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September 28, 2007

Multi-Family Lenders Q2 07

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

First American LoanPerformance Announces Availability of TrueStandings® Home Price Index

First American LoanPerformance announced its new TrueStandings Home Price Index (HPI) analytics solution, the most comprehensive source of real estate price trends for mortgage investment professionals, mortgage risk managers and analysts.

TrueStandings HPI incorporates more than 30 years of repeat sales transactions representing more than 45 million observations sourced from a vast property information database owned by its parent company, First American CoreLogic. TrueStandings HPI provides a comprehensive set of monthly home price indices and median sales prices covering all states and the District of Columbia, 7373 zip codes, 956 Core Based Statistical Areas (CBSA) and 640 counties. In addition, TrueStandings HPI provides multi-tier market evaluation based on price, time between sales, property type and loan type (conforming vs. non-conforming.)

With TrueStandings HPI, users can monitor real estate trends by market, identify at-risk markets as they unfold, selectively evaluate markets by tier and fine tune investment strategies.

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

(Fidelity) New Bidders for Wendy's

Potential buyers are waiting to find out the terms of staple financing for the deal that is being arranged by Wendy's advisers. But the shaky credit markets have some bidders and investors concerned about just how easily a deal could go through.

The latest group to emerge includes Fidelity National Financial, a provider of title insurance that also makes investments in acquisitions with private-equity firms, and the private-equity firms Thomas H. Lee Partners LP, Oaktree Capital Management LP and Ares Management.

The chairman of Fidelity National Financial, William Foley, is a former chairman and chief executive of CKE Restaurants, the parent of the Carl's Jr. and Hardee's fast-food chains.

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

SEC Continues Probe into Rating Agencies' Subprime Practices

The chairman of the SEC confirmed in front of the U.S. Senate Banking, Housing, and Urban Affairs Committee that his regulatory agency continues its probe into the practices of major credit rating agencies and their impact on the subprime mortgage market.

SEC Chairman Christopher Cox said, while his agency has yet to make a conclusive decision about the practices of credit rating agencies, the SEC’s investigation continues with an emphasis on how different ratings companies evaluated subprime residential mortgage backed securities.

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

FIS Completes Sale of Property Insight

Fidelity National Information Services, Inc. announced that it has completed the sale of its Property Insight business to Fidelity National Financial, Inc. effective August 31, 2007.

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

Hometrack buys into Australian AVM market

Housing intelligence business Hometrack has bought a 50 per cent stake in Australian residential statistical research company Residex. The venture marks Hometrack’s latest move into the international automated valuation model market. The firm last year signed an alliance with ABF Valuation in the Netherlands.

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

Ohio Catholic Federal Credit Union Selects MRG for Closing Packages and Disclosures

MRG Document Technologies announced that Ohio Catholic Federal Credit Union (Garfield Heights, Ohio), a faith-based credit union, has selected MRG for its document preparation, closing and upfront disclosure packages.

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

Wolters Kluwer Financial Services Launches Mortgage Fraud Prevention Program

Wolters Kluwer Financial Services, through its PCi line of compliance analytics solutions, announced today a new mortgage fraud prevention program that can help lenders reduce the number of fraudulent loans they inadvertently originate.

Wolters Kluwer Financial Services' new mortgage fraud prevention program centers on three critical components -- fraud risk control review, training and audit services. A lender needs all three to detect and prevent fraud before a loan is funded.

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

Alabama Bankers Association Expands Endorsement With Wolters Kluwer Financial Services

Wolters Kluwer Financial Services and the Alabama Bankers Association announced today the association has expanded its endorsement agreement with Wolters Kluwer Financial Services to include the company's new ComplianceOne(TM) solution.

ComplianceOne gives financial institutions all the tools needed to create a complete consumer, commercial and mortgage loan as well as an IRA or new deposit account from a compliance, work flow and data perspective on a single delivery platform.

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

LOGS Network Chooses CSC's Mortgage Default Management Software

Computer Sciences Corporation today announced that LOGS Network, a national group of commonly owned and centrally managed law firms and trustee companies providing real-estate-related legal and title services, has chosen CSC's EarlyResolution mortgage default software-as-a-service solution for its recently launched home retention assistance business. Heart Financial Services, a division of The LOGS Group LLC, will use EarlyResolution's core decision engine to recommend customized workout programs for residential borrowers whose delinquent loans have been referred for foreclosure or bankruptcy legal representation.

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

Intellidyn Enables Refi Targeting

Intellidyn Corp. has announced that it now enables clients to identify and target refinance offers to homeowners currently in the market who had originated with lenders that no longer exist. "Years of business intelligence data show that typically 50% to 60% of refinance borrowers return to their prior lender for refinancing," said Intellidyn president and chief executive officer Peter Harvey. "But now more than 130 of those lenders have 'imploded' and disappeared from the landscape. Identifying these homeowners, then targeting them with appropriate offers when they are in-market to refinance again creates a mini-boom-type niche that won't last very long.

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

Countrywide Rescues 35,000 Loans from Foreclosure

Countrywide Financial Corp., one of the nation's largest subprime lenders, says its home preservation efforts are paying off with internal statistics indicating the company has saved 35,000 mortgages since the onset of the year.

Through loan modifications, repayment plans, the postponement of payments, and refinancing measures, Countrywide continues to rescue borrowers who are facing escalating mortgage payments.

Citing internal statistics as evidence of the company's successes, Countrywide says this year alone, it completed 17,000 loan modifications and is expected to complete 25,000 modifications by year's end.

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

Home Sales in 'Free Fall'

The National Association of Realtors reports a month-to-month decline in existing-home sales of 4.3 percent and a year-over-year drop of 12.8 percent in August to an annual rate of 5.5 million, marking the lowest level of sales in five years. The report shows the first uptick in median price in a year, rising 0.2 percent to $224,500 from August 2006. However, the supply of resale properties on the market edged up 0.4 percent to a 10-month supply of 4.58 million units.

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

Ross Offers to Acquire Major Mortgage Servicer

American Home Mortgage Investment Corp. has received an offer from billionaire investor Wilbur Ross for its loan-servicing division. Ross recently established AH Mortgage Acquisition Co. to function as the initial bidder for the unit, which is charged with collecting loan payments from homeowners and paying such expenses as property taxes. Ross, who must win an auction for the unit early next month, reportedly has made an offer of more than $400 million.

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

September 21, 2007

Top Servicers Q2 07

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

First American eAppraiseIT Enhances Valuation Solutions for Default Servicers

First American eAppraiseIT announced that it has enhanced its selection of valuation services to meet the growing needs of default servicers.

First American eAppraiseIT has streamlined pricing structures, realigned staff resources, expanded key product offerings and has established a Real Estate Owned (REO)-specific appraiser subpanel that provides automatic priority assignment to appraisers best suited for REO property valuations. Training sessions focused on tools and best practices for providing the highest quality appraisals for REO clients were recently held with members of the REO subpanel, which now includes more than 2,000 appraisers nationwide.

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

RealEC Technologies and FIS to Offer Web-enabled Closing Service

RealEC Technologies Inc. announced a joint effort with Fidelity National Information Services Inc. this week to launch a nationwide platform for delivering innovative, Web-transactions, according to a company press release.

Through the agreement, RealEC has licensed FIS' ClosingStream application and has integrated it into the RealEC collaborative network platform. RealEC can now make the online closing service available to lenders as well as title and closing companies looking to offer the service to their lending clients. In addition, the service allows each certified title and closing provider to control the entire closing process, eliminating the need to coordinate with several third-party providers.

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

VisiOCR(R) Reaches Milestone by Indexing 10 Million Mortgage Documents Per Month

Visionet Systems has reached a milestone of indexing 10 Million Mortgage Documents per month with its industry-leading auto indexing and data extraction solution VisiOCR.

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

Interthinx(R) Integrates Cascading AVM Into Its Proven Risk Mitigation System

Interthinx®, Inc. has announced the integration of advanced cascading AVM technology into its proven FraudGUARD® risk mitigation system. The integration of the two products empowers FraudGUARD users to request a Clear Value(SM) cascading AVM directly from the FraudGUARD interface, providing new workflow efficiencies and reducing overall transaction processing time for lenders nationwide.

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

NextAce Releases Automated Title Foreclosure Products

Title automation and business process optimization (BPO) company NextAce(SM)announced the release of automated title products for the bourgeoning foreclosure market. NextAce is expanding its automated title software and services offering, Title EDGE®, to deliver Real Estate Owned (REO) and Mortgage Default (Foreclosure) products that provide title agents the same speed, depth of research, and cost savings as its existing refinance and purchase product offerings.

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

Financial Plus Federal CU licenses FICS mortgage technology

Financial Industry Computer Systems (FICS) announced that Flint, Mich.-based Financial Plus Federal Credit Union has upgraded its mortgage loan origination and servicing infrastructure with the successful implementation of FICS technology.

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

Zillow chief expects great things after scoring another $30 million

Barton's Seattle online real estate startup has scored an additional $30 million from Legg Mason Capital Management and existing investors -- a huge capital infusion that comes just 19 months after the company unveiled its online home valuation service. Total financing now stands at $87 million, making Zillow one of the most heavily funded Internet startups in the country.

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

Calyx Software Integrates AVM Providers Into Point

Calyx Software® announced the addition of an automated valuation model (AVM) category to the Calyx Network, providing users of Calyx Point loan origination software with connection to participating AVM vendors. The new AVM category is accessed within Calyx Point's services menu and includes four new companies providing appraisal and title insurance services.

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

Fed Cuts Funds, Discount Rates 50bps

The Federal Open Market Committee of the Federal Reserve Board has cut the discount and target federal funds rates by 50 basis points each, citing "the tightening of credit conditions" and its "potential to intensify the housing correction and to restrain economic growth more generally." Developments since the Fed committee's last meeting "have increased the uncertainty surrounding the economic outlook," it said, adding that it plans to "continue to assess the effects of these and other developments on economic prospects and will act as needed to foster price stability and sustainable economic growth."

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

Radian, MGIC Sell Portions of Sherman JV

Mortgage insurers Radian Guaranty and Mortgage Guaranty Insurance Corp. have sold portions of their interest in Sherman Financial Group LLC to an entity owned by Sherman's senior management. Following the sales, Philadelphia-based Radian owns 21.8% of the outstanding equity in Sherman, Milwaukee-based MGIC owns 24.2%, and the remainder is controlled by Sherman management, the companies said. Radian reported that it received a cash payment of approximately $278 million and may also receive a contingent payment based on unspecified terms involving the future rate of return.

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

Paulson Gives Qualified OK for Eased MI Regs

To help struggling borrowers with little or no equity in their homes, the Bush administration would support GSE legislation that relaxes the mortgage insurance requirements on the loans Fannie Mae and Freddie Mac purchase, Treasury Secretary Henry Paulson has told Congress. Such a change would significantly increase the credit risk the government-sponsored enterprises take on, the Treasury secretary said, so it should only be done as part of a comprehensive GSE regulatory reform bill.

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

Excel Investigations Saves Default Law Firms Time & Manpower

Excel Investigations—a company specializing in process serving, skip tracing, foreclosures and subrogation—is helping one Illinois County Courthouse save time and manpower by successfully implementing a procedure designed “to simplify service of process”—a concept better known as “Standing Orders.”

The model, which approves certain vendors to function as process servers at the courthouse, essentially streamlines and expedites the foreclosure process for courts and law firms by eliminating the need for an appointment motion to be made on every single case.

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

Visionet Systems Inc. Makes History With New Indexing and Data Extraction Technology

Visionet Systems Inc. (VSI) has reached a milestone in its business processing by indexing ten million mortgage documents a month using its new auto indexing and data extraction solution, VisiOCR.

The new technology can take a raw image mortgage file, convert it into the proper format, index the pages into desired categories and upload the newly categorized documents into a client's imaging repository. Prices range from $2- to $2.50 per file for indexing and guarantee 99-percent accuracy, which is 30-percent lower than the industry average.

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

MortgageHub & USFN Launch Home Retention Alliance

USFN has forged a partnership with mortgage solutions provider MortgageHub to increase home retention and loss mitigation options for troubled borrowers nationwide.

The merger's resulting entity is an organization called the Home Retention Alliance (HRA), which plans to focus on creating “innovative alternatives to foreclosure” across the United States. Functioning as an integrated, open platform solution, HRA helps servicers respond to the surge in defaults and foreclosures, counteracting the steep increase in workload and costs associated with loan workouts.

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

American Home Reaches Deal With Freddie Mac

If approved by the bankruptcy court, Bank of America Corp. will temporarily handle the servicing of 4,547 mortgages tied to the $7 million in mortgage payments seized by Freddie Mac from American Home Mortgage Investment Corp. in early August.

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

Home Woes Seen Aiding Repeat Try at RESPA Fix

The housing downturn and turmoil in the subprime mortgage market have prompted HUD to re-focus on reforming the Real Estate Settlement Procedures Act, with initial results expected by early next year. The proposal reportedly will be centered on creating a new good-faith estimate form that is more in line with the HUD 1 statement of settlement charges, disclosing such things as yield-spread premiums and providing the form to borrowers earlier in the mortgage process, says a former HUD official. Even though a controversial provision from HUD's last reform attempt--the bundling of settlement services--likely will be eliminated, experts still expect industry representatives to butt heads over the matter to some extent.

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

September 14, 2007

Top Originators Q2 07

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

First Title Insures Allianz in Record Romanian Property Deal

First Title Insurance plc (First Title), the largest provider of title insurance in the United Kingdom and Europe, announced that it is insuring the title on Romania’s largest office-space transaction, which includes three buildings in Bucharest previously owned by the European Convergence Property Fund (ECPC) and recently purchased by Deutsche Gesselschaft fur Immobilierenfonds (DEGI), the real estate investment arm of the German company Allianz.

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

Landon V. Taylor Named President of First American Title’s strategic markets Division

First American Title Insurance Company announced that Landon V. Taylor has been named president of the company’s Strategic Markets Division. In his new role, Taylor will be responsible for executing an aggressive, national market-penetration strategy designed to further enhance the company’s position as the title and settlement company of choice for the multicultural real estate market, the nation’s fastest-growing homebuying segment. In addition, Taylor has been appointed to First American Title’s board of directors.

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

Ceridian OKs merger with FNF

Ceridian Corp. shareholders approved a $5.3 billion merger with Fidelity National Financial Inc. Wednesday, ending months of sparring between management and a dissident investor over the deal.

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

LSSI and Stewart Lender Services Form Strategic Alliance

Lender Support Systems Inc. (LSSI) announced an agreement with Stewart Lender Services, Inc. As a result of this alliance, Stewart's flood products are seamlessly integrated into LSSI's platform through the company's LSSIConnect and Importer, providing lenders easy access to Stewart's flood zone determinations in standard FEMA-required format.

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

Fidelity National Information Services, Inc. Completes Acquisition of EFD/eFunds Corporation

Fidelity National Information Services, Inc. announced that it has completed the acquisition of EFD/eFunds Corporation. Under the terms of the merger agreement, FIS acquired all of the outstanding shares of EFD common stock for approximately $1.8 billion in cash, or $36.50 per share.

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

Stewart Announces the Merger of Stewart Transaction Solutions and PropertyInfo Corp.

Stewart Information Services Corp. plans to merge its two related technology subsidiaries, Stewart Transaction Solutions and PropertyInfo Corp.

The combined entity, PropertyInfo Corporation, will intensify its focus on developing, selling, deploying and supporting Stewart title production technologies for independent title agencies and affiliates as well as real estate information and transaction management for internal and external markets including the title industry real estate professionals, builders, developers, lenders and consumers.

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

Titan Lenders Corp. Enters Strategic Alliance With IDS, Inc.

Lenders Corp. has added idsDoc, a web-based document preparation system that provides closing and initial documents, as an integrated service provider to its outsource services. This relationship creates a direct process route within Titan Lenders Corp's Cerberyx system, a proprietary process management platform. The partnership is founded upon a mutual aim to maintain loan salability amidst a struggling and uncertain secondary market.

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

IBM mortgage unit approved for federal loans

IBM Lender Business Process Services Inc., a provider of technology used in the mortgage application process, said Monday it was approved to provide those services on loans insured by the Federal Housing Administration. IBM Lender Business Process Services provides back-office, private-label underwriting, processing, vendor management, document preparation and loan closings on an outsourced basis for mortgage lenders.

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

Interthinx(R) Private Data Enables Lenders to More Accurately Value Collateral

Interthinx®, Inc. has announced its exclusive ability to use its own current and timely sales data to significantly increase hit rates and uniquely determine collateral risk, thereby improving the accuracy of their proven loan scoring system. This most recent advancement in a series of Interthinx product enhancements comes at a time when pinpointing actual housing depreciation/appreciation rates is highly critical.

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

Mortgage Service Providers Added to Calyx Software Network

The Calyx Network provides users to connect directly with lenders and mortgage service providers, automating data exchange and streamlining the loan origination process.

The following new mortgage service providers have joined The Calyx Network:Automated Valuation Model,PLATINUMdata Solutions,Title Source,
Advanced Credit Services,Credit Service Company,Nations Title Agency
Title Source Inc.,IdsDoc Web,International Document Services, Inc.,AFI Detection,Tritus Insurance Group,Mavent,eXpertivity Mortgage Processing,LenderFlex,and ClosingDesk.

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

Xerox to Buy Advectis, Re-Enter Mortgage Space

Xerox Corp. plans to buy e-collaboration vendor Advectis, for $32 million. Xerox’s expertise in document outsourcing and related services is what led the company to Advectis, a privately owned business. Xerox's document technology and services portfolio includes consulting and outsourcing services, records management, digital imaging, e-discovery for litigation support, and managed services in more than 160 countries.

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

Portellus Winding Down Mortgage Ops

Citing declining market conditions, Portellus Inc., Irvine, Calif., has announced plans to wind down its mortgage technology business unit and sell the unit's supporting technology assets. Portellus said, however, that arrangements have been made to preserve the company's multipurpose business rules management system, which will continue to be sold via licensing agreements into other vertical markets.

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

MARI Enhances Antifraud Database

The Mortgage Asset Research Institute, a service of ChoicePoint, has announced the release of what it calls the first phase of a series of enhancements to its Mortgage Industry Data Exchange antifraud database. The redesigned MIDEX 2.5 offers new features to assist the mortgage industry in identifying individuals associated with mortgage fraud.

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

L2C Touts New Mortgage Credit Score

L2C, an Atlanta-based credit scoring company specializing in helping lenders reach the "underbanked" market, has announced the release of a new version of its Link2Credit Score customized for the mortgage industry. The mortgage-specific score was launched to provide a more accurate risk assessment tool for evaluating underbanked applicants, the company said.

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

Compass Releases MSR Valuation Tools

Compass Analytics LLC has announced the release of its Mortgage Servicing Rights Analytics to provide loan-level and aggregated modeling capabilities for mortgage servicers and servicing investors. The system will include both static and option-adjusted spread valuations and will allow analysts to use loan-level adjusters on all models, include integration to industry-standard prepayment models, integrate accounting functionality, and include speed-enhancing parallel processing.

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

Countrywide Gets $12B in 'Secured' Financing

Countrywide Financial Corp., says it recently obtained $12 billion in additional "secured" financing through new and existing credit facilities. The company also announced that it funded $34 billion of new loans in August, a 17% decline from the level recorded in the same month last year and a 12% drop from that of July.

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

IMS Web Phone Tool Provides Real-Time Property Inspection Data

Integrated Mortgage Solutions has launched a new Web Phone Application designed to help contractors communicate information to IMS and its mortgage industry clients in real-time.

IMS says its Web Phone Application eliminates the need for printed materials, allowing contractors the time needed to communicate inspection results early in the process. This new-found speed and efficiency gives IMS crucial information that could potentially help servicers “mitigate further errors in the default process.”

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

WaMu Closing 2 Mortgage Divisions

Washington Mutual Inc. announced 1,000 layoffs on Wednesday due to the closing of two mortgage divisions, one of which provided money to mortgage companies and another that purchased home loans from other lenders. Alan Gulick, spokesman for the Seattle-based company, said, "Some of the changes we've made today are in response to market conditions, but they're also about accelerating our growth." In the coming months, the company expects to add 1,000 loan officers to its mortgage and bank branches.

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

Document Systems Releases LoanMagic Version 4.0

Document Systems Inc., a developer of mortgage technology for compliant loan document preparation and customer contact management, released version 4.0 of its LoanMagic software. LoanMagic is a mortgage customer contact management system that streamlines tasks involved with acquiring leads, managing contacts, creating point of sale comparisons and gathering personal and credit information necessary to secure a loan.

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

WaMu, Wachovia Expect More Fallout

Both Washington Mutual Inc. and Wachovia Corp. are forecasting more fallout from the flailing mortgage lending industry. WaMu, which says a continued increase in bad loans is practically inevitable, has allocated up to $2.2 billion this year to cover potential loan losses. However, Kerry Killinger--the company's CEO--suggests that boosting its market share could help WaMu profit from the mortgage turmoil. At the same time, Wachovia is nabbing more mortgage business amid the shakeout; but its investment bank will likely have much more difficulty selling loans intended to fund leveraged buyouts.

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

Countrywide Job Cuts May Lead to 20 Percent Contraction in Industry

Graham Fisher & Co. managing director Josh Rosner estimates that another 20 percent of loan officers and mortgage brokers across the country will lose their jobs as a result of the housing slowdown and a substantial decrease in mortgage originations. Upwards of 12,000 layoffs recently were announced by Countrywide Financial Corp., and experts believe the lender will announce additional cuts in the future. Credit Suisse Group analyst Moshe Orenbuch expects mortgage originations to fall to $1.8 trillion in 2008 from $4 trillion in 2003, with signs of recovery not expected until the following year.

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

September 07, 2007

Single Family Homes Q1 07

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

The First American Corporation Announces Cost Reduction Initiatives

The First American Corporation announced that the company expects to reduce personnel by approximately 1,300 full-time equivalents (“FTEs”) in the third quarter of 2007. This is in addition to approximately 600 FTEs eliminated in the second quarter of 2007. The personnel reductions in the second and third quarters of 2007 are expected to generate annualized cost savings of $108 million. Of these personnel reductions, 1,400 FTEs will be in the title insurance and services segment, which is expected to generate annualized cost savings of $66 million. The company also expects to curtail or eliminate certain perquisites and executive benefits in the third quarter, resulting in annualized cost savings of $16 million, including $12 million in the title insurance and services segment. In light of rapidly changing economic conditions the company continues to evaluate its personnel needs, including its utilization of offshore resources.

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

iLeads.com Partners with The First American Financial Corporation to Enhance Insurance Leads

iLeads.com and The First American Financial Corporation have teamed up to provide real-time insurance leads enhanced with exclusive homeowner’s data, allowing for the calculation of the consumer’s underinsurance amounts prior to the sales call.

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

Fidelity National Financial Expands Its Multicultural Marketing Program in the Pacific Northwest

Fidelity National Title Group, Inc. launched its Multicultural Marketing Program in the Pacific Northwest. The program is part of its Multicultural Marketing Division's initiative to help raise the home-ownership rates for underserved and immigrant communities, particularly Latinos, Asians and African-Americans nationwide.

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

a la mode Introduces New Multimedia Tools That Bring Listings to Life

a la mode announced the availability of a variety of multimedia tools designed to help real estate brokers and agents gain more listings and greatly enhance the web marketing of current homes for sale, all at no extra cost to professional level Agent XSite and Broker XSite users.

All of the new software enhancements are available at no extra cost to a la mode's Agent and Broker XSite professional level users (http://www.agentxsites.com).

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

BearingPoint Offers Risk Management Tools

BearingPoint Inc., a management and technology consulting firm based in McLean, Va., has announced tools aimed at helping lenders manage growing portfolio risks before they result in loan defaults and foreclosures. BearingPoint's Credit Navigation Tools provide capabilities to help evaluate portfolio risk and manage and improve lending processes, the company said.

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

White House Pushing for RESPA Proposal

The Bush administration is pressuring the Department of Housing and Urban Development to speed up the issuance of a Real Estate Settlement Procedures Act proposal to improve good-faith estimate disclosures of mortgage broker fees and settlement costs. HUD officials were planning to issue the proposal in January after completing the required Office of Management and Budget review, which can take up to 90 days.

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

Quarterly Foreclosure Rate Again Sets Record

The Mortgage Bankers Association reports a jump in the rate of mortgages entering the foreclosure process to 0.65 percent in the second quarter--the highest level in more than 30 years--marking a gain from 0.58 percent in the first quarter and 0.43 percent a year ago. MBA chief economist Doug Duncan blames defaults on second homes and investment properties, particularly in Florida, Nevada, Arizona and California, noting that the foreclosure rate would have registered a quarterly decline otherwise.

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

Radian and MGIC Cancel Deal One Called Distracting

The merger of MGIC Investment Corp. and Radian Group Inc. has been terminated mainly due to weakening market conditions and uncertainty surrounding the transaction due to financial losses on both sides. Losses tied to their subprime joint venture, C-Bass LLC, will eliminate $300 million of Radian's equity; though the company believes its profitable mortgage insurance division and its high standing among major lenders will offset these losses and help it weather the market downturn. Radian no longer takes a first-loss position on second liens, and the company says it would speak with the government-sponsored enterprises if it was no longer able to ensure conforming mortgages due to a downgraded credit rating.

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

Mortgage Apps Rise; So Do Rates

During the week ended Aug. 31, mortgage applications edged up 1.3 percent. The Mortgage Bankers Association attributes the seasonally adjusted gain to turmoil in the credit markets forcing prospective borrowers to refile their applications. The percentage of applications tied to adjustable-rate loans slipped to 12.6 percent from more than 30 percent over the past few weeks. Interest rates on one-year adjustable-rate mortgages rose to 6.52 percent, while the 30-year fixed mortgage rate climbed to 6.42 percent from 6.41 percent the prior week.

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

Ameriquest Is History as ACC Sells Off Remaining Assets

Ameriquest Mortgage Co. has officially gone out of business, with loan applications no longer accepted as of Aug. 1. Along with its sister company, Argent Mortgage, Ameriquest was the biggest subprime lender in the country in 2005, but all of its retail branches were shuttered the following year by its parent company, ACC Capital Holdings. The rest of ACC's mortgage assets and servicing rights on $45 billion in mortgages have been acquired by Citigroup Inc.

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

Mortgage Servicers Urged to Reach Out

The Federal Reserve, the Federal Deposit Insurance Corp. and other federal banking regulators are encouraging mortgage servicers to help cash-strapped borrowers stay out of foreclosure. In addition to helping borrowers refinance into fixed-rate products, servicers are urged to use such loss-mitigation tools as loan modifications and payment deferrals. Regulators believe such steps are necessary as 14 percent of subprime mortgages will experience a rate increase by 2009, but there are concerns that mortgage securitizations can complicate loan modifications.

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

Reappraising Third-Party Originators

Many lenders have turned to retail underwriting due to concerns about credit quality in loans originated by brokers and correspondents. IndyMac Bancorp Inc. is among the lenders that no longer purchase loans from correspondents, which once accounted for upwards of 70 percent of mortgages. First Houston Mortgage President David Zugheri says brokers opted to send loans to mid-level aggregators rather than directly to the big lenders because correspondents lack the financial resources to verify employment, credit and other criteria for every loan.

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