian said.

Posted by S. Germain at 09:11 AM | Comments (0)

Deutsche Bank Buys Stake in Mex Originator

Deutsche Bank has announced the acquisition of a 49% interest in Fincasa Hipotecaria, a Mexican mortgage originator, from Ixe Grupo Financiero. The terms of the transaction were not disclosed. Fincasa Hipotecaria is involved in the low-income "social housing market," in Mexico, Deutsche Bank said. "This transaction gives Deutsche Bank an important footprint in the Mexican mortgage origination market," said Richard d'Albert, co-head of global securitized products at the bank. "This is a key step toward further expanding our regional securitization effort and confirms our commitment to grow in emerging markets."

Posted by S. Germain at 09:10 AM | Comments (0)

Commercial/MF Debt Rose 14% in '05

Commercial and multifamily mortgage debt outstanding rose to $2.64 trillion at the end of 2005, a 14.2% rise over 2004 levels. For the fourth quarter alone, commercial and multifamily debt rose by $103 billion, or 4.1%, which is also a new record, the Mortgage Bankers Association has reported based on data provided by the Federal Reserve Board. Outstanding multifamily mortgage debt alone stood at $674 billion at the end of 2005, representing a 10.2% increase for the year. And for the fourth quarter, multifamily debt was up $19 billion, or 2.9%. Doug Duncan, the MBA's chief economist, said the trends "show every sign of continuing." Commercial banks hold the largest share of the debt, at $1.1 trillion, or 43%, of the total (including commercial loans that are backed by property pledged by businesses, rather than income-producing properties). Commercial mortgage-backed securities pools hold $553 billion, or 21%, of the debt. Considering just multifamily mortgage debt outstanding, Fannie Mae, Freddie Mac, and Ginnie Mae together hold $195 billion, or 29%, the MBA said. Commercial banks hold $140 billion of the multifamily mortgage debt, 21% of the total.

Posted by S. Germain at 09:10 AM | Comments (0)

Delinquencies Rise Sharply

The national delinquency rate for residential mortgage loans rose to 4.70% at the end of last year, up from 4.38% a year earlier, according to the Mortgage Bankers Association. The delinquency rate was also up by 26 basis points since the end of the third quarter. However, the percentage of loans in the foreclosure process nationally fell 16 bps from that of the previous year, though the fourth quarter's foreclosure inventory was up 2 bps from that of the third quarter. Doug Duncan, the MBA's chief economist, said the increase is not surprising. "We have been expecting an uptick in delinquencies due to a number of factors: the seasoning of the loan portfolio, the increased shares of the portfolio that are ARMs and subprime mortgages, as well as the elevated level of energy prices and rising interest rates," Mr. Duncan said. Hurricane Katrina also had a big impact. If the effect of last year's hurricanes is eliminated from the numbers, the MBA said the national delinquency rate would have been 4.55% at the end of last year.

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

Single-Family Starts Decline

Led by a dramatic decline in building activity in the Northeast, single-family housing starts fell 2.3% in February to a seasonally adjusted rate of 1.8 million units, according to figures released by the U.S. Department of Commerce. The decline reflects sequential activity. Compared with those of a year earlier, starts fell nationwide by 0.4%. The biggest decline occurred in the Northeast, where starts on one- to four-family units fell 20%. Nationwide, multifamily construction fell by a whopping 36.5%, to 275,000 units. Starts in the West bucked the trend, rising almost 8%. David Pressly, president of the National Association of Home Builders, said builder confidence remained unchanged in March, but noted that rising rates and a decline in "short-term investors" is hurting business.

Posted by S. Germain at 09:08 AM | Comments (0)

March 09, 2006

First American Announces Rebranding of Default Division to First American Default Information Services

First American Real Estate Information Services, Inc., a subsidiary of The First American Corporation, announced today that its Default Services Division will adopt a new name, First American Default Information Services, to encompass its group of companies.

“First American recognizes how beneficial counter-cyclically driven default revenue is to the future growth of the corporation,” said Chris Leavell, chief operating officer of First American Real Estate Information Services. “In 2005, extensive reorganizations took place within our default group of businesses. During the course of those changes, and with the help of key customers, we identified product and service synergies that further enhanced our overall offerings. As a culmination of that process, we also have adopted a new name, First American Default Information Services, as a better descriptor of the breadth and depth of our overall offerings.”

First American’s default companies fall into four broad categories: outsourcing, technology, title and property services. The default division includes field inspections, loss mitigation services, national default outsourcing foreclosure title services, loss mitigation title services, default valuations (BPOs), REO outsource services, settlement services, foreclosure trustee operations, national claims outsourcing and default technologies, such as foreclosure claims processing (CMAX), Data Access Information Systems (DAISY), Web-based workstations, national default systems, invoice management systems, iClear and referral systems (i.e., VendorScape/CMS).

Posted by K. Perry at 03:07 PM | Comments (0)

Mortgage Rates

Posted by S. Germain at 02:30 PM | Comments (0)

Fidelity National Information Services Announces Quarterly Dividend

Fidelity National Information Services, Inc. today announced a regular quarterly dividend of $0.05 per common share. The dividend is payable March 30, 2006, to shareholders of record as of the close of business March 20, 2006.

Posted by S. Germain at 02:21 PM | Comments (0)

Bankers' Bank Northeast and Fidelity National Information Services Provide Image Cash Letter Transmittal for New England Community Banks

Fidelity National Information Services, Inc.and Bankers' Bank Northeast announced today that they will convert paper checks into images for client banks and submit image cash letters to the Federal Reserve Bank of Boston.

The decision is a result of the Federal Reserve's relocation of its Boston, MA operations to its Windsor Locks, CT center as part of an ongoing consolidation effort. For banks in eastern New England, the greater distance to Windsor Locks necessitates establishing earlier cutoff times to meet Federal Reserve deadlines for receipt of cash letters. Because missed deadlines result in diminished funds availability and therefore the loss of investment income, Bankers' Bank Northeast ("BBN") sought a way to help its client banks overcome the new obstacle.

Posted by S. Germain at 02:20 PM | Comments (0)

Stewart Title Ltd. Underwrites More Than EUR 3 Billion in Title-Insured Transactions within Central Europe

Stewart Title Ltd. has underwritten more than EUR 3 billion in title-insured transactions within Central Europe with the completion of title insuring and underwriting a cross-border, multi-site retail mall transaction with Bainbridge Retail Properties. This venture was launched and managed by Paris-based sponsor and fund manager, Groupe Leonard de Vinci.

Posted by S. Germain at 02:17 PM | Comments (0)

First California Mortgage Company Leverages Exadel's Open Source Expertise to Launch Competitive Online Mortgage System

Exadel, Inc., a leading provider of software, services and support that enable companies to create mission-critical business applications based on open source and Java™ technologies, today announced that First California Mortgage Company (First Cal), a leading California-based mortgage bank, has chosen Exadel's Professional Services and software to design and deploy a complex online business application providing real-time mortgage quotes and mortgage application status feedback to its broker network.

Posted by S. Germain at 02:14 PM | Comments (0)

American Guardian One Step Closer to Paperless Mortgage

American Guardian Home Loans, a wholesale mortgage lender specializing in serving broker and homebuilder originations for Alt-A and non-prime products, is one step closer to delivering electronic mortgages by implementing Del Mar Database's WebTrac™ and GuideTrac™ and enhancing existing functionality. American Guardian will be able to expedite the origination steps of a loan application and help borrowers make more informed decisions.

Posted by S. Germain at 02:14 PM | Comments (0)

Mortgage Lenders Wage Aggressive Counter Attack on Fraud: BasePoint Helps Lenders Leverage Advanced Technology and Lessons from Banks to Effectively Solve Fraud and Keep Mortgages Affordable

BasePoint Analytics, a leading provider of scientific fraud scoring software and expert services, today revealed how it is helping mortgage lenders benefit from lessons learned in fighting credit card fraud to effectively combat rapidly escalating mortgage fraud attacks. By applying those lessons and customizing the technology for the mortgage industry, BasePoint is helping mortgage lenders shortcut the learning curve and immediately prevent fraudsters from committing their crimes successfully. As a result, BasePoint customers are keeping their mortgage offerings more affordable.

Posted by S. Germain at 02:13 PM | Comments (0)

Option One/H&R Block Mortgage Opts for MindBox Technology to Automatically Customize Mortgage Loans

MindBox®, a leader in solutions for automating complex business and decision processes, today announced that Option One/H&R Block Mortgage Corporation has selected MindBox's ARTOptimize product suite to build its DealMaker System for automating real time structuring of mortgage loans based on customer preferences. DealMaker will automatically evaluate and respond to all loan requests processed through their point-of-sale (POS) system by retail loan officers.

Posted by S. Germain at 02:12 PM | Comments (0)

ABN AMRO Mortgage Group Selects Fiserv's UniFi PRO Loan Origination Solution for Enterprise-wide Deployment

Fiserv Lending Solutions, a business unit of Fiserv, Inc., announced that ABN AMRO Mortgage Group, Inc., one of the nation's top 10 residential loan originators according to National Mortgage News, has selected UniFi® PRO Mortgage eX to be its enterprise-wide loan origination solution. An indirect subsidiary of the Netherlands-based ABN AMRO Bank, the U.S.-based ABN AMRO Mortgage Group is a multi-channel lender headquartered in Ann Arbor, Mich.

Posted by S. Germain at 02:09 PM | Comments (0)

Bancshares of Florida, Inc. Expands Florida Franchise by Entering the Coral Gables Market With Acquisition of Bristol Bank

Bancshares of Florida, Inc., a $570 million-asset multi-bank holding company based in Naples, Florida, and Bristol Bank, a $93 million-asset bank based in Coral Gables, Florida, jointly announced today the signing of a definitive agreement by which Bancshares of Florida, Inc. will acquire Bristol Bank by merging it with and into Bank of Florida, a wholly owned subsidiary of Bancshares of Florida, Inc.

Posted by S. Germain at 02:09 PM | Comments (0)

PRIA, MISMO Form 'Landmark' Alliance

The Property Records Industry Association and the Mortgage Industry Standards Maintenance Organization have announced what they termed a "landmark alliance" that creates a seamless "plug and play" between PRIA and MISMO standards to streamline the property recordation process. PRIA president Mark Monacelli said the alliance marries his organization's recording standard with MISMO's closing standards. MISMO president Doug Duncan, chief economist of the Mortgage Bankers Association, said "systemic changes" in the capital markets increase the need for efficient data interchange. "This alliance with PRIA spans both the commercial and residential industries and will provide both sectors with the framework for the efficient electronic delivery of public property records," Mr. Duncan said. MISMO, which was created by the MBA in 1999, is the standards development body for the real estate finance industry.

Posted by S. Germain at 02:05 PM | Comments (0)

MBA Sees 'Chilling' Effect From Maryland Law

The Mortgage Bankers Association says a pending law in Maryland will have a "chilling" affect on lenders and loan investors working in the state's most prosperous county because it affects both the primary and secondary markets. During a March 6 press briefing, the trade group also blasted Montgomery County executive Douglas Duncan–who is running for governor–for not vetoing the law. (The county executive is not related to Doug Duncan, the MBA's chief economist.) Passed by the Montgomery County Council, the law in question carries a minimum penalty of $500,000 per violation for discriminatory lending practices. The bill has stirred controversy because it penalizes lenders for charging "excessive" fees without defining what excessive means. To date, 40 lenders have decided to curtail lending in the county, at least for now. On Tuesday a judge will consider a motion to block the law. Standard & Poor's said it analyzed the ordinance but concluded that investors have no "assignee" liability.

Posted by S. Germain at 02:04 PM | Comments (0)

New York Mortgage Reports 2005 Loss

New York Mortgage Trust Inc., New York, has reported a loss of $5.3 million ($0.29 per share) for fiscal year 2005, compared with net income of $4.9 million ($0.27 per share) a year earlier. "In our mortgage banking subsidiary we experienced record loan origination volume for the year, an 86% increase over 2004, yet our operating results were less favorable than expected," said Steven B. Schnall, chairman, president, and co-chief executive of the company. Michael I. Wirth, NYMT's chief financial officer, added that the company's annual results reflect "various growth and efficiency initiatives" carried out during the year as well as the downturn in the mortgage portfolio investment and origination markets. "During 2005 our taxable REIT subsidiary incurred startup expenses relating to the creation of its new wholesale loan division of $2.6 million and accrued expenses of $2.6 million related to its assumption of the branches and sales force of Guaranty Residential Lending Inc.," Mr. Wirth said.

Posted by S. Germain at 02:04 PM | Comments (0)

Sun Launches Mortgage Unit, Podcasts

Sun National Bank, Vineland, N.J., has announced the launch of a residential mortgage subsidiary, Sun Home Loans Inc., and its entry into the podcasting arena as a way of educating consumers about the mortgage process. Sun Home Loans will offer traditional and nontraditional mortgages, including two private programs–SunPromise and SunKeys–aimed at providing affordable mortgages for low- and moderate-income households. "Given New Jersey's current housing environment, we wanted to give consumers a very focused approach to obtaining a mortgage that best fits their specific needs," said Thomas A. Bracken, president and chief executive officer of Sun National. The bank's specialized subsidiary will make it a "one-stop mortgage resource," he said. Podcasting, which enables consumers to download audio files onto their computers or MP3 players, is "our way of stepping up to the times and giving consumers what they want, when they want it," said Brian G. Myers, president of Sun Home Loans.

Posted by S. Germain at 02:03 PM | Comments (0)

Rates Hit Multi-Year Highs

The average 30-year fixed mortgage rate rose from 6.24% to 6.37% over the seven-day period ended March 9, representing its highest level since September 2003, according to Freddie Mac's Primary Mortgage Market Survey. Freddie Mac Primary Mortgage Market Survey

The average 15-year fixed mortgage rate rose from 5.89% to 6.00%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 5.97% to 6.03%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.34% to 5.45%, its highest level since September 2001, Freddie Mac reported. Fees and points averaged 0.6 of a point for fixed-rate mortgages, 0.7 of a point for hybrid ARMs, and 0.8 of a point for one-year ARMs. "Stronger-than-expected gains in the manufacturing and service industries -- coupled with higher labor costs -- ignited inflation concerns, which led to the rise in mortgage rates this week," said Frank Nothaft, Freddie Mac's chief economist. "Financial markets are beginning to think that the Fed will hike rates three more times this year, instead of two, putting upward pressure on mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 5.85% and 5.38%, respectively, and the average one-year ARM rate was 4.24%, Freddie Mac said.

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

March 03, 2006

First American Property Information and Services Group Announces Expanded Roles of Key Executives

The First American Corporation, America’s largest provider of business information, today announced that Michael T. Henney, president of First American subsidiary Data Trace, has taken on the additional role of president of First American subsidiary DataTree, LLC. The company also announced that Robert Karraa, chief operating officer of DataTree LLC, has assumed the additional duty of chief operating officer at Data Trace. Data Trace, the nation’s largest provider of title plant services; and DataTree, the leading provider of recorded property documents nationwide, are both operating units within First American’s Property Information and Services Group.

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

Capitol Federal Savings Bank Chooses MISER® Core Processing From Fidelity National Information Services

Fidelity National Information Services today announced that Topeka, KS-based Capitol Federal Savings Bank has signed a 66-month agreement to run FIS' MISER® in- house core processing solution.

Capitol Federal, a 112-year-old institution with $8 billion in assets and 37 branches, had been relying on an internally developed core processing system since the early 1970s. However, certain components of their existing system could no longer be upgraded in a cost-effective manner, and the decision was made to replace the entire system. Because the bank was one of only a few institutions in the $1 billion to $10 billion range still running an internally developed system, the decision makers anticipated that the installation would present different challenges than the average conversion. For that reason, they developed an aggressive software selection methodology, interviewing a large number of existing users and evaluating functionality in an extremely thorough manner.

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

Pittsford Federal Credit Union Chooses Fidelity National Information Services' MISER® Core Processing Solution

Fidelity National Information Services today announced that Pittsford Credit Union of Pittsford, NY has selected FIS' MISER® solution for their core processing needs.

Pittsford Federal Credit Union, a $221 million institution that was formed in 1968 to serve area teachers, selected MISER due to its built-in workflows that streamline member account opening and automate the verification of identity required by regulators, as well as the multitude of applications that have been seamlessly integrated into the system. Other features that led to the decision included the ability to track interactions with members through all channels and the ease with which they will be able to consolidate and analyze member information for relationship management and custom projects, such as the payment of special member dividends.

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

LandAmerica to Pay $4.5 Million to Settle Rebate Charge

LandAmerica Financial Group Inc. on Tuesday agreed to pay $4.5 million to settle charges by the California Department of Insurance that it illegally rebated money from captive insurers to banks and builders in order to get more business.

The real estate insurance company, which specializes in title insurance, will refund $2.6 million to customers and pay $1.9 million in penalties and legal fees, according to California Insurance Commissioner John Garamendi.

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

Report: New York in Probe of Title Insurers

New York authorities are investigating whether some of the biggest U.S. title insurers illegally paid secret rebates to favored customers and referral fees to agents, the Wall Street Journal reported Thursday, citing people briefed on the probe.

Read the entire story here.

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

Harris County, Texas, Awards Contract to Landata Technologies Inc. for Landata e-STAR Plus™ Integrated Cashiering and Electronic Recording System

Harris County, the third largest county in the nation by population and the most populous county in Texas, has awarded a contract to Landata Technologies Inc. for the integrated cashiering and electronic recording (e-recording) portions of Landata e-STAR Plus, a comprehensive Solution for Total Automation of Records for county clerks and recorders.

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

Global Equity Lending Outsources 100 Percent of Doc Prep, Closing, Post-Closing to Guardian Mortgage Services

Guardian Mortgage Services (GMS) is managing 100 percent of Global Equity Lending's document preparation, closing coordination and post-closing. GMS is a division of Guardian Mortgage Documents (GMD) that provides customized outsource solutions to lenders of all sizes and serves as a variable cost alternative to managing back-office operations internally.

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

Intellidyn's Deed File Data Helps New Freedom Mortgage Find New Leads, Cut Marketing Cost, Increase Fundings

The First American Corporation">Intellidyn™ Corporation, an award-winning analytics firm leveraging the nation's credit, demographic, transactional and behavioral marketing data today announced that New Freedom Mortgage (New Freedom) has achieved lower marketing costs and increased fundings using Intellidyn's deed enhancement and FHA targeting capability. Specializing in FHA and VA lending, New Freedom funded loans totaling more than $4.4 billion in 2003 and was ranked as the fifth largest government lender in the United States by Mortgage Banking Magazine. Intellidyn has helped New Freedom identify nearly one million previously unknown FHA and VA prospects, and will continue to supply data and supportive analytics enabling the mortgage provider to identify and reach more qualified prospects and fund more loans.

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

OFHEO: Home Prices Gained Near 13 Percent Over Year

Average U.S. home prices climbed 12.95 percent over 12 months through the end of December 2005 despite rising mortgage rates in the second half of last year, the Office of Federal Housing Enterprise Oversight said on Wednesday.

Home values appreciated 2.86 percent during the fourth quarter from the third quarter of 2005, or at an annualized rate of 11.4 percent.

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

United One Resources Acquires the Real Estate Services Division of CPSG

United One Resources announced today the acquisition of the Real Estate Services Division of CPSG of Harrisburg. The acquisition will ensure the lasting legacy of two premier Mid-Atlantic Real Estate Services Organizations; under one united brand.

Founded in 1922, the real estate services division of CPSG has developed thousands of value-creating partnerships with leading national lending and real estate organizations. Founded in 1918, United One Resources has supported the growth of the Mid-Atlantic lending and real estate community through cutting edge products, superior customer service and flawless risk management information solutions.

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

Jordyn Taylor Properties, Inc. Enters Into Strategic Alliance With Premier Mortgage Funding

Jordyn Taylor Properties, Inc. is pleased to announce that the company has entered into a strategic alliance with Premier Mortgage Funding of Clearwater, Florida. In an initial agreement, William H. Luckman, CEO of Jordyn Taylor Properties, and William Eaton, President of Premier Mortgage Funding, Inc., have agreed to collaborate and discover a greater number of home buyers through Florida Rent Finders, Jordyn Taylor Properties' marketing vehicle.

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

Central Pacific Mortgage Buys Ivanhoe

Central Pacific Mortgage, Folsom, Calif., has announced that it is acquiring the mortgage production operations, including the retail branch offices and wholesale production platform, of Ivanhoe Financial Inc., Orlando, Fla. The terms of the deal were not disclosed. The company will operate as Ivanhoe Mortgage and maintain its Orlando offices, CPM said. "In the past, Central Pacific Mortgage's primary focus has been on the West Coast," said John Courson, CPM's president and chief executive officer. "Ivanhoe has a great footprint on the East Coast and will allow us to increase our presence there." CPM said its growth strategy includes expanding Ivanhoe's production network by opening new retail offices in the East and expanding its wholesale business through the addition of account executives.

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

New Century Bank Renames Mortgage Unit

New Century Bank, Dunn, N.C., has announced the formation of a separate mortgage division under the name NC Bank Mortgage to avoid confusion with New Century Mortgage, the wholesale mortgage division of New Century Financial Corp., Irvine, Calif. "We recently were made aware that there is a mortgage company with a name similar to ours," said John Q. Shaw, president and chief executive officer of New Century Bank. "In order to avoid any confusion, and because the mortgage area of our bank is important to us and to our customers, we created a division of the bank to handle our mortgage lending function and gave it its own name." The mortgage division is headed by Sandra Heath.

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

Senator Questions Need for FHA

Sen. Christopher Bond, R-Mo., is throwing cold water on Bush administration proposals to revive the Federal Housing Administration single-family program, and he suggested Thursday that it may be time to shut down or privatize the FHA. "Maybe it is time to close out FHA mortgage insurance for single families and re-establish FHA as a private government corporation," Sen. Bond said at an appropriations subcommittee hearing on the Department of Housing and Urban Development's budget. The chairman of the HUD appropriations subcommittee noted that the FHA's share of the mortgage market has declined to 4% and its default rate is above 6% -- and he questioned whether the FHA is "needed any more." To revive the federal mortgage insurance program, the FHA wants congressional approval to charge risk-based insurance premiums so it can offer subprime borrowers safer and lower-cost loans. "This will help more low-income families own and keep their homes," HUD Secretary Alphonso Jackson testified. But Sen. Bond complained that the FHA would take on more risk under the new risk-based premiums.

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