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October 26, 2007
Housing Starts Sept. 07
Posted by S. Germain at 09:02 AM | Comments (0)
Leading Real Estate Companies of The World™ Selects MarketLinx®
MarketLinx Inc. and Leading Real Estate Companies of the World (LeadingRE), a global real estate network, today announced a joint marketing agreement to offer MarketLinx technology through Leading Real Estate Solutions™, LeadingRE’s division of endorsed products for LeadingRE member firms.
AgentAchieve will be the first MarketLinx product available through the LeadingRE global network of real estate firms. AgentAchieve is a complete solution for real estate brokerages that integrates business management and productivity tools to help real estate firms manage critical aspects of their business including online systems, lead management, agent productivity, recruiting and retention.
Posted by S. Germain at 08:59 AM | Comments (0)
The First American Corporation to Hold Third-Quarter Conference Call on November 1
The First American Corporation announced that it will host a conference call on Nov. 1, 2007, at 11 a.m. EDT. The call will follow the announcement of the company's third-quarter operating results, which is scheduled for release on Nov. 1, 2007, at 8:32 a.m. EDT.
The conference call, which will also be broadcast over the Internet and is open to investors, members of the financial community, the media and other members of the public, can be accessed online at http://www.firstam.com/investor or by dialing toll free (888) 955-3516. Callers from outside the United States may dial (210) 234-5896. The pass code for the event is "First American."
Posted by S. Germain at 08:57 AM | Comments (0)
FNIS Announces Pursuit of a Plan to Spin-Off the Lender Processing Services Division
Fidelity National Information Services, Inc. announced that its Board of Directors has approved pursuing a plan to spin-off its Lender Processing Services ("LPS") division into a separate publicly traded company.
Read the entire story here.
Posted by S. Germain at 08:55 AM | Comments (0)
Attorneys, Lenders Benefit from Stewart's Pre-Foreclosure Report
Stewart Lender Services Inc. is now promoting its Pre-Foreclosure Report solution, which helps attorneys and lenders correctly assess a property title's current condition. The tool is especially beneficial when a borrower is in financial distress.
According to Stewart, “The new Pre-Foreclosure Report provides a quick 'snapshot' of the subject residential property. The report includes a two-owner search, vesting information, open liens, judgments and pending law suits as well as tax information and myriad of other data.”
The tool is now available in 50 states and includes several “add-on” options such as bankruptcy searches and title updates.
Posted by S. Germain at 08:53 AM | Comments (0)
Fidelity National Financial, Inc. Reports Third Quarter 2007 EPS of $0.03
Fidelity National Financial, Inc. reported operating results for the three-month and nine-month periods ended September 30, 2007.
Read the entire story here.
Posted by S. Germain at 08:51 AM | Comments (0)
FNRES Launches Real Estate Education Classes Online
Fidelity National Real Estate Solutions (FNRES) is allowing real estate professionals to continue their education online with its new Fidelity National University—an online educational outlet that can be accessed from any computer, 24-hours a day.
With classes offered in three separate divisions—sales, professional development, technology training and personal awareness—students can learn a variety of subjects online without leaving the comfort of their own home. The new educational portal is possible because of FNRES's unique partnership with Instructional Technology Services, Inc., a company that provides customized online training for clients.
Posted by S. Germain at 08:49 AM | Comments (0)
Stewart Information Posts 3Q Loss
Stewart Information Services Corp. lost money in the third quarter as the slumping housing market hamstrung demand for real estate services.
Stewart Information Services lost $14.3 million, or 79 cents per share, in the third quarter, compared with profit of $14.2 million, or 77 cents per share, in the third quarter of 2006. Stewart Information's revenue shrank 22 percent to $501.9 million from $641.5 million.
Posted by S. Germain at 08:46 AM | Comments (0)
LOGS Network Chooses CSC’s Mortgage Default Management
The LOGS Network, a nationwide group of commonly-owned and centrally managed law firms and trustee companies, has decided to utilize Computer Sciences Corporation’s EarlyResolution mortgage default software to assist the network with its new home retention division–HEART (Homeowners Equity Assisted Retention Team) Financial Services.
Posted by S. Germain at 08:45 AM | Comments (0)
Countrywide Reports Loss of $1.2 Billion for Third Quarter
"Countrywide's results for the third quarter of 2007 reflect the impact of unprecedented disruptions in the U.S. mortgage market and the global capital markets, as well as continued weakening in the housing market,"said Angelo R. Mozilo, Chairman and Chief Executive Officer.
Posted by S. Germain at 08:41 AM | Comments (0)
iDatix Corporation Aims At Providing Paperless Mortgage Operations
To ensure mortgage customers receive significant and measurable results, iDatix implemented its iSynergy Mortgage their end-to-end integrated solution that provides a fully scalable, modular architecture to address the core business problem of managing unstructured data. iSynergy Mortgage streamlines end-to-end mortgage processing from loan origination and electronic delivery of mortgage files to the secondary market.
Posted by S. Germain at 08:35 AM | Comments (0)
Commercial real estate survives slump better than housing
The excesses that led to a bust in the housing boom haven't spread to the commercial real estate market, where the outlook is cautious but decidedly upbeat.
Led by strong growth in the office and retail segments, commercial property sales hit $401 billion through Oct. 18, outpacing last year's $359 billion total, according to Real Capital Analytics, a New York based real-estate research firm.
Construction spending on office buildings, shopping centers and other private, nonresidential projects jumped 15.2 percent in August, the Commerce Department said last month.
Posted by S. Germain at 08:33 AM | Comments (0)
ClearStar.net Partners with SharperLending LLC to Deliver Broad Spectrum of Credit Data Services
ClearStar.net announced the formation of a partnership with SharperLending LLC, technology provider of secure, Web-based lending management platforms. Under terms of the agreement, SharperLending will provide ClearStar.net with real time gateway access to data from all three credit bureaus and its proprietary suite of service offerings in standard MISMO XML format.
Posted by S. Germain at 08:31 AM | Comments (0)
Byte Software Releases BytePro 2.1
Byte Software releases BytePro version 2.1. This latest edition to Byte Software's suite of products boasts enhanced management reports, Web Services and an all-new Software Development Kit (SDK). Additional features include interfaces to new credit and marketing partners as well as added support for ARM and interest-only loans.
Further enhancements include the ability to create loan detail reports based on alert fields, conversation log entries and processing log entries, as well as the ability to screen out duplicates by field, such as social security number or borrower address.
Posted by S. Germain at 08:27 AM | Comments (0)
Titan Lenders Corp Adds Docu Prep As Preferred Vendor
Titan Lenders Corp., a mortgage back office fulfillment services provider specializing in closing, funding, and post closing services has added Docu Prep as a preferred document preparation and compliance provider, offering another leading vendor option for Titan’s customers.
Posted by S. Germain at 08:25 AM | Comments (0)
REIT Automates Due Diligence
Redwood Trust, a real estate investment trust specializing in residential and commercial trusts, has deployed Overture's Mozart Tape Cracking 2.0, a software program that enables secondary-market investors to automatically convert complex bulk loan data submitted by primary market lenders into their own formats.
Posted by S. Germain at 08:17 AM | Comments (0)
Stung by Mortgage Woes, NatCity Profits Fall 80%
National City Corp. saw its third-quarter net income slide by 80% because of writedowns and higher delinquencies on its residential mortgage business. The company reported third-quarter net income of $106 million, compared with $526 million a year earlier. The earnings release came a day after NatCity said it was shutting its correspondent residential unit but will remain a retail and wholesale lender.
Posted by S. Germain at 08:16 AM | Comments (0)
Clear Capital Creates Appraisal Unit
Clear Capital, a property valuation outsourcing firm based in Truckee, Calif., has announced the hiring of Dave Shepard as vice president and Scott Richardson as director of product development to lead the company's new Appraisal Division.
Posted by S. Germain at 08:14 AM | Comments (0)
eLynx, Harland Financial Solutions Integrate Doc Technologies
eLynx has partnered with Harland Financial Solutions to integrate eLynx’s suite of mortgage services - called expedite - with Harland Financial Solutions’ GreatDocs print technology.
The agreement is based on leveraging existing GreatDocs technology and loan origination system (LOS) integrations to generate eLynx-compatible transactions, eLynx says. GreatDocs users now have access to all of eLynx’s suite of services for e-signatures, e-delivery, and electronic workflow and collaboration.
Posted by S. Germain at 08:12 AM | Comments (0)
Celink Platform Supports LIBOR-based FHA-HECM
Celink, headquartered in Lansing, Mich., has announced that its proprietary reverse mortgage-servicing platform, ReverServ, supports the newly authorized LIBOR-based Federal Housing Agency (FHA)-insured home equity conversion mortgage (HECM).
Posted by S. Germain at 08:10 AM | Comments (0)
Grim Housing Data Lifts Wall St. Hopes for Rate Cut
The National Association of Realtors this week announced an unexpectedly steep 8 percent, month-to-month slide in sales of previously owned homes in September. A total of 5.04 million units changed hands on an annualized basis, down from 5.48 million in August, the group calculated. The bleak report also noted that the median U.S. home price was down to $210,200 from $223,700. While the stock market had a bad reaction to the news initially, share prices picked back up on the increasing possibility that the Federal Reserve--faced with the risk of a deteriorating credit market--will lower interest rates once again when it holds its next policymaking session a week from now.
Posted by S. Germain at 08:06 AM | Comments (0)
Countrywide to Offer Refinance Options
Countrywide Financial Corp. plans to refinance or modify up to $16 billion in loans for borrowers who have adjustable-rate mortgages that will reset next year. The mortgage company plans to contact some 52,000 subprime borrowers with strong payment histories on about $10 billion in loans and offer them the opportunity to refinance into prime or Federal Housing Administration loans. Some 20,000 borrowers who are unlikely to qualify for a refinance and are likely to have problems with a rate reset will be offered a modification option.
Posted by S. Germain at 08:03 AM | Comments (0)
B of A: No-Fee Loan Bringing Company More Market Share
Bank of America Corp. was the No. 1 retail mortgage lender in the second quarter, boasting a market share of 12.7 percent, Countrywide Financial Corp. fell to second place. BofA attributes its recent success despite weakness in the mortgage market to its "No Fee Mortgage Plus" product, which allows borrowers with credit scores as low as 620 to borrow 95 percent of a home's value. Borrowers do not have to pay mortgage insurance or application, appraisal, origination, title, flood determination or other closing costs on the product, which now accounts for more than 50 percent of BofA's retail production; and BofA President Floyd Robinson says the company has not offset the loss of such fees by hiking interest rates on other mortgage products.
Posted by S. Germain at 08:01 AM | Comments (0)
October 19, 2007
New Home Sales Aug. 07
Posted by S. Germain at 08:30 AM | Comments (0)
First American LoanPerformance Releases August 2007 House Price Index
First American LoanPerformance announced the release of its August 2007 LoanPerformance Home Price Index (HPI).
The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,376 ZIP codes, 956 Core Based Statistical Areas (CBSA) and 655 counties in all 50 states and the District of Columbia. The index, which is the most comprehensive available in the industry, is reported five weeks after each month ends.
Read the entire story here.
Posted by S. Germain at 08:29 AM | Comments (0)
First American Real Estate Tax Service Announces New Web Portal That Streamlines Access to Tax Data
First American Real Estate Tax Service announced the launch of its new Web-based data solutions portal that provides a streamlined interface and enhanced reporting capabilities for originators, lenders and investors conducting tax-related activities and research.
The data solutions portal serves as a centralized point of access into First American’s extensive 130 million parcel property tax database, which is the largest in the industry. The portal offers clients the ability to secure data that can be used for preparing accurate good faith estimates and HUD-1 settlement statements.
Posted by S. Germain at 08:27 AM | Comments (0)
First American Default Technologies Announces 8th Annual Default Technology Conference
First American Default Technologies announced that its 8th Annual Default Technology Conference will be held October 24-26, 2007, at the Hilton Hotel in Las Vegas, Nev.
The conference is unique in the default arena as it offers an industry-wide forum specifically focused on present and future default technologies. Topics and panel discussions will cover loss mitigation technology and trends, foreclosure and bankruptcy updates, investor updates, business process automation and quality improvement.
Posted by S. Germain at 08:27 AM | Comments (0)
Kenneth Manqueros Named President of First American Title’s Agency Services Division
First American Title Insurance Company announced today that Kenneth Manqueros has been named president of the company’s National Agency Services division. In his new role, Manqueros will plan and execute the division’s strategies, as well as coordinate the activities of the regional offices that service the company’s agents nationwide.
Posted by S. Germain at 08:26 AM | Comments (0)
First American eAppriseIT Offers Relocation Valuations
First American eAppraiseIT announced it is offering relocation valuations to corporations, national mortgage lenders and national relocation service providers.
In response to the demands of the relocation market, eApprasieIT developed an appraisal management service offering that utilizes the efficiencies of state-of-the-art technology and ensures shortened appraisal delivery times, all while consistently providing quality and service control measures to deliver an accurate valuation. eAppraiseIT service offerings are fully customizable and offer process flexibility to meet each client’s unique requirements and individual needs.
Posted by S. Germain at 08:25 AM | Comments (0)
(FNF)ServiceLink Launches Version 2.0 of the iClose Platform
ServiceLink, the national platform of Fidelity National Financial (FNF) offering title, closing, valuation and settlement services technology solutions, today announced the launch of iClose version 2.0. iClose is a web-based closing technology for mortgage refinance and home equity loan closings that provides borrowers with the ability to close their loans anywhere ...either at home, the office or on vacation at virtually anytime. This major release enhances the current application, allowing enhanced ability to private label brand the site for use by lenders, servicers and other settlement service providers.
Posted by S. Germain at 08:23 AM | Comments (0)
Stewart Expands eMortgage Offering with Electronic Disclosure Solution
Stewart announces the release of its electronic disclosure solution designed to automate the lender’s initial disclosure process. Stewart’s eDisclosure solution provides the ability for lenders to electronically transmit and display initial disclosure documents to their borrowers in a secure, online, consumer-friendly environment for electronic acceptance.
Lenders can leverage and simplify the eDisclosure process to its fullest by ordering compliant, warranted Initial Disclosures packages through Online Documents Inc.
Posted by S. Germain at 08:22 AM | Comments (0)
FICS Enhances Servicing Solution with QuestSoft's Instant Geocoder
Financial Industry Computer Systems, Inc. (FICS), announced that it has interfaced Laguna Hills, Calif.-based QuestSoft's Instant Geocoder into its Mortgage Servicer® solution. With Instant Geocoder's address verification capability, the interface enables FICS customers to verify the accuracy of borrowers' mailing addresses, ensuring proper delivery and a quicker response time by the borrower.
Posted by S. Germain at 08:17 AM | Comments (0)
ValuFinders Creates Application to Promote Lender, Appraiser Independence
ValuFinders, Inc. announced the availability of Appraisal CONCIERGE to allow lenders to select appraisers without compromising quality or jeopardizing integrity.
Appraisal CONCIERGE, accessible at www.AppraisalConnect.com, is an outsourcing database that places appraisal orders via the Web. Lenders and brokers have the ability to order appraisals through an integrated system that facilitates the entire process. With a click of a button, mortgage experts can order an appraisal from a national network of appraisal professionals. The service also keeps the parties informed through each step in the appraisal process with systematic e-mail alerts. Appraisal CONCIERGE coordinates the date and time of service delivery and archives appraisals for five years.
Posted by S. Germain at 08:16 AM | Comments (0)
CreditXpert Inc. Unveils Dynamic Lender Solution to Authorized User Account Dilemma
CreditXpert Inc. announces the launch of the CreditXpert AU Filter(TM), the first product on the market to help lenders easily assess the impact of authorized user accounts on a borrower's credit. The CreditXpert AU Filter is compatible with scoring models for all three bureaus.
Posted by S. Germain at 08:15 AM | Comments (0)
Veros Launches Valuation Review Management System
Veros Real Estate Solutions announced the release of its new Valuation Review Management (VRM) system. Veros' fully-automated VRM system centralizes and streamlines complex workflows - as well as the associated products, analytics and data - resulting in significant cost reductions, productivity gains, and increases in overall review quality and accountability.
Posted by S. Germain at 08:12 AM | Comments (0)
FICS' Loan Origination System Simplifies HMDA Reporting
Financial Industry Computer Systems, Inc. (FICS®) announced that it enhanced its Home Mortgage Disclosure Act (HMDA) reporting features in its residential mortgage loan origination system (LOS), Loan Producer®.
The HMDA reporting feature enables mortgage professionals using Loan Producer to more easily comply with HMDA requirements by eliminating extra steps required to prepare the Loan Application Register (LAR), HMDA's required format for submission to federal financial regulatory agencies.
Posted by S. Germain at 08:11 AM | Comments (0)
Flagstar Picks Fiserv for Electronic Mortgage
Flagstar Bank is now managing its eMortgage signing, closing and post-closing processes using the Fiserv eLending platform. Flagstar Bank also uses the technology to securely store electronic notes (eNotes) and other closing documents in the Fiserv electronic vault (eVault) and to facilitate the electronic transfer of assets to secondary market investors and loan servicers. The eLending platform is a natural extension of the bank's existing paperless mortgage initiative.
Posted by S. Germain at 08:04 AM | Comments (0)
GMAC to Cut Jobs in Mortgage Unit
Continuing problems in the mortgage industry and housing market have prompted GMAC Financial Services to eliminate 3,000 jobs in its mortgage unit, Residential Capital (ResCap). The move, which will cut about a quarter of ResCap's worldwide staff, is part of GMAC's efforts to restructure its mortgage business as market conditions change. Meanwhile, Countrywide Financial said its plan to slash 20 percent of its workforce, announced in early September, will force the company to take a pretax charge of up to $150 million.
Posted by S. Germain at 08:03 AM | Comments (0)
eLynx Introduces Unified e-Business Platform
eLynx announced integration of its electronic services into expedite, a unified e-business platform. Under expedite, users gain access to eLynx's electronic document services, including electronic document management, secure delivery, integrated electronic faxing and print-on-demand components and electronic folders. Adaptable to the specifics of a variety of scenarios, expedite can be deployed swiftly to accelerate many different business processes.
Posted by S. Germain at 08:01 AM | Comments (0)
Mortgage Originations Expected to Plunge
The Mortgage Bankers Association expects loan origination volume to fall about 15 percent this year to $2.31 trillion, decline 18 percent in 2008 and then slip another 6 percent in 2009 as the flow of cash from investors to lenders dries up and as overall economic growth slows.
Posted by S. Germain at 08:00 AM | Comments (0)
Lydian Data Services Releases Turnkey Outsourced Fulfillment Service
Lydian Data Services rolled out a turnkey outsourced fulfillment service specifically designed to assist mid-market originators, banks and credit unions that are either entering the wholesale and retail mortgage origination market or looking to convert their fixed costs operations into a scalable variable cost model.
Lydian’s outsourcing services include a collaborative web-based platform, best practices fulfillment process and staffing. It enables mid-market banks or credit unions to establish or enhance its capability to originate loans without having to establish attendant technology and back office operations.
Posted by S. Germain at 07:58 AM | Comments (0)
DRI Management Systems, Artemis Enterprises Form Alliance
The DRI-Artemis alliance offers the default mortgage servicing market single-source access to process and information management technology services. Mutual clients gain substantial cost saving benefits through time efficiencies and by reducing the risk associated with untimely and inaccurate communication errors.
Posted by S. Germain at 07:57 AM | Comments (0)
DocuTech, Dynatek Integrate MORvision and ConformX
DocuTech and Dynatek announced production release of the integration of DocuTech’s Web-based document service, ConformX with Dynatek’s MORvision.
The partnership integrates ConformX and MORvision. MORvision users will have instant access to the entire suite of ConformX documents including initial disclosures, processing and closing documents. DocuTech has been a member of Dynatek’s Plug-In Partner Network since 2004. This alliance intends to reduce loan processing time, manual input errors and compliance issues by automatically generating and populating state and federal compliant mortgage documents.
Posted by S. Germain at 07:57 AM | Comments (0)
William Fall Group Acquires Appraisal Field Offices
The William Fall Group announced acquisition of the residential field appraisal services of EASI. The acquisition now provides the ability to perform services in 13 states with 200 employee appraisers performing residential and commercial valuations.
The integration of offices will provide the William Fall Group with expansion into Northern and Southern California, Arizona, Texas and Illinois.
Posted by S. Germain at 07:56 AM | Comments (0)
Interthinx Acquires NIA Consulting
Interthinx, a unit of ISO and a leading provider of risk mitigation, mortgage fraud prevention and regulatory compliance tools for the mortgage industry, announced acquisition of NIA Consulting, a provider of fraud detection and forensic audit services for the home mortgage and mortgage insurance industries. Terms were not disclosed.
Posted by S. Germain at 07:55 AM | Comments (0)
FNC Releases Collateral Analytics
Property Scan streamlines multiple data sources for the subject and comparables into one analysis report, providing a look at the property characteristics, legal description, sales history, county tax information, and recent and historical comparable sales. Easy Price Opinion, a Web-based application, provides information for users to quickly declare a price opinion. QC Vigilance lets reviewers compare the appraiser’s selected comparables to the National Collateral Database and confirm their existence and validity.
Posted by S. Germain at 07:55 AM | Comments (0)
John Adams Mortgage Selects Dynatek as KPO Vendor
Dynatek Inc., an ISGN company in mid-tier mortgage automation, announced that John Adams Mortgage Co., a Southfield, Mich.-based lender, selected Dynatek as the knowledge process outsourcing vendor for its new construction lending operation.
Posted by S. Germain at 07:54 AM | Comments (0)
PCLender.com Adds Integrated Document Imaging, Management
PCLender.com added integrated imaging and document management to its InHouse Mortgage Enterprise Lending System.
PCLender’s imaging component includes web based document storage, allowing users with access to the InHouse Mortgage system to load and view documents via a completely hosted system. All stored document images are linked both to loan status and conditions specific to a loan’s requirements.
Posted by S. Germain at 07:53 AM | Comments (0)
Reunion Mortgage Originates eMortgages with DocuTech
DocuTech Corp., Idaho Falls, Idaho, a provider of compliance services and documentation technology for the mortgage industry, announced that Milpitas, Calif.-based Reunion Mortgage implemented DocuTech's ConformX with SMART Docs, a Web-based interface that simplifies the process of preparing, processing and closing paperless mortgages using Category 1 SMART Document eNotes.
Posted by S. Germain at 07:51 AM | Comments (0)
DocuLex Launches Web-Based Document Management System
DocuLex announced the launch of Archive Studio Web-based document management for mortgage lending environments. This software as a service offering enables secure document warehousing and sharing with remote access to organizations with a need to share documents among multiple offices, other companies or the public.
DocuLex utilizes Internet-enabled search and retrieval software WebSearch, designed to allow sharing of document collections for colleagues to enable rapid information distribution and workflow collaboration. Each user is presented with a custom portal design specifically to meet their needs.
Posted by S. Germain at 07:50 AM | Comments (0)
Mavent Integrates into Calyx Software
Mavent Inc., Irvine, Calif., a provider of automated regulatory compliance services to the mortgage industry, and Calyx Software, San Jose, Calif., makers of the Calyx Point loan origination and processing system, announced integration of the Mavent Expert System into Calyx Point.
Using Calyx WebConnect technology, the Mavent interface will enable Point and Point Data Server users to review loan data against nearly 300 legislative acts, 200 license types, the rules and regulations of more than 60 regulatory authorities and the mandated compliance policies of the industry’s leading investors, prior to closing.
Posted by S. Germain at 07:50 AM | Comments (0)
Fair Isaac Adds Collections Scoring
Fair Isaac Corp.'s new Collection Scores product, unveiled at the recent Collections and Recovery User Group conference in Las Vegas, aims to improve collections management and drive up recovered amounts. The new scoring method gauges which accounts are most likely to become delinquent and determines the cases in which collection efforts will yield higher recovered amounts.
Posted by S. Germain at 07:46 AM | Comments (0)
Banks to Start Fund to Protect Credit Markets
Citigroup, Bank of America and JPMorgan Chase, with the help of the Treasury Department, will launch a conduit in 90 days that will be responsible for purchasing AAA and AA bonds from structured investment vehicles (SIVs) that have encountered financing difficulties since the credit crisis began in early August. The fund will purchase between $75 billion and $100 billion in bonds using capital from these banks and others around the globe as well as money raised by the sale of commercial paper. The securities will be purchased at market rate, though the price calculations of bonds that recently ceased trading has yet to be clarified.
Posted by S. Germain at 07:46 AM | Comments (0)
October 12, 2007
Top Subservicers Q2 07
Posted by S. Germain at 09:08 AM | Comments (0)
First American LoanPerformance Announces Major Enhancements to Truestandings® Securities Data and Analytics Solution
First American LoanPerformance, a member of The First American Corporation family of companies and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, today announced major enhancements to TrueStandings Securities®, its Web-based business intelligence platform that provides loan-level access to First American LoanPerformance’s industry-leading securities database containing over $2 trillion worth of mortgage transactions representing 85 percent of active nonagency securitized mortgages.
Read the entire story here.
Posted by S. Germain at 09:04 AM | Comments (0)
The First American Corporation Expands Business Process Outsourcing Solutions for Mortgage Industry Through MortgageBPO
The First American Corporation, America’s largest provider of business information, today announced the release of MortgageBPOSM, a new business process outsourcing solution that combines flexible domestic and offshore configurations, scalable staffing options and technology development support for cost-effective mortgage processing.
Read the entire story here.
Posted by S. Germain at 09:02 AM | Comments (0)
Fidelity National Financial, Inc. Announces 3rd Quarter Earnings Release and Conference Call
Fidelity National Financial, Inc. will release 3rd quarter 2007 earnings after the close of regular market trading on Wednesday, October 24, 2007. A conference call will follow at 10:00 a.m. Eastern Time on Thursday, October 25, 2007. Those wishing to participate via the webcast should access the call through FNF's Investor Relations website at www.fnf.com. Those wishing to participate via the telephone may dial-in at 888-428-4478 (USA) or 651-291-5254 (International). The conference call replay will be available via webcast through FNF's Investor Relations website at www.fnf.com.
Posted by S. Germain at 08:58 AM | Comments (0)
LandAmerica Introduces Multi-Lingual Language Services to Help Agent Partners Serve Non-English-Speaking Customers
LandAmerica Financial Group, Inc. has introduced Multi-Lingual Language Services (MLLS), a solutions suite helping the company's Agent Partners grow their businesses by more effectively marketing to, servicing, and supporting non-English-speaking customers.
Posted by S. Germain at 08:57 AM | Comments (0)
Stewart Title Ltd. Extends Title Insurance to Cover Entire European Union
Stewart Title Ltd., the primary underwriter for the European and Australian transactions for Stewart Information Services Corp. announced that it is now offering title insurance coverage in all European Union (EU) countries. Stewart Title Ltd. is one of the leading title insurers in Europe with more than €5 billion in title insured transactions within Central Europe alone.
Posted by S. Germain at 08:56 AM | Comments (0)
Reunion Mortgage Originates eMortgages with DocuTech
DocuTech Corp. announced that Reunion Mortgage implemented DocuTech's ConformX® with SMART Docs, a Web-based interface that simplifies the process of preparing, processing and closing paperless mortgages using Category 1 SMART Document eNotes.
Posted by S. Germain at 08:54 AM | Comments (0)
Lenders First Choice Launches LFC WebClose(SM), Allowing Borrowers to Securely Close Loans Over the Internet
Lenders First Choice has launched LFC WebClose(SM), an interactive closing solution that allows borrowers to close their loans online, from anywhere Internet access is available. Unlike traditional closings that require borrowers to travel to an office to sign closing documents, LFC WebClose enables borrowers to review and approve closing documents securely online.
Posted by S. Germain at 08:53 AM | Comments (0)
ChoicePoint's MARI Adds License Verification of Appraisers and Realtors to National Mortgage Fraud Database
The Mortgage Asset Research Institute has now added License Verification of appraisers and realtors to the MIDEX platform. The initial launch covers 14 states and is expected to be expanded nationally by the end of the year.
Posted by S. Germain at 08:44 AM | Comments (0)
Mavent and Digital Risk integrate mortgage technology
Mavent, a provider of automated regulatory compliance solutions to the mortgage industry's leading originators and investors, has integrated with Orlando-based Digital Risk LLC, a risk mitigation solutions provider for the mortgage industry, to provide precise and efficient regulatory compliance risk management reviews.
Posted by S. Germain at 08:42 AM | Comments (0)
Titan Lenders Corp. Selects National Mortgage Compliance Services
Titan Lenders Corp. has chosen National Mortgage Compliance Services, LLC, (NMCS) as an advisor on compliance matters related to its services. The relationship offers Titan Lenders Corp. customers reduced rates for NMCS mortgage compliance consulting services.
Posted by S. Germain at 08:40 AM | Comments (0)
Zenta Joins BlitzDocs Collaborative Network
Zenta and Advectis®, Inc. announced that Zenta has become a BlitzDocs Certified BPO Provider. Zenta's outsourcing services for loan processing, underwriting, closing, post-closing, and servicing, can now be enabled using imaged loan files and the document management workflow delivered via the Advectis BlitzDocs® network.
Posted by S. Germain at 08:38 AM | Comments (0)
Colonial Savings Selects Interthinx(R) Proven Risk Mitigation
Interthinx®, Inc. has integrated its loan-level fraud detection system, FraudGUARD®, and its automated regulatory compliance tool, PredProtect(SM), with Colonial Savings and its mortgage origination divisions, Colonial National Mortgage, CU Members Mortgage, and Community Bankers Mortgage.
Posted by S. Germain at 08:37 AM | Comments (0)
Countrywide Home Loans Partners with RealEC Technologies to Deliver Online Closing Platform
RealEC Technologies Inc., announced it has entered into an agreement with Countrywide Home Loans, Inc., allowing Countrywide to use RealEC's Web-based closing platform for mortgage refinance and home equity lending transactions.
Through the new agreement, Countrywide has licensed RealEC's Web-enabled closing service and has integrated the service into its TS2 settlement services platform, which was built using the RealEC Collaborative Network Platform.
Posted by S. Germain at 08:36 AM | Comments (0)
Bridgelock Capital Selects PCLender's Integrated Mortgage Document Imaging and Management Module
PCLender.com, a web based software and services solutions provider to mid-sized mortgage bankers, has added integrated imaging and document management to its InHouse Mortgage Enterprise Lending System, providing lenders new levels of efficiency for loan processing, underwriting, investor delivery, and file archiving.
Posted by S. Germain at 08:35 AM | Comments (0)
Xerox Completes Acquisition of Advectis, Inc.; Launches Xerox Mortgage Services
Xerox Corporation has completed its cash acquisition of Advectis®, Inc. for $32 million.
This purchase expands Xerox's expertise in automating work processes, helping customers in document-intensive businesses like lending and finance to reduce costs and simplify how work gets done. In a predominately paper-based industry, Advectis' Web-based BlitzDocs Collaboration Suite helps lenders, brokers and investors manage the process needed to underwrite, audit, collaborate, deliver and archive loan documents electronically.
Posted by S. Germain at 08:32 AM | Comments (0)
RESPA GFE Revamp Proposal Coming Soon
The Department of Housing and Urban Development is very close to sending a RESPA proposal to the Office of Management and Budget that revamps the good-faith estimate and HUD-1 settlement sheet. The proposal includes a standard GFE form to create more consistency in the initial disclosure that mortgage applicants receive from lenders on the costs of a mortgage transaction. The GFE will be comparable to the HUD-1 settlement sheet, and fees that might change before closing are grouped together.
Posted by S. Germain at 08:30 AM | Comments (0)
Experian: Model Offers Finer B&C Definition
VantageScore, Experian's most recently developed credit scoring model, provides lenders with a "more refined segmentation" of the subprime consumer segment than other models, according to the Costa Mesa, Calif.-based provider of information services. Many credit scoring methodologies group subprime consumers into one category, Experian said, but VantageScore allows lenders "to identify pockets of relatively low-risk consumers" within that category.
Posted by S. Germain at 08:27 AM | Comments (0)
Foreclosures Soar 149% at Countrywide
Countrywide Financial Corp., had a 1.27% foreclosure rate on its servicing portfolio at the end of September, a 149% increase from that of the same period last year. According to September operational figures released by the company, Countrywide serviced $1.459 trillion worth of loans at Sept. 30, which means $18.5 billion worth of mortgages it services are in the "foreclosures pending" category. Roughly 5.85% of its servicing portfolio is delinquent.
Posted by S. Germain at 08:24 AM | Comments (0)
Canadian Company Buys Majority of Field Asset Services
Austin, Texas-based Field Asset Services (FAS) is the subject of a major transaction in which Toronto, Canada-based FirstService Corp. is acquiring 80-percent interest in the residential property preservation company.
The company—being a comprehensive provider of preservation services, repair, and maintenance for lenders holding foreclosures—jumped on FirstService's radar screen because of the nature of the company's business.
Posted by S. Germain at 08:23 AM | Comments (0)
BasePoint Analytics Launches Default Alert Technology
Carlsbad, California-based BasePoint Analytics, a technology provider that benefits the financial services industry, has designed a new technology that can detect the risk of early payment defaults (EPD) on mortgage loans.
The product, which is called the BasePoint EPD alert ™, utilizes a statistical pattern to detect any loan irregularities that indicate an element of risk.
Posted by S. Germain at 08:21 AM | Comments (0)
Countrywide Lending Plunges
Countrywide Financial Corp. reports that its total mortgage volume plummeted 44 percent last month from the $21 billion tallied a year earlier. The California-based lender is now expected to post a third-quarter loss, the size of which will be determined by how much the firm will have to write down the value of mortgages and securities it holds
Posted by S. Germain at 08:17 AM | Comments (0)
Mortgage Rates Rise Across the Board
Freddie Mac says the 30-year fixed mortgage rate edged up to 6.40 percent from 6.37 percent over the past week. The 15-year fixed mortgage rate climbed to 6.06 percent from 6.03 percent. Meanwhile, interest on one-year adjustable loans jumped to 5.73 percent from 5.58 percent; and the five-year ARM bumped up to 6.12 percent from 6.11 percent.
Posted by S. Germain at 08:17 AM | Comments (0)
Bush Officials Launch Mortgage Coalition
The Bush administration has announced that a broad coalition of residential-loan providers, mortgage counselors, trade organizations and investors will work together to help keep thousands of borrowers from losing their homes to foreclosure. The alliance will make use of a direct-mail and advertising campaign to help convince homeowners to contact their mortgage servicer or a credit counselor as well as to encourage servicers and nonprofit counselors to explain their options.
Posted by S. Germain at 08:15 AM | Comments (0)
MBA Study Shows Drop in 2006 Industry Profits
Mortgage banking production profits fell to negative $50 per loan in 2006 from positive $258 per loan in 2005, according to the Mortgage Bankers Association's annual Cost Study. While production revenues increased on a per-loan basis, this increase did not keep pace with the increase in production operating expenses, which grew by 17 percent to $3,416 per loan in 2006.
• Overall, the average firm posted pre-tax net financial income of $6.4 million in 2006, compared to $26 million in 2005.
• Retail sales productivity averaged 62 loans per loan officer in 2006, compared to 83 loans per loan officer in 2005.
• On a per loan basis, the net "cost to originate" increased to $2,476 in 2006 compared to $2,049 per loan in 2005.
• Servicing financial profits per loan serviced declined by 44 percent, primarily because of mortgage servicing hedge losses that were only partially offset by gains in servicing valuations. Per-loan financial profits averaged $58 per loan in 2006, down from $104 per loan in 2005.
Posted by S. Germain at 08:13 AM | Comments (0)
Fed Takes Wait-and-See Approach
Federal Reserve policymakers have no specific plan to continue to lower interest rates, according to minutes of the Sept. 18 meeting of the Federal Open Market Committee. Central bank officials expressed concern about how the financial markets and economic growth would respond to further cuts, adding that market developments and other factors would determine whether they proceed with any reductions.
Posted by S. Germain at 08:12 AM | Comments (0)
Lead-Generation Site Asks for No Personal Data
Mortgage Marvel from Mortgagebot LLC is a new lead-generation Web site for lenders that targets borrowers who do not want to input personal information in order to receive rate quotes on prime loans. Users of Mortgage Marvel key in their Social Security numbers and other personal data only when they fill out an application--unlike LendingTree and LowerMyBills.com, which require personal information upfront.
Posted by S. Germain at 08:11 AM | Comments (0)
Web to Aid Title Insurer
This week, the title industry and California Insurance Commissioner Steve Poizner are launching TitleWizard, a Web-based tool that enables consumers in the state to compare premiums and title insurers in their communities. The online tool, which comes as title insurance companies look to rebound from a series of scandals and government investigations, reportedly is the first of its kind in the nation. To date, almost 100 insurance companies have agreed to be part of the Title Wizard database. In the Sacramento metro area, for instance, the Web site (at www.clta.com) lists 10 firms offering policies.
Posted by S. Germain at 08:08 AM | Comments (0)
Bank of America to Take $1B Hit
Bank of America will take a $1 billion write-down in mortgage securities and leveraged home loans in its third-quarter earnings statement, and JPMorgan Chase will take at least $2 million in mortgage-related charge-offs in its quarterly report, according to Howard Mason, an analyst with Sanford Bernstein. The asset write-downs would bring the total to $22 billion for big U.S. banks this year as a result of the problems in the mortgage market, including rising defaults among borrowers with subprime mortgages.
Posted by S. Germain at 08:08 AM | Comments (0)
October 05, 2007
Commerical Lenders Q2 07
Posted by S. Germain at 09:30 AM | Comments (0)
First American Announces Acquisition of Proxix Solutions
The First American Corporation announced that it has acquired Proxix Solutions, a leader in the geospatial industry. Terms of the transaction were not disclosed.
Proxix Solutions combines location intelligence with enterprise solutions to help businesses make more informed decisions, understand and mitigate risks, cultivate profitable customer relationships and increase market penetration. With current customers ranging from the property and casualty insurance industry to telecommunications, Proxix adds a new dimension to First American’s strategic initiative of combining our vast databases with predictive analytics for growth in new industries Proxix will be integrated into the newly formed First American Spatial Solutions division based in Austin, Texas.
Posted by S. Germain at 09:28 AM | Comments (0)
First American to Host MBA’s School of Mortgage Servicing at Westlake, Texas Campus
The First American Corporation announced that it will host the School of Mortgage Servicing offered by the Mortgage Bankers Association (MBA), December 11-13, at its Westlake, Texas, campus.
Students attending the School of Mortgage Servicing will earn required credits towards their Certified Mortgage Servicer designation. Comprehensive mortgage servicing training will be offered at the December school on topics such as portfolio valuations, servicing sales and acquisitions, customer service, escrow, default, loss mitigation, real estate owned (REO) transactions and more.
Posted by S. Germain at 09:27 AM | Comments (0)
Avista Solutions Monthly Processed Volumes Top 100,000 Mortgage
Powered by new customers coming online this year, and a continued dramatic shift to FHA, Freddie Mac and Fannie Mae loan products Avista Solutions saw solid volume gains across its customer base in August. Mortgage applications processed across all customers jumped 18% between July and August as volumes surged to over 107,000 unique mortgage applications across all customers making Avista the leading provider of all-in-one, 100% web-based, end-to-end enterprise mortgage loan origination software.
Posted by S. Germain at 09:18 AM | Comments (0)
WNS Raises Guidance for Fiscal Year 2008
WNS (Holdings) Limited) a leading provider of offshore business process outsourcing (BPO) services, today announced it raised guidance for fiscal 2008 following its rapid response to fluctuations in its U.S. mortgage services business.
Read the entire story here.
Posted by S. Germain at 09:14 AM | Comments (0)
Interthinx Ends Summer Season With Series of Enhanced Technologies to Combat Mortgage Fraud
In response to the increasing turmoil faced by the mortgage industry in recent months, Interthinx®, Inc. has fast-tracked a number of cutting-edge technological enhancements to protect financial institutions across the country from further devastation caused by the epidemic of mortgage fraud and risky loans.
Read the entire story here.
Posted by S. Germain at 09:09 AM | Comments (0)
Ellie Mae Offers Hosted Version of Encompass
Ellie Mae has announced that Encompass Banker Edition is now available as a hosted system., enabling mortgage bankers and brokers-becoming-bankers to leverage the software on a pay-as-you-go model without having to maintain it in-house.
Posted by S. Germain at 09:05 AM | Comments (0)
Lydian, Advectis Form Due Diligence Alliance
Lydian Data Services has become a BlitzDocs Certified Quality Control and Due Diligence Provider Advectis. This means Lydian can now receive electronically imaged loan folders from lenders and investors on the BlitzDocs collaborative document network, and can perform quality control services and due diligence reviews for them, the companies said. Under the partnership, Lydian will be able to accept loans in the full range of delivery formats through the BlitzDocs Collaborative Network, since BlitzDocs supports flow, bulk, or minibulk packaging and delivery of electronic loan folders.
Posted by S. Germain at 09:03 AM | Comments (0)
AllRegs Buys Lender E-Source
AllRegs, an information provider for the mortgage lending industry based in Eagan, Minn., has announced the acquisition of Lender E-Source, a Web-based purveyor of mortgage lending product and underwriting guidelines. The terms of the transaction were not disclosed. Lender E-Source provides solutions that allow lenders to manage constantly changing loan product and underwriting guidelines through a searchable, automatically managed loan guideline library.
Posted by S. Germain at 09:03 AM | Comments (0)
House Passes Bill to Aid Strapped Homeowners
Legislation sponsored by House Ways and Means Committee Chairman Charles Rangel, D-N.Y., that would exempt mortgage debt forgiven by lenders from income taxes and offset the estimated $650 million in lost tax revenue as a result of the measure by imposing new restrictions on capital-gains tax exemptions on second homes has been approved by the House. Meanwhile, a House Judiciary subcommittee has okayed a bill that would let judges require primary mortgages to be restructured during bankruptcy proceedings--a move that is opposed by the Mortgage Bankers Association.
Posted by S. Germain at 09:01 AM | Comments (0)
Mortgages for Those Who Lack Credit Data
CitiMortgage plans to offer $200 million in home loans to Washington, D.C., region borrowers with limited credit histories, and Fannie Mae and State Farm Insurance will participate in the test project by purchasing $100 million worth of mortgages. Targeting immigrants and others who avoid using credit cards and taking out loans, the program will be open to borrowers who are in the country legally and have alternate credit lines--such as rental payments and utility bills--that CitiMortgage can use to assess their creditworthiness.
Posted by S. Germain at 09:00 AM | Comments (0)
Contracts on Home Resales at All-Time Low
The National Association of Realtors reports that its seasonally adjusted index of contracts on resale homes fell 6.5 percent in August to 85.5--the lowest reading ever for the measure, which first started tracking the statistic in January 2001.
Posted by S. Germain at 08:58 AM | Comments (0)
Citigroup, UBS Feel the Subprime Sting
Problems in the subprime mortgage market are responsible for the closure of several U.S. lenders and have sparked losses at banks in Germany, France and Britain as well. UBS of Switzerland and Citigroup Inc. of New York are the latest to report substantial write-downs tied to subprime-mortgage-backed securities, reporting losses of $3.4 billion and $5.9 billion, respectively, for the third quarter.
Posted by S. Germain at 08:57 AM | Comments (0)
Fannie, Goldman Seen Bidding for C-Bass Unit
Fannie Mae and Goldman Sachs Group Inc. have emerged as the leading candidates to acquire C-Bass LLC's Litton Loan Servicing LP. Distinguished by its success in working out problem loans, Litton currently services an estimated $58 billion of mortgages.
Posted by S. Germain at 08:57 AM | Comments (0)
WaMu Calls for Mortgage Disclosure
Beginning Oct. 9, brokers arranging loans for their clients through Washington Mutual Inc. (WaMu) must provide enhanced disclosures to borrowers. Brokers must detail the loan amount, prepayment penalties, broker compensation and any future adjustments in interest rates or payments, among other details.
Posted by S. Germain at 08:56 AM | Comments (0)
Greenspan: Housing Woes Lasting
The housing downturn has "a long way to go," with stability in residential prices not expected until new-home inventory reaches its peak, says former Federal Reserve chairman Alan Greenspan. The global economy and U.S. consumers will be hit hard by the weakness, although an increase in demand for high-risk assets leads Greenspan to believe that the credit crunch is letting up. Over the next several years, meanwhile, Bill Gross of the bond fund Pimco believes the central bank will pay close attention to home prices when making interest-rate decisions. Gross expects the federal-funds rate to fall to 3.75 percent from 4.75 percent during the next 12 months.
Posted by S. Germain at 08:55 AM | Comments (0)