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September 29, 2006

Top Jumbo Originators

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

First American Real Estate Solutions Selected as Trailing Document Provider for Nationstar Mortgage(SM)

First American Real Estate Solutions (RES®), the nation's largest provider of advanced property and ownership information, analytics and services, announced today that it has been selected by Nationstar Mortgage(SM), one of the nation's leading nonprime mortgage and home equity lenders, to provide trailing document and lien release services following loan closings.

Nationstar Mortgage closes 4,000 loans and processes approximately 2,500 lien releases per month. As with any lender of this size, tracking trailing documents after a loan closes is a time-consuming, manual process that can be costly to the lender. To solve this problem, Nationstar selected First American RES' Document Tracking and Recovery Service, which tracks trailing documents, from inception through delivery, to investors or custodians. The service combines document tracking, document retrieval, assignment and lien release creation and recordation, freeing lenders from this time-consuming process and allowing them more time to focus on their core business practices.

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

LSSI and FIS Empower Sign Platinum Vendor Alliance

Lender Support Systems, Inc. announced that it has signed a strategic partnership agreement with Fidelity National Information Services, Inc. for FIS' Empower Platinum Vendor program. LSSI is among the earliest vendors to join the Empower Platinum program to interact with the newly released next-generation loan origination system - Empower for .NET.

Under the terms of the agreement, LSSI will seamlessly interface its mortgage disclosure and closing-document preparation software, DocWin, and its ASP-based data and document capture solution, XCapture, which has been built on the .NET platform within the Empower for .NET system. Shared customers from both companies will benefit from compliant, fast and accurate mortgage disclosures and closing documents directly linked into the Empower for .NET loan origination system, and they will further improve their productivity by leveraging LSSI's integrated data and document capture technology.

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

Stewart issues response to California insurance regulators

The California Commissioner of Insurance claimed some $47 million in damages and penalties from Stewart Title Guaranty Co., alleging that some reinsurance previously purchased under common ownership with title insurance customers were improper, the Houston-based company said in a statement.

Stewart Title said the reinsurance purchases were in accordance with Department of Housing and Urban Development guidelines for reinsuring residential transactions at market rates.

Stewart (NYSE: STC) said it intends to "vigorously defend" the propriety of its reinsurance purchases. The company said it is cooperating with California regulators and is providing additional information to work through what it claims is a misunderstanding about its business practices.

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

Interthinx(TM) Unveils Most Comprehensive Fraud Prevention Tool to Date

Interthinx(TM) is proud to announce its next generation loan-level fraud detection solution for lenders and investors: FraudGUARD®. By utilizing FraudGUARD, lenders and investors can significantly reduce loss due to fraudulent transactions, increase pull through rates, process more loans with less resources and improve loan quality.

FraudGUARD is powered by FraudNet(SM), a network of data, pattern matching analytics and industry experience that provides fraud prevention solutions to the mortgage industry. Using this technology, FraudGUARD is able to uncover fraud by comparing loan application information with data pulled from the proprietary Interthinx National Fraud Protection Database (NFPD), aggregated 1003 (application) data spanning over 10 years, third- party data, and internal shared data. The data is then analyzed using a pattern-matching system designed to emulate the most current fraud tactics. The system employs models and search algorithms to spot patterns and commonalities between the loan information and previous instances of loan fraud.

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

ACS Renews and Expands BPO Contract With First Horizon Home Loan Corporation

Affiliated Computer Services, Inc. announced today that it has been awarded a renewed and expanded business process outsourcing (BPO) contract with First Horizon Home Loan Corporation, one of the nation's leading home financing companies.

ACS and First Horizon launched their successful BPO partnership in 2002, with ACS providing document preparation, scanning, and indexing of mortgage loan files for the company. These services will continue under the terms of the renewed contract, and will expand in scope to now include mailroom services. The agreement solidifies ACS' solid position as a top BPO services provider to the mortgage industry.

Posted by S. Germain at 08:02 AM | Comments (0)

Visionet Systems Introduces Middleware Solution with Closed Loop QA/QC Extension

Visionet Systems has announced the availability of its Closed Loop QA/QC(TM) extension for VisiLoanReview® (VLR), a 100 percent Web-based program providing electronic quality control and underwriting reviews to the lender and investor community. The enhancement enables automated reviews and checks based on the source of the loan, product characteristics, fraud markers, as well as agency and investor guidelines. The news was announced today at the Mortgage Bankers Association's 2006 Quality Assurance conference in San Diego.

The software leverages artificial intelligence by continually score-carding reviews performed and defects encountered to automatically spot trends and adjust the level of due diligence necessary when a loan of similar attribute enters the supply chain. Additionally, VisiLoanReview has increased capabilities to streamline the mortgage supply chain between origination, secondary marketing and servicing sub-divisions through automation, resulting in the only industry specific middleware that reduces errors and delays.

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

Alliance Between Orion Financial Group, Inc. and Mobilis Technologies, LLC Advances E-Recording

Orion Financial Group, Inc. announces the expansion of its e-recording services through an alliance with the iCounty Division of Mobilis Technologies, LLC. The agreement gives Orion access to iCounty's EPICPortal in Missouri and North Carolina and enables both companies to help the mortgage industry and county recording offices expand electronic recording of documents nationwide.

The iCounty Division of Mobilis Technologies, LLC has revolutionized the concept of electronic recording of real estate and other documents with the development of its EPICPortal. EPICPortal is an Internet portal, based on evolving PRIA standards, that for the first time enables all types of document submitters to use a single interface to submit documents for electronic recording to any participating county. Subsequently, it allows any county, using the backend electronic recording software application of their choice, to use a single interface to electronically accept documents from any submitter.

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

First BanCorp's Restated Earnings Cut $17.1M

First BanCorp, San Juan, Puerto Rico, has announced that its restatement of financial results for 2000-2004 reflects changes in the treatment of mortgage-related transactions and contains cumulative reductions of $17.1 million (or 3.4%) in retained earnings and legal surplus. Approximately $15.1 million of the reductions represent noncash adjustments related to derivatives and broker placement fees. The company had concluded last December that "a substantial portion" of its mortgage-related transactions with Doral Financial Corp. and R&G Financial Corp. since 1999 did not qualify as true sales for accounting purposes, mainly because they included unlimited recourse provisions. "This filing culminates a painstakingly diligent accounting review and significant milestone of First BanCorp's path back to normal-course financial reporting," said Luis Beauchamp, the company's president and chief executive officer.

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

Mortgage Fraud Cases Outpacing '05

Mortgage fraud resulted in losses of $545.9 million during the first half, and the losses are on track to outpace last year's total, according to newly released government figures. According to the Federal Bureau of Investigation, mortgage fraud losses totaled $1 billion in fiscal 2005, more than double that of the year before. Financial institutions engaged in mortgage activity filed close to 17,000 suspicious activity reports with the FBI during the first half. In 2005, 21,994 SARs were filed.

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

Wachovia Combines Units to Expand Mortgage Service

Wachovia plans to rename its mortgage services business Wachovia Securities Wholesale Mortgage, which will be a combination of its own Wachovia Mortgage Third Party Lending unit and the American Mortgage Network business. Wachovia Securities Wholesale Mortgage will operate in Charlotte as well as in San Diego to give the company more of a national presence in residential mortgages. Wachovia picked up the American Mortgage Network business in its $83 million acquisition of AmNet Mortgage last September.

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

Sales of New Homes Rise, But Gains Predicted to End

Housing market analysts shrugged off the Commerce Department report of a 4.1-percent increase in new-home sales in August, saying the gain will have a short life, considering that the 570,000 unsold homes remaining on the market represents the second-highest inventory level on record. The median price of a new home, moreover, fell 1.3 percent to $237,000; sales of existing homes decreased for the fifth straight month, with the median price down from a year ago; and construction of new homes and apartments are off by 6 percent. "Everything still points to continued weakness in sales, construction and home prices," insists Mark Zandi, chief economist at Economy.com. The declin! e in home sales this year comes after the Federal Reserve has spent two years raising interest rates.

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

Money Store: Resurrecting a Name, But Not a Model

MLD Mortgage Inc. purchased the Money Store brand from Wachovia Corp. in 2004 and has since altered the subprime mortgage lender's business model. The new Money Store is an online lender that caters to prime borrowers; and rather than securitize the loans, they are sold to such lenders as Washington Mutual and Flagstar Bancorp. According to MLD Mortgage Executive Vice President Phil Mancuso, "The mission of the Web site is to empower the borrower." The online model and the use of only one office with 60 workers has lowered operating costs, enabling it to offer borrowers with good credit 30-year fixed mortgage rates as low as 5.75 percent.

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

Inflated Property Appraisals Targeted

Colorado's Division of Real Estate will focus on inflated property appraisals under the leadership of new director Erin Toll, who targeted title insurers making kickbacks during her days as the state's deputy insurance commissioner. In October, Toll plans to announce details of an investigation into an appraiser who inflated the value of more than a dozen homes, some by as much as $100,000. While Toll believes mortgage lenders are often victims of inflated property appraisals, some experts believe lenders are pressuring appraisers to overstate the value of homes in an effort to make more loans and collect fees. National studies indicate that Colorado has the highest foreclosure rate in the country, and many real estate industry experts believe people are los! ing their homes because of inflated appraisals.

Posted by S. Germain at 07:41 AM | Comments (0)

September 22, 2006

Existing Home Sales

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

Sapan Bafna Named Transition Director of International Services for First American's International Services Group

In his new position, Sapan will be responsible for administering and managing all activities associated with off-shoring the business processes and related technology for clients of First American. He will be based at First American’s corporate campus in Westlake, Texas.

Sapan has been with First American for the past three years, most recently serving as manager of global sourcing where he helped to guide the ongoing success of First American’s offshore facilities. Prior to joining First American, he held the position of manager of strategy planning with Equitrac Corp and director of finance with ICSAT US, a leading travel technology company, where he championed the business plan to setup an offshore software development center for the company in India.

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

Fidelity and AutoRealty, Announce Completion of Automated Forms Applications Integration

Fidelity National Information Services, Inc. (FIS) has announced its strategic agreement and completion of integration work between FIS' Fidelity National Real Estate Solutions division and AutoRealty, LLC. AutoRealty is a Texas limited liability corporation and provider of software tools for real estate professionals, including automated forms software for real estate contracts.

As part of this new agreement, direct integration between Fidelity National Real Estate Solutions' technology offerings and AutoRealty's real estate forms applications will be available to joint customers of their products.

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

Technology Brings Better Government (Landata Tech.)

In Bexar County, home to San Antonio, a maverick local bureaucrat roams the courthouse halls, saving taxpayers tens of thousands of dollars a year.

In October 2003, the county used the Landata e-STAR system to file the first electronically recorded document in the state of Texas. After production testing, Bexar County went live and today processes about 70 percent of all title company submissions or about 40 percent of all filed documents electronically.

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

Stewart's SureClose(R) Version 5.7 Changes the Face of Transaction Management

Stewart Transaction Solutions Inc. announces the release and availability of SureClose Version 5.7. This release offers a new look and feel with additional functionality, security enhancements and the ability for consumers to upload documents into their own transaction file.

SureClose v5.7 introduces the three-pane Landing Page which allows users to access the most widely used of the most common tasks in SureClose immediately upon logging into the system. The three major panes included are: Current and Overdue Tasks, Recent File List and Uploaded Documents.

1. The Current and Overdue Task pane permits users to manage and
customize tasks scheduled within a 30 day window - providing
an immediate 'To Do List' upon entering the system.

2. The Recent File List allows users to instantly open and view up
to the last 15 recently accessed files - reducing clicks and
improving efficiency.

3. The Uploaded Documents pane provides easy access to document
uploads via Upload Document Wizard(TM) or through the
proprietary SureClose Print Driver(TM).

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

Fiserv MortgageServ Platform Enables Servicers to Directly Input Proctor Hazard Insurance Data for Real-time Results

Fiserv Lending Solutions, part of Fiserv Inc. (Nasdaq:FISV - News), announced today that it is partnering with Proctor Financial Inc. to share secure access to the MortgageServ loan servicing system for the purpose of updating hazard insurance data. The result is a RESPA-compliant and comprehensive hazard insurance update.

Proctor's partnership with MortgageServ eliminates the pitfalls associated with traditional hazard- tracking programs that rely on batch updates and interfaces for data transfer. With real-time "interfaceless(TM)" Direct Data Input® (DDI) into the MortgageServ system, time delays, rejects and exceptions are eliminated because there are no downloads to cause transfer problems.

Posted by S. Germain at 08:06 AM | Comments (0)

Avista Solutions Selected by Axiom Mortgage Bankers Corporation to Implement Web-Based Loan Origination Systems

Avista Solutions has been selected by Axiom Mortgage Bankers Corporation to implement the Avista Accelerator™ Loan Origination System and Avista Advantage™ Product & Pricing Engine.

The Avista Accelerator™ loan origination system will allow Axiom’s Mortgage bankers to create loan applications online or import them from external loan origination software, as well as order services such as credit and automated underwriting. Online status, pipeline management, originator/lender loan collaboration, disclosures and closing documents via 3rd party document providers are also provided in this B2B system. The lender view allows users access to all of the originator specific services as well as features such as template driven underwriting management.

Posted by S. Germain at 08:02 AM | Comments (0)

Encompass Integrates to Flagstar Platform

Flagstar Bank and Ellie Mae have announced MISMO-compliant integration of Ellie Mae Encompass into Flagstar's Digital Document Transfer platform. The integration enables one-click electronic submission by brokers and correspondents of underwriting and closed-loan packages directly into Flagstar's electronic document management systems. According to the companies, Dublin, Calif.-based Ellie Mae is the first to use the advanced features of Troy, Mich.-based Flagstar's Digital Document Transfer platform. Transfer of SMART Document levels 3 and 4 (as defined by the Mortgage Industry Standards Maintenance Organization) allows for sound exchange of data and documents, the companies said. The platform's secure Web service enables two-way communication and immediate feedback of transfer success.

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

DataQuick Unveils Aerial Search Tool

San Diego-based DataQuick has announced the release of an aerial search component for its GoTitle property profile tool. The company partnered with Digital Map Products Inc. to create SkyView, an integrated aerial tool that lets GoTitle customers quickly locate properties visually. DMP's parcel map overlays enable the user to locate subject properties, zoom in and out to check the accuracy of the target property's location, and then print the aerial map image in a property profile, DataQuick said. Matchups of aerial photos with assessor parcel maps are used by real estate agents as a marketing tool and are increasingly used by county officials to track code violations and unpermitted construction. DataQuick draws information from a real property repository containing data on more than 87 million properties across the nation.

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

Mortgage Activity Rises on Refis

The Mortgage Bankers Association reports a 2-percent jump in home-loan applications last week, marking the biggest gain in five months. Though demand for purchase loans slipped 3 percent, refinancing requests jumped 9.5 percent in response to lower mortgage rates.

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

Experts: Fed Could Be Done Raising Rates

The Federal Reserve left the federal funds rate unchanged at 5.25 percent on Wednesday, and many private economists believe the statement issued by the central bank suggests it will hold rates steady for the rest of the year. They believe the Fed will allow the slowing economy to relieve inflation pressures, although there are some concerns about the potential impact of a housing slowdown. The residential property market has cooled considerably this year, and there are some fears that a sharp downturn in the sector could rival the stock market bubble of 2000 in its toll on the economy. Nonetheless, the financial markets appear to be confident in the direction taken by the Fed, considering that rates on 30-year mortgages have fallen back to 6.4 percent from the 2006 high of 6.8 percent reached in late July.

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

New-Home Starts Sink as Sales Slow, Inventory Grows

Home building in August declined for the fifth time in six months, falling 6 percent from July to a seasonally adjusted annual pace of 1.665 million units--which is down 19.8 percent from a year ago--reports the Commerce Department. In addition to housing starts reaching their slowest pace since April 2003, building permits--a measure of future activity--slipped 2.3 percent to a seasonally adjusted annual pace of 1.722 million, down 21.9 percent from last August. Construction starts and building permits are down because a large number of homes remain on the market and sales are slowing. In a separate report, the Federal Reserve said there was a 9.1-percent increase in the seasonally adjusted annual pace of U.S. household debt during the second quarter as "home-mortgage debt slowed to a single-digit pace for the first time in several years."

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

Fighting Foreclosures

Lawmakers in North Carolina are considering publishing the names of mortgage brokers, appraisers and other real estate professionals on loan documents, as a strategy to combat fraud schemes that push homeowners into foreclosure. Disclosing the identities of the players behind a loan is crucial to enforcement efforts, according to North Carolina Commissioner of Banks Joseph Smith. While the North Carolina Bankers Association and certain housing groups support the inclusion of the names on recorded loan documents, Lauriette West-Hoff of the North Carolina Professional Appraisers Coalition worries that such a move would boost the use of forged appraiser names and license numbers. Rather than focus solely on for! eclosures tied to fraud, Al Ripley of the North Carolina Justice Center believes that lawmakers also should address predatory lending and servicing--such as what occurs when lenders finance borrowers for a loan that they ultimately cannot afford.

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

Freedom Mortgage Closes Deal With Indiana Firm

Mount Laurel, N.J..-based Freedom Mortgage Corp. will acquire Irwin Mortgage Corp. of Indianapolis, boosting the company's yearly revenue to $12 billion and its workforce to 1,500 employees. The headquarters of Irwin Mortgage, whose parent company is Irwin Financial Corp., will remain open.

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

Shareholders OK Accredited-Aames Deal

Subprime mortgage lender Accredited Home Lenders Holding Co., moved a step closer to acquiring Aames Investment Corp. as shareholders of the target firm approved the $340 million proposal. Accredited said it would issue about 4.4 million shares of common stock and pay about $109 million cash for all outstanding stock of Los Angeles-based Aames, which also is a subprime lender. "This affirmative vote puts us closer to our objective of closing the merger in the first week of October," said Accredited Chairman and CEO James Konrath. Retail lending accounted for 41 percent of the $6.7 billion in loans originated at Aames last year, and the acquisition would increase retail lending at Accredited to 19 percent of lending from 10 percent while more than doubling its network to 116 offices nationwide.

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

September 15, 2006

Top Alt A Originators

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

First American Title Announces Partnership With Florida Housing Groups

First American Title Insurance Company today announced that it will host a special event on Sept. 18 to recognize a group of eight Florida nonprofit organizations that the company has partnered with to further the shared goals of increasing homebuyer education and the development of affordable housing in Central Florida.

First American Title will present $50,000 in grants from the First American Homeownership Foundation to the eight organizations. The contributions will assist in the development of more than 600 affordable new homes for low- to moderate-income families throughout Florida, and to provide homebuyer education and counseling services to more than 1,000 households. In addition to monetary donations, First American employees will provide volunteer labor for home maintenance services on the sponsored properties and educational services to help homebuyers and potential homebuyers better understand the closing process and the role of title insurance in protecting their investment.

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

HomeFree-USA and First American Work Together to Increase Minority Homeownership in Dallas

HomeFree-USA, a leading nonprofit homeownership achievement organization, and The First American Corporation (NYSE: FAF - News), America's largest provider of business information, announced a new effort underway to join public sector, private sector and nonprofit organizations to drive successful homeownership within Dallas-area minority communities.

HomeFree-USA and First American have partnered since early 2006 to help expand the vital pre-purchase education and post-purchase follow-up counseling services that homebuyers need. Throughout the past 11 years, HomeFree-USA has provided these services to thousands of consumers, helping them to buy and keep their homes. The organization intends to expand its successful homeownership center concept to additional metropolitan markets -- including Dallas in November 2006 -- to provide the necessary support services to help convert renters into long-term homeowners.

Posted by S. Germain at 10:00 AM | Comments (0)

Sedgwick CMS and Fidelity National Financial Announce Completion of CompManagement Acquisition

Sedgwick CMS Holdings, Inc. has successfully concluded its previously announced agreement to acquire CompManagement, Inc. (CMI) and its affiliated companies. Today's closing took the form of a merger between a special purpose subsidiary of Sedgwick CMS Holdings and Security Capital Corporation (SCC), parent company of CMI. The final purchase price was $191.5 million. This announcement comes jointly from Sedgwick CMS and from Fidelity National Financial, Inc., a principal equity holder of Sedgwick CMS Holdings, Inc. along with Thomas H. Lee Partners, L.P. and Evercore Capital Partners.

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

REIData Inc. Reorganizes to Better Deploy Stewart's Real Estate and Title Information Services in the National Market

REIData Inc. has created new title plant services and PropertyInfo.com divisions, added an affiliate company and realigned a number of key functions. REIData is a wholly owned subsidiary of Stewart Information Services Corp.

The new PropertyInfo.com division will handle all business activities for the www.propertyinfo.com real estate information portal.

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

Wachovia CEO: Not looking for major acquisitions

Wachovia is out of the acquisition game for the near future as the company works to integrate its proposed $25 billion merger with Golden West Financial. CEO Ken Thompson said he expects the company to steer clear of any significant buys for at least the next two years. But he added that Wall Street may see some smaller deals that would help grow Wachovia's product lines or improve its technology platforms.

In the meantime, he said the Golden West merger will not only contribute deposits for the company but will also help Wachovia ride out the weakness in the mortgage market.

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

Advantage Credit and Ellie Mae Offer Mortgage Professionals Mortgage Loan Fraud Prevention Tools

Advantage Credit International announced today that Advantage Credit’s LoanShield technology is now available through Ellie Mae’s Encompass®, Genesis 2000® and Contour™ Mortgage Automation Systems. With this new offering, Ellie Mae users can now integrate mortgage loan fraud protection into each application with the click of a mouse.

Advantage Credit, the Pensacola-based credit reporting agency serving over 20,000 mortgage professionals, developed LoanShield™ to aid brokers and lenders in the fight against mortgage fraud. LoanShield™ is a front-end decisioning system that inspects loan files for equity skimming, identity theft, straw buying, property flips, mortgage broker fraud, appraiser fraud, employment misrepresentation and more.

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

New Site Offers Links to REO Appraisers

A website that links lenders and servicers with appraisers specializing in real-estate-owned properties has been launched by O.L. Jernigan and Associates, a Dallas company that specializes in REO appraisals. The site, REOBank.com, offers a network of more than 9,000 appraisers with REO expertise, acting as a hub that connects lenders and servicers seeking appraisals, broker price opinions, and other REO-related services. It allows lenders and servicers to outsource their appraisal needs, since they can quickly locate the right appraiser for the job and get their project completed in days, rather than weeks, the company said. "Accuracy and speed are the two highest priorities for REOBank.com users," Mr. Jernigan said. "We know that our users need valuations they can depend on, and they need them quickly in order to minimize holding time." REOBank.com also features communications and tracking functions that allow lenders and servicers to track the progress of their projects in real time.

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

Ellie Mae Certifies System Integrators

Dublin, Calif.-based Ellie Mae has designed what the company is calling the Certified Systems Integrator Program in order to safeguard its customers from service providers that are not knowledgeable about the intricacies of the Encompass product. In order to become a Certified Encompass Systems Integrator, service providers must serve the mortgage industry; support products and services that are complementary to the loan origination process; and maintain critical certifications for technology organizations such as Microsoft. As part of the program, Certified Encompass Systems Integrators are given all the tools and software necessary to efficiently meet the needs of Encompass users and are then tested on their understanding and abilities, Ellie Mae said. Two companies, RCM Technologies and Wise Point Solutions, have already undergone the pre-screening and the certification program.

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

Finance: Countrywide Financial

Countrywide Financial says the weakening housing market is responsible for a 24-percent decline in its mortgage originations last month to $40 billion. The company reports a 17-percent drop in daily home-loan applications in August, as well as an 18-percent decrease in its mortgage pipeline to $64 billion.

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

Foreclosures Are Up on Some Mortgages

The Mortgage Bankers Association reports a jump in prime adjustable-rate mortgage foreclosures to 0.27 percent in the second quarter from 0.21 percent in the first quarter. Subprime ARM foreclosures rose to a nearly three-year high of 2.01 percent, and foreclosures on all home loans rose to 0.43 percent. Meanwhile, delinquencies across the board slipped to 4.39 percent from 4.41 percent over the same time span. Mesirow Financial chief economist Diane Swonk says borrowers with ARMs are facing higher monthly payments as interest rates rise as well as boosts in property taxes, energy costs and insurance premiums.

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

Deutsche Completes Chapel Funding Buy

Deutsche Bank AG has closed on its deal to acquire Lake Forest, Calif.-based Chapel Funding LLC, a subprime wholesale lender licensed to do business in 36 states. The German bank, which also plans to complete its acquisition of MortgageIT Holdings for $429 million next quarter, did not disclose how much it paid for Chapel Funding--which it has renamed db home lending.

Posted by S. Germain at 09:40 AM | Comments (0)

NovaStar Acquires Indiana Operation

Oak Street Mortgage's assets and as many as 21 of its mortgage lending offices have been purchased by NovaStar Mortgage, a subsidiary of NovaStar Financial Inc. of Kansas City. The acquisition of the Indiana-based company will boost NovaStar's monthly loan production to $100 million from $75 million currently. NovaStar Financial will put many of Oak Street's employees on its payroll. Oak Street also will continue to engage in commercial lending activities under the Oak Street Funding brand.

Posted by S. Germain at 09:40 AM | Comments (0)

Freddie Mac Says U.S. Probe Is Closed

Freddie Mac said on Tuesday that the Justice Department's investigation into its 2003 accounting scandal is closed following two years of inactivity. Whether civil charges against the government-sponsored enterprise and ousted executives will be filed by the Securities and Exchange Commission is still unknown. Fannie Mae had indicated in August that its case with the Justice Department was closed; and it agreed in May to pay a $400 million fine to settle charges of earnings manipulation with the SEC and the Office of Federal Housing Enterprise Oversight. OFHEO still "is pursuing enforcement actions against former Freddie Mac executives," confirmed OFHEO spokeswoman Stefanie Mullin.

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

Lender to Bring 1,300 Jobs

Countrywide Home Loans plans to staff new offices in the Dallas-Fort Worth area with nearly 1,300 employees during the fourth quarter and the beginning of 2007. The lender will be relocating workers from its facilities in Richardson and Plano and also will be hiring new employees, according to a spokeswoman. While residential finance is the company's bread and butter--it was the top originator and servicer in the country last year, with volume of $491 billion--Countrywide has diversified into insurance and banking services in order to remain competitive during the mortgage market downturn.

Posted by S. Germain at 09:38 AM | Comments (0)

Bankers and Regulators Clash Over Surge in Real-Estate Loans

Bank regulators have grown increasingly concerned over the growth of commercial real estate loans, with 2005 showing a 16-percent jump to $1.3 trillion. Earlier this year, the Federal Reserve and three other regulatory agencies proposed that banks exceeding certain levels of lending in construction and commercial real estate increase their risk monitoring, add capital or both. The American Bankers Association, the Independent Community Bankers of America and over 1,000 banks nationwide launched opposition to the proposed guidance, contending that their lending practices have made great strides since the previous property bust of the early 1990s. A hearing on this issue before a House of Representatives subcommittee has been scheduled for Sept. 14. While regulators argue that their metrics should be viewed as a valuable screening device to pinpoint potential problems, bankers continue to maintain that the definition of a commercial real estate loan is too broad

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

September 08, 2006

Top Originators 2Q 2006

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

The First American Corporation Acquires the Businesses of KTR Newmark Real Estate Services and KTR Newmark Consultants

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that it has acquired the business and operations of privately held KTR Newmark Real Estate Services LLC and KTR Newmark Consultants LLC, two firms that, combined, offer a full range of advisory services relating to the appraisal, environmental and engineering aspects of commercial real estate investment. Terms of the acquisition, which closed Sept. 1, 2006, were not disclosed.

As part of First American, the combined businesses will operate under the name KTR Valuation & Consulting Services, LLC (KTR), a wholly owned subsidiary of The First American Corporation. Headquartered in New York City with regional offices in Chicago, Dallas, Los Angeles and Woodbridge, N.J., the company employs more than 60 highly skilled appraisers, engineers, architects, environmental scientists, expert witnesses and other professionals with extensive knowledge of local and national real estate markets and issues. It will continue to provide full-service national due diligence activities encompassing valuation, environmental, engineering and contract underwriting services for investment-grade commercial real estate projects and assets.

Posted by S. Germain at 08:06 AM | Comments (0)

Regulatory Approval Obtained for LandAmerica Acquisition of Capital Title Group Inc.

LandAmerica Financial Group Inc. and Capital Title Group Inc. jointly announce today that they have obtained all necessary regulatory approvals for LandAmerica's acquisition of Capital Title. Closing will occur in accordance with the terms of the parties' agreement. When the acquisition occurs, LandAmerica and Capital Title will jointly announce the applicable exchange rate and the deadline by which Capital Title stockholders must submit their election forms to elect their preferred form of consideration.

Posted by S. Germain at 08:04 AM | Comments (0)

Stewart to Combine Real Estate Information Companies Under New Subsidiary, PropertyInfo Corp.

Stewart Information Services Corp. (Stewart) (NYSE:STC - News) is combining its diverse real estate information operating subsidiaries under a new subsidiary, PropertyInfo Corp., under the leadership of industry veteran, Patrick Vaden.

"Stewart's vision is for PropertyInfo to be a leading online provider of integrated real estate information (REI) and technology to real estate professionals and title agencies," said Stewart Morris Jr., Stewart president and co-chief executive officer. "Combining and coordinating several related REI efforts under one leadership umbrella better organizes Stewart to effectively deploy REI directly to real estate agents, brokers and other customer segments.

The reorganization will bring Stewart subsidiaries REIData Inc., First Data Systems Inc., Ultima Corp., Stewart Re-Source Inc. and Information Services of Illinois LLC together under PropertyInfo Corp.

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

United One Resources Acquires National Credit Reports, Inc.

United One Resources announced today the acquisition of National Credit Reports, Inc. of Ellicott City, Maryland. The acquisition will ensure the lasting legacy of two premier Mortgage Credit Reporting Organizations; under one united brand.

Founded in 1986, National Credit Reports, Inc. has developed thousands of value-creating partnerships with leading national lending and real estate organizations. Founded in 1918, United One Resources has supported the growth of the Mid-Atlantic lending and real estate community through cutting edge products, superior customer service and flawless risk management information solutions.

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

FNC acquires UserTrust products

FNC Inc. has acquired key products of Salt Lake City-based UserTrust. Terms were not disclosed. FNC and UserTrust developed Digital Loan File, Docuharbor and Digital Credential in a joint partnership. With this acquisition, FNC owns those mortgage origination tools outright.

FNC said the products would enhance its client experience by providing secure access, straightforward document storage capabilities and a more streamlined sending and receiving process.

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

Washington Mutual steps back

Washington Mutual Inc., which moved aggressively into the Chicago market in recent years, is now closing branches in the area. The Seattle-based bank plans to close 28 of its 172 Chicago-area branches.Washington Mutual made a big splash when it entered the market in 2003 by rapidly opening branches throughout the area. But the company has struggled to win market share in the highly competitive banking market here.

The retrenchment in the Chicago area is part of a broader consolidation under way by the company, which is in the process of closing 80 poor-performing stores nationwide. WaMu spokesman Shane Winn said the area branches slated to close are lagging in three areas: household growth, market density potential and financial performance.

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

ISO Buys AH Compliance System

Interthinx, an Agoura Hills, Calif.-based ISO business that provides fraud detection and compliance tools for the mortgage industry, has announced ISO's acquisition of the Domus System, which provides automated compliance services to the affordable housing industry. The terms of the transaction were not disclosed. The Domus System collects, maintains, and reports on resident and property data electronically. "The affordable housing industry has a tremendous need for accurate and timely compliance reporting," said KC West, president of Domus Systems Inc. "Combining the fraud detection capabilities of Interthinx with the electronic data collection services of the Domus System will deliver a more robust automated compliance and reporting tool to our customers." ISO, Jersey City, N.J., is a provider of products and services that help measure, manage, and reduce risk.

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

Dynatek Touts Tight Integration of LOS

Livonia, Mich.-based Dynatek Inc. has formed a "tight integration" with DocuTech, Idaho Falls, Idaho, that Dynatek says will give users of its MORvision loan origination system seamless access to DocuTech's Web-based document system, ConformX. The agreement identifies DocuTech, which has been a member of Dynatek's Plug-In Partner Network since 2004, as a preferred integrated document provider. It also allows for development of a fully integrated DocuTech system, which will replace its current Plug-In and provide MORvision customers with a choice between two distinctive forms systems -- a traditional one and an online system that enables DocuTech to manage all the compliance for the lender. The DocuTech ConformX product is a service-based solution that provides users with compliance guarantees and manages the forms process for the lender.

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

Fed: Housing Sales, Construction Activity Falling

Housing sales and construction activity declined in July and August while demand for mortgage loans weakened, according to the Federal Reserve Board's newly released Beige Book. "In general, residential real estate contacts expected the housing markets would remain weak, if not weaken further, in the months ahead," the Beige Book says. In the June Beige Book, the Federal Reserve district banks noted that housing markets continued to "cool." But the references to cooling have been replaced by reports of "substantial increases" in unsold homes. The Kansas City bank attributed some of the increase in inventories to a "sizable number of foreclosures." The Atlanta bank reported that the property insurance premiums in some parts of Florida have nearly quadrupled in the past year, and this is "adversely impacting housing and commercial real estate demand in the coastal markets." Meanwhile, commercial real estate markets remained strong in many parts of the United States, and many Federal Reserve banks reported increases in CRE development and construction.

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

Governor Signs Predatory Lending Bill

California Gov. Arnold Schwarzenegger (R) has signed a bill into law that places new limits on reverse mortgages, which have risen dramatically in the state. Crafted by state Sen. Joe Simitian, D-Palo Alto, Senate Bill 1609 is designed to make it more difficult for predatory lenders to take advantage of elderly homeowners who take out reverse mortgages. The law mandates financial counseling from a HUD-approved agency for all reverse mortgage transactions, requires loan documents to be in the language in which the loan was negotiated and prevents borrowers from having to purchase an annuity as part of a reverse mortgage transaction. "Elder abuse is called the crime of the 21st century," says Simitian.

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

Merrill Lynch to Acquire Lender for $1.3 Billion

Merrill Lynch & Co. has inked a $1.3 billion deal to acquire National City Corp.'s First Franklin Financial Corp. unit, which was the country's No. 10 nonprime mortgage lender during the second quarter. The acquisition is the latest in a series of mergers involving nonprime lending firms, which specialize in offering loans to borrowers with flawed credit. However, analyst Jeff Harte of Sandler O'Neill & Partners believes Merrill Lynch may have overpaid, stating, "The price is a challenge to get my arms around. Exactly what earnings stream they bought is difficult to determine." Merrill Lynch, which expects the deal to close during the last three months of this year, also is acquiring National City's online direct-to-consumer mortgage lender NationPoint and loan processor National City Home Loan Services Inc.

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

Commercial/MF Up by 17 Percent

The Mortgage Bankers Association reports that originations of commercial and multifamily loans by mortgage bankers rose 17.3 percent in this year's April-through-June period. The year-over-year gain can be attributed to gains among all property types, with commercial banks leading the increases among investor types. Looking at the individual property types, health care properties led the way with a whopping 177.4-percent surge from the previous second quarter; while loans for office buildings went up 12.7 percent and loans for multifamily properties expanded by 8.8 percent. MBA chief economist Doug Duncan comments, "Our forecast calls for some moderation in economic growth with interest rates stable through the rest of the year. Continued low intermediate and long-term rates! as well as ample supply of available capital provide a good backdrop for continued strength in commercial and multifamily market."

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

Pending Home Sales Plunge 7 Percent

The 7-percent decline in the pending home sales index to its lowest level in more than three years could lead to some disappointing numbers for existing-home sales in August and September. The index for deals signed but not closed suffered its biggest monthly loss in more than three years in July. Also, the 1.2-percent decline in construction spending represented the largest dip in five years; and home building was off by 2 percent.

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

September 01, 2006

Top Servicers

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

GMAC-RFC Selects First American Real Estate Solutions' LoanIQ as Collateral Risk Mitigation Solution

The LoanIQ™ collateral risk mitigation solution by First American Real Estate Solutions (RES®), the nation’s largest provider of advanced property and ownership information, analytics and services, has been selected by GMAC-RFC, a leading private issuer of mortgage-backed securities, and will be incorporated into the company's collateral risk mitigation system.

The LoanIQ system is an analytical product that reduces mortgage fraud and default exposure by providing an instant assessment of the collateral risk associated with a particular property and its surrounding neighborhood. LoanIQ provides two simple scores—the LoanIQ Score and the Market Risk Score—that enable lenders such as GMAC-RFC to fast-track low-risk loans through their approval processes while accurately identifying high-risk loans that warrant further investigation.

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

First American Field Services Completes Consolidation to New Corporate Campus

First American Field Services, a leading provider of onsite property inspections and property integrity solutions, and a member of The First American Corporation (NYSE: FAF) family of companies, has successfully completed its move from Sterling, Va., to First American Mortgage Information Services Group’s new corporate campus in Westlake, Texas.

The corporate campus was designed to bring First American’s Mortgage Information Services Group companies together in a single location, combining resources and internal efficiencies to provide world-class facilities for employees and clients.

The centralized campus support system will provide First American Field Services with accounting, finance, human resources, technology infrastructure, audit and other ancillary functions. This, in turn, will allow the company to focus its resources on corporate management, order fulfillment, marketing, training, supply chain management and various other functions that will benefit users.

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

First American National Default Outsourcing Names Subodh Singh Vice President

First American National Default Outsourcing has announced that Subodh Singh has been appointed vice president.

Subodh brings 18 years of default industry experience to First American, most recently serving as director of operations for Dallas-based Defaultlink. Prior to joining First American, Subodh served as assistant vice president of default loan servicing with JP Morgan Chase, leading the foreclosure, bankruptcy, payment processing, cash management and executive resolution departments. He also served four years in the U.S. Air Force as a Flight Medic.

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

First American Partners With San Antonio Alternative Housing Corporation

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that its recent donation of $25,000 to San Antonio Alternative Housing Corporation (SAAHC), a nonprofit organization that has provided housing and support services for low- to moderate-income families in Texas for nearly 13 years, has enabled SAAHC to complete predevelopment work on a 59-unit subdivision located in San Antonio's lowest income census tracts.

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

Stewart Geo Technologies Spins off Stewart re-source

Stewart Geo Technologies has created Stewart re-source Inc., a new company to market the Web-based, commercial real estate information product of the same name. Former Stewart Geo Technologies president and chief executive officer (CEO) Kas Ebrahim will now serve as the new company's president and CEO.

Stewart re-source will remain a wholly owned Stewart subsidiary, now reporting under REIData Inc. Stewart re-source is a site analysis tool used by commercial real estate professionals, including developers, lenders, brokers, insurers and investors. It also can be licensed as an application by small-to-medium-sized municipalities to offer access to property information and associated market data as offered by large economic development agencies.

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

Bancshares of Florida, Inc. Announces Agreement to Acquire Old Florida Bankshares, Inc.

Bancshares of Florida, Inc., headquartered in Naples, Florida, and Old Florida Bankshares, Inc., headquartered in Fort Myers, Florida ("Old Florida"), today announced the signing of a definitive agreement providing for the acquisition of Old Florida by Bancshares. Under the agreement, Old Florida will be merged with and into Bancshares, and Old Florida's bank subsidiary, Old Florida Bank, will be merged with and into Bancshares' subsidiary Bank of Florida - Southwest. The transaction has been approved by the Boards of Directors of each company. The acquisition is subject to regulatory approval, Old Florida and Bancshares shareholders' approval, and certain other conditions. Bancshares expects to close the transaction in the first quarter of 2007.

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

LSSI and Del Mar Database Formally Continue Strategic Alliance

Lender Support Systems, Inc. (LSSI), a global provider of lending and loan servicing technology solutions, has announced the formal continuation of its strategic alliance and successful systems interface with Del Mar Database, a software solution provider for small to medium-size lenders. Through the new enhanced interface, LSSI's mortgage document preparation technology, DocWin(TM) now seamlessly integrates into DataTrac(TM), Del Mar Database's back-office processing solution, allowing users to further increase processing efficiencies and revenue generation through the use of a single system. LSSI and Del Mar Database began working together in 1993 and currently have in excess of 100 joint customers.

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

DocuSign and eOriginal Deliver First Comprehensive Online Solution for Business and Consumer Loan Documents

DocuSign(R), the leading on-demand electronic signature service, today announced a strategic alliance and development partnership with eOriginal, Inc., the flagship supplier of electronic contracting software across financial markets. Working together, DocuSign and eOriginal are creating the first complete on-demand solution for electronic execution of business and consumer loan documents. Loan transactions that have been executed and managed using only costly paper processes, may now be completed in a fully electronic transaction, with bank notes automatically flowing into a secure electronic vault for securitization and management.

DocuSign's secure electronic document delivery and signature service includes comprehensive audit trail and tracking capability, as well as complete multi-layered security and authentication compliant with recent Federal Financial Institutions Examination Council (FFIEC) guidance. Once a loan document has been created and executed within the DocuSign system, the master record is automatically placed in a highly secure eOriginal vault for management of transferable assets, securities and critical source documents. This provides an ideal solution for financial institutions looking to sell more products through economical e-commerce channels.

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

Ciercus Closing Fraud System Makes Successful Debut

Ciercus System, the mortgage industry's first Internet- based software system to address mortgage closing fraud, debuted this month and has already had a positive affect on the industry.

The proprietary system developed by Mountain Lakes, NJ based Ciercus Systems, Ltd., combines mortgage closing data collection and warehousing with closing agent registration and real time access to executed closing documents to help close the loop on fraud fighting technology, which previously only addressed front end origination issues.

Posted by S. Germain at 08:06 AM | Comments (0)

GA Tech Selects Equity Depot to Provide Historical Real Estate Equity

Depot.NET today announced that it has been selected to provide residential foreclosure data from its current and historical real estate database. The information which is being purchased by GA Tech is from 2000-2006 and will be used for a research study being conducted by the City and Regional Planning Program, College of Architecture at the Georgia Institute of Technology, Atlanta, GA.

Equity Depot has been providing critical information on foreclosures to real estate investors, real estate agents, law firms, mortgage lenders, U.S. government agencies and the media for over 15 years.

Posted by S. Germain at 08:04 AM | Comments (0)

ISO Acquires Domus System under Interthinx(TM) Umbrella

Interthinx(TM), an ISO business and the leading provider of fraud detection and compliance tools for the mortgage industry, announced ISO's acquisition of the Domus System. The Domus System provides automated compliance and reporting services to the affordable housing industry, which buys, builds and manages government-subsidized properties for low-income and other disadvantaged residents.

The Domus System electronically collects, maintains and reports on resident and property data. Current data can be updated, while historical information is securely stored to allow for outcome analysis and fund tracking. The system is Web-based; therefore Domus can offer asset managers and affordable housing agencies online and cost-effective reporting and data tracking solutions to maximize funding activities. Terms were not disclosed.

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

Escrow Agents Rally in S.F. to Oppose Plan to Slash Fees

California Insurance Commissioner John Garamendi has proposed a rule that would lower title insurance fees by 23 percent for home buyers and 16 percent for homeowners who are refinancing as well as reduce average escrow costs by 27 percent. "The actions of this industry have cost the consumers billions of dollars in unnecessary insurance costs, and it's time for this industry to stop its illegal rebating and to compete on price rather than kickbacks to builders, Realtors and mortgage lenders," insists Garamendi. However, the proposal has generated opposition from title insurers and escrow agents who contend that it would not create competition but diminish their incomes and even put some out of business. Garamendi formulated the proposal in response to a study that blamed soaring title insurance costs on the absence of competition.

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

MBA Upbeat After Strong Second Quarter

Commercial and multifamily mortgage originations grew to $52 billion during the second quarter, swelling 17.3 percent from a year ago, the Mortgage Bankers Association reports. "Continued low intermediate and long-term rates as well as ample supply of available capital provide a good backdrop for continued strength in the commercial and multifamily market," MBA chief economist Doug Duncan says in a press release.

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

Subprime Loan Defaults Grow

During the first half of 2006, LoanPerformance reports that the first payment was late for 3.5 of every 10,000 new subprime loans--up from one of every 10,000 in 2005. Since the start of the year, the number of subprime mortgages with delinquent payments during the first three months of the loan term has jumped 14 percent from last year. LoanPerformance collateral risk analytics director Damien Weldon states, "If those borrowers are finding themselves in trouble very early on, it may give lenders an indication that the underwriting criteria or quality control are not sufficiently tight."

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

Mortgage Firm Has Big Plans to Expand

Ace Mortgage and Archer Land Title plan to increase their workforce from 1,050 employees in 14 states to approximately 3,700 workers across the country over the next five years, and officials at the Indianapolis-based mortgage and title company are also considering taking their combined firm public. Ace recorded $99.5 million in revenue in 2005 from $3.5 billion in mortgage loans. Loan consolidations and mortgage refinancings account for most of Ace's business, with mortgages to purchase homes making up most of the balance. The expansion is being financed by the proceeds Ace received last November from the sale of a 60-percent stake in the company to Atlanta private equity firm Roark Capital Partners.

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

Software Touted as Tool to Uncover Mortgage Fraud

New software from BasePoint Analytics aims to red-flag unscrupulous mortgage brokers and loans with the same pattern-recognition techniques used by the credit card and insurance industries. The company's FraudMark software scores each loan application for fraud risk, while its new BrokerWatch software uses historical broker behavior to identify fraud patterns. Among other functions, the software will determine whether a borrower's stated income is in line with the occupation listed on the application. The biggest drawback of the BrokerWatch software is that it can only be used by firms to track their own brokers, while fraudsters generally use numerous lenders to conceal their crimes.

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