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August 25, 2006

Commercial Lending Statistics

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

The First American Corporation Declares Quarterly Cash Dividend

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

The cash dividend is payable on Oct. 13, 2006, to shareholders of record as of Sept. 29, 2006. First American has paid a cash dividend for each of the last 97 years.

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

Karen Delgado named business analyst for First American NDO

Karen Delgado will serve as business analyst for First American National Default Outsourcing, focusing on process improvement and quality assurance. She brings 11 years of default industry experience to First American, most recently holding the position of vice president of bankruptcy servicing for the Dallas-based Defaultlink. Having served four years in the U.S. Air Force as an accounting and finance specialist, Karen segued into a career in the banking industry with Country Wide Home Loans and later joined Washington Mutual Bank as a bankruptcy and foreclosure specialist.

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

eNucleus, Inc. Launches BPO Center

eNucleus announced that its new Ahmedabad BPO center went live August 9th in support of its program with Prospect International. Albert F. Case, chairman, said, ``In our first full week of operation in support of the mortgage origination outsourcing services, we're already generating qualified mortgage applications. We're very pleased with the preliminary results, which confirm our BPO strategy. Operating this BPO center gives us the resources we need to convert our existing software products into powerful tools to provide new and profitable outsourcing services.''

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

PCi Announces Wiz Sentinel Anti-Predatory Lending Integration With Ellie Mae

PCi Corporation, a part of Wolters Kluwer Financial Services, today announced that PCi's Wiz® Sentinel Anti-Predatory Lending solution is now available through Ellie Mae's Encompass® and Contour(TM) loan origination systems. Through the new interface, Ellie Mae users can run real-time compliance checks to ensure federal, state, and local anti-predatory lending compliance, as well as automatically calculate annual percentage rate (APR), rate spread, and Truth-in-Lending compliance. The agreement builds on PCi's five-year relationship with Ellie Mae. PCi is the exclusive provider of Home Mortgage Disclosure Act (HMDA) compliance tools for Ellie Mae clients.

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

Thornburg Mortgage Announces Acquisition of Adfitech to Support Growing Loan Origination Business

Thornburg Mortgage Inc. (NYSE: TMA - News), a leading single-family residential mortgage lender focused principally on the jumbo segment of the adjustable-rate mortgage market, today announced that it has acquired Adfitech Inc., a provider of quality control, post-closing audit and document delivery services to the mortgage industry, from a subsidiary of Centex Corp. (NYSE: CTX - News).

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

Mercantile Bancorp Reports Shareholder Approval of Royal Palm Acquisition

Mercantile Bancorp, Inc. (Amex: MBR - News) reported today that shareholders of Naples, Florida-based Royal Palm Bancorp, Inc. (OTC Bulletin Board: RYPL - News) recently approved the proposed acquisition of Royal Palm by Mercantile at a special meeting of shareholders. The holders of over 91 percent of outstanding shares voted in favor of the transaction. Shareholder approval was one of the final steps in the acquisition process. Assuming regulatory approvals are received as expected, the acquisition should close before the end of 2006, according to Mercantile.

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

Countrywide Adopting Rules Management System

Countrywide has begun work on its implementation of a business rules management system by Pittsburgh-based Haley Systems Inc. to support the company's loan servicing systems. Haley has been selected by the loan servicing division of Countrywide Home Loans Inc., the principal subsidiary of Countrywide Financial Corp., Calabasas, Calif. Among Countrywide's key criteria in looking for the system, according to Haley, were: rules-authoring functionality decoupled from software development, so that business logic can be externalized from applications; a natural language interface that enables business decision-makers to manage business logic themselves using plain English rather than programming code; platform-independent high performance; and a platform-independent rules language. In addition, Haley's application will support Countrywide's heterogeneous platforms (including, for example, MS Windows, IBM AIX, and IBM AS/400).

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

Thornburg Buys QC Provider

Thornburg Mortgage Inc., Santa Fe, N.M., has reported the acquisition of Adfitech Inc., an Edmond, Okla.-based provider of quality-control and other services to the mortgage industry. The terms of the transaction were not disclosed. Thornburg, a residential lender focused mainly on jumbo adjustable-rate mortgages, said Adfitech is the largest provider of outsourced quality-control services to the mortgage industry and also provides post-closing audit and document delivery services. "This acquisition supports our long-term goal to build a successful mortgage lending operation by expanding our operational capabilities to include an in-house capability that will support many of our back-office lending operations," said Larry Goldstone, Thornburg's president and chief operating officer. Adfitech will become a wholly owned subsidiary of Thornburg Mortgage Home Loans Inc., Thornburg's mortgage origination and acquisition subsidiary.

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

Home Refinancing Wave Still Rolling Across Country

This spring, cash-out refinancings recorded their highest market-share percentage in 16 years: a whopping 88 percent of all mortgages refinanced via Freddie Mac. During this year's April-through-June period, Freddie Mac reports that homeowners took out $81 billion in home equity via this method despite rising interest rates. Amy Crews Cutts, deputy chief economist for the government-sponsored enterprise, remarks, "Either they're serious about getting cash out for a home improvement or business, or they're seeing that reset down the pike and want to change into something that will be cheaper." For borrowers who used an adjustable-rate loan during the recent real-estate boom to buy a house they otherwise would not have been able to afford, the expiration of teaser-rate terms is a potentially looming problem.

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

Post-Housing Boom, Lenders Seek Ways to Grow Customer Base

Even with the cooling of the residential real estate market, lenders are looking to the future and to the projected 15 million first-time home buyers between now and 2010. Minorities will account for almost two-thirds of that group, with such demographic segments as single parents, recent college graduates and young married couples accounting for much of the remainder. Lorrie Blevins, Freddie Mac's western region manager for housing and community investments, comments, "There's money to be made by targeting this segment of the market because it is underserved and growing." While a measure to raise FHA loan ceilings and lower down payment requirements to 0 percent from 3 percent passed the House earlier in the summer, some lenders are concerned that extending credit too liberally ultimately could result in a high rate of defa! ults and delinquencies. Meanwhile, adjustable-rate mortgages are appearing in greater variety than ever before, with pay option loans just one of the choices out there.

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

2 Mortgage Trade Groups to Merge

A merger of the Mortgage Bankers Association and the National Home Equity Mortgage Association will be finalized on Oct. 1. Of NHEMA's 220 member companies, 115 are also members of MBA. Regina Lowrie, who chairs the 3,000-member mortgage bankers group, attributes the merger to the blurred line between prime and nonprime lending. According to Lowrie, "We operate in a risk-based pricing environment."

Posted by S. Germain at 08:47 AM | Comments (0)

Home Resales in U.S. Probably Fell in July to Lowest Since 2004

Economists surveyed ahead of a Wednesday morning National Association of Realtors report on residential resales believe that sales of existing homes fell to an annual rate of 6.55 million units in July, compared to 6.62 million units in June. The median estimate of the 61 market analysts polled by Bloomberg News suggests that activity may have declined to a two-year low as buyers were forced to contend with rising mortgage rates and high prices for homes. The Bloomberg survey also shows that some economists expect the NAR report to reveal that there has been a year-on-year decline in median sales prices for previously owned homes for the first time since April 1995. The Federal Reserve has been on an interest rate-raising campaign for about two years, and central bank officials want to see an orderly decline in the housing market to help reign in economic growth and! inflation.

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

Subprime-Lending Field Opens Up

Ameriquest Mortgage Co. has long been the nation's top subprime mortgage lender, but a $25 million settlement for alleged high-pressure tactics and a resulting reorganization and downsizing will enable other lenders to get a bigger piece of the market. Publicly traded New Century Financial Corp. could eclipse Ameriquest in subprime originations, having written $56.1 billion in such loans last year compared to Ameriquest's $75.46 billion in volume. However, its status as a REIT means that New Century must pay out some of its earnings in dividends, leaving less capital for personnel, technology and infrastructure investments. Meanwhile, Wells Fargo & Co., Countrywide Financial Corp. and HSBC Holdings PLC are beefing up their subprime operations.

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

August 18, 2006

Mortgage Debt % of Personal Income

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

The First American Corporation Names Christopher Del Moral-Niles Treasurer

The First American Corporation announced that Christopher Del Moral-Niles has been named treasurer and an officer of the corporation.

In this position, Niles will coordinate cash management, investment, financing and capital management activities across The First American Family of Companies. Niles will also support several initiatives related to the centralization of treasury functions, financial planning and budgeting for the company.

Niles, a Chartered Financial Analyst, brings 15 years of financial services industry experience to this position. He joins First American from Union Bank of California, NA, where he most recently served as senior vice president and director of Liability Management for the bank. Niles also served as president and director of UnionBanCal Commercial Funding Corp. and had previously served as the bank's Asset/Liability strategist.

Posted by S. Germain at 08:47 AM | Comments (0)

First American Real Estate Solutions Expands Internationally Through Strategic Investment in Australia-Based RP Data

First American Real Estate Solutions announced that it has entered into a strategic alliance with, and purchased a 38-percent interest in, privately-held RP Data Limited, the leading provider of property information for Australia and New Zealand. The contribution of rights to intellectual property and cash by First American RES will facilitate RP Data's expansion in the Asia Pacific region.

Headquartered in Brisbane, Australia, RP Data will serve as the base for First American RES' expansion into Australia, New Zealand and Southeast Asia. First American RES' products and services will be integrated into RP Data's existing operations through a licensing agreement for First American RES' intellectual property, platforms and technologies, including First American RES' patent-pending automated valuation and collateral risk solutions.

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

Teresa Marianos Named Compliance Director for First American LoanStar Trustee Services

First American LoanStar Trustee Services announced that Teresa Marianos has been named legal administration and compliance director.

In her new position, Marianos will be responsible for all legal action and compliance issues within LoanStar and will assist in internal training and quality initiatives.

Marianos most recently served as a managing partner with Shapiro, Marianos & Cejda, L.L.P. an Oklahoma City-based law firm that specializes in the representation of mortgage lenders across the country. She has served also as the president of First Financial Title Agency of Oklahoma, Inc. and is a licensed title agent in the state of Oklahoma. She earned a Bachelor of Science degree from Oklahoma State University in 1982, and a Juris Doctorate from The University of Tulsa College of Law in 1985.

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

Stewart Quarterly Financials

Read the entire story here.

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

ForSaleByOwner.com Selects ditech.com as Online Mortgage Services Provider

Home buyers who purchase homes directly from a seller now have easier access to home loans online through an exclusive new marketing alliance between ForSaleByOwner.com and ditech.com

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

Verid's Knowledge Based Authentication Technology Enhances Identity Verification for DocuSign Electronic Signature Service

Verid, a leading provider of identity verification and Knowledge Based Authentication (KBA) services, today announced that DocuSign has chosen Verid's authentication service to provide third-party identity verification for DocuSign's electronic signature service. DocuSign, the leading on-demand, electronic signature service, utilizes Verid's interactive KBA service for its e-signature transactions to verify a consumer's identity based on knowledge of personal information substantiated by a real-time, interactive question and answer process. The combined offering enables businesses to complete transactions requiring verified signatures quickly.

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

Wolters Kluwer Buys Origination Vendor

Wolters Kluwer Corporate & Financial Services, Minneapolis, has acquired GulfPak Corp., a provider of automated lending and account origination technology to U.S. financial organizations. GulfPak, Jackson, Miss., provides its compliance-based technology to more than 700 financial organizations. Recently, GulfPak implemented a series of product enhancements to its automated systems including mortgage origination, imaging and e-signature functionality. GulfPak will become part of the Financial Services business unit of Wolters Kluwer, whose product brands include Bankers Systems, PCi and VMP Mortgage Solutions. Jay Tindall, president and chief executive officer of GulfPak, will join the Wolters Kluwer Financial Services management team and will continue to provide leadership for the Jackson operation where GulfPak has approximately 37 employees. Terms of the purchase agreement were not released. The acquisition is subject to GulfPak shareholder approval.

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

Pair Offers Streamlined Integration

Ellie Mae, Dublin, Calif., has partnered with CCMC, Altamonte Springs, Fla., a provider of financial services industry platform interfaces, to deliver timesaving and error-reducing interface services to Ellie Mae's Encompass Mortgage Automation System clients. CCMC's Bridge technology eliminates duplicate data entry by providing automated interfaces for Encompass. The end result is a workflow that reduces errors for mortgage companies, banks and credit unions that choose to interface disparate systems. As a result of the partnership agreement, customers will now be provided with an interface with which to move information in and out of Encompass.

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

KeyCorp Shopping B&C Unit

KeyCorp, Cleveland, has put its subprime residential lending division, Champion Mortgage, on the auction block. KeyCorp bought the subprime retail lender back in 1997, paying $289 million in stock for the company. A year later the subprime business began a severe correction that lasted about three years. In a statement, bank CEO Henry Meyer said Champion "no longer fits our longer-term strategic priorities." For years KeyCorp has refused to disclose production and servicing information on the Parsippany, N.J.-based company. In a statement it would only say that Champion has a $2.5 billion "loan portfolio." According to estimates made by the Quarterly Data Report, Champion/Key ranks 22nd among subprime servicers and 34th among funders. A few weeks back, another Cleveland bank, National City, disclosed that it might sell its subprime residential division, First Franklin.

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

Chase Launches Wholesale Origination Portal

The home mortgage division of Chase is rolling out a new wholesale loan origination system, ChaseLoanCenter, which gives users access to the entire Chase loan process. Accessed with one password, the system gives users new functionality as well as replaces brokers' separate access to Advanced ChaseLock and ZiPPY. ChaseLoanCenter is being piloted currently with a small group of brokers and scheduled for deployment nationwide to all Chase Wholesale Lending brokers starting this fall. With ChaseLoanCenter, brokers can register and lock loans, submit loans for automated underwriting, deliver loans electronically, perform rate locks and extensions, and track loan progress. Enhanced features include rate relocks and extension online, access to closing calendars and retrieval of closing documents. ChaseLoanCenter will also replace the system used by Chase employees streamlining the operations and enabling real-time status, decisioning, and service ordering.

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

Wells Fargo Will Shut Down Q-C Mortgage Center

Wells Fargo Mortgage reports that it is shuttering its downtown Davenport, Iowa, loan processing center--the latest victim of rising interest rates. Debora Blume, a corporate communications specialist with the firm, confirms, "After evaluating the current market and our loan application volume, especially with mortgage refinancing, we must reduce staffing to better align capacity and increase the efficiency of our loan processing operations." The Davenport office will close in mid-October, with those losing their jobs set to receive separation benefits. All work will be moved to a Minneapolis-based processing center.

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

Mortgage Cash-Outs Still Show Strength

Freddie Mac expects homeowners who refinance their mortgages this year to siphon $257 billion in cash from their property value, which would be an increase of more than $13 billion from 2005. Mortgage industry observers are somewhat surprised that a large number of U.S. homeowners are likely to tap into the equity at a time when mortgage rates are rising and residential sales are slipping. "I would have thought the home-equity extractions would have been much weaker now," says Freddie Mac chief economist Frank Nothaft. Noting that many homeowners with adjustable-rate loans are looking to refinance before their mortgage rate resets at a higher level, Nothaft believes cash-out refis will begin to slow next year, falling to $152 billion in 2007 and $108 billion in 2008.

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

Home-Building Nears 2-Year Low

The Commerce Department reports a 2.5-percent decline in housing starts in July from the previous month to an annual pace of 1.8 million units, marking a nearly two-year low and the fifth straight monthly drop. Starts plunged 13.3 percent from July 2005. National City Corp. chief economist Richard DeKaser attributes the drop in starts to a large supply of unsold existing homes, and he anticipates further declines. However, Quicken Loans chief economist Bob Walters does not expect a dramatic slowdown, as the homebuilding sector will continue to benefit from rapid household creation and interest rates that are still among the lowest recorded in about two decades.

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

A.G. Edwards Soon Will Offer Housing Loans

A.G. Edwards & Sons is entering the home loan business through a partnership with Wells Fargo Home Mortgage of Des Moines, Iowa. The St. Louis-based brokerage firm will begin accepting applications from clients at most offices across the country beginning on Oct. 2. "We know our clients view their home as a significant investment, and we want to provide them a high-quality lineup of products and services to meet their home-financing needs," says Peter Miller, executive vice president and director of sales and marketing at A.G. Edwards. The joint venture will fund, originate and process mortgage loans, construction loans, home-equity loans and lines of credit

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

Acquisition of Lender Challenged

Fair Finance Watch is challenging National City Corp.'s proposed $1.1 billion acquisition of Harbor Federal Savings Bank, accusing the Cleveland-based firm of engaging in unfair lending practices against minorities. The New York-based consumer advocacy group filed the challenge on Aug. 14 with the Federal Reserve Bank, which has regulatory authority over any transaction of this type. National City spokeswoman Kristen Baird Adams denies the charges, stating, "We have a long history of fair lending, and a record that would refute any allegations to the contrary." She also points out that the company has received an "outstanding" rating from regulators as far as its compliance with the Community Reinvestment Act, which requires banks and financial institutions to open up homeownership opportuni! ties in underserved neighborhoods in their market area.

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

Wachovia Allots $8 Billion for Loans in New Jersey

As it prepares to buy World Savings Bank, Wachovia has pledged $8 billion in loans and investments in New Jersey--where its acquisition target has more than a dozen branches. Its commitment, which will help it meet regulatory compliance with Community Reinvestment Act rules mandating that banks invest in neighborhoods where they gather deposits, includes a $2 billion mortgage program targeting low- and moderate-income home buyers. The initiative will feature downpayment assistance, such as grants and discount-rate loan financing. The pledge also includes $5 billion in small-business loans.

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

Option ARMs Remain Popular in Spite of Risks

Option ARMs are on the rise, with First American unit LoanPerformance reporting that the loans accounted for 12.3 percent of mortgage originations during the first five months of the year, compared to 8.4 percent in all of 2005. Many consumers are turning to the nontraditional finance product because its introductory rate can run as low as 1 percent and because they have the option of making a minimum payment, an interest-only payment or a standard monthly payment each month. However, consumers who take out an option ARM may also have to contend with a rising loan balance and an interest rate that exceeds the average rate on 30-year fixed mortgages once the introductory period ends. According to HSH Associates mortgage analyst Keith ! Gumbinger, "It's hard to know why anybody would want [an option ARM] in the current rate environment," which has pushed the introductory rate to 2 percent or more and may increase the true interest rate to more than 7 percent.

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

What's Behind Wall Street Players' Mortgage Deals

Though the real estate market is showing signs of weakness, a growing number of investment banks such as Morgan Stanley and Merrill Lynch & Co. are purchasing mortgage lenders. SNL Financial LC reports that more than $3 billion in acquisitions have been made in the sector since the start of the year, but it remains to be seen whether these deals will prove profitable to investment banks. According to Moody's Investors Service Inc. real estate finance managing director John Kriz, "Having an origination platform in addition to a platform of acquisition of assets from correspondents, brokers, and others can be a helpful additional arrow in your quiver to feed your overall plant." However, critics question whether investment banks and mortgage lenders can successfully merge, as investment ba! nks traditionally focus on transactions rather than long-term relationships with borrowers.

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

August 11, 2006

Mortgage Activity by Type

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

First Title Insurance Policies Protect Europe's Largest-Ever CMBS Transaction

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, announced today that its wholly owned European title insurance subsidiary, First Title Insurance, plc, has provided title insurance for the largest ever multi-family commercial mortgage-backed securities (CMBS) transaction in Europe. The policies, which enabled the successful Aug. 3 close of the transaction, will protect the security agent against certain defects in title or priority that may exist within the portfolio of properties.

This euro 5.4 billion ($6.8 billion U.S.) debt issue, arranged by Citigroup and Barclays Capital and issued by Deutsche Annington, has been secured against 164,365 residential apartments spread throughout Germany. The debt has been secured by 800 separate mortgages, each one insured by First Title with a different policy. In this instance, title insurance played a crucial role in enhancing the rating for the CMBS vehicle. The transaction marks the first time that title insurance has ever been used for this purpose in Germany.

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

The First American Corporation Acquires Offutt Systems, Inc.

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that it has acquired privately-held Offutt Systems, Inc. (OSI), a Greensboro, N.C.-based provider of multiple listing service (MLS) solutions. OSI will be operated through First American MLS Solutions, Inc., a division of First American Residential Group and the leading provider of MLS technology and support services to real estate professionals in North America. Terms of the transaction, which closed Aug. 1, 2006, were not disclosed.

Established in 1971, OSI has grown to offer its services to more than 60 MLS organizations across the country. Its core product, InnoVia, is a proven technology that is widely regarded as the best small- to medium-market MLS solution by many real estate professionals. Recently Offutt has also been successful in securing business from larger MLS clients, further proving the strength of its platform. The highly reliable and scalable technology has been favored for years by Realtor® boards and associations seeking a customized MLS solution that can be competitively priced within smaller boards while effectively competing for medium and large MLS clients.

Posted by S. Germain at 09:29 AM | Comments (0)

The First American Corporation Acquires FAXXON Legal Information Services, Inc.

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that it has acquired privately held FAXXON Legal Information Services, Inc., the leading UCC (Uniform Commercial Code) search and filing company in the Midwestern United States. Terms of the transaction, which closed June 30, 2006, were not disclosed.

The objective of First American's UCC Division is to grow its businesses of UCC insurance, search, filing and other corporate services both through acquisition and the expansion of its customer base. The acquisition of FAXXON represents another important step toward the achievement of that ultimate goal.

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

Latest Issue of LoanPerformance MarketPulse(TM) Features New Whitepaper on Measuring Mortgage Servicer Performance

LoanPerformance, a subsidiary of First American Real Estate Solutions (RES®) and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, today announced that the latest issue of its MarketPulse report is available for download at www.loanperformance.com.

This latest report features a new whitepaper by Thomas Showalter, vice president, product management for LoanPerformance, entitled "Mortgage Servicing: An Apples to Apples Comparison with Billions at Stake." By using a proprietary LoanPerformance analysis that reflects the underlying risk of the types of loans being serviced, the study produces insightful results.

Posted by S. Germain at 09:27 AM | Comments (0)

LandAmerica Buying Napa Land Title

LandAmerica Financial Group Inc., which provides real estate transaction services, said Friday it bought Napa Land Title Co. for an undisclosed amount.
LandAmerica, which has more than 900 offices worldwide, said the acquisition of the 25-year-old local real estate transaction services company will enhance its presence in northern California.

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

GlobeXplorer(R) Imagery Now Inside ESRI's Newest ArcWeb Services and ArcGIS Explorer Products

GlobeXplorer announced at the ESRI International Users Conference that its high-speed, tiled aerial and satellite imagery Web service is now available inside ESRI's ArcWeb Services Explorer. It will also be available with the release of ESRI's new ArcGIS Explorer.
Both products feature free access to select portions of GlobeXplorer's global content with an upgrade path to using ArcWeb Services with GlobeXplorer's Premium imagery, which includes the "latest and greatest" of its industry-leading online image library.

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

Platinum Data Solutions Launches Enhanced Website

Platinum Data Solutions, a provider of collateral risk solutions for the mortgage industry, announced today the launch of its new Web site that includes information on products and services, news and events that are specific to Platinum and educational resources for the mortgage industry. The new site offers enhanced navigation, provides information on the company, conference schedules and events, and articles written for the mortgage industry by their top executives.

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

SharperLending Partners with Online Documents to Enhance Bundled Services Platform

SharperLending, LLC, provider of a secure Web-based platform that enables lenders to order, store and manage products and services from multiple vendors at a single point of entry, has partnered with Online Documents Inc., a subsidiary of Stewart Mortgage Information (SMI), to offer lenders access to compliant mortgage documents and simplify the closing process. SharperLending's bundled services platform will allow lenders to access Online Express(TM) Web to quickly and efficiently generate purchase and refi documents including all state and federal disclosures.

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

Lion Introduces Precision MTS Subprime Search Engine

LION, Inc. today announced the introduction of a number of high value, advanced product features to the Company's Precision MTS product suite. Product enhancements include a subprime search engine for conforming and subprime loan origination products; enhanced connectivity to Fannie Mae's DO, DU, automated underwriting and credit services; and new website features that include enhanced calculators, rate lock submission forms, advanced content and improved user interface. Additional features include internal benefits to improve work flow efficiency and improved product delivery processes such as new investor product and pricing configuration tools, a broader multi-investor loan search capability and the ability to easily create Precision MTS retail websites with new "apply now" technologies.

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

Wolters Kluwer Financial Services and Mortgagebot Announce Partnership

Wolters Kluwer Financial Services and Mortgagebot today announced a mutual referral agreement that will help both companies' customers complete the loan origination process more easily and efficiently.

Mortgagebot is a leading provider of Internet-based loan origination solutions for the mortgage industry, and Wolters Kluwer Financial Services provides compliance-based content, technology and services to financial organizations. The agreement allows both companies to offer additional functionality to their customers. Users of both Wolters Kluwer Financial Services' ARTA Lending Documentation System and Mortgagebot's loan origination software will be able to access Mortgagebot and ARTA Lending through a common interface.

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

Housing Boom Continues to Fizzle

Despite lingering fears that the country's five-year housing boom may be on the verge of going bust, the Federal Reserve is sticking to its stance that a "gradual cooling of the housing market" is now in progress--one that will help slow the U.S. economy and enable inflation pressures to moderate. Still, Fed Chairman Ben Bernanke concedes, "We recognize the risk . . . and we are watching it very carefully." That is because a record level of unsold residences is now expected to exert significant pressure on housing prices in the coming months. The worst-case scenario is that the already substantial glut of unsold homes could swell even more as millions of Americans with adjustable-rate mortgages suddenly discover they cannot make the higher monthly payments resulting from interest rates being hiked. Even a moderate slowdown in the residential real estate market could have a significant impact due to the fact that housing has ! been one of the economy's biggest saviors post-Sept. 11, 2001.

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

Morgan Stanley to Buy U.S. Mortgage Firm Saxon

New York-based Morgan Stanley on Wednesday confirmed that it would pay $706 million for Saxon Capital Inc., a U.S. lender and servicer of residential mortgages. The deal, expected to close by year-end, is part of a plan by the nation's biggest investment bank to compete more effectively with rivals that have larger, integrated mortgage operations.

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

Intervest-Mortgage Buys in Calif.

Intervest-Mortgage Investment Co. has finalized its purchase of the $625 million servicing portfolio, the name and other assets of Mason-McDuffie Financial Corp., a California-based commercial mortgage bank. Terms of the deal were not disclosed. Intervest has decided to operate under the Mason-McDuffie moniker in Northern California, as the bank's ties to the region go back to the late 19th century.

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

Irwin Financial Sells Its Loan Origination Unit

Irwin Financial Corp. of Columbus, Ind., has agreed to sell its loan origination division for an undisclosed amount to Freedom Mortgage Corp. of New Jersey. The buyer plans to add all of Irwin's 650 employees who sell mortgage loans to its own roster of 950 workers, which Freedom officials believe will help provide the economies of scale needed to operate a profitable mortgage business. Irwin's mortgage banking unit continues to mount losses; and the company is considering selling the entire business, including a division that services mortgages by collecting money and handling problems, because officials do not believe it is large enough to compete. Profit margins have narrowed as home buyers have chosen low-priced loans over well-serviced loans, says Matt Souza, senior vice president at Irwin.

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

Countrywide Pulls on the Reins

Countrywide Financial Corp. CEO Angelo Mozilo says he has not seen the housing market make a soft landing in his more than five decades in the mortgage business, which is why his company is taking steps to lower costs. Countrywide forecasts a drop in mortgage originations to as low as $2.4 trillion in 2006 from $2.9 trillion last year, with additional declines expected in 2007. The firm continues to boost its market share in direct consumer lending; but unlike its closest competitor, Wells Fargo & Co., it has scaled back purchases in the correspondent channel--a change that could allow Wells Fargo to reclaim the slot as the nation's top mortgage lender. While some analysts applaud Countrywide for being more cautious as the housing market slows, others remain concerned about the numerous pay-option adjustable-rate mortgages issued by the company--even tho! ugh Mozilo insists that such loans are extended only to borrowers with the finances to manage them.

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

Fed May Pause on Raising Rates

The Federal Reserve on Tuesday may decide to take a break from boosting interest rates, economists say, adding that the central bank could resume its rate-raising campaign if inflation continues to rise. Since the middle of 2004, the Fed has increased its target for short-term interest rates 17 times, from a low of 1 percent to 5.25 percent, in an effort to contain inflation and eliminate the stimulus added to the economy following the slowdown in 2001. However, banks have bumped up rates on mortgages and other consumer loans in response to the Fed's actions; and the housing market is starting to lose some momentum. The economy is not growing as fast as expected, which could curb inflation--which in turn may make now a good time to put the rate-raising program on hold; the Fed also wants to study the impact of its previous rate hikes on the economy.

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

August 07, 2006

The 3rd Annual Five Star Default Servicing Conference and Expo

The 2006 Five Star Default Servicing Conference and Expo is the place to learn, network and build your business. The only annual default servicing conference of its kind, this year’s Five Star promises to deliver the industry’s most unforgettable event yet, with countless opportunities to take your career to the next level.

No matter who you are or what you do, the default industry is in an unparalleled period of universal, radical and exciting change. From loss mitigation and property preservation to foreclosure and REO, never before has there been such a monumental effort by servicers to discover innovative ways to increase efficiencies and minimize losses from their defaulted portfolios. This year’s Five Star is your best chance to hear from industry experts as they discuss opportunities and unique concepts to build new revenue streams, reduce loss severity and establish new business prospects.

Posted by K. Perry at 01:47 PM | Comments (0)

August 04, 2006

Median New Home Prices Fall

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

LoanPerformance Unveils TrueStandings™ Servicing

LoanPerformance, a subsidiary of First American Real Estate Solutions (RES®) and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, today announced the availability of TrueStandings Servicing, the next generation of LoanPerformance's servicing database that replaces its LPS Prime and Subprime data products. TrueStandings Servicing will give clients easier access to the information they need to make more accurate underwriting, loss mitigation, marketing and purchase decisions.
Following a successful beta launch last fall, the new TrueStandings Servicing provides instant access to the largest repository of mortgage performance data, consisting of more than 40 million active mortgage loans, with additional access to a historical database of more than 100 million loans.

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

Wells Fargo joins First American as sponsors of MSN Latino Finance Center

The First American Corporation (NYSE: FAF) and Wells Fargo & Company (NYSE: WFC), today announced that Wells Fargo will join First American in sponsoring MSN Latino Finanzas, the personal finance channel on the MSN Latino Web site offering Spanish-language financial education and planning resources for Latinos in the United States. Wells Fargo’s sponsorship will include linking its established Hands on Banking/El futuro en tus manos® financial literacy content to the growing collection of tools and resources now available at the MSN Latino Finanzas (www.msnlatino.com/finanzas).

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

Fidelity National Information Services' Profile Selected by John Deere Credit to Service Loan Portfolio

Fidelity National Information Services (NYSE: FIS - News) recently announced that John Deere Credit, a wholly-owned subsidiary of Deere & Company, has selected FIS' comprehensive, real-time core processing solution, FIS Profile, to process the company's U.S. installment loan portfolio.

With Profile, a single, integrated relational database contains all customer, account, product and configuration information.

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

LandAmerica AgentXtra(SM) Program Celebrates Its Second Anniversary of Helping Agent Partners Grow Their Businesses

LandAmerica Financial Group, Inc. today celebrates the second anniversary of the successful LandAmerica AgentXtra(SM) Program, a first-of-its-kind program that helps the company's Agent Partners grow their businesses.

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

Arcot Systems and EMC to Integrate Digital Signature and Documentum Technologies

Arcot Systems (Sunnyvale, Calif.), a provider of multifactor authentication and digital signature solutions, has entered into an alliance with EMC (Hopkinton, Mass.). The companies will integrate Arcot's universal digital signing capabilities with the EMC Documentum enterprise content management platform.

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

U.S. Bank Automates Mortgage Workflow With Wolters Kluwer

After sending RFPs to several vendors, which the bank declines to name, U.S. Bank selected Wolters Kluwer Financial Services' (St. Cloud, Minn.) VMP X4 Workflow Manager solution in February 2004 to eliminate paper from the bank's wholesale lending process. "There was nothing else out there like X4," Kelley says. "The solution is fully Web-based and allowed us to have input on the creation of our customer portal."

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

American Guardian Partners with Commerce Velocity to Provide Automated Decisioning Tools to Brokers

American Guardian Home Loans, a wholesale mortgage lender serving broker and homebuilder originations for Alt-A and nonprime products, has partnered with Commerce Velocity, Inc., a Web-based business automation provider specializing in the mortgage industry, to deliver fully automated loan processing services for American Guardian brokers using Commerce Velocity's CQ BrokerConnect(TM).

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

Interthinx(TM) DISSCO(SM) Fraud Detection and Prevention System Selected by Harland Financial Solutions

Interthinx(TM), the leading provider of comprehensive fraud prevention and decision support tools for the mortgage industry and an ISO business, has integrated its DISSCO(TM) fraud detection and prevention system with the INTERLINQ® E3 enterprise mortgage lending solution from Harland Financial Solutions. E3 The Web-based loan production platform provides critical business process management, integration and connectivity across the mortgage supply chain, enabling lenders to integrate service providers into their business process. Harland Financial Solutions, Inc. is a wholly owned subsidiary of John H. Harland Company.

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

Global Servicing Solutions Canada Corp. Secures First Master Servicing Contract

Global Servicing Solutions Canada Corp. (GSS Canada), a subsidiary of Ocwen Financial Corporation (NYSE:OCN - News), has been appointed as the Master and Special Servicer for Merrill Lynch Financial Assets Inc. (Issuer) Commercial Mortgage Pass-Through Certificates, Series 2006-Canada 19 CMBS securitization. The transaction will add in excess of CDN$584 million of unpaid principal balance in Master Servicing and CDN$424 million of unpaid principal balance of Primary Servicing to the company's servicing portfolio. GSS Canada's existing commercial mortgage servicing portfolio is already in excess of CDN$1 billion, and the Master Servicing Contract will significantly expand the company's presence in Canada.

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

E-Loan Unveils 'Builder Focus'

E-Loan, an online consumer-direct lender based in Pleasanton, Calif., has introduced BuilderFocus, a program that it says provides homebuilders a streamlined and flexible loan process from application to funding. The program allows homebuilders to work with dedicated account managers and provides noncommissioned loan consultants, guaranteed on-time closings, and verified pre-approvals, E-Loan said. In addition, BuilderFocus offers competitive rates and extended lock programs with a one-time, 30-day "float down," as well as a promise of no lender fees and no hidden costs, the company said.

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

Mortgage Cash-Outs at Levels Not Seen Since 1990

New Freddie Mac data shows that higher borrowing costs on home-equity loans are driving more American consumers to cash-out refinancing as a means of bankrolling home improvements. The mortgage-finance giant reports cash-out volume of $81 billion in the second quarter, compared to $74.1 billion in the previous three-month period. According to the firm, that means 88 percent of the loans it owns refinanced during the period into new mortgages at least 5 percent higher than the original balances--marking the highest pace of cash outs in 16 years. "The incentive to take cash out of home equity is partially driven by the rapid rise in short-term interest rates like the prime rate," explains Freddie Mac deputy chief economist Amy Crews Cutts. "Many borrowers have seen their rates! on home equity lines of credit--which are tied to the prime rate--rise. Now they are consolidating those [home equity] loans into a new first lien mortgage to reduce their mortgage payments."

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

KeyCorp Hoping to Sell Champion Mortgage

KeyCorp is considering selling its Champion Mortgage unit, and the Cleveland-based financial services company has hired UBS Investment Bank to help it explore potential deals. According to KeyCorp Chairman and CEO Henry Meyer III, Champion "no longer fits with our longer-term strategic priorities." Champion, a mortgage and home-equity loan provider based in Parsippany, N.J., does business in 26 states and has a loan portfolio valued at about $2.5 billion. KeyCorp acquired the lender in 1997.

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

Brokers Eye Switch to Commercial Mortgages as Residential Cools

As demand for home loans weakens, a growing number of mortgage brokers are orchestrating land acquisition and development loans, construction-to-permanent mortgages, mezzanine financing and other commercial mortgages. Clay Reese of Jacksonville, Fla.-based EverBank Commercial Lending notes, "The two sectors seem to be countercyclical." Reese expects new entrants to the commercial mortgage business to increase efficiency of small-balance commercial loans. He attributes the present inefficiencies to the fragmentation of the small-balance sector.

Posted by S. Germain at 08:16 AM | Comments (0)

Genpact to Acquire MoneyLine Lending Services

MoneyLine Lending Services of Irvine, Calif., which specializes in end-to-end mortgage origination and fulfillment services, has agreed to a buyout by former General Electric affiliate Genpact. The 10-year-old firm will be folded into Genpact Mortgage Services as part of the deal, which is expected to close this month. "As Genpact Mortgage Services, we will continue to provide our proven mortgage solutions with the personalized service and private-label approach MoneyLine is known for, while gaining Genpact's robust global delivery and world-renowned process tools that will give our business a much broader reach," stated MoneyLine co-founder Evan Gentry, who will become president and CEO of Genpact Mortgage Services. "Essentially, we are providing the ultimate outsourced mortgage solution."

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

Fed Officials Clearly Uncertain

The presidents of the St. Louis and San Francisco Federal Reserve Banks--William Poole and Janet Yellen, respectively--indicated that they are unsure whether interest rates should be increased or held steady at the central bank's Aug. 8 meeting. "We are at a delicate point," explained Yellen, while Poole said he is "still very much in the 50-50 camp" on the direction of rate policy.

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

Developers Nix or Delay Condo Projects as Sales Slow, Costs Rise

A growing number of developers in Miami, Boston, San Diego, Las Vegas, Orlando and Washington, D.C., among other metropolitan areas, are putting the brakes on condominium development, either halting or canceling projects altogether. Builder confidence is down, and Torto Wheaton Research reports that the dollar volume of condo conversions has ebbed to $334 million from $1.65 billion a year ago. McCabe Research CEO Jack McCabe says developers in South Florida are offering such incentives as one year's worth of mortgage payments and upgraded kitchens, and he expects some to sell units at cost in an attempt to unload inventory. A housing slowdown tied to rising mortgage rates is! at fault, as is the fact that most of the units are intended for affluent borrowers. McCabe notes that two-thirds of the 25,000 condos being built in Miami-Dade County are priced at $700,000-plus, but buyers earning the local median income can only afford $225,000 units.

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

New CitiMortgage Primed for Nonprime

Citigroup Inc. is close to merging CitiMortgage and CitiFinancial Mortgage Co. Inc., its previously separate prime and subprime first mortgage operations, respectively. For the parent company, the potential for higher nonprime volumes as a result of the two firms being consolidated stems largely from the ability to sell legacy nonprime products via prime sales channels. Additionally, Citi has been adding a line of new nonprime products--or loans that do not meet the guidelines of Fannie Mae and Freddie Mac--as part of the process. The seeds of this integration were first planted early last fall with an organizational revamp that put CitiMortgage, CitiFinancial Mortgage and Citi Home Equity under the umbrella of a single consumer lending group. In total, Citi originated nearly $130 billion of home loans natio! nwide in 2005, ranking sixth overall.

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