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July 28, 2006

Home Builder Optimism Falls

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

First American and the National Association of Real Estate Brokers Form Strategic Partnership

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, and the National Association of Real Estate Brokers (NAREB®), the oldest and largest minority real estate trade association in the United States, today announced that First American has been named as a NAREB Strategic Business Information & Title Services Partner, an alliance that will extend innovative business resources to NAREB's national network of Realtist members and help increase homeownership opportunities in traditionally under-served African-American communities.

Read the entire story here.

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

The First American Corporation Reports Results for the Second Quarter 2006

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced results for the second quarter ended June 30, 2006:

Read the entire story here.

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

Scotiabank Implements Fidelity National Information Services' Leading Profile Application

Fidelity National Information Services announced today that its FIS subsidiary has successfully implemented Profile(TM) at Scotiabank, one of North America's premier financial institutions and one of Canada's leading mortgage providers, to process The Bank's retail mortgage loan portfolio.

Scotiabank is currently using Profile to process new mortgage loans, and is expected to covert its existing portfolio in early 2007. Profile has also been fully integrated with the Bank's front-end systems across more than 900 domestic retail branches and four call centers. FIS' comprehensive solution delivers new mortgage servicing functionality -- including access to real-time information -- that streamlines business processes for financial institutions in Canada, which enables Scotiabank to offer an enhanced customer experience. The integrated solution also allows for future migration of Scotiabank's other lines of business onto a single platform.

Posted by S. Germain at 08:55 AM | Comments (0)

Fidelity National Title registers $3.5 bln in stock

Fidelity National Financial will distribute Class A shares of the company representing approximately 86% of the outstanding common stock to the holders of FNF common stock. The title firm is one of the largest title insurance companies in the United States.

Posted by S. Germain at 08:54 AM | Comments (0)

Fidelity National Financial, Inc. Reports Second Quarter 2006 EPS of $0.73

Fidelity National Financial, Inc. today reported operating results for the three-month and six-month periods ended June 30, 2006.

Read the entire story here.

Posted by S. Germain at 08:53 AM | Comments (0)

Fidelity National Title Group, Inc. Reports Second Quarter 2006 EPS of $0.67

Fidelity National Title Group, Inc. today reported operating results for the three-month and six-month periods ended June 30, 2006.

Read the entire story here.

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

LandAmerica posts 18 pct boost in 2nd-qtr earnings

LandAmerica Financial Group Inc. a provider of real estate services and title insurance, said on Tuesday second-quarter earnings rose 18 percent, skewed by legal costs in the year-ago period.

The Richmond, Virginia-based title insurer said net income rose to $35.6 million, or $2.06 a share, from $30.2 million, or $1.70 a share in the year earlier quarter, which included $21.3 million of legal costs.

Analysts polled by Reuters had expected the company to earn $1.75 a share.

Operating revenue for LandAmerica, which has more than 900 offices and 10,000 agents, rose to $971.1 million from $952.4 million.

LandAmerica's shares closed at $63.40, up 3.2 percent. The stock had fallen about 4 percent since the start of 2006, tracking the loss of the Standard & Poor's insurance index.

The title insurance provider said it was increasing its dividend by 4 cents a share. The new quarterly dividend of 22 cents a share will be payable on Sept. 15 to holders on Sept. 1.

LandAmerica also said it had restated historical results because of an error in the calculation of the amount it set aside for claims. Prior to the correction, net income for the second quarter of last year was understated by $2.6 million, the company said.

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

Stewart 2Q Profit Down by Half

Stewart Information Services Corp. said Thursday second-quarter earnings fell by half, as a slowing housing market cut into revenue and higher costs hurt the bottom line.
Net income plummeted to $15.7 million, or 86 cents per share, from $37.2 million, or $2.04 per share, last year. Stewart said higher employee costs cut into profit.

Wall Street expected profit of $1.12 per share, according to Thomson Financial.

Revenue fell 1 percent to $644.7 million from $651.1 million last year, but beat Street estimates for $609.7 million. Stewart blamed the sales decline on fewer residential closings because of higher interest rates.

Expenses rose 5 percent to $615.1 million from $584.7 million last year.

Stewart Information Services closed up 50 cents at $36.50 in Wednesday trading on the New York Stock Exchange.

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

Yale Mortgage Outsources Back-Office Fulfillment Operations to Guardian Mortgage Services to Meet Current Demand

Yale Mortgage Corp., the nation's largest hard equity lender, has selected Guardian Mortgage Services' (GMS) outsource solution to bolster its backroom operations. GMS immediately expands Yale Mortgage's closing capacity to support its existing growth and ensure capacity for the increasing volume.

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

Flagstar Bank Integrates Interthinx(TM) DISSCO(TM) and ValVerify(SM) as Front End Fraud Detection and Prevention System

Flagstar Bank, a leading mortgage lender and national leader in the wholesale mortgage business, has integrated fraud prevention tools from Interthinx(TM), the leading provider of comprehensive fraud prevention and decision support tools for the mortgage industry and an ISO business. Interthinx products DISSCO(TM) and ValVerify(SM) will serve as the leading components of the Flagstar Bank mortgage fraud prevention system.

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

HouseValues Introduces Fully-Integrated Lead Management Tools Specifically Designed for Mortgage Professionals

HouseValues Inc. (NASDAQ: SOLD) and Leads360, LLC announced an agreement today that will provide HouseValues' mortgage clients with a first-of-its-kind, customized and fully-integrated lead management system to help mortgage professionals nationwide convert more leads into closed loans.

As a result of the agreement, all HouseValues' lending and mortgage broker clients nationwide will be able to receive leads integrated into a HouseValues-branded lead manager powered by Leads360.

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

Citi Combines First-Mortgage Ops

Citigroup has announced the combining of its first-mortgage businesses, St. Louis-based CitiMortgage and Dallas-based CitiFinancial Mortgage, under the CitiMortgage name. CitiMortgage previously handled prime residential mortgages through retail, wholesale, and correspondent channels, while CitiFinancial Mortgage specialized in nonprime residential mortgages. CitiMortgage will now originate both prime and nonprime mortgages, and its headquarters will remain in St. Louis. "This integration ... allows us to present a consistent face to the market, increase our national presence via greater distribution, and offer more complete solutions to customers," said Bill Beckmann, president of CitiMortgage. Citi said the move will allow it to adopt a "common, customer-focused business model"; migrate to an integrated computer infrastructure that will facilitate improved customer service; capitalize on expanding product lines and pricing; and leverage the distribution channels and strengths of both companies.

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

GMAC Parent Earns $548M in 2Q, but…

Residential Capital Corp., the parent of the GMAC Residential family of companies, earned $548 million in the second quarter, an 82% improvement over the same period last year. However, the company attributed the strong showing to a $259 million one-time gain when it sold its stake in a regional homebuilding company. Without the sale, its earnings fell 4%. ResCap's mortgage affiliates funded $47 billion in the second quarter, a 10% increase from the level recorded in the second quarter of last year. Earlier this year, Cerberus Capital Management and two partners bought 51% of GMAC. General Motors owns the balance.

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

IndyMac Reports Record 2Q Profits, Volume

IndyMac Bancorp Inc., Pasadena, Calif., has reported record mortgage loan volume and record net earnings of $105 million ($1.49 per share) for the second quarter, compared with $82 million ($1.24 per share) a year earlier. IndyMac's mortgage loan production totaled a record $20.1 billion in the second quarter, up 41% from that of a year earlier, the company said. "While our mortgage volumes were at a record level for the ninth consecutive quarter, they were essentially flat compared with the first quarter, and we are redoubling our efforts to profitably gain market share," said Richard H. Wohl, IndyMac Bank's president. "In keeping with this goal, our mortgage pipeline was at an all-time record level of $12.5 billion as of June 30, up 7% from the first quarter of 2006 and up 29% year over year, boding well for our mortgage production volumes and profits for the third quarter."

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

Growth Slowing Across the Country, Fed Regional Reports Say

The regional reports from the 12 Federal Reserve districts indicate that residential real estate activity is slowing, as sellers take longer to find buyers for homes and more homes remain on the market unsold. The central bank reports that the New York region has a large number of high-end homes that are still on the market, and in Florida, home builders are offering all kinds of incentives to attract buyers. Meanwhile, in the Kansas City metro area, foreclosures are on the rise among low-income families. St. Louis, where home sales have been consistent, and Dallas, where demand and construction are strong, were the only regions that did not report a slowdown in housing.

Posted by S. Germain at 08:31 AM | Comments (0)

New MBA Subprime Mortgage Originations Survey

In the second half of 2005, 60 percent of subprime originations were for refinance purposes, compared to 51 percent for all originations. Among subprime originations, 88 percent were for cash-out purposes, compared to 72 percent of all originations.

The Mortgage Bankers Association's Subprime Mortgage Originations Survey is a new vehicle covering the second half of 2005. More than 25 subprime lenders participated in this survey and the survey covers more than 50 percent of second-half 2005 subprime volume.

In the second half, survey participants originated $170 billion in subprime first mortgages and $11 billion in subprime second mortgages. Other survey highlights include:

• Most (71 percent) of subprime originations came through the broker channel, whereas brokers originated only 50 percent of all originations;

• Adjustable-rate mortgage loans (including interest-only ARMs) comprised 73 percent of subprime originations versus an ARM share of 53 percent of all originations; and

• A higher percentage of subprime originations were for owner-occupied homes than overall, 94 percent and 88 percent respectively.

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

Wachovia-Golden West Deal Challenged

Fair Finance Watch has filed a challenge to Wachovia Corp.'s proposed $25.5 billion acquisition of Golden West Financial Corp., calling into question the North Carolina-based banking firm's past lending record. The New York community group contends that loan prices are apt to increase if the Wachovia deal goes through, charging that the $554 billion-asset company regularly charges minority borrowers higher interest rates and lends to payday lenders and pawn shops. A Wachovia spokesperson countered that Wachovia "has a long history of commitment to our communities. We look forward to building on our legacy of community excellence and extending the reach of our community programs and products in Golden West Financial's markets." The two firms are slated to vote on the deal during separate meetings at the end of next month.

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

Do Countrywide's Loans Stack Up?

Research by RBS Greenwich Capital reveals that Countrywide Financial Corp.'s pay option adjustable-rate mortgages are underperforming in comparison to those originated by Washington Mutual Inc. (WaMu), IndyMac Bancorp Inc., Downey Financial Corp. and other large lenders. The report shows that 1.4 percent of such loans written in 2004 by Countrywide--which is the nation's biggest residential lender--were at least 60 days late by the 24th payment, versus just 0.31 percent of those made by WaMu. RBS Greenwich Capital suggests that Countrywide did not exercise as much caution as its rivals when approving such loans, though the true test will come in about five years when the adjustable-rate periods expire. Sill, Morgan Stanley analyst Kenneth Posner and Friedman, Billings, Ramsey & Co. analy! st Paul Miller believe Countrywide is performing well and will favorably rate its stock as long as home prices do not dramatically decline.

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

July 21, 2006

Existing Home Sales

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

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

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that it will host a conference call on July 26, 2006, at 11 a.m. EDT. The call will follow the announcement of the company's second-quarter operating results, which is scheduled for release on July 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, the media and other members of the public, 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."

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

FIRST AMERICAN REAL ESTATE TAX SERVICE EARNS ISO 9001 CERTIFICATION

First American Real Estate Tax Service, the nation’s largest tax reporting company and a member of The First American Corporation (NYSE: FAF) family of companies, announced today that it has achieved ISO 9001:2000 certification. The certification was awarded following an extensive audit of the company’s quality system by BSI, Inc., a quality management systems registrar.

The audit confirmed First American Real Estate Tax Service’s compliance with all applicable international standards for quality systems.

Currently servicing 27 million residential loans, First American Real Estate Tax Service is the second company within First American’s Mortgage Information and Services Group to achieve an ISO certification for operational excellence. First American Fulfillment Solutions was ISO 9001:2000 certified in February 2005.

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

Fidelity National Information Services Announces Quarterly Dividend

Fidelity National Information Services, Inc. (NYSE: FIS - News) today announced a regular quarterly dividend of $0.05 per common share. The dividend is payable September 27, 2006, to shareholders of record as of the close of business September 14, 2006.

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

Fidelity National Information Services Launches Back Office Processing Operation in Brazil

Fidelity National Information Services, Inc. today announced that it has established a back-office outsourcing and item processing operation in Brazil. This new outsourcing operation, which will be named Fidelity BPO Brazil Ltda., will provide a comprehensive range of back office processing and support services, check imaging, check clearing and custody, and consumer loan processing through more than 40 processing centers in Brazil.

Two of Brazil's top four non-government banks, including Unibanco, have signed new 10-year contracts with Fidelity BPO Brazil Ltda. for these services. To support the outsourcing operation, FIS has acquired Proservvi Empreendimentos e Servicos Ltda. ("Proservvi") for $2.8 million in cash and the assumption of $13.3 million in debt. Additionally, FIS anticipates investing approximately $13.6 million to support the working capital needs of the new operation. Revenues from Proservvi clients transferring to Fidelity as part of the transaction totaled approximately $16.0 million in 2005. The cumulative revenue for new and existing processing contracts is estimated at more than $1.0 billion over the next 10 years.

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

GlobeXplorer(R) Adds More Than 30 States of Customized USDA NAIP Aerial Imagery

GlobeXplorer recently completed the addition of more than 2,000 counties of USDA National Agricultural Imagery Program (NAIP) imagery in more than 30 states to its existing online archive. The additional images include both urban and rural counties throughout the country.

These natural color aerial orthophoto mosaics were taken mostly in the last two years, with a resolution of mainly one meter with some at two meters. Further additions and updates of NAIP imagery will be regularly added to GlobeXplorer's archive as they are made available.

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

ChoicePoint(R) Acquires Insuratec, Expands Insurance Services Offerings

ChoicePoint (NYSE: CPS - News) today announced the acquisition of Insuratec Inc., a leading provider of lien holder and mortgagee notification services to the Property and Casualty Insurance industry. Insuratec, based in Danville, Calif., notifies automobile finance companies and mortgage lenders, on behalf of insurance clients, of material changes to insurance policies. Terms of the acquisition were not disclosed.

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

InterContinental Capital Continues Rapid Growth by Outsourcing Closing and Post-Closing to Guardian Mortgage Services

Guardian Mortgage Services (GMS) is now managing document preparation, closing coordination and post-closing for InterContinental Capital Group, Inc. GMS, a division of Guardian Mortgage Documents (GMD), 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 08:06 AM | Comments (0)

Wells Fargo Reports Quarterly Records

Wells Fargo & Company (NYSE:WFC - News):
Second Quarter 2006 Highlights:

-- Record net income of $2.09 billion, up 9 percent from prior
year's $1.91 billion, up 14 percent (annualized) from first
quarter 2006

-- Average commercial and commercial real estate loans up 12
percent from prior year, up 13 percent (annualized) on
linked-quarter basis

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

ChoicePoint(R) Reports Revenue of $241 Million for the Second Quarter Reflecting Continued Strong Customer Demand

For the second quarter of 2006, ChoicePoint Inc. (NYSE: CPS - News) reported total revenue from continuing operations of $240.8 million, representing growth of 6 percent compared to $227.4 million for the second quarter of 2005.

To reflect how the ChoicePoint businesses will operate under its new strategic focus, the Company has revised the segments in which it reports its financial results. In addition to the three businesses slated for divesture being reported as discontinued operations, the current Business Services segment has been divided into two new segments: the Screening and Authentication Services segment and the Financial and Professional Services segment. The Screening and Authentication Services segment consists of the Company's pre-employment, tenant and vendor screening services, as well as associated authentication and credentialing businesses. The Financial and Professional Services segment includes the Company's businesses involved in the sale of public information to the banking, mortgage and professional services markets.

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

Radian Net Rises

Credit risk management company Radian's second quarter earnings rose 5.6%, helped by growth in mortgage insurance business.

The company earned $148.15 million, or $1.79 a share, in the quarter, compared with $140.22 million, or $1.56 a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of $1.55 a share.

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

NatCity Takes Big Hedge Loss on Servicing

National City Corp., Cleveland, took a $115 million hit in the second quarter due to hedging losses on its residential servicing portfolio. The company -- which is contemplating exiting the subprime business -- has taken $243 million in servicing-related hedging losses so far this year. The entire bank, overall, earned $473 million in the quarter, but its A-paper mortgage unit lost $52 million. Its residential subprime business, though, had a strong second quarter, posting a $148 million profit. (Its net mortgage profit for the quarter totaled $96 million.) NatCity has adopted a policy of selling into the secondary market all subprime loans funded by its First Franklin Financial affiliate. During a conference call on July 18, company officials blamed the hedging losses on the implementation of a new model to estimate mortgage loan prepayments. In a statement, it notes that prepayments "are a significant factor" in determining the asset value of mortgage servicing rights. Even though the bank may sell First Franklin, it called the company a "fabulous" business.

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

e4e Introduces 'Captive-Plus' System

Santa Clara, Calif.-based e4e, a provider of "on tap" mortgage business services, has announced a "captive-plus" system that allows midsize lenders to choose from a variety of acquisition, processing, customer care, and servicing capabilities. The system will "substantially improve" profitability, reduce risk, and create a variable-cost environment, providing a "sustainable competitive advantage" that will enable midsize lenders to compete on a level playing field with large lenders, the company said. "Since 2000, e4e has been managing processing operations that support captive offshore centers of large lenders," said Vaibhav Tewari, e4e's president of financial services. "As the business environment continues to change, we've seen the growing need to allow mid-tier lenders the benefits of a captive environment without the resource costs necessary to set up an offshore captive operation."

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

MISMO Offers Guidance on E-Signing PDFs

The eMortgage Workgroup of the Mortgage Industry Standards Maintenance Organization has unanimously passed a motion to develop implementation guidance for creating electronically signed PDF documents using the Adobe PDF 1.6 specification. The announcement is a follow-up to MISMO's May 3 statement on e-mortgage activities as they relate to the possible formal adoption of the Adobe PDF format. A motion to include data mapping guidance as well as e-signature guidelines was voted down. A MISMO spokesman told MortgageWire that the motion was defeated because if it had passed, classic PDF would be a competitor to the category-one SMART Doc, and historically MISMO has never endorsed proprietary technology as part of its open standards. MISMO deferred judgment on Intelligent PDF until Adobe posts a worldwide patent license letter on the product.

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

WaMu Selling $140B in Servicing to Wells

In a move that surprised the mortgage industry, Seattle-based Washington Mutual agreed late Wednesday to sell its entire government servicing portfolio and part of its conforming portfolio -- $140 billion in receivables -- to competitor Wells Fargo in a deal that will result in a loss for WaMu. According to a mergers-and-acquisitions database compiled by National Mortgage News, it is the largest bulk servicing transaction in U.S. history. WaMu values the $140 billion in servicing rights at $2.6 billion, but when all is said and done, the thrift will book a $157 million pretax loss on the sale. The receivables include: $89 billion in Fannie Mae/Freddie Mac servicing rights, $43 billion in servicing rights on FHA/VA-backed loans, and $8 billion in private investor rights. The purchase will make Wells Fargo the No. 1-ranked residential servicer in the United States. It also means that Wells will control about $143 billion of the $450 billion Ginnie Mae servicing market, or 32%. (For more details, see the July 24 issue of NMN.)

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

Wachovia 2nd-Quarter Net Rises on Acquisitions, Investment Bank

Wachovia Corp. confirms that its second-quarter earnings increased 14 percent due to earlier acquisitions that helped bolster profit margins on loans. One such acquisition was AmNet Mortgage Inc., which expanded Wachovia's offerings into mortgages for riskier borrowers. Investors, though, remain concerned with Wachovia's plans to acquire Golden West Financial Corp. The California-based thrift derives nearly 100 percent of its earnings from adjustable-rate mortgages, and that could weigh on Wachovia's earnings as rising interest rates result in more and more borrowers defaulting on their loans.

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

Bernanke Comments Give Major Boost to Market

The stock market experienced some gains on Wednesday due in part to Federal Reserve Chairman Ben Bernanke's testimony to the Senate Banking Committee. Bernanke said more moderate economic growth should put a damper on inflation; but he acknowledged that higher oil prices, violence in the Middle East and the weakening housing market still pose some risks. Bernanke expressed concerns that a too-high interest rate could hurt the homes sector as well as the overall economy while a too-low interest rate could boost inflationary risks. According to HVB Group economist Roger Kubarych, "The Fed intends to keep tightening monetary policy until it is certain that! core inflation is going to recede."

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

Cuts in Title Insurance Rates Sought

Homeowners in California could see their title insurance rates fall by an average of 23 percent next year for premiums needed to close on home sales,if the state's Office of Administrative Law gives final approval to a proposal from Insurance Commissioner John Garamendi. The $4.5 billion-a-year industry is dominated by five title insurance providers; and the premiums they charge can amount to as much as $2,500 on the sale of a $750,000 house, according to one broker's rate sheet. "I am taking strong action to force insurers to lower their rates, while keeping more money in the pockets of consumers," Garamendi said. Title insurers maintain that their rates are fair and competitive, and they said they would consider suing the state if the law was enacted.

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

Backseat for RESPA Reform

Though HUD Secretary Alphonso Jackson hinted in May that a proposed rule to revamp the Real Estate Settlement Procedures Act would be issued in the next few months, the agency presently is focused on legislation to reform the Federal Housing Administration. The RESPA rule will be released "sometime probably this year," according to HUD assistant secretary and FHA commissioner Brian Montgomery, who is spending much of his time lobbying for FHA reforms. The HUD appropriations bill approved by the House will hike FHA loan limits, pave the way for risk-based insurance premiums and no longer require borrowers to put 3 percent down. HUD is working to ensure that the appropriations bill to be considered by the Senate Appropriations Committee this week will feature the same provisions.

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

July 14, 2006

Housing Starts

Posted by S. Germain at 08:54 AM | Comments (0)

LoanPerformance Enhances Securities Software

LoanPerformance, a San Francisco-based provider of residential mortgage data and analytics, has announced the release of TrueStandings Securities 2.0, a Web-based mortgage reporting and analysis application. Version 2.0 features a Java-based user interface, Internet access, and full navigation using hyperlinks, and offers clients full access to "the mortgage industry's leading nonagency mortgage-backed and asset-backed securities databases," the company said. The new version provides faster refresh rates for its Web pages, an enhanced design for a "more intuitive user experience," and improved process and workflow for building and managing customized reports, LoanPerformance said. The company, a subsidiary of First American Real Estate Solutions, can be found online at http://www.loanperformance.com.

Posted by S. Germain at 08:53 AM | Comments (0)

KnowYourClosing.com Helps Homebuyers Understand Their Real Estate Closing Process

Many a homebuyer is perplexed by the details involved in buying a house, especially the closing process. Just what is a "closing," or "escrow," or "title insurance," or a "survey"? A new website -- KnowYourClosing.com -- helps clear up some of the mystery and confusion.

Developed by LandAmerica Financial Group, KnowYourClosing.com answers such basic questions in easy-to-understand language, using a question-and-answer format and brief descriptions.

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

e-Closing Spans San Antonio Airport and Stewart Title Office in The Woodlands, Texas

A flight delay due to weather added an interesting wrinkle to an electronic closing scheduled in Montgomery County, Texas, utilizing Stewart Title's patent-pending eClosingRoom(TM) electronic closing platform and the SureClose® online transaction management system.

Read the entire story here.

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

40,000 MILA Broker Subscribers Can Use a la mode SureDocs for Mortgage Disclosures

MILA, Inc., an e-commerce wholesale lender based in Mountlake Terrace, Washington, said it has evaluated a la mode's new SureDocs electronic document creator for mortgage originators and will accept electronically signed RESPA disclosures generated by SureDocs from its 40,000-plus broker/subscribers.

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

MRG and Dynatek Form Partnership

MRG Document Technologies (MRG), a provider of document preparation services for the financial industry, announced the integration of its Miracle Online, an ASP-based software package that provides automated data entry, document selection and electronic delivery of loan documents for mortgage brokers and lenders, with Dynatek's MORvision(TM) loan origination software.

The partnership streamlines the loan origination process by automating the ordering of loan closing documents. Dynatek's customers can now seamlessly access Miracle Online through MORvision, where they request and receive loan closing documents.

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

FirstClose(TM) Announces AmeriFirst Home Improvement Finance as Latest Customer

FirstClose, a service of First Lenders Data, Inc. (FLDI), an Austin, Texas-based provider of bundled mortgage settlement service solutions, announced that AmeriFirst Home Improvement Finance, a national home improvement lender based in Omaha, NE, has selected FirstClose as its bundled mortgage settlement services provider.

AmeriFirst will order bundled settlement services utilizing an interface between the FirstClose platform and Appro's LoanCenter loan origination system (LOS). Services include automated valuation models (AVMs), document preparation, legal and vesting reports, lien protection, and full disbursement closing services.

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

GERS Partners with ApprovalWare to Deliver Integrated, Multimedia / Multi-Lender Credit Decisions

GERS Retail Systems, a leading provider of enterprise software solutions, today announced that they have entered into marketing and system integration agreements with ApprovalWare, Inc., a Mt. Kisco, NY-based provider of multi-lender / multimedia credit "decisioning" technology within the retailing, mortgage, telecommunications, and healthcare sectors.

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

Interthinx(TM) Expands Collateral Risk Product Suite

Interthinx(TM), the leading provider of comprehensive mortgage fraud prevention, compliance and decision support tools for the mortgage industry and an ISO business, is now bolstering its comprehensive collateral risk solution. Interthinx has once again delivered a best-in-breed solution to the industry by combining ValVerify(SM), the industry leading service for determining the propensity for collateral misrepresentation and fraud, and its latest offering, Clear Value(SM) AVM. Clear Value AVM is a new automated decision support tool that allows lenders and investors to utilize the most appropriate valuation report based on factors dictated by lender/investor policies.

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

e4e Introduces 'Captive-Plus' System

Santa Clara, Calif.-based e4e, a provider of "on tap" mortgage business services, has announced a "captive-plus" system that allows midsize lenders to choose from a variety of acquisition, processing, customer care, and servicing capabilities. The system will "substantially improve" profitability, reduce risk, and create a variable-cost environment, providing a "sustainable competitive advantage" that will enable midsize lenders to compete on a level playing field with large lenders, the company said. "Since 2000, e4e has been managing processing operations that support captive offshore centers of large lenders," said Vaibhav Tewari, e4e's president of financial services. "As the business environment continues to change, we've seen the growing need to allow mid-tier lenders the benefits of a captive environment without the resource costs necessary to set up an offshore captive operation."

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

Nat City Puts 1st Franklin Up For Sale

National City Corp., Cleveland, is throwing in the towel on its subprime division, placing First Franklin Financial Corp. on the auction block. The bank said it is weighing "strategic alternatives" for the San Jose, Calif.-based unit, including a sale. It also may unload its subprime servicing division, National City Home Loan Services, Pittsburgh, and NationsPoint, Lake Forest, Calif., a direct-to-consumer lender. A bank spokesman told MortgageWire that National City is not committed to a sale and ultimately could wind up keeping the units if it doesn't like the bids. He added that National City has no plans, at this time, to sell its prime mortgage division, National City Mortgage, which is based in Miamisburg, Ohio. Nat City Mortgage is the nation's 18th-largest funder, but its production declined dramatically in the first quarter, according to the Quarterly Data Report, an MW affiliate. First Franklin is the nation's 12th-largest subprime funder, according to QDR. NCHLS is the nation's 12th-largest subprime servicer.

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

Deutsche Bank to Acquire MortgageIT

Deutsche Bank has agreed to purchase MortgageIT Holdings Inc., New York, the nation's 21st-largest lender for $429 million, or $14.75 a share. The purchase is Deutsche Bank's second mortgage-related acquisition in eight weeks. A real estate investment trust, MortgageIT Holdings owns MortgageIT Inc., a residential mortgage lender that employs 2,100 full-timers in 50 branches and is licensed to originate mortgages in all 50 states. The operating company will become a part of Deutsche Bank's residential mortgage-backed securities business in New York. Phil Weingord, Deutsche Bank's head of global markets for the Americas, said the company continues to expand its RMBS business and believes "the vertical integration of a leading mortgage originator like MortgageIT will provide significant competitive advantages, such as access to a steady source of product for distribution into the mortgage capital markets." Doug Naidus, chairman and chief executive officer of MortgageIT, said the transaction "will enable us to accomplish our mutual goal of becoming a top player in the U.S. residential lending and securitization markets in short order."

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

Countrywide's Home Loans Decline

Countrywide Financial reported a 3-percent drop in mortgage volume to $117 billion during the year-over-year period ended in June but fared better than many of its counterparts. Industrywide, lenders posted a decline of about 13 percent. With small lenders likely to find it difficult to compete in the weakening market, Countrywide anticipates capturing a greater share of the market in the coming months. An 18-percent decrease in originations to $2.39 trillion is forecasted for the year by the Mortgage Bankers Association.

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

Wamu Plans to Cut 900 More Jobs in U.S.

Washington Mutual has announced another round of layoffs that will leave 900 workers in Seattle and elsewhere without jobs. Of the positions eliminated in its home-loan group, most involve its residential appraisal team, as WaMu is outsourcing more of its appraisal work to national vendors. The lender also plans to shutter its Houston and Islandia, N.Y.-based consumer loan production centers. Earlier this year, the company announced plans to eliminate 1,400 call-center positions, lay off 2,400 other workers and close nearly a dozen loan-support offices throughout the United States.

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

Cash-Outs Dominate Shrinking Home Refinance Market

Freddie Mac chief economist Frank Nothaft believes the end of the most recent refinancing boom will lead to a 12-percent drop in mortgage originations for 2006, with refinancings falling to 30 percent of origination volume by the fourth quarter. During the boom period, Nothaft says that most borrowers were refinancing in order to reduce their interest rates or mortgage terms. However, he notes that nearly 90 percent of refinancings orchestrated during the first half of 2006 involved the extraction of home equity. Freddie Mac forecasts a decline in the amount of cash-outs to $125 billion by 2008 from $275 billion in 2005.

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

Halfway Point: Home Sales Will Still Reach Near Record Levels

An increase in the 30-year fixed mortgage rate over the course of the year will be one of the primary reasons for a decline in home sales in 2006, according to the National Association of Realtors. The organization forecasts a 12.8-percent decline in new-home sales to 1.12 million this year from 1.28 million a year ago and a 6.7-percent drop in resales to 6.60 million from 7.08 million, although the resale volume still would represent the third-highest level on record. Freddie Mac, which believes 30-year fixed mortgage rates will average 6.8 percent for the rest of the year, agrees that housing sales are headed for their third best year; but the Federal Reserve's interest-rate-raising campaign continues to loom large. "We remain concerned about the potential impact of higher interest rates in some of the mor! e expensive areas of the country," says David Lereah, chief economist at NAR, which also expects home prices to jump 5.3 percent nationally to $231,300 this year.

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

National City Exploring Sale of Mortgage Units

A decline in profits and home-loan applications during the first quarter has National City Corp. considering a sale of its First Franklin mortgage unit. As interest rates rose during the quarter, the Cleveland-based company saw mortgage lending at First Franklin as well as at its National City mortgage arm plummet 77 percent to $56 million. According to Friedman Billings Ramsey & Co. analyst Gary Townsend, firms that purchase mortgage loans from lenders and repackage them for sale as securities and investment banks such as Merrill Lynch and Lehman Brothers might be interested in First Franklin--which could draw a price tag of $800 million to $1.2 billion, by one estimate. National City also could package San Jose-based First Franklin with its National City Home Loan Services processing unit in Pittsburgh, or even sell its Lake Forest-based NationPoint subsidiary, which lends to prospective homeowners who have lower credit ratings.

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

American Bank Purchase Doubles Mortgage Business

Looking to bolster its retail mortgage business nationwide, American Bank Holdings acquired United Federal Mortgage late last month for an undisclosed sum. United Federal, which will continue to operate under that name for at least the foreseeable future, is based in Maryland and has 10 offices nationwide. Officials note that the firm records $300 million in mortgages annually, which will more than double American's business. American President and CEO Jim Plack remarked, "We are jumping in with both feet into the retail business now."

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

July 07, 2006

New Homes for Sale

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

The First American Corporation to Hold Second Quarter Conference Call

The First American Corporation (NYSE:FAF - News), the nation's largest data provider, announced today that it will host a conference call on July 26, 2006, at 11 a.m. EDT. The call will follow the announcement of the company's second-quarter operating results, which is scheduled for release on July 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 August 4, 2006, by dialing 203-369-0365. An audio archive of the call will also be available for replay on First American's Web site.

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

Fidelity National Information Services, Inc. Announces 2nd Quarter Earnings Release and Conference Call

Fidelity National Information Services, Inc. (NYSE: FIS - News) will release 2nd quarter 2006 earnings after the close of regular market trading on Tuesday, July 25, 2006. A conference call will follow on Wednesday, July 26, 2006 at 8:30 a.m. Eastern Time. Those wishing to participate via the webcast should access the call through FIS' Investor Relations website at http://www.fidelityinfoservices.com . Those wishing to participate via the telephone may dial in at 800-230-1074 (USA) or 612-288-0318 (International). The conference call replay will be available via webcast through FIS' Investor Relations website at http://www.fidelityinfoservices.com . The telephone replay will be available from 12:00 p.m. Eastern Time on July 26, 2006 through August 2, 2006 by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 835466.

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

LandAmerica Announces the Opening of LandAmerica Lawyers Title of Central America

LandAmerica Financial Group, Inc. announces the opening of LandAmerica Lawyers Title of Central America, a joint venture.

Headquartered in Panama City, Panama, LandAmerica Lawyers Title of Central America will immediately begin offering title, escrow, and developer services to buyers, sellers, developers, and lenders throughout Central America which includes Costa Rica, Panama, Nicaragua, Honduras, Guatemala, Belize, and El Salvador.

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

U.S. Virgin Islands Completes Installation of Landata e-STAR Plus(TM) Enhanced Electronic Document Land Management System

The U.S. Virgin Islands of St. Croix, St. Thomas and St. John have completed the installation of Landata e-STAR Plus, a comprehensive Solution for Total Automation of Records for county clerks and recorders. The installation also incorporates Internet access capability, including an e-commerce module allowing the public to purchase officially recorded documents.

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

ING Mortgage Selects Metavante Lending Automation Technology

Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI - News), today announced that ING DIRECT USA has licensed its online wholesale point-of-sale (POS) and loan origination system (LOS) technology for its wholesale mortgage operation, ING Mortgage.

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

ProLender Solutions, Inc. Integrates LOS with Interthinx(TM) DISSCOFraud-Detection Solution

Interthinx(TM), a leading provider of comprehensive fraud prevention and decision support tools for the mortgage industry, has successfully integrated its DISSCO(SM) fraud detection and prevention system with the ProLender Mortgage Lending system (MLS). ProLender is a product of ProLender Solutions, Inc.

As a result of this integration, loans originated in ProLender can be instantly and seamlessly submitted to DISSCO for automatic screening for potential mortgage fraud. The interface from ProLender is a user-friendly, "push-button" system that compiles loan data and directly communicates with the Interthinx server, which analyzes loan information via a secure Internet connection. Once analysis is complete, ProLender receives and displays the Interthinx fraud report in PDF format.

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

40,000 MILA Broker/Subscribers Can Use a la mode SureDocs for Mortgage Disclosures

MILA, Inc. said it has evaluated a la mode's new SureDocs electronic document creator for mortgage originators and will accept electronically signed RESPA disclosures generated by SureDocs from its 40,000-plus broker/subscribers.

a la mode's SureDocs is desktop software that allows brokers to generate PDF versions of origination documents directly from their LOS or any other program they can print from. It works just like a standard print driver. The SureDocs intelligent document recognition feature also automatically recognizes forms from leading LOS software such as Calyx Point, Ellie Mae Encompass and CBC BytePro and will automatically place electronic signature tags and guide borrowers through e-signing from any web browser.

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

IndyMac Boosts Stake in Financial Freedom

IndyMac Bancorp Inc., Pasadena, Calif., has announced that it will increase its ownership stake in Financial Freedom Senior Funding Corp. from 93.75% to 100%, a change in direction from an earlier move to consider going public with the subsidiary. IndyMac said it decided to change course after announcing in May that its board had authorized management to plan for an initial public offering of Financial Freedom shares. "After thorough analysis, we determined that it is in the best interest of our shareholders for IndyMac to keep Financial Freedom as a wholly owned subsidiary focused on the senior market," said Michael W. Perry, IndyMac's chairman and chief executive officer. "This will allow us to fully leverage IndyMac's systems, infrastructure, and mortgage banking expertise in a way that will enable Financial Freedom to remain a highly profitable and dominant player in the fast-growing but ever more competitive reverse mortgage market."

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

Fixed Rates Inch Higher

The average 30-year fixed mortgage rate inched up from 6.78% to 6.79% over the seven-day period ended July 6, according to Freddie Mac's Primary Mortgage Market Survey.
The average 15-year fixed mortgage rate rose from 6.43% to 6.44%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages was unchanged, at 6.39%, and the average rate for one-year Treasury-indexed ARMs crept up from 5.82% to 5.83%, Freddie Mac reported.

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

Pipeline: State Regulator Has Mixed Feelings on Originator Database

The concept of a nationwide database of mortgage originators and a uniform license application is a good idea, agrees Danny Payne of the Department of Savings and Mortgage Lending in Texas. However, he suggested that legislators there might balk at getting involved in a national program, considering that Texas already has its own such database and that participating at the national level would mean changes to the state's licensing process--such as higher fees. Still, Payne said his department is compiling a list of legislative amendments needed for Texas to be included in the national database. The brainchild of the Conference of State Bank Supervisors, the database has garnered support from as many as three dozen state regulators who have committed to pay about 75 percent of the $4.! 3 million needed to roll out the project.

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

Insurer Accused of Aiding Fannie

A group of Fannie Mae shareholders that filed suit against the government-sponsored enterprise earlier this year now is taking legal action against a mortgage insurance firm that it says contributed to Fannie Mae's $10.8 billion accounting scandal. The plaintiffs--affiliates of Franklin Templeton Investments--calculate that they lost $45 million as a result of the improprieties, and they contend that Radian Group played a role by helping Fannie Mae to manipulate earnings and trigger executive bonuses. According to court documents, Philadelphia-based Radian received $35 million for providing a "finite risk" policy in 2002 that positioned Fannie Mae to curtail earnings volatility while also limiting Radian's liability or claims. The lawsuit argues that the GSE fraudulently recorded its transac! tions with Radian, which has denied any wrongdoing in the matter; however, Fannie Mae admitted in November that it had taken out a mortgage insurance policy that "did not transfer sufficient underlying risk of economic loss to the insurer."

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

July 03, 2006

Second Mortgage Originations

Posted by S. Germain at 10:47 AM | Comments (0)

First American Announces $300 Million Increase in Stock Repurchase Program

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that its board of directors has amended its current repurchase plan to provide for the repurchase of an additional $300 million of the company's currently issued and outstanding common shares. First American has been in the process of repurchasing $200 million of its shares under a buy-back plan approved in May 2004 and revised in May 2005. To date, the company has repurchased approximately $122 million in First American stock under that plan. The balance of $78 million will be combined with the new repurchase authorization, permitting the company to purchase up to $378 million in First American shares.

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

The First American Corporation Announces Promotions and Strategic Hires at First Title, plc

The First American Corporation (NYSE: FAF - News), the largest provider of business information in the United States and the leading provider of title insurance services internationally, today announced several promotions and strategic hires at its wholly owned European title insurance subsidiary, First Title, plc, the United Kingdom's largest provider of title insurance and conveyancing services to investors, lenders, lawyers and estate agents.

Phillip Oldcorn, previously European Underwriting director, has been named chief executive officer of First Title Insurance, plc, the principal subsidiary and insurance division of First Title. David Turschwell, previously UK Underwriting director, has been promoted to European Underwriting director for First Title Insurance. David Hawkins, formerly a director of leading global insurance broker Willis UK, joins First Title as managing director. Martin Loos, previously of global financial services company ING, has been named First Title's European Sales director, and Michael Wright, formerly of Alliance & Leicester bank, has been hired as UK Sales director.

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

Fidelity National Financial, Inc. Announces the Acquisition of all the Flood Insurance Policies of Southern Family Insurance Company

Fidelity National Financial, Inc. today announced that its wholly-owned subsidiary Fidelity National Property and Casualty Insurance Company has received approval from the Circuit Court of Florida to purchase all of the existing flood insurance policies of Southern Family Insurance Company through the Department of Financial Services of the State of Florida. The Fidelity National Property and Casualty Insurance Group is the largest writer of flood insurance through the National Flood Insurance Program.

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

Fidelity National Financial, Inc. and Fidelity National Information Services, Inc. Announce the Signing of a Merger Agreement

Fidelity National Financial, Inc. (NYSE: FNF - News) and Fidelity National Information Services, Inc. (NYSE: FIS - News) today announced that they have signed an Agreement and Plan of Merger ("Merger Agreement") under which FNF will be merged with and into FIS. Upon the consummation of the merger, FNF's separate corporate existence will cease and FIS will continue as the surviving corporation. Closing of the merger is expected early in the fourth quarter of 2006.

Read the entire story here.

Posted by S. Germain at 10:39 AM | Comments (0)

LandAmerica Announces Dates for Second Quarter 2006 Results & Conference Call

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

Those wishing to participate in the live call should dial 1-877-407-0782 and request to be connected to the LandAmerica conference. Additionally, the call will be simultaneously broadcast over the internet via LandAmerica's website (http://www.landam.com), click Investor Information > Financial Information > Webcast events. Investors can also access the webcast at http://www.InvestorCalendar.com. Access to the audio archive of the call starts two hours after the completion of the live call through August 26, 2006.

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

Byte Software Creates SQL Server-Based Version of BytePro

Byte Software announced the latest release to their expanding product line. Based on service-oriented architecture and using Microsoft(R) SQL Server technology, BytePro Enterprise is a comprehensive, enterprise level solution that enables mortgage originators to save time and improve workflow in a more secure, scalable and flexible environment.

Using SQL Server is a huge advantage; all of the loan data - from the loan files to all settings - are contained in a central database. For a company with multiple branches, storing the information in a central location enables management to view the entire pipeline quickly without first having to aggregate widespread data.

Posted by S. Germain at 10:36 AM | Comments (0)

Faster Process Streamlines Broker Loan Originations

Homecomings Financial(SM) has announced changes that will make the mortgage origination process easier for brokers and the addition of more product options for borrowers.

With Quickwise(SM), Homecomings Financial's automated product and price scenario tool, brokers can pre-qualify borrowers quickly and efficiently. By simply keying in a few pieces of information from the borrower, brokers can gain access to the best loan product and price scenarios for the borrower in just seconds, without pulling a credit report.

Homecomings Financial is rolling out a Web-based imaging system this summer. The system is designed to reduce the time and expense associated with loan file delivery, and can cut a full day off the response time when compared to a file sent by overnight delivery.

Posted by S. Germain at 10:34 AM | Comments (0)

eMagic Trio Enhances Workflow for Loan Originators

eMagic®, the technology subsidiary of Mortgage Guaranty Insurance Corporation (MGIC), today announced the availability of eMagic Trio, a dynamic document imaging and storage system. The easy-to-use platform is designed to increase productivity, and advance the electronic sharing and storing of loan documents.

eMagic Trio extends the Trio product line, which was introduced in March 2005. Trio allows loan originators to deliver loans electronically for underwriting to lenders via eMagic private label sites. eMagic Trio expands the product by providing a mechanism for long-term archival of loan files. By doing so, eMagic Trio provides customers the ability to easily take one step closer to a paperless processing environment.

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

GlobeXplorer(R)'S AirPhotoUSA(R) Offers First Comprehensive 1-Foot Aerial Imagery of USA

GlobeXplorer's AirPhotoUSA today announced the first comprehensive collection of 1-foot resolution aerial photography for the nation. The new offerings will be the highest resolution off-the-shelf seamless imagery commercially available on a nationwide basis. Guided by a '3C' mantra of industry-leading clarity, coverage, and compatibility, GlobeXplorer and AirPhotoUSA will make this data available through a combined suite of online and offline products.

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

Del Mar Database Partners with Overture to Launch Web-based Pricing, Eligibility, Automated Underwriting Products

Del Mar Database, a unit of Fiserv, Inc. (Nasdaq: FISV - News), and Overture Technologies, the mortgage industry's leading developer of decisioning technology, have announced that they have partnered to offer product eligibility, pricing, and automated underwriting technology solutions to small and medium-size lenders.

Beginning this summer, Del Mar Database will launch a new family of web-based decision support products powered by Overture Technologies: PriceTrac(TM), a product pricing and eligibility (PPE) solution, and DecisionTrac(TM), an automated underwriting system (AUS).

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

FirstClose(TM), A Service Of FLDI Announces Fannie Mae Compatible Technology Integration

First Lenders Data, Inc. an Austin, Texas-based provider of bundled settlement service solutions to the mortgage lending industry announced today the completion of a project that integrates its FirstClose(TM) system with any LOS (Loan Origination System) that utilizes the Fannie Mae .fnm format. FirstClose, a .net application, now has the ability to upload the Fannie Mae 1003 mortgage application from any compatible LOS thus eliminating additional key entry.

Posted by S. Germain at 10:28 AM | Comments (0)

RecordFusion's Technology to Solve South Carolina's Land Records Crisis

RecordFusion, a leading provider of end-to-end records management solutions, announced that the company will bring its industry leading technology to South Carolina. Information about the company's land records management services were recently unveiled to the Palmetto Land Title Association (PLTA). The Palmetto Land Title Association is the professional association for businesses and individuals who are part of the title and land records industry in the state of South Carolina.

Posted by S. Germain at 10:26 AM | Comments (0)

Fannie Delinquencies Continue to Drop, Portfolio Grows at 5.8 Percent in May

Fannie Mae’s latest monthly summary shows that the mortgage giant’s gross mortgage portfolio reached $733.7 billion during May, marking the third straight month of portfolio gains and a monthly gain of 5.8 percent. Year to date, the company’s portfolio holdings have grown at a 2.9 percent rate so far, reversing consistent declines that had marked the troubled GSE’s holdings last year.

While the portfolio at Fannie is growing again, delinquencies in portfolio holdings continue to shrink. The May performance data shows that April 2006 delinquencies at FNMA dropped to 0.64 percent, their lowest level since last October. Delinquency rates have now fallen for four straight months across both credit-enhanced and non-credit-enhanced single family conventional loans, mirroring a similar trend at sister GSE Freddie Mac.

Posted by S. Germain at 10:21 AM | Comments (0)

Alterian, Intellidyn Form Partnership

Leveraging the powerful Alterian Engine and database, Alterian has announced a partnership with the Intellidyn marketing firm to offer mortgage industry customers a "hands-on" analytics platform that lets them manage marketing campaigns onsite. Through the Alterian Marketing Suite, Intellidyn's financial services customers will be able to access data "on more than 112 million households as well as Intellidyn's proprietary derived variables, gaining deeper insights into banking, lending, and insurance segments," Alterian said. Customers will also be able to implement multichannel campaigns "straight from their desktops" while keeping their data behind secure firewalls, the company added. Intellidyn bills itself as a provider of advanced analytics and multichannel and database marketing services for customer acquisition and retention strategies in the banking, lending, and mortgage industries.

Posted by S. Germain at 10:19 AM | Comments (0)

Partnership Offers Pricing, AU to Midtier Lenders

Del Mar Database, a unit of Fiserv Inc. based in San Diego, and Overture Technologies, a developer of decisioning technology headquartered in Bethesda, Md., have partnered to offer product eligibility, pricing, and automated underwriting technology to small and midtier lenders. Beginning this summer, Del Mar will launch a new family of Web-based decision support products powered by Overture Technologies: PriceTrac, a product pricing and eligibility application; and DecisionTrac, an automated underwriting system. PriceTrac is a rules-based loan program eligibility engine that delivers acceptable products along with fully adjusted prices to originators based on borrower information. DecisionTrac extends the qualification determination by requiring a complete 1003 dataset, automatically pulling a credit report, allowing for liability management, and running the content through the rules engine. The result is a list of the lender's loan programs that are approved, those that are close calls, and those that are not eligible.

Posted by S. Germain at 10:18 AM | Comments (0)

Citizens Banking to Buy Republic

Citizens Banking Corp., Flint, Mich., has agreed to purchase Republic Bancorp Inc., Ann Arbor, Mich., in a deal valued at $1.05 billion. While Republic is chartered as a commercial bank, analysts have noted that its primary line of business is mortgage banking. In 2004, Republic was the nation's 130th-largest mortgage lender, with volume of under $2 billion. As part of the transaction, the parties will sell $1 billion in mortgage loans and securities, along with liquidating $1 billion in wholesale funding and recording $20 million in credit-related adjustments. The moves are being done to improve the interest rate risk and credit risk positions at Citizens Republic, as the combination will be known.

Posted by S. Germain at 10:17 AM | Comments (0)

SunTrust Teams Up With HouseRaising

SunTrust Mortgage, a subsidiary of SunTrust Banks, Atlanta, has entered into an agreement with HouseRaising Inc., Charlotte, N.C., to provide construction-permanent financing for homes built by HouseRaising or one of its affiliated builders. HouseRaising is a general manager of projects, helping homebuilders in such areas as design and cost estimation through construction. HouseRaising said one of the reasons it chose SunTrust Mortgage was because its construction-permanent product has a one-time close feature. "We wanted a CP product that offered savings to our customers and a loan process that was as seamless as possible," said Gregory Wessling, HouseRaising chairman and chief executive. "In addition, we like the way SunTrust Mortgage administers their construction loans. All the processing and underwriting for our customers will be handled locally, and that's important to us."

Posted by S. Germain at 10:17 AM | Comments (0)

Accredited to Absorb Aames Wholesale Platform

Accredited Home Lenders Holding Co., a San Diego-based mortgage company specializing in nonprime residential mortgage loans, has announced an agreement to absorb the wholesale operations of Aames Investment Corp., Los Angeles, in advance of the companies' planned merger. Accredited said the move, expected to be completed by mid-July, is designed to reduce employee attrition and "maximize the expected synergies" from the combination of the companies' wholesale operations. Accredited has approximately 1,300 employees in its wholesale operations and Aames, a mortgage real estate investment trust, has 225. Accredited said it will make offers to employ Aames' wholesale sales personnel and certain processing personnel. "This move allows us to expedite the restructuring of the wholesale platform announced previously by Aames and provide training and additional products to the Aames sales and sales support staffs," said James Konrath, Accredited's chairman and chief executive officer.

Posted by S. Germain at 10:16 AM | Comments (0)

N.Y. Title Insurers to Reduce Rates

A probe by the New York State Insurance Department and state Attorney General Eliot Spitzer (D) into title insurance practices, including rebates and referral fees, will benefit consumers. The agency on Thursday announced that providers in the state will be required to lower their premiums by 15 percent, effective immediately. "These title insurance rate reductions will save consumers hundreds of dollars when they close on the purchase of a new home," declared Insurance Department Superintendent Howard Mills. "New Yorkers have been paying too much for title insurance for too long." Insurance officials in California, meanwhile, are negotiating a possible rate cut for that state's title insurance firms--which agreed last year to fork over $25 million-plus in penalties and consumer rebates.

Posted by S. Germain at 10:06 AM | Comments (0)

Mortgage Activity at 4-Year Low

The Mortgage Bankers Association reports a 6.7-percent decline in home-loan applications last week, hitting a four-year low due to rising interest rates. Refinance requests fell to their lowest level this year. Meanwhile, demand for purchase loans retreated 6.2 percent to a nearly three-year low.

Posted by S. Germain at 10:05 AM | Comments (0)

Fed Drops Penalty for Citigroup Unit

A $70 million civil penalty imposed on Citigroup Inc. and its Baltimore-based CitiFinancial Credit Co. subsidiary by the Federal Reserve in May 2004 has been dropped. Citigroup was accused of engaging in illegal predatory-lending practices regarding the refinance of personal loans into real-estate-secured loans. The central bank said that credit for restitution to affected subprime personal-loan and mortgage borrowers could lower the penalty. Though Citigroup never admitted any wrongdoing, it acknowledged that certain practices have been changed.

Posted by S. Germain at 10:04 AM | Comments (0)

U.S. New Home Sales Probably Fell 4 Percent in May on Mortgage Rates

Economists surveyed by Bloomberg News estimate that sales of new homes in the United States fell 4 percent to an annual pace of 1.15 million units in May, down from 1.198 million the previous month, as mortgage rates approached a four-year high. The Commerce Department is scheduled to release its report on home sales on Monday. The economists believe the Federal Reserve will raise the target interest rate to 5.25 percent when its policymaking Federal Open Market Committee meets this week, but Wells Fargo senior economist Scott Anderson believes a housing slowdown could help convince central bank officials to pause after this week's expected increase. "If they stop raising the fed funds target rate at 5.25 percent, mortgage rates will probably remain supportive of housing demand," he reasons.

Posted by S. Germain at 10:03 AM | Comments (0)