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February 26, 2007

Alt A Servicers

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

First American Announces Launch of Electronic Signing Through EverBank

First American Title Insurance Company announced today that its Lenders Advantage division is now implementing WebSigning, a new application that gives consumers a safe, secure and convenient way to sign and approve mortgage refinance loan documents through the Internet. EverBank is the first lender to utilize the WebSigning service.

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

First American Invests $1 Million in the San Francisco Housing Development Corporation’s Equity Fund

The First American Corporation announced today that its New Market Ventures Fund has invested $1 million in the San Francisco Housing Development Corporation’s (SFHDC) Equity Fund, a program addressing the housing and retail needs of southeast San Francisco and leading the development of 300 affordable new homes in San Francisco’s Bayview-Hunters Point neighborhood.

First American’s New Market Ventures Fund was established in 2006. It is committed to investing in companies and or projects that are designed to increase the rate of homeownership in under-served communities.

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

Launching Expense-Reducing Technology

Fidelity National Information Services launched FIS Desktop -- an enterprise workflow, document and expense management offering -- at the Mortgage Bankers Association's National Mortgage Servicing Conference & Expo. FIS Desktop provides mortgage lenders, servicers and investors with technology to manage the post-origination loan cycle from loan acquisition and boarding through loss mitigation and real estate-owned property disposition.

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

Stewart Title Makes Deposit with Legacy Bank of Milwaukee to Promote Homeownership

Stewart Title, a leading real estate information and transaction management company, has made a sizable deposit with Legacy Bank of Milwaukee. Legacy Bank, founded by three African-American women in 1999, is a part of Legacy Bancorp Inc.

The deposit will provide an opportunity for Legacy Bank to help minorities achieve the American dream of homeownership and commercial development.

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

LandAmerica Announces Additional Common Stock Repurchase Program and Quarterly Dividend

LandAmerica Financial Group, Inc. (NYSE: LFG - News), a leading provider of real estate transaction services, announces that its Board of Directors has approved a program to purchase up to 1,500,000 shares between now and the end of October 2008, or approximately 8.5% of its fully diluted outstanding shares as of December 31, 2006.

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

LandAmerica Reports Fourth Quarter and Full Year 2006 Results

LandAmerica Financial Group, Inc. (NYSE: LFG - News), a leading provider of real estate transaction services, announces preliminary operating results for the fourth quarter and the year ended December 31, 2006.

Read the entire story here.

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

DPS Revamps Industry and Delivers Paperless eMortgages With Oracle(R) 10g Software

Document Processing Systems, Inc. (DPS), a pioneer in the electronic mortgage processing industry, is using Oracle(R) Database 10g for its DPS eMortgage Studio(TM), the company's new paperless, electronic mortgage document management system. Running a Linux platform, DPS provides its customers with the ability to electronically create, execute, register and store all mortgage settlement documents -- greatly improving efficiencies, delivering enhanced quality control, and ensuring that each mortgage closing is accurate and complete.

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

Lender Lead Solutions Introduces Flex-Margin Advantage(TM) Pricing

Lender Lead Solutions, a comprehensive reverse mortgage services company, has added pricing options to the Home Equity Conversion Mortgage (HECM) through its new Flex-Margin Advantage(TM) program. Flex-Margin Advantage provides brokers with the ability to structure rates and loan terms on monthly HECM reverse mortgage loans in order to better fit the needs of their customers.

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

Lender Support Systems, Inc. Launches Servicer3D

Lender Support Systems, Inc. (LSSI), a global provider of eMortgage enabled lending and loan servicing technology solutions, announced the release of Servicer3D, LSSI's next generation of loan accounting software that replaces the company's LoanBase Servicer application. Servicer3D provides users with improved searching, sorting and querying abilities that simplify the way loan information is accessed for mission-critical applications.

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

FICS Announces Option ARM Servicing Capabilities with Mortgage Servicer

Financial Industry Computer Systems, Inc. announced today at the Mortgage Banker's Association National Mortgage Servicing Conference & Expo that users of its Mortgage Servicer solution now have the capability to easily service Option ARM loans. This type of adjustable rate mortgage loan enables borrowers to manage monthly cash flow by having the flexibility of making one of several possible monthly payments on their loan.

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

Home Values Falling, Consumers Going Online for Property Appraisals

Electronic Appraiser (EA), the most accurate source* of property valuation information available to consumers online, reported today that traffic to its ElectronicAppraiser.com website is surging as reports proliferate that property values across the country are continuing to fall. EA is the industry's leading provider of automated valuation model (AVM) reports to consumers each month through its website.

MSN Money called the service the most accurate of its kind in a 2006 report.

Posted by S. Germain at 08:22 AM | Comments (0)

Visionet Systems' VisiRelease Processed More Than One Million Lien Releases and Recordings in 2006

Visionet Systems has reported that its lien release, reconveyance and mortgage recording platform, VisiRelease (the lien release and recording platform of choice at four of the top ten loan servicers along with three outsourcing service providers), processed 12 percent of all lien releases in 2006. This milestone was reached just 24 months after the initial launch of VisiRelease.

Posted by S. Germain at 08:22 AM | Comments (0)

Integra Software Systems Offers Wolters Kluwer Financial Services' SDX Secure Document Exchange to Its Customers

Wolters Kluwer Financial Services and Integra Software Systems, LLC today announced that Wolters Kluwer Financial Services' SDX Secure Document Exchange now seamlessly integrates with Integra's Destiny Loan Origination system (LOS). Integra's clients can use SDX to electronically and securely deliver both upfront disclosures directly to consumers and loan packages to the closing table from Integra's Destiny LOS.

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

Ellie Mae's ePASS Network Transmits Record 8,000 Mortgage Loans Per Hour

Ellie Mae, an award-winning provider of innovative software and services for the mortgage industry, has experienced record usage of the ePASS Network, the mortgage industry's most- widely used online business transaction platform. On the average workday in January 2007, the ePASS Network was used to electronically transmit data on over 40,000 mortgage loans, and reached a peak of 8,000 loans transmitted in just one hour. One third of the nation's $3 trillion in mortgage loans go through the ePASS Network, which virtually eliminates the need for the 500 pages of printed documentation that normally constitute each mortgage loan file.

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

Computer Sciences Corp. Integrates Loss Mitigation Software with eMason Inc.'s Clarifire Application

El Segundo, California-based Computer Sciences Corp. announced a strategic merger with e-Mason Inc., which will effectively integrate eMason's Clarifire Web-based process application with CSC's EarlyResolution collections and loss mitigation fulfillment product.

CSC's EarlyResolution is a default management solution that is known for helping mortgage servicers reduce their credit risks by addressing loan issues early in the process. Meanwhile, eMason's Clarifire application allows executives, business analysts, and other authorized users to create and change business processes in real time without programmers.

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

Wolters Kluwer Sub Buys Desert Docs

A U.S. subsidiary of the Amsterdam-based Wolters Kluwer has purchased Desert Document Services Inc., an origination technology provider based in Tempe, Ariz. Wolters Kluwer Financial Services, Minneapolis, has hired DDS chief executive officer Ruth Thompson and DDS chief operating officer Joe LaBonty as senior principal and director of operations, respectively, for its line of business serving wholesale and correspondent mortgage originator clients. Wolters Kluwer said it also plans to use DDS's Tempe office for that business line's home base and make it a complement to its Troy, Mich.-based VMP product line serving the retail mortgage industry. In addition, DDS's back-end document technology applications will complement Wolters Kluwer's VMP X4 front-end document preparation platform from its previous acquisition of Entyre, according to Wolters Kluwer.

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

Federal Thrift Profits Fall

The downturn in the housing market took its toll on federally chartered thrifts in the fourth quarter as originations declined, profits dropped and provisions for loan losses doubled. Thrift originations of single-family loans totaled $112.1 billion in the fourth quarter, down 25% from the third quarter, according to the Office of Thrift Supervision. Mainly due to rising delinquencies on single-family and construction loans, thrifts increased their loss provisions by 23 basis points 0.46% in the fourth quarter as charge-offs jumped 17 basis points to 0.39%. Thrift loan loss allowances stood at 50 bps at the end of the fourth quarter and OTS director John Reich told reporters he would be more comfortable if the allowance was higher. Meanwhile, thrift earnings totaled $3.2 billion in the fourth quarter, down nearly 20% from the same period in 2005.

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

Property Valuation Focus Seen as Increased

Servicers are focusing more on valuations in this challenging market, according to speakers at the MBA's National Mortgage Servicing Conference & Expo. Employees in loss mitigation are contacting those in the real-estate owned department to see if they can predict how much a property will sell for if it goes into REO. The end list price at REO is typically very different from early valuation, depending on what happens in local markets, the speakers said. Some companies have their own appraisers or another third-party appraiser who can reconcile values. Panel members said the industry can expect to see the deployment of artificial intelligence to report values, create offers and automated counter offers.

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

OOMC Takes Loss as Reserves Increase

Subprime giant Option One Mortgage Corp., Irvine, Calif., lost $69.7 million in its fiscal third quarter ending Jan. 31, reflecting a large increase in loan loss reserves. The loss figure was released late Thursday when OOMC's parent, H&R Block, reported its earnings. H&R Block officials also revealed that OOMC sold $670 million in delinquent loans during the quarter. H&RB chairman and CEO Mark Ernst noted there "is a weak secondary market" for early payment default loans. The company still expects to sell OOMC for at least $1.3 billion and is continuing to talk to potential investors.

Posted by S. Germain at 08:05 AM | Comments (0)

30-Year Mortgage Rates Dip to Lowest Level in Six Weeks

Freddie Mac reports a decline in the 30-year fixed mortgage rate to a six-week low of 6.22 percent this week from 6.30 percent last week. Continued weakness in the housing market is believed to be responsible. Freddie Mac chief economist Frank Nothaft explains, "Market participants were concerned over how much drag the slowing housing market may have on economic growth." The 15-year fixed mortgage rate was down as well, falling to 5.97 percent from 6.03 percent. Meanwhile, the one-year adjustable rate slipped to 5.49 percent from 5.52 percent, and the five-year adjustable rate decreased to 5.96 percent from 6.01 percent.

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

Building Slump? Not on the Commercial Side

While residential building activity declined 2 percent in 2006, the U.S. Census Bureau reports that private commercial projects soared 16 percent and public construction rose 10 percent. The commercial sector is enjoying a boom as investment pools seek new places to invest; as increasing U.S. imports triggers a need for new warehouse space; and as developers create new communities that offer abbreviated commutes, environmentally friendly work spaces and an array of nightlife and restaurant components. The U.S. Commerce Department notes that certain property sectors performed better than others, as witnessed by new-hotel construction skyrocketing 52 percent over 2005 and office jumping 18 percent. With so much money in play and activity continuing to rise, some industry executives are worried that overdevelopment may occur in some markets.

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

C-Bass Entering Originations With Fieldstone Deal

C-Bass LLC is entering the subprime mortgage market as an originator via its $259 billion acquisition of Fieldstone Investment Corp., a Columbia, Md.-based lender. Mark Krebs of Fieldstone notes that C-Bass is purchasing all of the company's stock, rather than buying only its assets. According to Stifel, Nicolaus & Co. Inc. analyst Matthew Roswell, "This is what C-Bass does for a living--they buy distressed assets at pennies on the dollar, they service them, clean up the portfolio and securitize them." The New York-based company is owned by the mortgage insurers MGIC Investment Corp. and Radian Group Inc.

Posted by S. Germain at 08:00 AM | Comments (0)

February 16, 2007

Alt-A Originators

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

The First American Corporation Selects Archer Technologies to Streamline and Automate Policy, Risk and Compliance Management Initiatives

Archer Technologies, a leader in enterprise risk and compliance management solutions, today announced that The First American Corporation, America's largest provider of business information, has selected Archer's Policy and Risk Management solutions to streamline business processes and provide meaningful insight on the company's information security risk and compliance environment.

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

Stewart Reports Earnings for 2006

Stewart Information Services Corporation (NYSE: STC - News) today reported the results of its operations for the year and fourth quarter ended December 31, 2006.

Read the entire story here.

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

Stewart Title of Pinellas, Fla., Acquires Title First in St. Petersburg

Stewart Title of Pinellas has acquired Title First Inc. in St. Petersburg, Fla.; and Stewart Title Co. has acquired Gulf Coast Title Co. LLC in Brooksville, Fla.

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

The PPF Network has Launched the Pay Per Closed Loan Mortgage Lead

PPF has launched the new pay per mortgage closing network. The new Mortgage Lead System Lets Loan Officers Pay Per Closed Loan instead of paying for each mortgage lead. Many loan officers spend thosands of dollars on useless mortgage leads. PPF is trying to take the risk away with the new PayPerFunding.com web system.

Posted by S. Germain at 08:22 AM | Comments (0)

FICS Enhances Credit Bureau Request Functionality in Loan Producer System

Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced that it has implemented enhanced credit bureau request functionality into its mortgage loan origination system, Loan Producer®. This interface enables customers to order a credit report directly from within the Loan Producer system, view the credit report, and import the liabilities back into the system through the use of a single platform.

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

EquityDepot and Intelligent Document Systems form Partnership

Equity Depot.NET and Intelligent Document Systems today announced a partnership agreement. Under the terms of the partnership, Equity Depot will provide data services for Intelligent Document Systems through use of their Intelligent Document Vault Technology for Public and Private organizations.

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

Outsourcing Benefits Made Accessible to Mid-Market Lenders NDS Infoserv & TPG The Performance Group

NDS InfoServ (NDS) a global provider of IT and BPO services has teamed with TPG The Performance Group ® (TPG), a management consulting firm, specialists in the mortgage banking industry, to enable mid-sized mortgage lenders to adopt business process outsourcing (BPO) services that are affordable, rapidly implemented, and proven to enhance competitive advantage.

The NDS/TPG services include processing, pre-funding audit as well as definitive post-closing document management, audit and control functions. By adopting the NDS/TPG services, companies not only convert traditionally fixed costs into a variable cost model, but also save on labor costs and, because work is performed and quality is measured under strict service level agreements, the hidden costs of poor quality can be eliminated. Because work can be performed in parallel with lender operations and overnight, companies achieve gains in productivity and speed in delivering results to borrowers.

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

DepotPoint Product to Detect Risky Loans Early On

DepotPoint's new TrackPoint Lien Monitoring Alert Service has the ability to speed up the risk management process by automatically monitoring all lien foreclosures, tax defaults, bankruptcy filings, and other substandard classifications that pose a risk to lenders.

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

Nevada Lender Shuts Wholesale Unit

Silver State Mortgage, Henderson, Nev., late Wednesday closed its wholesale division, which funded $1.1 billion loans in the fourth quarter, a 52% increase from the volume in the same quarter last year. The wholesale unit is based in California, a state whose mortgage community has been hammered by the current meltdown in the subprime market.

Posted by S. Germain at 08:00 AM | Comments (0)

Wamu to Eliminate Subprime Lending Jobs

Washington Mutual Inc. has announced plans to lay off 2 percent of its residential mortgage unit staff, with the cuts coming entirely in its Long Beach Mortgage subprime lending subsidiary. Wamu spokeswoman Olivia Riley noted that the 250 or so planned layoffs are due mainly to "weakening subprime market conditions."

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

Bill to Penalize False Home Appraisals Gains Momentum

In Colorado, the state Senate has moved a measure along that would make it a criminal offense to falsify a home appraisal or coerce a property appraiser. The measure, SB07-85, was unanimously approved by the Senate Business, Labor and Technology Committee and will now be reviewed by Senate Appropriations for cost considerations. Under the legislation, falsifying an appraisal or coercing an appraiser would be a misdemeanor; and repeat offenses would be felonies. Current rules punish appraisers who make false valuations by taking away their licenses or fining them; but prison time is rare for fraudulent appraisers, and those who bribe or intimidate these professionals face little consequences, says Colorado Department ! of Regulatory Affairs representative Geoff Hier. The bill applies not only to mortgage practitioners but realty agents, buyers and sellers as well.

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

FHA Expects to See Loss Next Year

The Bush administration's fiscal 2008 budget proposal for the Federal Housing Administration (FHA) predicts that a drop in originations to $39.7 billion from $44.4 billion in fiscal 2007 and an increase in the agency's mortgage default rate to 12 percent last year will result in its first-ever loss. Rather than raise the budget to help the agency break even, the Bush administration anticipates a hike in FHA insurance premiums.

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

ACB Unveils For-Profit Mortgage Venture

ACB Mortgage LLC has been created by America's Community Bankers to expand secondary-market access for community banks. The for-profit venture will handle negotiations with aggregators, government-sponsored enterprises and Wall Street firms, according to the trade group.

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

ECC Sells Operations to Bear Stearns, Pays the Banker $7 Million

New York-based Bear Stearns has completed its acquisition of the troubled subprime lending unit of ECC Capital of Irvine, Calif. Although the original sale price was $26 million, investors did not pay as much for some of ECC's loans; as a result, Bear Stearns--which lent money to ECC to fund the loans--was owed $33 million and ultimately received a net $7 million in the transaction. The investment bank has hired Shabi Asghar, co-chief executive and president of ECC, to head the company in a new position; and Roque Santi, ECC's chief operating officer, will become the new president of the unit.

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

Reverse Mortgages Offer Financial Boost

During the fiscal year ended Sept. 30, originations of reverse mortgages backed by the Federal Housing Administration surged 77 percent, reports the National Reverse Mortgage Lenders Association. Seniors are more aware of the product now than in the past, which NRMLA associate director Darryl Hicks believes has played a substantial role in boosting originations.

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

Merrill Loaded for Bear in Mortgage Market That Humiliated HSBC

In an effort to gain market share on Bear Stearns Cos. and boost revenue, Merrill Lynch & Co. continues to make investments in the subprime mortgage market by acquiring struggling lenders. However, by performing the lending itself and disposing of high-risk loans through the process of securitization, the firm expects to circumvent the problems recently encountered by London's HSBC, which recently was forced to raise the amount set aside for bad loans last year to nearly $10.6 billion. Bank of America Corp. analyst Michael Hecht estimates that fees collected from debt securitization have risen practically three-fold to $5.6 billion over the last five years.

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

February 09, 2007

Top Commercial Lenders

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

Philip C. Johnsen and Joni H. Pierce Assume Key Positions Within First American's Default Information Services Group

The First American Corporation (NYSE: FAF), America’s largest provider of business information, announced today that Philip C. Johnsen, has been named executive vice president of sales for the company’s Default Information Services group of companies. Filling the position previously held by Johnsen, Joni H. Pierce will now serve as chief operating officer for First American Residential Value View.

Read the entire story here.

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

The First American Corporation to Hold Fourth Quarter Conference Call

The First American Corporation (NYSE: FAF), America’s largest provider of business information, announced today that it will host a conference call on March 1, 2007, at 11 a.m. EST. The call will follow the announcement of the company’s fourth-quarter operating results, which is scheduled for release on March 1, 2007, 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 March 8, 2007, by dialing (203) 369-0114. An audio archive of the call will also be available for replay on First American’s Web site.

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

First American Real Estate Solutions Merges With CoreLogic Systems, Inc.

The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced that it has merged its First American Real Estate Solutions (“RES”) division, a part of its FARES LLC subsidiary, with Sacramento, Calif.-based CoreLogic Systems, Inc., a leading provider of mortgage risk assessment and fraud prevention solutions. In 2006, RES and CoreLogic generated approximately $252 million and $74 million in revenues, respectively.

Read the entire story here.

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

Fidelity National Financial, Inc. Announces Acquisition of Advanced Total Imaging, Inc.

Fidelity National Financial, Inc. announced the acquisition of Advanced Total Imaging, Inc. ("ATI"), a document management company.

ATI offers software applications, custom designed workflow solutions and project management expertise as well as document conversion services.

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

Fidelity National Real Estate Solutions Announces Acquisition of Go Apply

Fidelity National Real Estate Solutions, Inc. today announced the acquisition of Go Apply.

Go Apply, founded in 2002, is a provider of on-line mortgage loan leads to lenders and brokers. Its customers include nearly 30 mortgage lenders and more than 2,500 mortgage brokers.

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

Fidelity National Financial, Inc. Reports Fourth Quarter 2006 EPS of $0.34; Pro Forma EPS of $0.42

Fidelity National Financial, Inc. (NYSE: FNF - News), a leading provider of title insurance, specialty insurance and claims management services, today reported operating results for the three-month and twelve-month periods ended December 31, 2006. FNF's reported earnings include the financial results of Fidelity National Information Services, Inc. ("FIS"), the former majority-owned subsidiary of FNF, through October 23, 2006, and also include all transaction costs related to the reorganization completed in the fourth quarter of 2006.

Read the entire story here.

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

Stewart Transaction Solutions Strengthens End-to-End Electronic Real Estate Transaction with Majority Investment

Stewart Transaction Solutions, Inc. announced today it has made a majority investment in Reveal Systems, Inc., a leading forms provider for the real estate industry. Terms of the investment were not disclosed.

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

LandAmerica Expands Commercial Real Estate Valuation Capabilities With Butler Burgher Acquisition

LandAmerica Financial Group, Inc. announces through its LandAmerica Valuation Corporation (LVC) subsidiary the acquisition of Butler Burgher, Inc., a commercial real estate valuation company based in Dallas, Texas.

The Butler Burgher purchase is the latest move in LVC's targeted growth strategy. With this acquisition, LVC gains greater geographic coverage, significant customer relationships in new market niches, and a strong management team joining forces with LVC's current leadership, which is well- respected inside the industry.

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

FICS Announces Increased Speed of Delivery of Commercial Servicing Software Updates

Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced today that users of its Commercial Servicer and Commercial Accountant systems can now download quarterly releases directly from the Internet.

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

Lender Lead Solutions Launches Reverse Mortgage Wholesale Lending Division

Lender Lead Solutions announced today the formation of LLS Financial, a wholesale reverse mortgage division. According to company estimates, Lender Lead Solutions generates leads for more than 15 percent of the closed reverse mortgages in the U.S. through its Senior Lending Network national media campaign featuring legendary actor Robert Wagner. With the addition of the wholesale division, the company can now provide complete lead-to-closed loan reverse mortgage services to both broker and correspondent originators.

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

Kroll Factual Data Releases State-of-the-Art Borrower Risk Assessment Tool

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 assessment services with the release of FactualID. A cutting-edge risk assessment engine, FactualID evaluates identity risk, occupancy risk, strawbuyer risk, and also searches the OFAC, Palestinian Legislative Council (NS - PLC), and other exclusionary lists.

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

NextAce Gives Title Industry First Automated Resale Capability Through Title EDGE(R)

As a pioneer of technology that advances the delivery of title products to the title insurance industry, NextAce(SM) (www.nextace.com) today announced that it will be the first to make available an automated resale product on March 1, 2007. NextAce is expanding its automated title software and services offering, Title EDGE®, to deliver full resale and long-form commitments. By automating the resale process, the consumer can benefit from a faster settlement, title insurers can deliver a faster and more consistent product while reducing their associated production costs, and lenders realize process improvement and faster application-to-close turn time.

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

Advectis Secures Patent for Mortgage Document Sharing and Collaboration Methods

Advectis®, Inc., provider of the most widely-used solution for electronic mortgage document collaboration, announced it was issued US Patent No. 7,146,367 for a Document Management System and Method on Dec. 5, 2006. The patent broadly protects Advectis' BlitzDocs® technology, with respect to the collecting, organizing, retrieving, viewing and storing of imaged mortgage loan documents within a shared electronic loan folder that can be accessed by multiple parties, including brokers, lenders, MI companies, investors and other service providers.

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

Generation Mortgage Company DBA California Reverse Mortgage Co.

Introduces The Generation Plus Jumbo Reverse Mortgage Loan
Generation Mortgage Company(TM) today announced the introduction of the Generation Plus(TM) jumbo reverse mortgage loan. The firm designed the Generation Plus loan to enable owners of highly valued homes to potentially receive the most funds available in the market today, at the lowest available rate.

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

IndyMac Buying NYMT Retail Network

IndyMac Bancorp, Pasadena, Calif., has agreed to purchase the 32-branch retail platform of New York Mortgage Trust for $13.4 million. NYMT's chairman and co-CEO Steven Schnall -- who will be joining IndyMac when the sale closes -- told MortgageWire that the move will help the thrift meet its goal of becoming a top-5 retail lender. (According to the Quarterly Data Report, IndyMac ranks 23rd among retail residential lenders, NYMT 41st.)

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

DepotPoint Unveils Foreclosure 'Knowledgebase'

To help attorneys handle a mounting volume of foreclosed properties amid the tangle of state regulations, Bellevue, Wash.-based DepotPoint has introduced "the mortgage industry's first fully integrated intelligent foreclosure regulatory knowledgebase." Leveraging an automatic document-processing system embedded directly into the TrackPoint suite, this newest enhancement is designed to help attorneys remain in compliance with state foreclosure laws and manage processing foreclosure property files more efficiently, DepotPoint said. TrackPoint receives regular electronic communications from each jurisdiction detailing any changes to regulatory guidelines and updates the knowledgebase to reflect these modifications.

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

American Bank to Buy Grange

American Bank Holdings Inc., Silver Spring, Md., and The Grange Bank, Columbus, Ohio, have announced an agreement under which American Bank will acquire Grange, including substantial amounts of home equity and commercial real estate loans. The terms of the transaction were not disclosed. The companies said American Bank, a subsidiary of American Bank Holdings, will acquire approximately $95 million of home equity lines of credit, fixed-rate home equity loans, CRE loans, and commercial business loans as well as approximately $196 million of deposits in the deal.

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

Hurt by B&C 2nds, HSBC Hikes Reserve

Anticipating a major spike in subprime second-lien delinquencies, HSBC Holdings, London, on Wednesday increased the bad-debt reserve on its U.S. B&C unit to $10.56 billion -- a stunning 125% increase from the reserve level on Sept. 30. During a Feb. 7 conference call, HSBC officials in London noted that adjustable-rate mortgage resets are set to explode -- and that most of the anticipated damage will come from residential loans funded through the wholesale/broker division of HSBC Financial, Prospects Heights, Ill. (the old Household Finance). In response to the deteriorating situation, HSBC officials signaled that the channel will be scaled back significantly, focusing only on broker-originated loans that have cross-sell or emerging market opportunities. HSBC bought Household Finance almost four years ago, agreeing to pay $14 billion for the business. In a December conference call with analysts, HSBC said it had increased the bad-debt reserve on its subprime business to $8.8 billion.

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

Mortgage Refinancing Gets Tougher

The Mortgage Bankers Association estimates that $1.1 trillion to $1.5 trillion in adjustable-rate mortgages are slated to reset at higher rates this year, but only $700 billion of the loans will be refinanced. Some homeowners will not refinance because they will face a prepayment fee of thousands of dollars for doing so during the first few years of their option ARMs, while others may be discouraged because the value of their property has declined. Moreover, obtaining credit may be tougher and more expensive because lenders are tightening their underwriting criteria. What is more, interest on 30-year fixed-rate mortgages is starting to rise. "The best deals in going from an ARM to a fixed-rate are passing," confirms MBA chief economist Doug Duncan. "If anything, rates are likely to move up rather than down."

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

Subprime Lender Files Chapter 11

Mortgage Lenders Network USA Inc., a Middletown, Conn.-based subprime lender, has filed for bankruptcy protection. The company owes more than $100 million to 7,000 creditors, including Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Goldman Sachs Group Inc. The Chapter 11 filing shows that the company has more than $100 million in assets.

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

Wachovia Tops 2006 MBA Commercial/Multifamily Servicer Rankings

Wachovia Securities, with $306.6 billion in U.S. master and primary servicing, tops the Mortgage Bankers Association’s annual ranking of commercial and multifamily loan servicers as of the end of 2006.

Joining Wachovia in the top five are Capmark Finance with $229.3 billion, Midland Loan Services with $213.4 billion, Wells Fargo with $132.9 billion and KeyBank Real Estate Capital with $105.5 billion.

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

Option-ARMs a Prime Focus for Wachovia

Wachovia Corp. has been writing the option adjustable-rate mortgage product created by Golden West Financial Corp. since it acquired the company in 2006, with originations totaling $110 million during the fourth quarter. With an eye on topping the more than $44 billion in option ARMs written by Golden West last year, Wachovia will provide special training to 1,000 branch employees and add another 800 mortgage consultants to the 200 already working at its branches. Because Golden West's ARMs reset after 10 years, Wachovia CFO Tom Wurtz says payment shock will not be a problem for most borrowers.

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

Subprime Defaults at Recession Level, FBR Says

Defaults on subprime mortgages rose to 10.09 percent in November--the highest level since the recession in 2001--from 9.08 percent in October, according to a new report from Friedman Billings Ramsey Group, an investment bank in Arlington, Va. Rates on subprime loans from 2002, 2003 and 2004 adjusted higher at the end of their fixed-rate periods; and Moody's Investors Service analyst Debashish Chatterjee added in a Jan. 29 interview that "these borrowers are very leveraged and have little skin in the game," having taken out mortgages with little or no down payment and not seeing the value of their property increase. During the third quarter of last year, foreclosures initiated on subprime adjustable-rate mortgages rose to 2.19 percent, which is a four-year high, reports the Mortgage Bankers Association. Subprime mortgages accounted for about 20 percent of all new mortgages in 2006, according to the industry group

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

February 02, 2007

Top Jumbo Lenders

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

First American Launches Real Estate Information Technology Company, MarketLinx, Inc.

The First American Corporation (NYSE: FAF - News), America's largest provider of business information, today announced the launch of MarketLinx®, a new company established to effectively address the full range of information technology needs of residential real estate professionals. MarketLinx combines the strengths of First American subsidiaries First American MLS Solutions, Inc.; Offutt Systems; Sonic Eagle, Inc.; and Lucero Research Corporation to provide customizable technology solutions for multiple listing services, brokers and agents through a single entity.

MarketLinx offers a full line of technology and support services through systems currently used by more than half a million real estate professionals nationwide. Products and services include the MLXchange, TEMPO(TM) and InnoVia MLS systems and related association solutions; AgentAchieve(TM), a Web-based software solution that provides best-in-class broker business management and agent productivity tools; and Lucero Summit residential real estate office management software systems.

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

Fidelity National Information Services Announces Tax Processing Agreement with EMC Mortgage Corporation

Fidelity National Information Services, Inc. today announced that EMC Mortgage Corporation (EMC), a wholly owned subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC - News), has signed a multiyear contract to outsource its tax processing to Fidelity National Tax Services, Inc. (FNTS), an FIS-affiliated service entity.

FIS provides a wide range of real estate tax services and data to mortgage lenders and servicers nationwide, through in-source and outsource solutions. Specifically, FIS' automated escrow reporting and payment system enables all escrowed taxes to be reported and paid on a timely basis without penalty or loss of discount. Additionally, FIS' comprehensive delinquency management program helps mitigate the loss of properties to tax sale and accommodates the diverse tax requirements of multiple geographic locations.

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

LandAmerica Announces Dates for Fourth Quarter & Year-End 2006 Results & Conference Call

LandAmerica Financial Group, Inc. announces that it will release its preliminary operating results for the fourth quarter and year-end 2006 after the market closes on Wednesday, February 21, 2007. Additionally, the company will sponsor a conference call on Thursday, February 22, 2007, at 10:00 AM ET to discuss the preliminary results.

Those wishing to participate in the live call should dial 1-877-407-0782 and request to be connected to the LandAmerica conference. Additionally, the call will be simultaneously broadcast over the internet via LandAmerica's website (http://www.landam.com). Click Investor Information > Financial Information > Webcast events. Investors can also access the webcast at http://www.InvestorCalendar.com. The event will be archived and available for replay starting two hours after the completion of the live call through March 31, 2007.

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

SigniaDocs Releases Innovative Mortgage Servicing Solution

SigniaDocs, Inc., a service provider of compliance technology and solutions for mortgage document preparation, announced the release of its fourth-generation document preparation system, Signet Direct. The product of more than three years of research and development, Signet Direct provides an innovative way to process all loan data at the origination stage, and then view, print and deliver documents in a digital format. The company assures reliability and offers guaranteed compliance.

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

Five Star Bank Outsources End-to-End Insurance Tracking Operations to Loan Protector

Loan Protector Insurance Services, a leading provider of customizable lender-placed insurance programs for lenders and mortgage servicers announced Warsaw, N.Y.-based Five Star Bank is successfully using EasyTrack® and EasyPlace® to automate its insurance tracking operations. The bank began outsourcing the process to Loan Protector in early October 2006.

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

Clayton Holdings Launches New Fraud Risk Management Services

Clayton Holdings (NASDAQ:CLAY - News), a provider of information-based analytics, outsourcing and consulting solutions to leading capital markets firms, fixed income investors and loan servicers, today announced a new suite of fraud detection services designed to protect conduits, Wall Street issuers and mortgage-backed securities (MBS) bond and residual holders from losses due to origination fraud and breaches of representations and warranties.

The new services draw upon Clayton's extensive due diligence and credit risk surveillance experience, and leverage the information contained in Clayton's database of more than $1 trillion in subprime and Alt-A loans.

Posted by S. Germain at 08:00 AM | Comments (0)

BasePoint Releases FraudMark(TM) for Origination 2.0

BasePoint Analytics, a leading provider of scientific fraud analytics and consulting services, today announced the availability of FraudMark(TM) for Origination 2.0, the newest version of its highly effective fraud detection solution. FraudMark uses patent-pending predictive analytic technology to accurately predict the likelihood of a loan containing fraud that could result in financial loss to a lender. FraudMark helps mortgage lenders cost-effectively score loan applications in real-time, driving down fraud losses and increasing overall production. Within the last 12 months, lenders using FraudMark have prevented the funding of more than $650 million in suspicious loans.

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

Information Capture Solution: Flagstar Bank Expands Kofax Solution With New Document Separation Technology

Kofax (LSE:DCM), the world's largest information capture vendor, today announced that Flagstar Bank (NYSE:FBC), one of the nation’s leading originators of residential mortgage loans, has expanded its current Kofax information capture solution to include the Kofax INDICIUS 5.0 suite. With the newly integrated automatic document separation technology, Flagstar Bank will be able to further increase efficiency and reduce costs associated with processing the hundreds of thousands of mortgage and loan documents the bank receives on a weekly basis from its national network of home loan offices and wholesale lending customers.

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

Wolters Kluwer Financial Services' SDX Secure Document Exchange Joins Dynatek's Plug-In Partner Network

Wolters Kluwer Financial Services and Dynatek today announced that Wolters Kluwer Financial Services' SDX Secure Document Exchange will seamlessly integrate with Dynatek's MORvision mortgage software through the company's Plug-In-Partner Network.

The partnership is a collaborative effort by Wolters Kluwer Financial Services and Dynatek to help Dynatek customers address the growing concerns of data privacy and identity theft.

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

Calyx Software Releases Point Version 5.4

Calyx® Software today announced the release of Point® version 5.4. Version 5.4 includes many features that will make an impact on the day-to-day business of Point users. 5.4 includes increased Piggyback Loan functionality, a new loan status bar, added flexibility in reports, more comprehensive truth in lending disclosures and increased marketing functionality, in addition to Title Report and Verification of Employment and Income ordering in Point.

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

LendingTree Mulling Retail Store Launch?

The biggest buzz at SourceMedia's Mortgage Technology Conference in Tempe, Ariz., has been over a statement that LendingTree's participating lenders are not upset to hear that it is "thinking" of opening brick-and-mortar retail stores. That remark by LendingTree general manager Lori Collins continued to spark comment well after Ms. Collins made the statement in response to a question after her presentation on the Internet's value as a source of qualified mortgage leads. A number of lender attendees commented on the conflict between acting as a retail lender and LendingTree's role as a multilender marketplace where "when banks compete, you win." A competitive trigger for LendingTree to consider such a move may have been revealed in Monday's keynote address, when E-Loan senior vice president Pete Bonnikson told conference attendees that his company, another pioneer in online lending, has already opened "8 or 9" brick-and-mortar offices to leverage its back-office efficiencies to serve borrowers who prefer to deal face to face with a loan officer.

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

Analyst: Don't Bank on Countrywide-BoA Deal

Sandler O'Neill, which has been following Countrywide's stock for years, says it is unlikely that Bank of America will buy the nation's largest mortgage banking firm. In a research note issued Jan. 26, Sandler analyst Mike McMahon declared that "one way for a commercial bank to destroy market value is to buy a big mortgage company." However, Mr. McMahon writes that the "likely scenario" is that Countrywide is talking to BoA about a possible outsourcing arrangement whereby Countrywide would process (and presumably service) residential mortgages for the bank. Countrywide, which has a depository affiliate, has scheduled its fourth-quarter earnings conference call for noon on Jan. 30. Presumably, the BoA issue will come up during the call.

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

Clayton Unveils Fraud Detection Services

Clayton Holdings, Shelton, Conn., has announced the introduction of fraud detection services designed to protect conduits, Wall Street issuers, and holders of mortgage-backed securities from losses due to origination fraud and breaches of representations and warranties. Clayton said the new services draw upon its "extensive" due diligence and credit risk surveillance experience. They include: high-risk loan identification; expanded fraud reviews; put-back reviews; and trend analysis. "We're drawing on the breadth and depth of our data, experience, and technology to spot issues prior to securitization, and we have the analytics and surveillance tools to identify exceptions that, when cured, enhance bond performance," said Keith Johnson, Clayton's president and chief operating officer.

Posted by S. Germain at 07:40 AM | Comments (0)

Mozilo: 40-50 B&C Firms a Day Going Bust

Countrywide chief executive Angelo Mozilo estimates that 40 to 50 subprime firms are going out of business each day, a trend that likely will continue all year. During a conference call discussing Countrywide's earnings, Mr. Mozilo -- in response to a question -- said analysts are seeing reports of two to three firms failing each day, but that the number is much larger. Addressing the carnage in the subprime sector, Mr. Mozilo said, "I think we have a way to go on that." Company president David Sambol said Countrywide is beginning to see its subprime volume increase because of all the firms leaving the sector. Meanwhile, Mr. Mozilo declined to comment on news reports that the company might be talking to Bank of America about an alliance in mortgages or a merger.

Posted by S. Germain at 07:40 AM | Comments (0)

Merrill to Buy First Republic

Moving from one end of the credit spectrum to the other, Merrill Lynch, New York, has agreed to acquire luxury home lender First Republic Bank, San Francisco, in a deal valued at $1.8 billion. First Republic specializes in working with high-net-worth individuals and has expertise in luxury home lending. Merrill Lynch's most recent acquisition was nonprime mortgage company First Franklin, and it was also an investor in the now-defunct OwnIt Mortgage Solutions. The 12th edition of the Mortgage Industry Directory lists First Republic as the 126th-largest lender for 2005, with total production of $2.4 billion (all through the retail channel). As of Dec. 31, 2005, it had a servicing portfolio of $7.8 billion, the MID said. In 2005, First Republic did $71 million in commercial loans (including multifamily, office, hotel, and retail properties). After the deal closes, First Republic will be operated separately as a division of Merrill Lynch Bank & Trust Co. FSB

Posted by S. Germain at 07:39 AM | Comments (0)

MLN Savior Pulls Out

Marathon Asset Management, New York, which had considered investing in the struggling Mortgage Lenders Network USA, has pulled out of talks with the company, according to one MLN source. Marathon, an asset management company, was believed to be the one investor mentioned in company e-mail messages sent by chief executive Mitch Heffernan -- but not identified -- as being the firm's financial savior. A former official in MLN's servicing unit said the company has now commenced cuts in that division as well. He said remaining employees now believe that the lender will file for bankruptcy protection. Marathon did not return a telephone call about the matter. MLN had not commented at deadline time. Last week the nondepository laid off 180 employees that worked in its retail division in Middletown, Conn. Two weeks ago, MLN cut loose 832 people who had been on furlough.

Posted by S. Germain at 07:36 AM | Comments (0)

Countrywide Financial Sees 'Tough Year'

Countrywide Financial Corp., which recorded a 2.7-percent decline in fourth-quarter net income due to a slowdown in loan volume, is now bracing itself for higher borrower delinquencies and more credit deterioration in 2007. Despite the fact that Countrywide ranks as one of the nation's biggest home-loan lenders, it is dealing with the same negative market factors that have hampered the rest of the industry--including slowing home sales and rising delinquencies. The Mortgage Bankers Association forecasts that between $1.1 trillion and $1.5 trillion of adjustable-rate mortgages are on track to adjust upward in '07. Weakening demand for home loans has compelled a number of lenders to slash costs, with Countrywide announcing back in the fall that it would shed 2,500 jobs from its payroll to generate approximately $500 million in yearly cost savings.

Posted by S. Germain at 07:34 AM | Comments (0)

JPMorgan Reduces Mortgage Exposure

Higher subprime delinquencies have prompted JPMorgan Chase & Co. to unload many of the nonconforming mortgages it wrote in 2006, with CEO James Dimon pointing out that conditions in the niche appear similar to a recession. The company had $13.2 billion mortgages in its subprime portfolio in the fourth quarter of 2006, versus $16.3 billion during the previous three-month period; and it has classified $4.5 billion of its subprime loans as for sale, with plans to be free of them in the first six months of the year. However, Dimon notes that JPMorgan is not pulling out of the segment altogether and would be interested in purchasing other lenders' subprime portfolios if prices decline. Countrywide Financial Corp. and Wachovia Corp. are among the other major players reporting weakness in subprime lending, with Wachovia recently closing its EquiBanc Mor! tgage Corp. unit due to a change in its non-conforming-loan strategy.

Posted by S. Germain at 07:33 AM | Comments (0)

Predatory-Lending Rule Blamed for Lender Exits

The Mortgage Bankers Association is working with Rhode Island officials on "emergency regulation" for predatory lending. The Home Loan Protection Act took effect on Jan. 1, but the state has extended the compliance deadline to March 1 to allow for further clarification on the definition of high-cost loans and the requirement of having borrowers sign statements that they understand and accept the terms of a loan. According to James Hahn, a Providence lawyer and board member of the Rhode Island Mortgage Bankers Association, "the statute reflects a compromise among representatives of the mortgage banking industry and proponents of restrictive legislation to protect borrowers from predatory lending." The ambiguous nature of the law--not oppositi! on to the measure itself--prompted Option One Mortgage as well as Argent Mortgage, Provident Funding Group and Flex Point Funding to stop lending in the state.

Posted by S. Germain at 07:32 AM | Comments (0)