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April 28, 2006

Single Family Home Sales

Posted by S. Germain at 10:01 AM | Comments (0)

The First American Corporation Reports Results for the First Quarter 2006

The First American Corporation (NYSE: FAF), America's largest provider of business information, today announced results for the first quarter ended March 31, 2006:

Read the entire story here.

Posted by S. Germain at 09:59 AM | Comments (0)

Fidelity National Information Services, Inc. Reports First Quarter Earnings

Fidelity National Information Services, Inc., today reported its operating results for the first quarter of 2006.

Read the entire story here.

Posted by S. Germain at 09:58 AM | Comments (0)

Fidelity National Financial, Inc. Announces Plan for a New FNF and the Existing FIS to Become Independent Public Companies

Fidelity National Financial, Inc. today announced that its Board of Directors has approved pursuing a plan that will eliminate its holding company structure and result in what will become a new FNF and the existing Fidelity National Information Services, Inc. becoming independent public companies.

Read the entire story here.

Posted by S. Germain at 09:56 AM | Comments (0)

Fidelity National Financial, Inc. Reports First Quarter 2006 EPS of $0.59

Fidelity National Financial, Inc. today reported operating results for the three-month period ended March 31, 2006.

Read the entire story here.

Posted by S. Germain at 09:55 AM | Comments (0)

LandAmerica and Indecomm Announce Joint Venture With the Formation of Intelligent Document Processing Company Lydian Solutions and Services

LandAmerica Financial Group, Inc. and Indecomm Global Services, a widely-recognized international business process services firm, announce the formation of Lydian Solutions and Services, a joint venture between the two companies. The new firm is an Intelligent Document Hub (IDH) serving the mortgage, remittance processing, financial services, and healthcare industries. It will be located in Louisville, Kentucky.

Posted by S. Germain at 09:54 AM | Comments (0)

LandAmerica First Quarter Profit Falls on Write-Off

LandAmerica Financial Group Inc. on Tuesday said its first quarter net profit fell by more than half, hurt by an asset write-off related to the sale of its headquarters building.

Read the entire story here.

Posted by S. Germain at 09:52 AM | Comments (0)

Stewart Reports Earnings for First Quarter 2006

Stewart Information Services Corporation today reported the results of its operations for the first quarter ended March 31, 2006.

Read the entire story here.

Posted by S. Germain at 09:51 AM | Comments (0)

ebank To Launch Internet Based Mortgage Lending Subsidiary

ebank Financial Services, Inc., the parent company of ebank, announced today that it has executed an agreement with Madison Mortgage Corporation to establish ebank Mortgage, LLC, an internet based mortgage lending operation.

ebank Mortgage, LLC plans to originate first and second mortgage loans and home equity credit lines via the Internet in all 50 states beginning on or about June 1, 2006.

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

Loan Protector Kicks off 2006, Enhances EasyPlace℠

Loan Protector Insurance Services, a leading independent provider of customized lender-placed insurance programs for lenders and mortgage servicers, announced today several new enhancements to EasyPlace, the organization's state-of-the-art software designed specifically to support online ordering and management of lender-placed insurance. EasyPlace allows mortgage servicers, lenders, insurance agents, credit unions and REO managers the convenience of managing and ordering lender-placed insurance online in a secured environment - anytime, anywhere. Loan Protector routinely enhances its products to ensure its clients are using the industry's most advanced technology available.

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

ABN Amro Profit Trails Estimates; Bank to Cut Jobs

ABN Amro Holding NV, the largest Dutch bank, reported first-quarter profit that missed analysts' estimates and said it will eliminate 1,500 jobs after costs jumped.

Net income rose 12 percent to 1 billion euros ($1.2 billion) from 895 million euros a year earlier, the Amsterdam-based bank said today. Operating expenses climbed 26 percent because of costs from the purchase of Banca Antonveneta SpA, a labor agreement in Brazil and new branches in Asia.

Posted by S. Germain at 09:45 AM | Comments (0)

One Online Service Continues to Catch Real Estate Agents' Eyes: HomePages.com

HouseValues Inc. announced today that growing numbers of real estate professionals across the nation are rapidly embracing and in turn reaping the rewards of HomePages™—the powerful online marketing service the company introduced just six months ago.

HomePages.com is the first national real estate site to combine bird's-eye views of neighborhoods with detailed home listings and community information on behalf of local agents. HouseValues created HomePages to make it simple for agents to prominently market their listings and services to thousands of buyers and sellers in their target neighborhoods.

Posted by S. Germain at 09:42 AM | Comments (0)

Bernanke Hints at a Pause in Rate Increases

In testimony before the Joint Economic Committee of Congress, Federal Reserve Chairman Ben Bernanke indicated that the central bank may soon halt interest-rate hikes, adding that a pause does not mean that rate increases are a thing of the past or that policymakers will reverse course and slash rates in the following months. "At some point in the future the [Fed] may decide to take no action at one or more meetings in the interest of allowing more time to receive information relevant to the outlook," he told lawmakers. Prior to Bernanke's testimony, the futures markets showed that over half of investors expected the benchmark federal-funds rate to jump to 5.25 percent in June; but only a third of investors held that belief following his remarks. Bernanke said inflation and a larger-than-anticipated downturn in the housing market are risks that must be monitored by the centra! l bank.

Posted by S. Germain at 09:39 AM | Comments (0)

Mortgage Business Lifts Profit at IndyMac

IndyMac Bancorp Inc. upped its profit to $79.8 million in the first quarter--a gain of 26 percent from a year earlier--due in large part to record mortgage production. The savings and loan's origination volume surged 72 percent for the first three months of this year, hitting a high of $20 billion and effectively doubling the Pasadena, Calif. company's slice of the U.S. home-loan pie. The growth comes at a time when the industry in general is being affected by a slowdown in residential lending and declining profit margins in the mortgage business. Friedman, Billings, Ramsey & Co. analyst Paul Miller says IndyMac thrived because of its decision to begin purchasing large bundles of loans originated and funded by others.

Posted by S. Germain at 09:37 AM | Comments (0)

Wachovia Agrees to Buy American Property Financing

Wachovia Corp., as it continues to diversify its loan portfolio outside of the Southeast, has agreed to purchase New York's American Property Financing--which focuses on apartment owners and developers. The deal with New York Private Bank & Trust Corp. allows Charlotte, N.C.-based Wachovia to build up a commercial real estate lending presence in New York, as it takes over more than $8 billion in fixed and variable-rate multifamily loans. "It’s the largest single market in the country, and tends to have relatively low volatility," says Ed Hurley--head of the multifamily lending group at Wachovia, which services about $198 billion in collateralized mortgage-backed securities and agency mortgages and $40 billion in loans. The purchase follows the December acquisition of San Diego-based AmNet Mortgage Inc., which has a network of 7,000 mortgage brokers across the country.

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

Home Foreclosures Increase 72 Percent

Mortgage lenders began foreclosing on 323,102 mortgages during the first quarter, which represents an increase of 72 percent from a year ago, according to a new report from RealtyTrac Inc. Homeowners who have taken out adjustable-rate mortgages appear to be struggling with the increases in their monthly payments as interest rates climb. "When you couple the higher bills that people with adjustable loans saw with the higher-than-expected energy costs, you see a lot of homeowners stretched beyond the point where they could make their payments," says Rick Sharga, a vice president with RealtyTrac. Sharga also suggests that the condition of the market does not allow strained homeowners to sell their house to pay off their loans.

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

Washington Mutual Buying Commercial Capital, Major Calif. Lender

Washington Mutual continues to grow its multifamily lending business with the acquisition of Commercial Capital Bancorp of Irvine, Calif. The $983 million deal will give Washington Mutual the third-largest multifamily lender in California, including another 24 branches to add to its network of more than 600 locations in the state. Washington Mutual trails only Fannie Mae and Freddie Mac as the largest multifamily lender in the country, and its business includes apartment buildings. The deal between Washington Mutual, which has $348.7 billion in assets, and Commercial Capital, which has $5.5 billion in assets, is expected to close in the third quarter.

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

First Quarter Profits Off at Countrywide

Countrywide Financial Corp., Calabasas, Calif., has reported net earnings of $683.5 million ($1.10 per share) for the first quarter, a 1% decline from $688.9 million ($1.13 per share) in the first quarter of 2005. Pretax earnings by the company's mortgage production sector rose from $102 million in the fourth quarter to $284 million, chiefly as a result of improved gain-on-sale margins, the company said. However, these earnings were down dramatically from $735 million a year earlier because of higher interest rates and a flatter yield curve, according to Countrywide. Angelo R. Mozilo, Countrywide's chairman and chief executive officer, said the production sector's pretax margin rose to 30 basis points in the first quarter, compared with 9 bps in the fourth quarter. The loan servicing sector produced $249 million in pretax earnings, up from $17 million a year earlier, the company reported. Countrywide can be found online at

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

NAHB: Speculators Leaving Home Market

The nation's homebuilders are reporting that purchase cancellation rates are up and that housing speculators are walking away from properties, according to the industry's leading trade group. At a forecast conference Thursday morning, National Association of Home Builders economist David Seiders told the audience: "I want speculators out of the business, and so do builders." He added, however, that the industry doesn't want speculators dumping properties back on the market. The NAHB is forecasting a slight decline in new-home sales this year and an 8% decline in existing units. "I'm starting to worry about rates," he said, noting that 30-year conventional fixed-rate mortgages could rise to 6.7% by year-end. Speaking at the same conference, J.P. Morgan Chase economist Jim Glassman said housing has shifted "from a seller's market to a buyer's market."

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

Senator Clinton: FHA Limit Hike May Pass This Year

Sen. Hillary Rodham Clinton, D-N.Y., says she supports comprehensive Federal Housing Administration reform but believes her limited bill to increase the FHA single-family loan limit could be passed this year. The Clinton bill (S. 2597) would raise the FHA single-family loan limit up to the $417,000 conforming loan limit so that borrowers are not shut out of the federal mortgage insurance program in high-cost areas. "It is only one step," Sen. Clinton said, but it would help families in high-cost areas who have "been left behind." The New York senator stressed that she wants to take up comprehensive reform next year and believes the Bush administration's FHA reform package contains "good recommendations." However, she wants to be sure the FHA has the personnel, databases, and technology so that the FHA can be viable alternative to higher-cost subprime loans. "I want to make sure FHA has the tools and flexibility to serve Americans in today's more dynamic economy," Sen. Clinton told the Mortgage Bankers Association.

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

April 21, 2006

Commercial-Multifamily Originations

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

LoanPerformance Leverages Netezza Data Warehouse Appliance to Power Its TrueStandings™ Servicing Product Line (RES)

Netezza, the global data warehouse appliance leader, today announced that LoanPerformance, a subsidiary of First American Real Estate Solutions (RES®) and a leader in residential mortgage data and analytics, has chosen the Netezza Performance Server data warehouse appliance to run its TrueStandings Servicing product line. LoanPerformance's data and suite of predictive prepayment and risk modeling solutions enable mortgage originators, servicers, securities issuers and investors to make informed business decisions about credit risk, loss mitigation, customer retention, securitization and investment. The company has deployed the NPS system to dramatically improve performance and overall service level agreements while providing greater user access to data.

Read the entire story here.

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

The First American Corporation to Hold First-Quarter Conference Call on April 26

The First American Corporation, the nation's largest provider of business information, today announced that it will host a conference call on April 26, 2006, at 11 a.m. EDT. The call will follow the announcement of the company's first-quarter operating results, which is scheduled for release on April 26, 2006, at 8:32 a.m. EDT.

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 online at www.firstam.com/investor 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 May 3, 2006, by dialing (203) 369-3256. An audio archive of the call and a copy of the 2006 first-quarter earnings release, including the financial information contained therein, will also be available on First American's Web site.

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

Fidelity National Title Group, Inc. Announces Quarterly Cash Dividend of Just $0.29

Fidelity National Title Group, Inc. today announced that its Board of Directors has declared a quarterly cash dividend of $0.29 per share. The dividend will be payable June 27, 2006 to stockholders of record as of June 15, 2006.

Posted by S. Germain at 08:44 AM | Comments (0)

Bankhaus Lampe Signs Long-Term Outsourcing Agreement With Fidelity National Information Services' Subsidiary KORDOBA

Fidelity National Information Services, Inc. and its wholly-owned subsidiary KORDOBA GmbH & Co. KG ("KORDOBA"), today announced that KORDOBA has signed a long-term renewal of its outsourcing relationship with Bankhaus Lampe KG (BHL). Under the multi-year, $50 million agreement, KORDOBA will provide IT hosting, application management and distributed computing support services. BHL will continue to use the KORDOBA core banking software suite and securities application, both market-leading applications in Europe.

Posted by S. Germain at 08:44 AM | Comments (0)

Fidelity National Information Services Offers New Turnkey Service to Help Consumers Protect Themselves Against Identity Theft

Fidelity National Information Services today announced the introduction of ID Protection Service™, a program financial institutions brand as their own to offer their customers protection against the risk of identity theft. The service includes constant monitoring of the subscriber's credit report, e-mail alerts of any changes, up to $25,000 in identity theft insurance and fully managed

Institutions that opt for ID Protection Service incur no installation costs, but can earn new revenue from subscribers of the service. FIS provides all the tools necessary for financial institutions to offer a cost-effective identity theft solution that includes system maintenance, customer support and complete marketing templates that allow the institution to brand the service as their own.

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

LandAmerica Subsidiary LoanCare Receives Upgraded Residential Primary Servicer Rating From Fitch Ratings

LandAmerica Financial Group, Inc. announed that Fitch Ratings has assigned LoanCare Servicing Center, Inc. ("LoanCare"), the loan subservicing subsidiary of LandAmerica, an RPS3 rating for prime product. The RPS3 is a "Full Approval" designation and represents an increase over LoanCare's first-time rating of RPS3- rendered last year.

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

Tavant Technologies Launches Mortgage Solutions

Tavant Technologies Inc., a rapidly growing IT services company focusing on the development of mission- critical software applications, today announced the launch of its lending systems development & rapid enhancement platform.

Tavant Mortgage Solutions helps lenders rapidly enhance existing loan systems through a unique service offering combining deep domain expertise, pre-built functionality components and global delivery. Tavant's capabilities span the entire lending lifecycle from lead to security and allow lenders to convert more applications, cut processing costs, minimize default rates, and get the best prices for their loans.

Posted by S. Germain at 08:39 AM | Comments (0)

Visionet Systems Launches High Cost Lending Module

Visionet Systems has launched VisiHCLAS®, a high cost predatory lending analysis and remediation tool for lenders and servicers. VisiHCLAS helps mortgage companies manage and monitor situations where a high-risk loan warrants additional charges.

The system allows users to evaluate fees and interest rates against the statutory limits set by high cost loan regulations by focusing on three types of rules: channel/broker/area specific rules, corporate guidelines and interpretation of statutory rules and base/HOEPA/section 32 and state rules. VisiHCLAS is designed to provide flexibility and speed through exception management based workflow. The system enables users to customize and select rules without IT's involvement.

Posted by S. Germain at 08:38 AM | Comments (0)

Sage Credit Company Launch Represents Revolution in Mortgage Lending

Quentin Caruana, a veteran in the mortgage lending industry, announced today the launch of Sage Credit Company, with headquarters in Irvine. According to Caruana, who will serve as the company's president, Sage is a superior invite-only, mortgage lending firm helmed by elite industry performers with proven track records for success. In addition to its headquarters, Caruana announced 40 upcoming branch locations across the United States.

Sage, which means wise one, was designed to be the astute choice in mortgage lending, not just because of the talented and trustworthy individuals running it, but for the advanced technology set in place that allows for "real-time" rates direct from Wall Street and for Sage's ability to independently fund loans. Not having to rely on outside banks like most mortgage brokerage firms means Sage's rates will always be competitive and decisions can be made quickly and efficiently.

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

Fed Rate Rise Slows Profit at U.S. Banks

Wachovia and SunTrust Banks both confirm that earnings growth slowed in the first three months of this year as profit from loans took a hit from elevated short-term interest rates. The former posted a 6.6-percent increase in first-quarter net income to $1.73 billion, the slowest quarterly gain in five years for the North Carolina-based bank; however, mortgage lending was up 14 percent from a year earlier to $34.8 million. The latter recorded just an 8-percent gain in net profit to $531.5 million, the smallest increase in over two years for the Atlanta institution; but its mortgage operations cranked out a 58-percent jump in revenue to $268.8 million. The Federal Reserve has now implemented 15 consecutive rate hikes, which in turn has forced U.S. banks to pay more to hold deposits while long-term rates have lagged behind--meaning that the banks are earning less on each loan.

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

Mortgage Lenders: Who's Most at Risk

Despite rising interest rates and a slowdown in home sales, Keefe Bruyette & Woods Inc. bank analyst Frederick Cannon says mortgage lenders have not been tightening their underwriting standards and continue to offer higher-risk, non-traditional loans. So-called exotic mortgages have grown popular in recent years among buyers who could not otherwise achieve homeownership, and they are believed to be responsible for a 7-percent jump in mortgage delinquencies to 4.7 percent in the final quarter of last year, as reported by the Mortgage Bankers Association. Experts are especially concerned about subprime lenders, whose market share surged to 23 percent from 5 percent in 1994, according to Deloitte & Touche Corporate Finance LLC managing director Brenda White. Bear, Stearns & Co. analyst Scott Coren points to the fact that such subprime lenders as Long Beach Mortgage Corp. and NovaStar Financial Inc. do not require full documentation from borrowers, and First Franklin Financial Corp. and Fieldstone Investment Corp. continue to originate large numbers of interest-only and option adjustable-rate loans.

Posted by S. Germain at 08:26 AM | Comments (0)

ICBA Chooses Compliance Partner

ComplianceEase, a San Francisco-based provider of automated compliance and risk-management systems, has been selected by ICBA Mortgage, a subsidiary of the Independent Community Bankers of America, as the Premier Value Provider for anti-predatory/high-cost lending compliance solutions. As a designated ICBA SmartLender Services Premier Value Provider, ComplianceEase offers member community banks the opportunity to automate their compliance needs by using the company’s ComplianceAnalyzer, an automated mortgage compliance application. Specifically, ComplianceAnalyzer automates regulatory compliance procedures, allowing community banks to comply with all federal, state, and municipal legislation.

Posted by S. Germain at 08:23 AM | Comments (0)

Wells' Profits Rise Despite Mortgage Falloff

Wells Fargo & Co., San Francisco, has reported record net income of $2.02 billion ($1.19 per share) for the first quarter, up 9% from $1.86 billion ($1.08 per share) a year earlier, despite a revenue plunge at Wells Fargo Home Mortgage. Home Mortgage revenue totaled $853 million, down $665 million from $1.5 billion in the first quarter of 2005, Wells Fargo reported. Mortgage originations totaled $91 billion in the first quarter, up 40% from the first quarter of 2005. "While we have seen a slowdown in refinancing activity, the purchase market where we are the leading lender remained historically strong," said Mark Oman, senior executive vice president in the Wells Home and Consumer Finance Group. "We also saw double-digit growth in our trillion-dollar owned servicing portfolio." The portfolio stood at $1.04 trillion as of March 31, up 24% from that of a year earlier.

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

Applications Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 579.4 to 569.6 on a seasonally adjusted basis during the week ended April 14, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications decreased 1.4% on the week and were down 14.9% from the level recorded a year earlier. The Purchase Index fell from 417.7 to 407.4 on a seasonally adjusted basis, while the Refinance Index declined from 1532.4 to 1526.1. Refinancings represented 36.4% of total applications, up from 36.0% the previous week, while adjustable-rate mortgages accounted for 28.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.50% to 6.56%, and points (including the origination fee) fell from 1.20 to 1.10 for loans with 80% loan-to-value ratios, the association reported.

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

Washington Mutual's Mortgage Profits Plunge

The net income of Washington Mutual Inc.'s mortgage segment plunged from $323 million in the first quarter of 2005 to $38 million in the first quarter of this year, although profits rose overall, the Seattle-based thrift has reported. WaMu attributed the nosedive in the Home Loans Group's profits to higher short-term interest rates and a flat yield curve, which produced a decline in net interest income and a significant increase in the cost of risk management for mortgage servicing rights. Originations of home loans were actually higher, at $44.998 billion, than they were in the first quarter of 2005, when they totaled $44.495 billion. Overall, WaMu reported net income of $985 million ($0.98 per share) for the first quarter, up from $902 million ($1.01 per share) a year earlier.

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

TeleTech, LenderLive Form Alliance

Englewood, CO-based TeleTech Holdings Inc. and LenderLive, a Glendale, CO-based mortgage fulfillment provider, have entered into an exclusive partnership that brings a global delivery network to LenderLive's operations. LenderLive and TeleTech, a business process outsourcing provider of customer management and transaction-based processing systems, offer their combined services to retail and wholesale channels and mortgage conduits, allowing lenders to increase the speed and efficiency of their current processing services and converting lenders' fixed costs to variable costs. The multiyear partnership agreement includes mortgage origination, fulfillment, processing, and portfolio protection. LenderLive and TeleTech also generate integrated sales reports that span from original lead generation to close of sale.

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

April 14, 2006

New Home Supply

Posted by S. Germain at 08:26 AM | Comments (0)

First American Completes Acquisition of TransContinental Title Company

First American Title Insurance Company today announced the completion of its acquisition of privately held TransContinental Title Company, a leading provider of title and settlement services to national mortgage lenders. The acquisition, originally announced in December 2005, closed on April 1, 2006. Terms of the transaction were not disclosed.

Posted by S. Germain at 08:24 AM | Comments (0)

FIS, NCC First to Make Automated Real Estate Valuation to the Japanese Market

Fidelity National Information Services, Inc. is expanding its property valuation services to the Japanese real estate market. FIS will provide Japanese mortgage lenders, secondary market participants, and consumers with ValueSure™, a leading automated property valuation tool. New City Corporation (NCC) will act as both the data supplier and the marketer of this service in Japan.

This product will initially service the Greater Tokyo area with the same type of comprehensive property valuations and analytic tools available in the United States. Plans for expansion to other major metropolitan areas in Japan are underway.

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

Fidelity National Financial, Inc. Announces 1st Quarter Earnings Release and Conference Call

Fidelity National Financial, Inc., will release 1st quarter 2006 earnings after the close of regular market trading on Wednesday, April 26, 2006. A conference call will follow on Thursday, April 27, 2006 at 10:00 a.m. Eastern Time. Those wishing to participate via the webcast should access the call through FNF's Investor Relations website at http://www.fnf.com . Those wishing to participate via the telephone may dial-in at 800-230-1096 (USA) or 612-332-0226 (International). The conference call replay will be available via webcast through FNF's Investor Relations website. The telephone replay will be available from 1:30 p.m. Eastern Time on April 27, 2006 through May 4, 2006 by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 825716.

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

LandAmerica Announces Dates for First Quarter 2006 Results & Conference Call

LandAmerica Financial Group, Inc. announces that it will release its first quarter 2006 financial results after the market closes on Tuesday, April 25, 2006. Additionally, the company will sponsor a conference call on Wednesday, April 26, 2006, at 10:00 AM ET to discuss the financial results.

Those wishing to participate in the live call should dial (877) 407-0782 and request to be connected to the LandAmerica conference. Additionally, the call will be simultaneously broadcast over the internet via LandAmerica's website, click Investor Information > Financial Information > Webcast events. The audio archive of the call can be accessed starting two hours after the completion of the live call through May 26, 2006.

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

U.S. Home Buyers Rate Potential Home Appreciation, Transaction Service Providers High in Stewart Title Annual Survey

Contrary to concerns about softening real estate markets, U.S. home buyers expect their home values to appreciate, according to a recent survey conducted by Stewart Title Guaranty Co., one of the nation's leading title insurance underwriters. In the survey, those home buyers also highly rated the services of their real estate agents, lenders and title company.

The single-page surveys were distributed to home buyers following closings in the last eight business days of March 2006. A total of 1,125 surveys were returned from both first-time and repeat home buyers.

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

Patent Awarded for NeighborhoodScout Search Technology

The United States Patent and Trademark Office (USPTO) has awarded a patent for the technology that powers NeighborhoodScout®, the neighborhood search engine for homebuyers and movers that covers the entire United States at the neighborhood level.

Consumers come to NeighborhoodScout.com before buying a home, put in their personal criteria for what they are searching for in a neighborhood, and use the search engine to instantly focus their house hunt on the neighborhoods that best match their personal criteria, whether they are moving across town or across the country.

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

LoanSnap.com Selects Lendia for Back Office Support

LoanSnap.com, a New England-based mortgage broker, has selected Lendia, Inc. to provide back office support. Lendia is an outsource solutions provider to financial institutions that originate residential mortgages and will help LoanSnap.com work more efficiently and better focus on originations.

Posted by S. Germain at 08:10 AM | Comments (0)

Questys Solutions Debuts New Scanning and Data Entry Automation Software

Making document management easier and more affordable, Questys Solutions today announced a new, automated scanning and data entry application called Questys Capture. Designed to work effortlessly with the company's premier document management solution Questys Pro, the new module streamlines business processes and makes it easier and more cost-effective for users to scan, convert, capture, and import documents into their database.

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

Loan Protector's EasyNOR Automates First Hawaiian Bank's Lender-Placed Coverage Process

Honolulu, Hawaii-based First Hawaiian Bank selected Loan Protector Insurance Services, a leading independent provider of customizable lender-placed insurance programs for lenders and mortgage servicers, to help it more effectively service its loan portfolio. The bank implemented EasyNor℠, Loan Protector's automated borrower notification and lender-placed insurance service, in August 2005. Since then, the bank has been able to more efficiently service its diverse mortgage portfolio.

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

Ellie Mae Fully Automates Mortgage Processing With Captaris RightFax

Captaris, Inc. , a leading provider of Business Information Delivery solutions, today announced Ellie Mae, a California-based provider of software and services to the mortgage industry, is using Captaris RightFax 9.0 to capture and deliver paper documents into its Encompass® Mortgage Automation System. The integrated solution reduced the time to process a mortgage loan by up to two business days and solved compliance challenges by securely delivering personal information.

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

Foreclosures Pick Up With Midwest Hardest Hit

Foreclosures and mortgage delinquencies are on the rise in the United States, but economists are not alarmed because the numbers are picking up from historically low levels. The Mortgage Bankers Association reports an 0.26-percentage point increase in the rate of late mortgage payments during the fourth quarter of 2005 from the previous quarter, and a 0.01-percentage point increase in the foreclosure rate. In a release, MBA chief economist Doug Duncan says that mortgage bankers have "been expecting an uptick in delinquencies due to a number of factors," such as the increase in riskier adjustable-rate and subprime mortgages, higher interest rates and rising energy costs. The Midwest has some of the higher foreclosure and mortgage delinquency rates, and the states in that region tend to have low home-price appreciation and sluggish job growth.

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

U.S. Bank Home Mortgage Buys AssuraFirst

Minneapolis-based U.S. Bank Home Mortgage has announced the acquisition of family-owned AssuraFirst Financial, Southfield, Mich., formerly known as Homestead Mortgage USA. The terms of the agreement were not disclosed. AssuraFirst has 140 employees and 15 retail branch offices in Michigan, Indiana, Ohio, Wisconsin, Texas, and Arizona, U.S. Bank Home Mortgage said. AssuraFirst also operates a wholesale division out of Southfield. U.S. Bank Home Mortgage has retail, wholesale, and specialized mortgage lending in all 50 states, with "heavy emphasis" on the 24 states in which U.S. Bank has a retail banking presence, the company said. As a result of the acquisition, U.S. Bank said it expects to see an immediate 8% increase in volume and number of loan officers, and will enter new markets in Michigan, Texas, and Indiana. Dan Arrigoni, president of U.S. Bank Home Mortgage, said AssuraFirst's culture and philosophy are "very similar to ours, and there is very little overlap in our respective territories, which is why we are confident that this is a perfect fit."

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

Economist Sees 8% Home Sales Drop

Home sales will decline by about 8% this year and housing starts will drop more than 10%, according to Diane Swonk, chief economist of Chicago-based Mesirow Financial. In the April issue of Themes on the Economy, Ms. Swonk also forecasts that home price appreciation will slow to 7% this year, down sharply from "the almost unbelievable and unsustainable" 12.8% pace of 2005. "Speculation played a much larger role than we would like [in 2005], with mortgages used for investment purposes rising to a record-breaking 12.1% of the market in the fourth quarter," Ms. Swonk said. "This leaves us worrying about the magnitude of a market correction, now that cancellations for new homes—largely condos—are on the rise and speculative investment appears to be cooling."

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

30-Year Rate Hits 4-Year High

The average 30-year fixed mortgage rate rose from 6.43% to 6.49% over the seven-day period ended April 13, representing its highest level since July 2002, according to Freddie Mac's Primary Mortgage Market Survey.

The average 15-year fixed mortgage rate rose from 6.10% to 6.14%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 6.11% to 6.13%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.57% to 5.61%, Freddie Mac reported. Fees and points averaged 0.5 of a point for 15-year fixed-rate mortgages, 0.6 of a point for 30-year fixed-rate mortgages, 0.7 of a point for hybrid ARMs, and 0.8 of a point for one-year ARMs. "Mortgage rates continued to creep up following the unexpected drop in March's unemployment rate," said Frank Nothaft, Freddie Mac's chief economist. "That drop indicates there may be some upward pressure on wages in the near future, which could lead to a rise in inflation." A year ago, the average 30-year and 15-year fixed rates were 5.91% and 5.46%, respectively, and the average one-year ARM rate was 4.30%, Freddie Mac said.

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

April 07, 2006

Single Family Home Sales

Posted by S. Germain at 10:42 AM | Comments (0)

The First American Corporation to Hold First Quarter Conference Call

The First American Corporation announced today that it will host a conference call on April 26, 2006, at 11 a.m. EDT. The call will follow the announcement of the company's first-quarter operating results, which is scheduled for release on April 26, 2006, at 8:32 a.m. EDT.

Investors, members of the financial community and the media, can access the call by dialing (888) 955-3516, and giving the pass code First American. The call will also be webcast at www.firstam.com/investor.

An audio replay of the conference call will be available through May 3, 2006, by dialing (203) 369-3256. An audio archive of the call will also be available for replay on First American's Web site.

Posted by S. Germain at 10:41 AM | Comments (0)

American Eagle Federal Credit Union Opts for MISER® Suite From Fidelity National Information Services

Fidelity National Information Services today announced that American Eagle Federal Credit Union will implement a comprehensive and integrated suite of FIS products, including MISER core processing, MISER Branch Automation, MISER MRM, and MISER Business Intelligence. American Eagle has been an FIS (formerly Certegy) Internet banking client since 2004.

Posted by S. Germain at 10:40 AM | Comments (0)

(Stewart) GlobeXplorer(R)'s AirPhotoUSA(R) Releases 2006 Aerials of Major California Regions at High Resolution

AirPhotoUSA announced the release of PhotoMapper® aerial photography with one- and two-foot resolution for several key California regions, including San Diego, Los Angeles, San Francisco, San Bernardino, Lake, Orange and Riverside counties.

The new high-resolution imagery is part of an annual update for California. AirPhotoUSA, now in its ninth consecutive year, offers more than 92,000 square miles of current, seamless, GIS-ready coverage representing 98 percent of the state's population. All markets are available in full color with a high degree of spatial accuracy.

Posted by S. Germain at 10:38 AM | Comments (0)

a la mode Mortgage XSites Users to have Access to Borrowers' Credit Report

Thousands of Mortgage XSites users, including mortgage brokers, loan officers and other lending professionals, now have instant access to a prospective borrower's credit report from CBCInnovis early in the application process, bringing them a powerful prequalification tool and a way to provide better, quicker customer service.

Posted by S. Germain at 10:37 AM | Comments (0)

New Paperless Mortgage Application Introduced

A developer of desktop, mobile and Web tools for the real estate and mortgage industries has introduced a new paperless mortgage concept.
SureDocs, an e-signature enabled paperless mortgage PDF application, has been introduced by a la mode, a San Diego, Calif.-based company that also has offices in Orlando, Salt Lake City, Oklahoma City and Washington, D.C.

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

Posted by S. Germain at 10:35 AM | Comments (0)

Harland Financial Solutions Celebrates Milestone with INTERLINQ E3 Loan Production Platform

MidFirst Bank, one of the five largest privately held financial institutions in the country, has become the 100th lender to convert its mortgage operations to the new INTERLINQ(r) E3(r) system, a loan production platform from Harland Financial Solutions, Inc. Harland Financial Solutions is a wholly owned subsidiary of John H. Harland Company (NYSE:JH - News).

Posted by S. Germain at 10:33 AM | Comments (0)

RESPA Reform Timetable Remains Uncertain

HUD has opened negotiations with the Office of Management and Budget over changes to the Real Estate Settlement Procedures Act that could signal approval of the long-awaited legislation, says FHA commissioner Brian Montgomery.

Saying a roundtable discussion involving HUD and RESPRO leaders last fall has strengthened HUD's proposals for updating the 1974 act, Montgomery's 20- minute speech touched upon a multitude of initiatives designed to meet President Bush's 2010 goal of an additional 5.5 million minority homeowners. Less stringent home repair and cash requirements along with increased lending levels should help the agency rebound after insuring just 5,000 loans last year compared to 122,000 in 1999.

Posted by S. Germain at 10:31 AM | Comments (0)

GE Money launches mortgages in Alberta

Money, the Canadian consumer-lending unit of General Electric Company, today officially launched its consumer mortgage business in Alberta, as part of its national expansion strategy.

Also known as non-conventional mortgages and offered via mortgage brokers, the GE Money mortgage offering is primarily directed to consumers who may find it difficult to qualify for traditional, bank-originated mortgage loans.

Posted by S. Germain at 10:29 AM | Comments (0)

Bear Stearns Residential Mortgage Corp. Goes Live on Fiserv UniFi® PRO Loan Origination System in Under Six Months

Fiserv Lending Solutions today announced the implementation of its UniFi® PRO loan operating system by Bear Stearns Residential Mortgage Corporation, which provides mortgage brokers with an easy, streamlined solution for financing home mortgage loans.

Bear Stearns Residential Mortgage will be integrating the UniFi PRO operating system into its BearDirect.net online platform to produce subprime, alternative-A and piggyback loans. A wholly-owned subsidiary of The Bear Stearns Companies Inc., Bear Stearns Residential Mortgage is based in Scottsdale, Ariz., and originates loans in 29 states. Irving, Texas-based EMC Mortgage Corporation, also a subsidiary of The Bear Stearns Companies Inc., has been utilizing the UniFi PRO system since 2002 in its correspondent lending business.

Posted by S. Germain at 10:27 AM | Comments (0)

Wells Fargo Home Mortgage, Dominion Homes Launch Joint Venture

Dominion Homes Inc. and Wells Fargo Home Mortgage have joined forces to create Centennial Home Mortgage LLC. The new entity will replace Dominion Home Financial Services Ltd., handling the origination, processing and funding of home loans for Dominion Homes' buyers and the general public in Ohio, Kentucky and Indiana. Mike Biagi, assistant vice president and branch manager of Wells Fargo Home Mortgage in Central Ohio, will be Centennial's managing officer. Dominion Homes CFO William Cornely says the joint venture will give customers access to mortgages from what he calls "a highly respected player in the industry" while enabling his company to focus solely on building and selling homes.

Posted by S. Germain at 09:59 AM | Comments (0)

GM to Sell GMAC Stake to Cerberus

General Motors Corp. reportedly has agreed to sell a controlling interest in its General Motors Acceptance Corp. (GMAC) finance arm to a Cerberus Capital Management-led private investor group. Under terms of the deal expected to be officially announced today, the Cerberus group will pay an estimated $8 billion for the stake. The transaction will give GM Chief Executive Rick Wagoner the financial wherewithal to move forward with his efforts to revive the company's troubled automotive business. GM's profits over the past five years or so have been underpinned not by its automotive operations but by GMAC's sales of mortgages, insurance, and car financing; however, steady deterioration of the firm's credit rating has squeezed its creditworthiness, subsequently raising its borrowing costs and hurting its ability to offer attractive rates to homeowners and car-buyers.

Posted by S. Germain at 09:58 AM | Comments (0)

Lenders Now Say Housing Bubble Exists

Two-thirds of lenders nationwide believe a real estate bubble exists, and half believe it will burst within six months, according to a quarterly survey by Phoenix Management Services, Chadds Ford, Pa. A housing correction would result in a decline of 10%-20% in real estate prices across the United States, according to 93% of lenders polled in the company's Lending Climate in America Survey. "In the minds of lenders, the housing bubble has moved from 'Loch Ness monster' myth status to an economic reality that could have a significant, negative impact on the lives of many Americans," said Michael E. Jacoby, managing director and shareholder of Phoenix. "A year ago, 46% of lenders believed we were in a housing bubble. Today, that number has climbed to 66% -- and many of them believe a correction is imminent and could lead to a drop in housing prices of up to 20%." About 30% of the 92 participating lenders said the housing bubble has already begun to burst, while 20% said it would occur in the next six months, Phoenix reported. When asked which region is likely to be most affected by a housing correction, 30% named the Northeast and 27% named the West Coast.

Posted by S. Germain at 09:56 AM | Comments (0)

NAR: 2nd-Home Sales Set Records in '05

Sales of vacation and investment homes hit record highs last year and together accounted for nearly 40% of residential transactions, according to the National Association of Realtors. In an annual report based on two surveys, the NAR said 27.7% of all homes purchased in 2005 were investment properties and 12.2% were vacation homes. Vacation-home sales rose 16.9% to a record 1.02 million units last year from a downwardly revised 872,000 in 2004, the NAR reported. Investment-home sales climbed 15.7% to a record 2.32 million from an upwardly revised 2.00 million. NAR chief economist David Lereah cited several factors that made 2005 so favorable for the second-home market. "To begin with, the baby boom generation is driving second-home sales," he said. "They're at the optimum point in life when people become interested in second homes, they're at the peak of their earnings, interest rates remain historically low, and boomers want to diversify investments."

Posted by S. Germain at 09:55 AM | Comments (0)

Trump Mortgage to Trade on Its Name

While the unique selling proposition for the new Trump Mortgage LLC, New York, will be educating the customer before, during, and after the origination process, its main marketing point is its name. A news conference at Trump Tower announcing the firm's official launch was packed not only with business news media, company representatives, and other interested onlookers, but also with cameras and reporters from a few entertainment television shows as well. Donald Trump Jr., son of the celebrity businessman, said Trump Mortgage "is the only company in a $3 trillion industry that anyone has actually heard of." E. J. Ridings, the new company's president and chief executive officer, commented that average borrowers, even well-informed ones, do not understand the intricacies of the mortgage process because no one is educating them. At Trump Mortgage, the mission statement says the company seeks to create "a safe environment" for both residential and commercial lending, he said.

Posted by S. Germain at 09:55 AM | Comments (0)

Fitch Eyes LandAmerica

The ratings of LandAmerica Financial Group and its title insurance subsidiaries have been placed on Rating Watch Negative by Fitch Ratings. The action came in the wake of LandAmerica's recent announcement that it plans to acquire Capital Title Group Inc., and Fitch said it reflects concerns about the company's "ability to profitably execute its acquisition strategy." Cited as concerns by the rating agency are the size of the purchase price relative to reported book value; a significant increase in intangibles (and the company's history of writedowns of intangibles); and the harm the acquisition may do to LandAmerica's "already weakening balance sheet fundamentals." LandAmerica's insurer financial strength, and that of seven title insurance subsidiaries, is rated A by Fitch.

Posted by S. Germain at 09:54 AM | Comments (0)

Int'l Mortgage Association Formed

An international mortgage association with a focus on developing a global market in Mexico has been formed. The group, the International Mortgage Lenders Association, is composed of individuals and organizations in Mexico and the United States representing mortgage lenders and brokers, real estate appraisers, real estate title companies, real estate agents and developers, financial services organizations, and legal firms with real estate practices.

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