« September 2006 | Main | November 2006 »

October 27, 2006

Existing Home Sales

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

The First American Corporation to Hold Third-Quarter Conference Call

The First American Corporation (NYSE:FAF - News), the nation's largest data provider, announced today that it will host a conference call on Nov. 2, 2006, at 11 a.m. EST. The call will follow the announcement of the company's third-quarter operating results, which is scheduled for release on Nov. 2, 2006, at 8:32 a.m. EST.

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

An audio replay of the conference call will be available through Nov. 9, 2006, by dialing 402-998-1599. An audio archive of the call will also be available for replay on First American's Web site.

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

First American Real Estate Solutions' Report Reveals San Francisco Homeowners Hold Over $38 Billion in Equity

First American Real Estate Solutions (RES®), the nation's largest provider of advanced property and ownership information, analytics and services, announced today the release of its latest regional equity report, which identifies more than $38 billion of available equity among San Francisco homeowners and identifies how the presence of equity can be used as a key indicator for targeted marketing.

The report, entitled "Equity by the Bay," is authored by Christopher Cagan, Ph.D., director of research and analytics at First American Real Estate Solutions, and examines 87,000 single-family residences and condominiums in the city of San Francisco and San Francisco County. San Francisco is one of the highest-priced housing markets in the nation with a median sale price of $790,000 for single-family residences and $740,000 for condominiums, or more than triple the national median of $225,000 for single-family homes and condominiums together. The report indicates that the $38 billion in equity represents 48 percent of the total market value of almost $79 billion, and that even those homeowners who purchased or refinanced during the first half of 2006 hold an average of 23 percent equity.

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

United General Title Insurance Company Launches United Lender Services Division

United General Title Insurance Company, a subsidiary of First American Title Insurance Company and a member of The First American Corporation (NYSE: FAF - News) family of companies, today announced the formation of its United Lender Services division. United Lender Services, with offices in California and Pennsylvania, will provide title insurance, closing/settlement services and related products nationwide.

Posted by S. Germain at 09:21 AM | Comments (0)

First American Introduces Powerful New Workflow Solutions for FAWS Platform

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that it has added a new, powerful set of automated workflow solutions to its industry-leading, Web-based FAWS ordering platform. The expanded rules-based settlement services decisioning, intelligent product bundling, real-time rate quoting, federated workflow models and dynamic task- management features combine to offer a valuable set of solutions for managing the complex business requirements of mortgage lenders.

First American's newest version of its online order platform enables mortgage lenders to order all of their settlement services through a single interface, as well as automatically generate task assignments derived from the results of the product orders, based upon the lender's predefined profile. This newest version converts mortgage lenders' manual processes from a basic ordering and follow-up procedure, to a model that uses detailed programmed action plans that can quickly guide lenders to closing.

Posted by S. Germain at 09:21 AM | Comments (0)

Fidelity National Information Services, Inc. Reports Strong Third Quarter 2006 Financial Results

Read the entire story here.

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

Fidelity National Information Services' Board of Directors Approves $200 Million Share Repurchase Program and Declares Quarterly Dividend

Fidelity National Information Services, Inc. (NYSE: FIS - News) announced today that its Board of Directors has approved $200 million in share repurchase authority. The program is available for share repurchases from time to time in open market or privately negotiated transactions, subject to market conditions and other factors.

The Board of Directors also declared a regular quarterly dividend of $0.05 per common share, payable on December 27, 2006, to shareholders of record as of the close of business December 14, 2006.

Posted by S. Germain at 09:19 AM | Comments (0)

Barksdale Federal Credit Union Chooses the MISER(R) Core Processing Solution From Fidelity National Information Services

Fidelity National Information Services, Inc. (NYSE: FIS - News) today announced that Barksdale Federal Credit Union has signed a five-year contract to run FIS' MISER core processing system. Barksdale Federal Credit Union has processed its credit card portfolio with FIS since 1984. As part of the new agreement, FIS will integrate the MISER core processing system with the FIS card processing platform, which will provide Barksdale and its account holders with a comprehensive view of the total account relationship.

Posted by S. Germain at 09:18 AM | Comments (0)

Stewart Reports Earnings for Third Quarter 2006

Read the entire story here.

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

Stewart Transaction Solutions Inc. Unveils eMortgage Solution

"Electronic mortgages are more than electronic imaging and eDelivery. It's about supporting a secure, scalable, and legally compliant eClosing, eSignature, eNotarization, MERS® eNote registration, electronic vault management and eRecording process in states that are currently looking for lenders to participate," said Anderson. "Only a few companies will have the resources to deploy, support and continue to maintain a legal paperless eMortgage solution and Stewart Transaction Solutions is one of them."

For some time, the mortgage origination and settlement services industries have been faced with the decision to transition to an electronic mortgage and electronic closing process. Having been one of the first companies in the industry to support eClosing services, Stewart now delivers an eMortgage solution that will allow lenders, title and closing agents, and real estate professionals to participate in a fully automated process in which all sales and financing documents can be processed electronically, including the archiving, signing and securitization of contracts.

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

LandAmerica Shares Fall After 3Q Report

Shares of LandAmerica Financial Group Inc., a title insurance and financial services company, fell sharply in Thursday trading, after the company's third-quarter profit widely missed analysts' expectations.

LandAmerica said late Wednesday its third-quarter profit fell 64 percent, to $15.2 million, or 89 cents per share, from restated 2005 results of $42.4 million, or $2.35 per share. The company recorded a gain of $22.6 million last year for the write-down of a customer relationship intangible.

Total revenue fell to $992 million from $1.05 billion, falling short of analysts' expectations for $1.02 billion revenue.

LandAmerica said the softening real estate market hurt revenue for its title and closing and credit services businesses. Claims provisions, as a percentage of operating revenue, meanwhile grew to 8 percent from 5.3 percent in the prior-year quarter, further hurting the bottom line.

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

First Residential Mortgage Services Corporation Selects Hyland Software's OnBase to Speed Loan Processing

Hyland Software Inc., developer of OnBase® enterprise content management (ECM) software, announced at MBA's 93rd Annual Conference & Expo First Residential Mortgage Services Corporation (FRMSC) has selected OnBase as its document management and workflow solution. FRMSC, headquartered in Englewood Cliffs, NJ, awarded the contract to Computer SI Corporation, an authorized OnBase solution provider.

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

Wolters Kluwer Financial Services Helps Mortgage Lenders Produce Cleaner, More Saleable Loans

Wolters Kluwer Financial Services announced today that it will help mortgage lenders produce a cleaner, more saleable loan by allowing lenders to embed regulatory compliance in the front end of the lending process.

Wolters Kluwer Financial Services now offers lenders the opportunity to securely pass borrower data back and forth between Wolters Kluwer Financial Services' VMP® X4 Workflow Manager document preparation and collaboration platform to its Wiz® Sentinel compliance solution through a new seamless interface.

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

Veros Launches Collateral Integrity Analysis Report to Defeat Mortgage Fraud and Assess Mortgage Risk

Veros introduces Collateral Integrity Analysis, the most accurate predictive indicator of mortgage fraud and market risk available in the industry. The Collateral Integrity Analysis (CIA) report utilizes the latest technology to analyze, detect and accurately identify high-risk properties, market areas, and transactions while minimizing costly false positives. The CIA report provides lenders with powerful information vital for the identification of fraudulent or high risk real estate transactions, prior to critical business decisions involving origination, acquisition, servicing, or loss mitigation strategies.

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

WNS Global Services Partners with Wells Fargo to Deliver Its Digital Loan Management Solution

WNS Global Services (NYSE: WNS - News), a leading offshore business process outsourcing (BPO) provider, today announced a new partnership with Wells Fargo & Company (NYSE:WFC - News) that will allow correspondent lenders selling loans to Wells Fargo to electronically submit the loans via WNS' digital loan management (DLM) platform.

Posted by S. Germain at 09:06 AM | Comments (0)

Mortgage Builder LOS Completes Interface with ComplianceEase(R)

Mortgage Builder Software, Inc., a leading provider of end-to-end mortgage banking software solutions, announced at MBA's 93rd Annual Conference and Expo, a strategic interface with ComplianceEase®, a provider of automated compliance and risk management solutions. The partnership will enable Mortgage Builder customers to proactively determine if their loans comply with federal, state and municipal level regulations and consumer lending regulations based on lending licenses.

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

Kroll Factual Data Releases State-of-the-Art Risk Assessment Services

Kroll Factual Data's risk assessment services include:

FactualID A risk assessment engine that comprehensively evaluates the risks of identity and occupancy misrepresentation. FactualID also searches the OFAC, Palestinian Legislative Council, and other exclusionary lists.

CollateralFacts Designed to protect lenders and investors against property value misrepresentation, CollateralFacts comprehensively evaluates property data to determine the accuracy of the property value, evaluate possible title misrepresentation, and compare the subject characteristics to the subject market area.

ActionFacts Assesses the employment and income misrepresentation risk while also identifying fraudulent activities such as loan churning, double selling and any possible undisclosed liabilities.

FullFacts Assesses the participant misrepresentation risk by comparing the participant information to exclusionary and compliance lists, and also by reviewing the history for each participant in the application and the common history between each participant.

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

Fiserv Unit Del Mar Database Introduces SourceTrac(TM) Consumer-Direct Lending Portal

Del Mar Database (DMD), a unit of Fiserv Inc. (Nasdaq: FISV - News), has introduced SourceTrac(TM), a highly customizable consumer-direct lending portal that allows lenders to enhance their Web presence to both provide better customer service to borrowers and improve lead generation capabilities. SourceTrac is integrated with DataTrac®, Del Mar Database's flagship product. The news was announced today at the Mortgage Bankers Association's 93rd Annual Convention and Expo in Chicago.

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

Visionet Systems and Lenders First Choice Partner to Create ServiceFirst Solutions

Visionet Systems and Lenders First Choice have formed a joint venture to create ServiceFirst Solutions, combining Lenders First Choice's strength in service with Visionet Systems' skill in technology to offer a unique solution that allows lenders and servicers to domestically outsource post-closing, document tracking, lien release and escrow management. The news was announced today at the Mortgage Bankers Association's 93rd Annual Convention and Expo in Chicago.

Through multiple domestic and global delivery centers, ServiceFirst Solutions provides a unique business process outsourcing (BPO) option through unmatched levels of domestic security, financial stability, advanced technology, mortgage industry expertise and exceptional service quality. To meet market-level needs, ServiceFirst Solutions converts fixed costs to a variable cost structure while optimizing operations and providing visibility to customers. On the individual level, the company creates solutions to cater to the unique requirements of each customer.

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

Lender Support Systems, Inc. Launches Docs3D, a Next Generation Document Solution for Mortgage Lenders

Lender Support Systems, Inc. (LSSI), a global provider of lending and loan servicing technology solutions, announced today at the Mortgage Bankers Association's 93rd Annual Convention and Expo, the availability of Docs3D as the company's next generation loan document creation software. Developed with the latest technology of ASP, .NET, C#, and SQL, Docs3D creates compliant loan documents quickly through a secure, Web-based application.

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

MRG Selected by Think Mortgage to Provide Document Preparation Services

MRG Document Technologies (MRG), a provider of document preparation services for the financial industry, announced at the Mortgage Bankers Association's 93rd Annual Convention & Expo that Think Mortgage, an Irvine, Calif. mortgage lender, has selected MRG to provide disclosures and closing document packages for its lending products.

Think Mortgage selected MRG based on their needs for a document partner that provided compliance guarantees, fully customizable direct system interfaces with custom edits and granular level imaging support.

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

Tavant Technologies Introduces Powerful Default Management Capabilities

Tavant Technologies Inc.today announced the immediate availability of its unique default management capabilities that enable mortgage servicers to achieve lower delinquency and default rates. These capabilities are comprised of a set of frameworks and components for speedy deployment that leverage Tavant's extensive experience in the development and implementation of Mortgage Servicing applications, specifically in default management.

Tavant's Default Management frameworks and capabilities enable it to work with servicers in the development of systems that can enhance the default process in two critical ways: 1) provide agents with workout plans in real time that will help return more borrowers to performance and 2) improve productivity and minimize the costs involved in managing various aspects of default such as Loss Mitigation, Foreclosure and Real Estate Owned (REO).

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

Experian Launches Hunter(SM) Fraud Detection Solution in the Americas

Experian Group Limited , a global information solutions provider, today announced the launch of the Hunter(SM) fraud detection product in the Americas. Hunter detects fraud at the application stage using a variety of rules-based logic and linkage technology to provide the best defense against fraud. For 10 years, Hunter has consistently increased operational efficiencies and reduced fraud losses for all of the top 30 mortgage lenders in the United Kingdom. Beyond helping clients defend against mortgage fraud, Hunter is currently the leading application fraud detection product in the United Kingdom.

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

a la mode Announces Revolutionary API for E-Document Acceptance

a la mode's revolutionary SureDocs e-document application, already in use by more than 4,000 mortgage originators, can now be seamlessly integrated with any back office management system on a totally custom basis, with the release of a new freely available SureDocs Application Programming Interface, or API.

a la mode's new VIP initiative spans all of its divisions, opening up all of its appraisal, mortgage, agent, and inspection products to third-party enhancements. Under the VIP system, application vendors or lender IT staff can integrate and extend a la mode products via simple click-through agreements on the a la mode website.

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

Access Business Technologies Surpasses $20 Billion in Mortgage Loan Throughput

Access Business Technologies, the Mortgage Technology Experts, announced today that it has surpassed the $20 Billion mark in loan throughput to date for the year 2006 via it's managed loan applications and services. Examples of these managed mortgage applications include, but are not limited to, Calyx and DelMar Loan Origination Systems and Harland Loan Servicing Systems. A sampling of the mortgage services provided by ABT include banking and billing interfaces, risk management and audit support.

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

Fiserv easyLENDER and UniFi PRO Software Receive MISMO Certification for Automated Underwriting Systems

Fiserv Lending Solutions announced today that its easyLENDER® and UniFi® PRO Loan Origination Software is now certified for automated underwriting systems by the Mortgage Industry Standards Maintenance Organization (MISMO). MISMO is a not-for-profit subsidiary of the Mortgage Bankers Association that develops standards to unite lenders and mortgage-technology providers.

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

Ciercus Systems Develops SettlementPro To Help Alleviate The Mortgage Fraud Epidemic

Ciercus Systems, Ltd., a pioneer in mortgage closing fraud technology, announced today that an industry focus group has chosen a new name for its unique closing agent registration and fraud deterrent software program. The program will be called SettlementPro™, and is part of a three tiered service line developed to fight against mortgage closing fraud.

SettlementPro™ enhances existing fraud software by adding a closing component to identify closing issues before funds are wired. This software collects important closing data identifying all parties in the transaction and providing lenders real-time access to documents. It also requires, for the first time, that closing agents register themselves and their closing transactions in a data base customized to the needs of each lender client.

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

Partnership Provides Certified E-Mail

Cincinnati-based eLynx Ltd., a provider of secure Web services for lenders and insurance companies, and Goodmail Systems Inc., have partnered to include Goodmail's CertifiedEmail system for assured e-mail delivery in the eLynx electronic services platform. A portfolio company of American Capital Strategies Ltd., eLynx said the e-mail features include electronic document delivery, electronic signature, and integrated paper fulfillment. The company said its e-services platform uses e-mail to deliver links to websites where consumers can obtain mortgage and insurance documents in a secure, paperless manner. Goodmail provides accredited volume e-mail senders with the CertifiedEmail technology, imprinting outgoing e-mail with cryptographically secure tokens that are recognized by participating mailbox providers such as AOL and Yahoo!

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

NYLX, Desert Docs Form Partnership

Desert Document Services Inc., a Phoenix-based software company serving lenders with loan product management solutions, has formed a strategic partnership with NYLX Inc., a provider of point-of-sale product eligibility and loan pricing technology systems. NYLX will integrate DesertDocs' compliant state-specific initial disclosure packages into its online loan pricing engine, making such disclosures -- required by the Real Estate Settlement Procedures Act -- available to originators with one click. "Given shrinking profit margins, loan originators need an efficient one-step process for ordering RESPA-required initial disclosure packages," said Ruth Thompson, president of DesertDocs. "Originators can use disclosures to lock in borrower commitment to a very tangible offer, increasing the likelihood of closing the sale and reducing the possibility of further rate shopping."

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

Platinumdata Offers AVM Performance Testing

Platinumdata Solutions, a provider of collateral risk solutions based in Mission Viejo, Calif., has announced the launching of OptiVal, a patent-pending performance testing system for automated valuation models. OptiVal is an automated tool employing user-defined parameters to conduct rigorous AVM data analysis that will allow mortgage originators and investors to determine performance by each AVM, the company said. OptiVal serves as an objective AVM performance testing system and provides a framework for conducting those performance tests based on a lender's custom metrics. The announcement was made at the 93rd Annual Mortgage Banking Association Convention & Expo in Chicago.

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

Street Resource Integrates With DRIVE Platform

Street Resource Group Inc., an Atlanta-based provider of technology and software for mortgage warehouse lending, has announced that its clients will now have access to DataVerify Corp.'s data integrity verification and fraud prevention platform product. The product -- DRIVE, for data risk integrity verification engine -- provides automated tools designed to replace manual verifications of such information as employment and income while "dramatically" reducing loan default costs, DataVerify said. "In an environment in which most lenders are tightening their budgets while suffering significant increases in fraud-related losses, we strongly believe that the combination of our online credit and collateral fraud-prevention solutions and SRG's online automated mortgage warehouse solution adds value to both our clients' bottom lines by both streamlining their internal processes and increasing the quality of their loans," said Steve Halper, founder and chief executive officer of DataVerify.

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

TurboHomeBuy Automates RE Purchasing

TurboHomeBuy, Phoenix, has announced what it calls the first-ever Web-based application that legally automates the home purchase process from offer through closing. TurboHomeBuy said it generates all the paperwork needed to buy a home in all 50 states. According to the company, the website streamlines the process for the following: escrow/title/closing company services; mortgage prequalification and final loan approval; property insurance quotes; home inspection scheduling; handyman service quotes; moving service estimates; and starting and stopping utility services at the purchased property. Kent Lewiss, founder and chief executive officer of TurboHomeBuy, said the technology is the first to enable the user to make an offer to buy any property "no matter where it is listed for sale" and in which high commissions associated with real estate transactions "are practically eliminated." The company can be found online at http://www.turbohomebuy.com.

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

Fed Opts to Hold Interest Rates Steady

Federal Reserve officials have opted to keep the federal-funds rate at 5.25 percent, where it has stood since the central bank ended a two-year period of interest-rate hikes in June. However, ongoing concerns about inflation mean that rates could be ramped up in the coming months. The downturn in the housing market was the main reason the Federal Reserve decided to hold the short-term rate steady, as weaker home sales and construction activity have contributed to a slowdown in economic growth. Observers note that policymakers will not cut interest rates due to inflation risks, but they also will not increase rates as long as weakness in the housing market poses a threat to the economy.

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

B of A Eyes Home Loans as Line Ripe for Shakeup

Even as other big lenders like Countrywide Financial Corp. and Washington Mutual Inc. scale back their mortgage operations in the face of softening demand, Bank of America Corp. says it may employ what it calls "disruptive strategies" analogous to those it has used in Internet trading as a means to bolster its mortgage business. The company is in the midst of dealing with a performance gap in mortgages, which it considers to be one of its weakest lines of business. Bank of America CFO Alvaro G. de Molina declined to specify how his organization will alter its mortgage model. Analysts, however, theorize that Bank of America may slash mortgage pricing by either reducing fees or lowering interest rates.

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

Countrywide Financial to Cut 2,500 Jobs

Countrywide Financial Corp. has announced plans to shrink its workforce by 5 percent, eliminating more than 2,500 jobs. The nation's biggest mortgage lender expects to save $500 million per year by doing so. Countrywide is downsizing even though its third-quarter earnings rose 2 percent from the corresponding period in 2005, helped largely by gains in its loan-servicing business. The Calabasas, Calif.-based firm reported an 18 percent jump in its loan portfolio to $1.24 billion from $1.05 billion but a 22 percent decline in loan fundings to $115 million from $147 million over the same time span. Countrywide also announced that top executive Angelo Mozilo will earn base compensation of $1.9 million through 2009--at which time he is expected to step aside as chief executive while maintaining his position as chairman.

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

Fiserv Acquires Equity Interest in Urban Settlement Services

Pittsburgh-based Urban Settlement Services LLC has sold an equity interest in the firm to Fiserv Inc. Urban Settlement--the only nationally owned minority settlement services firm certified by the National Minority Supplier Development Council--is a provider of title search, real estate appraisal and closing products and services for the residential mortgage industry. "Fiserv's investment in Urban Settlement is consistent with our objective of providing high-quality products and services to the institutions we serve," says Fiserv Lending Solutions President James Puzniak. "Fiserv's involvement will enable Urban Settlement to compete more effectively, and in return, we will be able to provide enhanced services to help our clients meet the needs of their marketplace."

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

Applications Help Lenders Go Paperless, Automate, Outsource

Several technology products will be showcased at the Mortgage Bankers Association's annual convention--now underway in Chicago--that aim to help lenders automate, outsource or move closer to paperless transactions. TransUnion's customers, for instance, now have access to ValuationLogic Inc.'s CollateralLogic, which electronically verifies appraisals, as well as to TransUnion's own Flood Verification System, which links to flood maps and other data to process a million flood reports in about an hour. Lenders First Choice, meanwhile, will display its Equity Protector Power Tools--a package of applications designed to help lenders more efficiently write home-equity credit lines. Among other applications on display at the MBA event is Del Mar Database's Sou! rceTrac--a lending portal that aims to improve customer service and lead generation.

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

Nontraditional Mortgages Don't Wane Under Warnings

The Mortgage Bankers Association reports a jump in nontraditional mortgage originations in recent months, even though federal regulators issued a warning to lenders in September about the risks of such loans. Interest-only mortgages rose to 26 percent of originations during the first half of 2006 from 25 percent during the last half of 2005; and option adjustable-rate loans surged to 13 percent of origination volume from 8 percent over the same time span. According to regulators, consumers tend to be surprised when their payments double or triple as interest rates adjust or as their mortgage balances expand because they did not pay any money toward the principal. However, MBA chief economist Doug Duncan insists that "consumers respond to changing opportunities in the marketp! lace, but it looks like these products serve an important need."

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

Why Fed Might Keep Rates on Hold Longer Today Than It Did in 1995

Some observers expect the Federal Reserve to do what it did in 1995: lower the federal-funds rate after holding it steady for five months. However, some experts believe the pause will last longer this time around, as interest rates are lower and concerns about inflation and the housing market remain. "We have to watch carefully to make sure that [inflation] doesn't rise or even remain where it is," remarked Federal Reserve Chairman Ben Bernanke recently, indicating that he hopes the inflation rate will decline in the coming months. The central bank is seeking price stability, which former Federal Reserve Chairman Alan Greenspan said was reached when the core inflation rate ranged from 1 percent to 1.5 percent in mid-2003; but core inflation now stands at 2.9 percent.

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

October 20, 2006

Top Subservicers

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

Jeanne D'Arc Credit Union licneses Fidelity's Miser banking platform

Fidelity National Information Services, Inc. (NYSE: FIS) today announced that Jeanne D'Arc Credit Union (JDCU) has signed a seven-year contract for FIS' MISER solution, as well as e-business, network management and disaster recovery services.

MISER, the industry's most complete core processing solution, is proven to deliver increased efficiency, revenue and profitability through its integrated and scalable design. MISER's extensive automation and tightly integrated core processing functionality are flexible enough to respond to big picture financial needs and reliable enough to ensure that no detail is ever missed. In addition to providing superior system installation and support, FIS' network management services give clients preferred relationship status with third-party vendors.

Posted by S. Germain at 09:04 AM | Comments (0)

LandAmerica's eZNetClose(SM) Offers Mortgage Lenders and Borrowers Remote E-Signings for Online Closings

LandAmerica Financial Group, Inc. announces that its LandAmerica OneStop® subsidiary has introduced LandAmerica's eZNetClose. LandAmerica's eZNetClose is an internet-based remote closing solution for mortgage lenders and borrowers, and the first in the mortgage industry to offer the convenience of remote electronic signings supported by closing agents specially trained to support online transactions.

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

CoreLogic and VisionCore Announce Next Generation Mortgage Suite

Irvine Calif.- based VisionCore, a wholly owned business unit of CoreLogic, the leading provider of mortgage risk assessment and fraud prevention solutions, has announced the launch of its next generation mortgage suite. The company's latest product offerings connect the retail, wholesale, and correspondent lending community through the use of advanced customer portals, automated underwriting, pricing and third party risk and approval tools. VisionCore is a top provider of custom and packaged software solutions designed specifically for the real estate and mortgage industries.

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

Advectis Adds Three New Clients to Roster

Advectis® Inc., the provider of the most widely-used solution for electronic mortgage document collaboration, announced that three companies have selected BlitzDocs® Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery. Wisconsin-based GN Mortgage, Massachusetts-based East West Mortgage and California-based Wholesale Lending Online (WLO) are the latest lenders to join the growing network of BlitzDocs participants.

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

eLynx and Goodmail Provide Mortgage and Insurance Industries with CertifiedEmail

eLynx Ltd., a portfolio company of American Capital Strategies Ltd. and a leading provider of secure Web services for lenders and insurance companies, and Goodmail Systems, Inc., creator of the CertifiedEmail system for trusted, assured e-mail delivery, today announced a partnership to automatically include CertifiedEmail functionality in the eLynx e-services platform including electronic document delivery, electronic signature and integrated paper fulfillment.

Currently working with 17 of the top 20 U.S. lenders within a customer base of more than 500 clients, eLynx's e-services platform uses email to deliver links to Web sites where consumers can securely obtain their mortgage and insurance documents in a paperless manner. Goodmail provides accredited volume e-mail senders with the CertifiedEmail technology imprinting outgoing e-mail messages with cryptographically secure tokens, which are recognized by participating mailbox providers such as AOL and Yahoo! When such mailbox providers receive CertifiedEmail, they automatically route messages to the server-level inbox, past content and volume filters, rendering links and images active by default.

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

Wells Fargo Teams Up with DPS to Become Mortgage Document eCustodian

Wells Fargo Corporate Trust Services announced today that its Document Custody division now has the ability to serve as the "eCustodian" for mortgages originated and closed taking advantage of eNotes and paperless eClosing processes.

Under a licensing agreement with Document Processing Systems, Inc. (DPS), Wells Fargo CTS will use the DPS eMortgage Studio(TM) online platform to interface with the MERS(R) eRegistry, the electronic system of record that maintains current information on eNote ownership, servicing and location.

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

Gallagher Financial Systems Introduces NetOxygen Migrator

Gallagher Financial Systems, Inc. (GFS), a leader in enterprise Loan Origination System technology, announced the release of NetOxygen Migrator, GFS' next generation change management platform.

NetOxygen Migrator, part of GFS' Enterprise Manager suite of .NET tools, allows administrators to more easily respond to their customers' unique needs. For example, administrators, with proper security and using NetOxygen's flexible tools, can respond to market demands by adding or modifying new products, pricing and workflow processing rules. NetOxygen Migrator provides enhanced support for moving this type of time-sensitive new content into customer production environments with full traceability.

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

FNC, Inc. Introduces Collateral DNA, Data and Analytics for Real Estate

With its new collateral-focused analytics, FNC, Inc. arms mortgage lenders with decision-making tools for the life of a loan, from origination to review to capital markets.

Branded as Collateral DNA, these descriptive and predictive analytic products use a rich database of appraisal and public record data to quickly deliver accurate information and scores on a particular market, property and vendor, said FNC's Chief Operating Officer Robert Dorsey.

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

Regions Financial Corporation Consolidates Electronic Document Delivery and Management With Captaris Software Products

Captaris, Inc. , a leading provider of software products that automate document-centric business processes, today announced that Regions Financial Corporation, one of the top 15 banks in the U.S., is using Captaris RightFax(R) and Captaris Alchemy(R) to consolidate and streamline its document delivery and management needs. As a result, Regions has significantly improved systems efficiency, employee productivity and information delivery to customers. The Captaris solution also helped to consolidate document delivery and management processes following the merger between Regions Bank and Union Planters, and will support future growth.

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

BasePoint Releases PatternWatch(TM)

BasePoint Analytics, a leading provider of scientific fraud analytics and consulting services, today announced the availability of PatternWatch, a new service that uses BasePoint's advanced link analysis software and fraud detection expertise to analyze historical data and current pipeline or funded loans, identifying patterns to reveal hidden, organized fraud schemes. PatternWatch was developed in response to lender demand for products and services to help curtail the growing multi-billion dollar mortgage fraud problem.

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

Bank of America Reports Third Quarter Earnings

Bank of America Corporation today reported that net income in the third quarter of 2006 rose 41 percent to $5.42 billion from $3.84 billion a year earlier.

- Home Equity had revenue of $374 million, an increase of 6 percent from the third quarter of 2005. Net income increased 5 percent to $123 million.

- Mortgage had revenue of $354 million compared to $407 million in the third quarter of 2005 and net income of $60 million compared to $93million a year ago.

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

DataVerify Launches New Anti-Fraud Components Exposing Latest Mortgage Fraud Schemes

DataVerify has announced several enhancements to its DRIVE(TM) system, the most powerful fraud prevention platform in the mortgage industry. During the first nine months of 2006, Undisclosed Properties, Income/Employment, Occupancy and Falsified Rent and Mortgage Verifications have emerged as the dominant fraud schemes comprising over 85% of primary fraud causes. DRIVE, the most proficient fraud identification platform, has been upgraded to include eight new report enhancements designed specifically against these emerging fraud schemes including income verification with salary information from PayScale. Also, during the last 30 days, DataVerify released its best-in-class Broker License Verification Database, a new foreclosure prediction model and added two new AVMs to its native AVM cascade, which are all included in DRIVE platform.

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

New Fiserv Loan Servicing Platform Allows More In-House Control

Fiserv Lending Solutions is adding retail loan accounting functionality to its home equity line of credit and mortgage servicing platform. Supporting all retail and consumer lending accounts on a single platform will enable financial institutions to reduce staffing and technology costs and improve customer service.

Expansion of the loan servicing platform will help financial institutions keep portfolio loans in house, prevent loan account run-off, increase customer wallet share, maximize loan administration productivity and eliminate costs associated with software system maintenance. The platform will satisfy lenders' needs to retain loan assets and grow portfolios while interest rates continue to climb.

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

Silanis Announces a Comprehensive, Electronic Vault Management Platform for the Mortgage Industry

Silanis Technology today announced a new electronic vault management platform for the mortgage industry. Named ApproveIt® Transferable Records Manager, the platform manages electronic mortgage processes, including MERS e-note registry, secure document storage and authoritative copy control of e-notes from electronic closing to transfers between lenders and the secondary market. Moreover, the platform handles the flow and exchange of electronic documents while meeting all compliance requirements, mortgage standards, and investor policies.

ApproveIt Transferable Records Manager introduces a standardized approach for communicating with the MERS e-note registry, and has been subject to legal review with regards to its ability to control transferable records as required by ESIGN & UETA, explains Laurie. It’s also the only product on the market to offer a comprehensive and flexible solution in one convenient platform.

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

VirPack Touts 'Seamless' E-Delivery to EMC

Vienna, Va.-based VirPack has announced itself the first company to support seamless electronic loan delivery to EMC Mortgage Corp., Lewisville, Texas. With a single click, correspondent lenders can now use the VirPack Direct application to make single and multiple loan deliveries to EMC for underwriting, flow and bulk deliveries, and transmission of trailing documents, according to VirPack. First Guaranty Mortgage Corp., McLean, Va., the first mutual client to perform delivery, pronounced itself "thrilled" with the results. First Guaranty was quoted in the announcement as being "on track to save in excess of $1.5 million in the first year using VirPack." VirPack, which can be installed and in production in as little as four days, boasts savings in excess of $120 per loan for its users.

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

LoanAce Boasts 1K Companies in First 90 Days

TeraVendo, Bellevue, Wash., has announced that its LoanAce LOS software has reached the 1,000-user mark among mortgage originators, less than three months after LoanAce debuted Aug. 1. LoanAce, which leverages the Microsoft .NET development environment, is offered free to users. The revenue model is based on transactions with its loan fulfillment partners. TeraVendo said it has revamped its LoanAce support division by increasing information technology and customer-support staff. The system currently features one-click title ordering and integrated leads.

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

JPMorgan's Profits Rise Despite Mortgage Loss

JPMorgan Chase & Co., New York, has reported net income of $3.3 billion ($0.92 per share) for the third quarter, up from $2.5 billion ($0.71 per share) a year earlier, but the company's mortgage banking operations took a net loss of $83 million. A year earlier, the mortgage banking operations had recorded net income of $53 million. The company said mortgage production revenue totaled $197 million in the third quarter, down $32 million from a year earlier and reflecting a 28% decline in mortgage originations, which totaled $28.4 billion. Net mortgage servicing revenue totaled $1 million, which was down dramatically from $163 million in the third quarter of 2005 largely as a result of the negative-$251 million in revenue for the risk management of mortgage servicing rights.

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

Transnational Buying Texas Cap Mortgage Unit

Transnational Financial Network Inc., a San Francisco-based mortgage banking firm, has announced an agreement to acquire the residential mortgage lending division of Texas Capital Bank NA, Dallas.

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

Nationwide Housing Skid Sends WaMu's Profit Sliding

The slowdown in Washington Mutual's mortgage lending business was largely responsible for the Seattle-based savings and loan's 9-percent decline in third-quarter profit to $748 million from $821 million a year ago. "The housing market is clearly weakening, with the pace of housing price appreciation slowing in most regions of the country," said WaMu CEO Kerry Killinger, adding that delinquencies and loan losses were somewhat higher. The S&L also took a $31 million charge from the sale of mortgage-servicing rights to Wells Fargo, as well as another $33 million charge attributed to "ongoing efficiency initiatives." The company has been handing out pink slips and shifting work to less-costly locations in an effort to counter the slump in its mortgage business.

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

Pipeline: 'Profound Shift'

Mortech LLC owner Jeff Lebowitz expects big mortgage lenders to devote more money to technology in the coming year as a means of gaining a competitive edge in the face of declining home sales. Lebowitz believes this to be a major shift in behavior, as lenders in past market declines have tended to cut back on spending. Of the 328 lenders polled by Mortech—a research firm—20 percent plan to expand their subprime origination business. Lebowitz says the boost in technology outlays and the move into the subprime market could force smaller lenders in the niche out of business.

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

Wells' Profit Rises 11 Percent on Loan Business

Commercial lending and nonmortgage consumer loans helped Wells Fargo record an 11-percent increase in profits during the third quarter as earnings reached $2.19 billion, up from $1.98 billion a year earlier. Revenue grew 5 percent to $8.93 billion but would have risen 13 percent if mortgage lending was excluded. Wells Fargo Home Mortgage recorded a considerable decline in mortgage lending; but those drops were countered by double-digit revenue growth in its commercial property finance, loans to consumers with credit problems, commercial banking, regional banking and credit cards business lines. "The stagecoach was running on the full horsepower of our diversified business model," said Wells CEO Richard Kovacevich in a statement.

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

Wachovia's Net Income Up 13 Percent on Loan Gains

Wachovia Corp. saw its stock fall $1.22, or 2.2 percent, to $55.25 on Monday due to concerns over its decline in revenue to $7.04 billion in the third quarter from $7.26 billion in the second quarter and its $24 billion acquisition of Oakland, Calif., mortgage lender Golden West Financial Corp. Some analysts believe the Charlotte, N.C., based bank spent too much for Golden West--which specializes in risky option ARMs--at a time when housing is cooling. The deal closed on Oct. 1, giving Wachovia 285 new branches in the western part of the country. Golden West reported a decline in lending to $11.7 billion from $13.8 billion, a rise in loan delinquencies and a 27-percent increase in profits to $485 million that resulted largely from a gain on securities related to the sale.

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

Appraisal Problems in a Down Market

Cranking out accurate property valuations becomes more difficult in markets that are experiencing sharp home-price changes, whether these reports are performed by professional human appraisers or via computer models that spit out numbers by aggregating data from public records and multiple listing services. However, there is an argument that not only are automated valuation models (AVMs) improving as access to public records has broadened, but that they may even be more efficient, accurate and unbiased than those produced by their human counterparts. Mark Fleming--chief economist at CoreLogic, a California appraisal concern--cites a recent analysis of roughly 30,000 refinance loans in Florida and California; the study shows that AVMs overvalued properties in these overheated markets by about! 3 percent, while human appraisers missed the mark by a much wider margin of 12 percent. The positive news about AVMs, which also may include tools that help detect mortgage fraud, could spell trouble for human appraisers already being squeezed by the decline in home sales but possibly benefit lenders and consumers--who stand to realize time and cost savings as part of the loan approval process.

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

Countrywide's Borrowing Costs Rise as U.S. Home Slump Worsens

Countrywide Financial Corp. is gearing up to sell $4.5 billion in new debt, but it remains to be seen whether bond investors will purchase the notes in a climate of slower home sales and price declines. Investors have expressed concern about the notes because option adjustable-rate mortgages accounted for upwards of $20 billion of the $118 billion in home loans written by the company during the second quarter. Banc of America Securities LLC debt analyst John Guarnera notes, "There's been some broader concern about the mortgage market, and when people think about the mortgage industry, they think about Countrywide." However, Moody's Investors Service analyst Phillip Kibble says Countrywide has weathered similar cycles, adding that the loans should perform well unless job loss! es rise.

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

Mortgage Law Socks Home Sales

Home sales in the Chicago neighborhoods where a new law requires borrowers with low credit scores to complete financial counseling prior to obtaining mortgages have plummeted 45 percent since its implementation, and Mobium Mortgage's Dan Green says sales fell in neighboring ZIP codes as well. While some contend that the rule discriminates against borrowers in these ZIP codes, others believe it will curtail predatory lending by helping borrowers understand the terms of their mortgages. "I think the drop in sales is temporary," speculates Brenda Grauer of Housing Action Illinois. "The only thing that's changed is there's a transparency to the process. This doesn't prevent anybody from getting a loan." There also are concerns, however, that some lenders have stopped mak! ing loans in these neighborhoods due to the added paperwork.

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

October 13, 2006

New Home Sales

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

Christopher Gleiter of The First American Corporation Earns Certified Mortgage Banker Designation

The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced that Christopher Gleiter, a director of corporate professional services for the First American Enterprise Technology Group, the company’s enterprise-wide solutions development center, has earned the prestigious Certified Mortgage Banker (CMB) designation from the Mortgage Bankers Association (MBA).

Gleiter, an 18-year veteran in the financial services industry, joined First American in 2004. As a director of corporate professional services for the First American Enterprise Technology Group, he is responsible for managing technology relationships between First American and its largest clients.

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

Fidelity Announces Required Executive Option Exercises Related to the Distribution of FNT Common Stock

Fidelity National Financial, Inc. today announced that William P. Foley, II, Alan L. Stinson and Brent B. Bickett have exercised the required FNF stock options pursuant to the terms of the option letter agreement under the Securities Exchange and Distribution Agreement ("SEDA") related to the distribution of Fidelity National Title Group, Inc. (NYSE: FNT - News) common stock to FNF shareholders and the merger of FNF with and into Fidelity National Information Services, Inc. (NYSE: FIS - News).

Under the terms of the option letter agreement under the SEDA, Messrs. Foley, Stinson and Bickett exercised options that were both vested and "in- the-money" representing a total of 4,368,093 shares of FNF common stock. As a result of net exercises, Messrs. Foley, Stinson and Bickett increased their ownership in FNF by 1,867,392 shares. FNF's September 30, 2006 common stock share count would be increased, on a pro forma basis, to approximately 179,136,140 shares.

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

Fidelity National Information Services, Inc. Announces 3rd Quarter Earnings Release and Conference Call

Fidelity National Information Services, Inc. (NYSE: FIS - News) will release 3rd quarter 2006 earnings after the close of regular market trading on Wednesday, October 25, 2006. A conference call will follow on Thursday, October 26, 2006 at 8:00 a.m. Eastern Time. Those wishing to participate via the webcast should access the call through FIS' Investor Relations website at www.fidelityinfoservices.com. Those wishing to participate via the telephone may dial-in at 800-230-1092 (USA) or 612-288-0318 (International). The conference call replay will be available via webcast through FIS' Investor Relations website at www.fidelityinfoservices.com. The telephone replay will be available from 11:30 a.m. Eastern Time on October 26, 2006 through November 2, 2006 by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 844664.

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

e4e Launches Services-On-Tap Mortgage Processing & Lead Generation

e4e has just announced the creation of its Services-On-Tap website for the mortgage next-generation lead generation and processing services on demand with no minimums, no waiting, no infrastructure requirement and total flexibility.

Initially focused on the mortgage services industry (with a family of services designed to off-load mortgage brokers, loan officers and mortgage processors), e4e plans to launch additional services in other industries like consumer technology, health care and others.

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

BasePoint and ComplianceEase Partner to Solve Lender Compliance and Fraud Challenges with a Single Solution

BasePoint Analytics, a leading provider of scientific fraud analytics and consulting services, and ComplianceEase®, the mortgage industry leader in delivering automated compliance and risk management solutions, today announced they have formed a distribution partnership to provide ComplianceEase clients with powerful fraud protection. ComplianceEase will now offer BasePoint's FraudMark(TM), the mortgage industry's only predictive analytic fraud solution, to more than 250 lender and secondary market investor clients through its comprehensive Web-based solution - ComplianceAnalyzer®.

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

Mortgage Builder LOS Completes Integration with Clayton Compliance Software

Mortgage Builder Software, Inc., a leading provider of end-to-end mortgage banking software solutions, announced a strategic interface with Clayton Compliance Services. This integration provides a direct link between Mortgage Builder's loan origination system (LOS) and Clayton's Compliance Software Suite, allowing for seamless data flow between the two systems.

Mortgage Builder's LOS stores and tracks all borrower information including property type, appraisals, loan information and income information. Clayton's Compliance Software Suite uses this information to analyze loans for high-cost characteristics and ensures that lenders comply with anti-predatory lending laws and meet certain thresholds for legislation purposes. Clayton Compliance Services reviews more than 200,000 client loans annually.

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

Mortgage Cadence to Offer Wolters Kluwer Financial Services' SDX Secure Document Exchange to its Customers

Wolters Kluwer Financial Services and Mortgage Cadence today announced Mortgage Cadence, a leading provider of enterprise lending solutions for the mortgage industry, has selected Wolters Kluwer Financial Services' SDX Secure Document Exchange as the secure delivery service it offers its clients.

SDX gives lenders a way to securely transfer important private data and financial documents over the Internet with the strongest security measures available to the industry. It goes beyond a traditional Internet document delivery service by allowing a two-way channel of communication, providing senders and recipients with a secure environment in which to exchange messages, documents, and files. SDX requires no desktop software or installation of hardware and can be configured to work with any archive or e-mail program, making it intuitive and user-friendly. SDX can be integrated into internal systems in a number of ways for maximum scalability and flexibility based on the lender's specific needs.

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

Kroll Factual Data Lender Services Now Available through Harland Financial Solutions' Interlinq(R) E3(R) Loan Production Platform

Kroll Factual Data, the mortgage screening division of Kroll, and Harland Financial Solutions, a leading provider of mortgage origination software, today announced an agreement to integrate Kroll Factual Data's customized lender services with Harland Financial Solutions' Interlinq® E3® enterprise mortgage lending solution.

Nearly 150 mortgage lenders have implemented Interlinq® E3®, a Web-based loan production platform that provides critical business process management, integration and connectivity across the mortgage supply chain, enabling lenders to integrate service providers into their business process. Kroll Factual Data's lender services are also available through Harland Financial Solutions' app.center(TM).

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

Fair Isaac Sues Credit Repositories

Fair Isaac Corp., Minneapolis, has filed a lawsuit in the federal district court in Minneapolis against the three major credit repositories, as well as VantageScore Solutions LLC, alleging that they violated antitrust laws and engaged in unfair competitive practices. A statement from Fair Isaac contends that the three repositories could manipulate the credit score price, sales, and distribution process to promote the VantageScore product over the FICO score or any other credit scoring product. Tom Grudnowski, chief executive officer of Fair Isaac, said the three credit reporting agencies "have been our primary U.S. distribution partners for Fair Isaac's scores for more than 15 years. Now, the credit agencies are using their position to drive adoption of their own score to the detriment of our competing FICO score product and in conflict with their obligations to distribute our product." A statement from Equifax said the suit is without merit and that it plans to defend itself and VantageScore Solutions, which markets the VantageScore product founded by the three repositories. It said VantageScore increases competition and gives consumers more choice.

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

Lending Slumps at Countrywide

Countrywide Financial Corp. reports a 22-percent drop in mortgage originations to $114 billion in the third quarter from $146 billion during the corresponding period of 2005. The country's biggest mortgage lender also recorded a 7-percent jump in daily mortgage applications between August and September, attributable to a decline in mortgage rates. Countrywide is among the lenders that have recently announced plans to downsize their workforces, with the Calabasas, Calif.-based firm expected to lay off upwards of 10 percent of its administrative staff. Another decline in originations was reported by one of the nation's leading subprime lenders, New Century Financial Corp., which posted a 5-percent decrease in loan fundings to $15.8 billion from $16.7 billion during the July-through-September p! eriod of last year.

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

Delinquency Rates Move Higher for 2006 Subprime Loans

New reports--one from investment banker UBS and the other from subprime lender Novastar Financial--boost the argument that mortgage borrowers with blemished credit are struggling more financially in 2006 than they have in the past couple of years. UBS recently found that the rate of delinquencies in subprime loans backing mortgage bonds issued in the first three months of this year had reached 4 percent as of August--practically double what it was for similarly aged subprime bonds issued during the same quarters of 2004 and 2005. Moreover, UBS discovered, the higher pace of delinquencies is affecting not only subprime borrowers but also "Alt-A" customers, who have somewhat better credit scores than traditional non-prime borrowers. Last month's "bond remittance report" from Novastar, meanwhile, compared the loans remaining, loans in foreclosure and loans alre! ady real-estate owned on one bond issued this past April against another issued in May of last year. The stark contrast "provided early evidence that recently originated subprime loans are performing much worse than loans originated in earlier years," according to RBC Capital Markets senior mortgage strategist Kevin Jackson.

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

Calif. to Require Reverse Document Translations

A new law to be enacted in California early next year will force lenders of reverse mortgages that negotiate loans in Chinese, Korean, Spanish, Tagalog and Vietnamese to present the loan contracts in these languages. Sponsored by Sen. Joseph Simitian, D-Palo Alto, the measure also requires borrowers to complete independent counseling before submitting applications or paying lender fees and makes it illegal for lenders to make borrowers purchase annuities when they obtain reverse mortgages. Simitian says the legislation aims to curtail predatory lending; and while lenders acknowledge the benefits to borrowers, they note that the translations will pose some challenges. Separately, mortgage and real estate brokers who lie about their qualifications can have the! ir licenses revoked by regulators under other measures recently signed into law by Gov. Arnold Schwarzenegger (R).

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

Bear Stearns Buys ECC Capital Sub-Prime Unit

Bear Stearns Cos. is the latest Wall Street brokerage to purchase a mortgage lender as the cooldown in the housing sector drives more players out of the business. The firm has agreed to pay about $26 million in cash to Irvine, Calif.-based ECC Capital Corp. to acquire its subprime wholesale mortgage origination business, Encore Credit, which is struggling as interest rates and loan delinquencies rise. Bear Stearns will operate the subprime wholesale mortgage origination business as a separate division of its loan unit, Bear Stearns Residential Mortgage. The brokerage expects the new subprime wholesale mortgage origination business to churn out monthly production of more than $1 billion in loans.

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

Mortgage Mirage

The Mortgage Bankers Association's home-loan application index has jumped 20 percent since reaching a low point in July. Refinancing requests account for 47 percent of the activity, according to the industry group, but experts insist that the increase in applications does not indicate a housing rebound. Recent refi booms occurred when mortgage rates dropped low enough for borrowers with fixed-rate mortgages to lower their monthly payments. The current wave of refinancing, according to Northern Trust economist Paul Kasriel, is being fueled by borrowers looking to move from adjustable-rate mortgages to fixed-rate products before their monthly payments jump.

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

Risky New Loans Add Unknowns as Banks Size Up Housing Drop

The Mortgage Bankers Association predicts a drop in home-loan originations to $2.4 trillion for 2006 from $2.9 trillion last year, as both residential sales and price gains weaken. Punk, Ziegel analyst Richard Bove says the banking industry likely will register negative unit growth and an increase in loan losses as a result of the housing slowdown and lax lending standards when it comes to interest-only and option adjustable-rate mortgages. "All of the protections and guarantees that used to go into housing lending over the past 100 years have gone out the window," he explains. However, David Wheelock of the Federal Reserve Bank of St. Louis believes banks have enough capital to weather a downturn characterized by "a modest decline in house prices."

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

October 06, 2006

Top Servicers

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

First American LoanStar Trustee Services Expands Service Area in Northwest United States

First American LoanStar Trustee Services, a member of The First American Corporation (NYSE: FAF) family of companies, announced today that it has expanded its operations to provide trustee services in Washington and Oregon. The company also announced the formal adoption of its new corporate name, First American LoanStar Trustee Services (formerly Mortgagee Services) and the completion of its move to First American’s corporate campus in Westlake, Texas.

First American LoanStar Trustee Services currently performs trustee services in California, Arizona, Nevada, Washington and Oregon. The company reports that future expansion, as with past expansion, will be based on client demand.

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

First American’s FAPay Service Streamlines Electronic Mortgage Payment Processing

First American Default Information Services, a member of The First American Corporation (NYSE: FAF) family of companies, announced today the immediate availability of FAPayTM, a new service that streamlines electronic acceptance of single or scheduled mortgage payments.

FAPay, which debuted in February when it was first implemented at Bank of America, is a stand-alone Web service that allows for the secure storage and processing of individual payments and future payment schedules. FAPay provides functionality to manipulate schedules and fees, as well as providing per-client administration controls. These payments process into Automated Clearing House (ACH) payment batch files and servicing system transaction files for submission into the servicer’s financial system. AES (Advanced Encryption Standard) encryption ensures a fully secure processing environment.

FAPay is currently integrated with Computer Sciences Corporation’s EarlyResolution™ default management suite, and can be integrated with leading default mortgage servicing applications and adapted to meet specific customer needs. In addition to default, FAPay is applicable to all areas of the mortgage and consumer loan arena, such as automobile and customer service. A planned future release of the service will enable interaction between the loan servicer and foreclosure and bankruptcy attorneys for the transmission of payoffs and reinstatements.

Posted by S. Germain at 10:32 AM | Comments (0)

Kyle Forsgren Named Senior Vice President of Operations for First American LoanStar Trustee Services

First American LoanStar Trustee Services, a member of The First American Corporation family of companies, announced today that Kyle Forsgren has been named senior vice president of operations.

In his new position, Forsgren will oversee key aspects of the company’s internal operations and will focus on exceeding client expectations, increasing efficiency, expanding capacity and implementing strategic plans for continued growth. He will be based in Westlake, Texas, at the corporate campus for First American’s Mortgage Information Services Group.

Posted by S. Germain at 10:30 AM | Comments (0)

First American Default Information Services Announces Formation of Subordinate Lien Outsourcing Group

First American Default Information Services, a member of The First American Corporation (NYSE: FAF - News) family of companies, announced today the formation of First American Subordinate Lien Outsourcing group, a new unit dedicated to the development of unique solutions for the growing second lien market.

"The Subordinate Lien Outsourcing group will serve as a storefront for many of the second lien products that First American offers," said Dennis J. Gilmore, chief operating officer of The First American Corporation. "This represents another business solution that is countercyclical to our mortgage origination-related services. The group will provide a comprehensive outsourcing solution for delinquent second liens by leveraging First American's industry-leading property and credit databases."

First American's Subordinate Lien Outsourcing group will be led by Jason Pinson, who will serve as president reporting to Chris Leavell, chief operating officer of First American Default Information Services. The group will be headquartered at First American's corporate campus in Westlake, Texas. Pinson most recently served as president of DefaultLink. Bob Hall, formerly of Ocwen Financial Corporation, has joined the Subordinate Lien Outsourcing group as chief operating officer.

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

First American Real Estate Solutions Surpasses 250 Million Automated Property Valuations

First American Real Estate Solutions (RES®), the nation's largest provider of advanced property and ownership information and a member of The First American Corporation (NYSE: FAF - News) family of companies, today announced that it has delivered more than 250 million automated property valuations to lenders and investors since it first started reporting customer usage of its automated valuation models (AVM) three years ago.

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

The First American Corporation Names Sandra Bell Vice President and Chief Marketing Officer

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced that Sandra Bell has joined the company as its vice president and chief marketing officer.

In this newly created position, Bell will be responsible for identifying and overseeing corporate marketing strategies designed to increase market penetration of First American's products, services, solutions and technology. She will work in conjunction with First American's national marketing and sales organization and corporate communications department in the areas of advertising, Internet promotion, corporate events and market research.

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

Chase Chooses FIS' Mortgage Servicing Software

Chase has selected the Fidelity National Information Services' Inc. (NYSE: FIS - News) Mortgage Servicing Package (MSP) to replace and upgrade multiple legacy software platforms for servicing its $600 billion portfolio, the companies announced today.

Posted by S. Germain at 10:25 AM | Comments (0)

Information Services of Illinois Offers Property Profiles for Individual Chicago and Cook County Condo Units

Information Services of Illinois LLC, (ISI) a veteran Chicagoland real estate data provider, is now providing ownership information on individual condominium units via its Property Profile product online at www.InformationServicesofIllinois.com.

ISI, one of the only entities that offers differentiation of condominium units, matches unit number and property addresses with tax ID numbers.

Posted by S. Germain at 10:23 AM | Comments (0)

Stewart Lender Services is new Stewart operating division

Stewart Lender Services has been established as a new re-branded operating division of Stewart Information Services Corp. with enhanced vision of products and services for lender customers.

Stewart Lender Services will utilize its existing electronic order entry and vendor management technology platforms such as RealEC(TM) which will be completely integrated with Stewart's fully deployed technology applications including the AIM® title production system, SureClose® online transaction management, and the PropertyInfo.com real estate information Web portal.

Posted by S. Germain at 10:22 AM | Comments (0)

Stewart Title Ltd. Opens Office in Budapest, Hungary

Stewart Title Ltd. has announced the opening of its new office in Budapest, Hungary. Stewart Title Ltd. is the primary underwriter for European transactions for Stewart Information Services Corp.

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

Kroll Factual Data Announces Expansion of its Risk Detection Products

Kroll Factual Data, a subsidiary of Kroll Inc. and a leading provider of customized mortgage services, today announced an expansion of its suite of risk detection tools, including the recent release of its collateral risk solution, CollateralFacts(SM), which evaluates property flipping, over-valuated appraisals, and ownership and title issues.

Expanding on its successful TruAlert USA Patriot Act compliance solutions, Kroll Factual Data has appointed a dedicated development team comprised of product designers, architects, analytical experts, process specialists and sales managers with experience in risk mitigation. The team is developing a suite of services that analyze the loan application and fulfillment process for detection of potential fraud perpetrated by the applicant or by additional participants active in the loan process. The tools will also identify potential fraud as a result of collateral misrepresentation. Clients will be able to order each product in this suite as a stand-alone service or as a complete package.

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

Encomia Offers a Complete SMART Doc Library with Traditional E & O Insurance

Encomia, a provider of end-to-end eMortgage technology announced today a partnership with Houston-based SigniaDocs Inc., that will enable it to offer mortgage originators a complete SMART Doc solution based on MISMO technology, that includes traditional errors and omissions (E & O) insurance.

SigniaDocs Inc., a closing document provider for residential real estate transactions, used Encomia's EC3 editor tools to develop a complete SMART Doc solution that will leverage Encomia's fully developed EC3 electronic mortgage suite. Mortgage originators can use SigniaDocs' EC3-enabled documents to seamlessly implement paperless mortgage within all existing processes and systems.

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

Fiserv Lending Solutions and Mortgagebot(R) Launch Direct Credit Interface

Fiserv Lending Solutions, a unit of Fiserv Inc. (Nasdaq:FISV - News), and Mortgagebot LLC have announced establishment of a direct interface between WebStar, Fiserv's credit reporting platform, and Mortgagebot's online mortgage origination system. With this interface, clients using MortgageBot's PowerSite Pro® will be able to pull credit reports from Fiserv's WebStar platform directly into its system. PowerSite Pro is a Web-based point-of-sale system for professional loan officers.

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

SharperLending and CRI Systems Offer Credit Unions Enhanced Bundled Services Platform

SharperLending, LLC, provider of a secure Web-based platform that enables lenders to order, store and manage mortgage products from multiple vendors at a single point of entry, has partnered with CRI Systems, a provider of customized and configurable financial institution technology products and services, to offer credit unions an enhanced bundled services platform for the alternative lending tool options.

The SharperLending bundled services platform allows credit unions to order all of the reports and documents needed to process and close a loan from a secure, single point of entry. It offers a flexible solution for managing multiple mortgage products from a variety of service providers. The recent addition of point-of-sale capabilities enables users to order vendor services on the platform and originate a loan within the same system.

Posted by S. Germain at 10:15 AM | Comments (0)

Bank of the West Relies on Flexible Fiserv Technology and Outsourced Services to Evolve and Grow Mortgage Lending Business

Fiserv Lending Solutions, a business unit of Fiserv Inc. (Nasdaq:FISV - News), announced today that its end-to-end technology platforms will be in place as Bank of the West continues to expand its branch-focused mortgage operations. The genesis of this relationship began late in 2005, when Bank of the West acquired the Omaha-based Commercial Federal Bank, including its lending operation using the Fiserv UniFi® PRO and MortgageServ® systems for loan production and life-of-loan management.

Posted by S. Germain at 10:13 AM | Comments (0)

FNC, Inc. Introduces Collateral DNA, Data and Analytics for Real Estate

Branded as Collateral DNA, these descriptive and predictive analytic products use a rich database of appraisal and public record data to quickly deliver accurate information and scores on a particular market, property and vendor, said FNC's Chief Operating Officer Robert Dorsey.

It takes two numbers to make a loan: a credit number on the applicant, and a collateral value for the property. Before the nation's top lenders implemented FNC's Collateral Management System(R), collateral information had been slow, unwieldy, and sometimes unreliable. The CMS(R) reduced warehouses of appraisal forms into simple XML data streams, speeding origination, review and servicing.

Through its collection of vast amounts of appraisal data -- millions of appraisal reports pass through the system every year -- CMS fuels FNC's collateral-focused data and analytic products. The National Collateral database blends public record and real estate sales information with real-time appraisal data, the gold standard of collateral valuation, making FNC's analytics more accurate and up-to-date, Dorsey said.

Posted by S. Germain at 10:12 AM | Comments (0)

deCarta Partners With GlobeXplorer for Aerial & Satellite Imagery Capability

deCarta (formerly Telcontar), the leading supplier of software platforms and services for the Location-Based Services (LBS) industry and GlobeXplorer, provider of the world's largest commercial library of aerial photos, satellite imagery and geographic maps, today announced a strategic partnership enabling deCarta customers to leverage sophisticated high-resolution aerial and satellite imagery in their LBS applications.

The partnership between the two companies addresses the next-generation of LBS application feature enrichment for a wide range of markets including real estate, travel, Internet, government and business intelligence.

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

Homecomings Adopts BlitzDocs Tech

Homecomings Financial, a Minneapolis-based wholesale funding lender, says its mortgage brokers are now one step closer to a completely paperless mortgage process with the adoption of new Advectis BlitzDocs technology. Homecomings has selected BlitzDocs as its Web-based imaging system, which is now supporting more than 60% of the wholesaler's loan applications. BlitzDocs offers a secure collaborative electronic loan folder that is accessible simultaneously by the broker, underwriter, and account executive, Homecomings said. With each new application, the broker creates a loan folder, uploads, scans, or faxes in the documents, and submits the file to the branch for underwriting. The branch underwrites the loan and requests any additional conditions from the broker. When the broker submits new documents, the underwriting staff is automatically notified, eliminating delays and miscommunication in tracking down missing conditions, the company said. Homecomings Financial can be found on the Web at http://www.hfwholesale.com.

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

MRG, ProLender Form Alliance

MRG Document Technologies, Dallas, has announced a partnership with ProLender Solutions Inc., a San Diego-based software provider to the mortgage industry, aimed at streamlining the loan closing process. The alliance links ProLender, ProLender's loan origination system, with MRG's Miracle DocPrep platform and fully automates the ordering of loan closing documents, according to MRG. "The interface developed by ProLender is a comprehensive 'push-button' system that compiles loan data and directly links to the MRG server, which yields a faster closing process," MRG said.

Posted by S. Germain at 10:02 AM | Comments (0)

eLynx Buys SwiftView

Cincinnati-based eLynx Ltd., a provider of secure Web services, has announced the acquisition of SwiftView Inc., a Portland, Ore.-based technology provider that helps companies capture, view, deliver, and print electronic documents. The terms of the deal were not disclosed. American Capital Strategies Ltd., whose portfolio includes eLynx and more than 180 other companies in a wide range of industries, will provide equity and debt financing for the transaction. The combined companies will offer a comprehensive range of services, including electronic and paper fulfillment, electronic disclosures, electronic signatures, electronic loan folders, and investor delivery, eLynx said. "The eLynx and SwiftView organizations are highly complementary to one another," said Phil Huff, president and chief executive officer of eLynx. "These synergies will enable us to rapidly advance e-business innovation and set the standard across financial services and a broad range of industries."

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

Economy.com Forecasting Housing Crash

Moody's Economy.com is forecasting that nearly 20 metropolitan areas will experience a "crash" in house prices over the next 24 months, with double-digit price declines, and another 80 metro areas will experience measurable declines. "Indeed, odds are high that national house prices will decline in 2007 -- the first decline in nominal house prices since the Great Depression," says the Moody's residential real estate market outlook report. The biggest price declines will occur along the southwest coast of Florida, metro areas in Arizona and Nevada, nine California markets, throughout the broad Washington, D.C. area, and in and around Detroit, according to Economy.com. Housing prices in Cape Coral, Fla., are projected to take the biggest hit -- off 18.6% from their peak in the fourth quarter of 2005 till they bottom out in the second quarter of 2007. The Washington market won't reach its trough until the second quarter of 2008 after a 12% decline in house prices, the report forecasts. Most California markets will bottom out in 2008, but the drop in prices in the Las Vegas market won't stop until mid-2009 after backtracking 12.9%. The Moody's affiliate can be found online at http://www.economy.com.

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

Greystone Teams Up With PCLender.com

Greystone Residential Funding Inc., a mortgage banking company based in Middleton, Wis., has announced an alliance with PCLender.com, a Honolulu-based mortgage technology provider, aimed at assisting credit unions and community banks. Greystone said PCLender's loan origination system is "distinctive, well-defined, and easy to use" and its application service provider system offers financial institutions "a practical alternative" to buying and implementing technology systems themselves. "Through this alliance, we will be able to provide a streamlined front-to-back technology solution with seamless third-party vendor integration," said Dan Rotert, Greystone's president and chief executive officer.

Posted by S. Germain at 09:57 AM | Comments (0)

Ginnie Eyes Securitization of Reverses

Ginnie Mae wants to give Fannie Mae some competition for FHA-insured reverse mortgages, and agency officials are looking at different structures to securitize these mortgages, which are designed to help cash-poor seniors stay in their homes. Designing a reverse mortgage securitization program is "very complicated," Ginnie President Rob Couch told a Federal Housing Administration lending conference. "We are working hard at it," he added. The National Real Estate Development Center sponsored the conference. The former Mortgage Bankers Association chairman noted that Ginnie's involvement in securitizing what the FHA calls home equity conversion mortgages would increase competition in a market where Fannie Mae is the largest investor. Fannie holds HECM loans in its investment portfolio. A HECM securitization program also could help Ginnie increase its share in the mortgage-backed securities market, which currently stands at 4%. Originations of FHA-insured home equity conversion mortgages are up 80% this year, and the product has "tremendous growth potential" over the next 20 to 40 years, Mr. Couch said.

Posted by S. Germain at 09:57 AM | Comments (0)

MBA: Profitability Dives, but Servicing 'Stellar'

The profitability of mortgage bankers fell 61% on a per-loan basis in 2005 as origination costs increased by 38%, according to a Mortgage Bankers Association study, but loan servicing turned in a "stellar" performance. Profitability dropped from $657 per loan in 2004 to $258 in 2005, while origination costs increased from $1,485 per loan in 2004 to $2,049 last year, the MBA reported. "The year 2005 demonstrated the challenges that mortgage companies are still facing in 2006," said MBA vice president Jay Brinkman. "These challenges include narrowing warehouse interest spreads, lower sales productivity, and higher per-loan sales and fulfillment costs." However, servicing profits jumped from $21 per loan in 2004 to $104 last year. "The largest servicers outperformed their smaller peers both operationally and financially, with lowest cost to service and highest net servicing financial income," the MBA study says.

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