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January 25, 2008
Housing Starts Dec. 07
Posted by S. Germain at 08:46 AM | Comments (0)
First American CoreLogic Releases November 2007 LoanPerformance House Price Index
First American CoreLogic announced the release of its November 2007 LoanPerformance Home Price Index (HPI).
Read the entire story here.
Posted by S. Germain at 08:31 AM | Comments (0)
FIS Profile Achieves New Performance Benchmark
Fidelity National Information Services announced new performance benchmarks for FIS' Profile core banking application. Profile's performance was benchmarked at more than 3,200 online banking transactions per second on a 25-million-account database. The real-time core banking solution also processed 25 million interest accruals and balance accumulation updates at a rate exceeding 25,800 transactions per second, or more than 93 million transactions per hour.
Posted by S. Germain at 08:28 AM | Comments (0)
Chicago Title of Michigan Aims to Prevent Fraud
Chicago Title of Michigan has partnered with Experian to insure homeowners who receive new home titles through the company have extra protections against identity theft and mortgage fraud.
The unique partnership provides Chicago Title's customers with a one-year membership to Experian's services, which include daily credit report monitoring, free e-mail alert notifications when changes in a credit report surface, as well as a toll-free hotline to access fraud resolution experts and a comprehensive and complimentary credit report.
Posted by S. Germain at 08:26 AM | Comments (0)
President and Congress Agree on Economic Stimulus Package
President George W. Bush and the U.S. House of Representatives announced that they've reached a bipartisan agreement that aims to stimulate the economy by pumping $100 billion in temporary relief to middle and lower class Americans.
The economic stimulus package includes tax rebates—ranging from $600 to $1,200—for single taxpayers making under $75,000 and married couples with a combined household income that's lower than $150,000. Americans eligible for the relief also will receive $300 per child.
The bipartisan package also hopes to jump start the economy and create jobs by changing the tax code and giving businesses the opportunity to deduct new equipment expenses.
Posted by S. Germain at 08:25 AM | Comments (0)
SureClose(R) Expands Market Reach to Spanish-Speaking Home Buyers and Sellers
PropertyInfo Corp., a Stewart Company, announces the international release of its most-widely used online transaction management system, SureClose. To meet the growing demand of the Spanish-speaking community within and outside the United States, the SureClose Professional Guest View is now available in Spanish.
Posted by S. Germain at 08:23 AM | Comments (0)
FBR mortgage unit files for Ch. 11
First NLC Financial Services LLC, the mortgage origination subsidiary of Friedman, Billings, Ramsey Group Inc., has filed for Chapter 11 bankruptcy protection. First NLC, a subprime residential mortgage lender, filed for Chapter 11 to pave the way for an orderly liquidation of its assets.
Posted by S. Germain at 08:17 AM | Comments (0)
NextAce Achieves Record Day of Title Production Valued at More Than $841 Million, an Estimated 8 Percent of All Transactions Nationwide
NextAce(SM), a title automation and business process optimization (BPO) company, announced that it achieved its highest title production transaction volume through its automated title system, TitleEDGE. By an estimated industry comparison, the NextAce volume represented one out of every 12 title orders processed the same day nationwide, for a loan transaction value of over $841 million.
Posted by S. Germain at 08:09 AM | Comments (0)
MGIC projects larger 2008 losses
Mortgage insurance provider MGIC Investment Corp. said that it expects its 2008 losses to be larger than previously expected because of a growing number of delinquent loans leading to claims.
As a result, it expects incurred losses for the fourth quarter of 2007 of about $1.3 billion, compared with $187.3 million a year ago.
MGIC said its delinquent loan inventory at the end of 2007 was up about 16,000 loans to 107,120. The percentage of those loans resulting in claims is rising, along with the average claim size. Its insurance in force at the end of 2007 was $211.7 billion, compared with $176.5 billion at the end of 2006.
Posted by S. Germain at 08:07 AM | Comments (0)
QuestSoft Tool Integrated With Dynatek's MORvision
Compliance EAGLE, an automated compliance tool from Laguna Hills, Calif.-based QuestSoft, has been fully integrated - through an automated plug-in - with MORvision, an automation solution from Livonia, Mich.-based Dynatek.
Posted by S. Germain at 08:01 AM | Comments (0)
MRG Adds Attachment Feature To DocPrep System
MRG Document Technologies has enhanced its MIRACLE ONLINE document preparation systems, which now enable mortgage brokers and lenders to automatically upload their own documents to MRG for inclusion in document packages.
Posted by S. Germain at 08:00 AM | Comments (0)
Fair Isaac Introduces New Credit-Risk Tools For Lenders
Fair Isaac Corp. has released a new forward-looking decision tool kit for lenders. The Fair Isaac Risk Management Suite, available in the second quarter of this year, provides deeper insight into the future debt sensitivity and default risk of individuals, as well as more precise understanding of default risk across entire loan portfolios.
According to the company, the suite includes the latest FICO 08 Score, plus a new Credit Capacity Index score, Portfolio Stress Testing analytics, and educational modules known as Fair Isaac Insights.
New features added to the credit risk score are designed to significantly enhance its predictive power across the entire spectrum of credit risk..
Posted by S. Germain at 07:59 AM | Comments (0)
LogicEase Receives Notice Of Allowance For Automated Loan Compliance Patent
LogicEase Solutions Inc. has received a notice of allowance for a patent on its automated compliance system from the U.S. Patent and Trademark Office.
The allowed patent, "System and Method For Automated Compliance With Loan Legislation," primarily encompasses the ComplianceAnalyzer automated compliance system, the company says. ComplianceAnalyzer examines mortgage loans and, in real-time, produces audit reports with summary and detailed findings regarding loan-level compliance with applicable laws and regulations at multiple jurisdictional levels.
Posted by S. Germain at 07:58 AM | Comments (0)
NetDirector's Loss Mitigation Technology
NetDirector is boasting of a new document interface through LoanResolve.com, which offers the mortgage banking industry a one-stop secure portal that allows them to move data and documents between loan servicers, foreclosure attorney firms, mortgage insurers and borrowers.
Posted by S. Germain at 07:56 AM | Comments (0)
Federal Funds Rate Cut Again
The Federal Open Market Committee (FOMC) surprised Wall Street again today by lowering its federal funds rate another 75 basis points to 3 ½-percent. In a statement, the FOMC said it expects “inflation to moderate” in coming quarters, but will continue to monitor any inflationary trends closely.
Posted by S. Germain at 07:54 AM | Comments (0)
Loan Losses Cost National City Millions
National City Corp. announced that experienced a net loss of $333 million, or $.53 per diluted share, in the fourth quarter of last year. The company attributes these losses to “a large provision for credit losses, losses on mortgage loans held for sale, charges related to Visa, Inc., indemnification obligations and severance charges associated with employment reductions during the quarter.”
Posted by S. Germain at 07:52 AM | Comments (0)
January 18, 2008
Countrywide, B of A Combined Ops
Posted by S. Germain at 08:55 AM | Comments (0)
The First American Corporation Announces Plan To Separate Its Financial Services and Information Solutions Companies
The First American Corporation announced that its board of directors has approved a plan to spin-off its Financial Services companies, consisting primarily of its Title Insurance and Specialty Insurance reporting segments, into a separate public company to be called First American Financial Corporation. The Information Solutions company, which will consist primarily of the current Property Information and Mortgage Information segments, as well as First American’s 75 percent interest in First Advantage Corporation (NASDAQ: FADV), will remain at the existing holding company, which will be renamed prior to the separation. The transaction, which the company anticipates will be tax-free to shareholders, is expected to close in the third quarter.
Read the entire story here.
Posted by S. Germain at 08:44 AM | Comments (0)
The First American Corporation Announces 2007 Fourth Quarter Earnings Expectations
The First American Corporation announced that it expects to report total revenues of approximately $1.9 billion and an after-tax loss for the fourth quarter of 2007, which is not expected to exceed $50 million.
Read the entire story here.
Posted by S. Germain at 08:43 AM | Comments (0)
First Title (Beijing) Real Estate Guaranty Co., Ltd. Launches Official Web Site
First Title (Beijing) Real Estate Guaranty Co., Ltd., a wholly owned subsidiary of The First American Corporation and the first entirely foreign-owned real estate guaranty company in China, today announced the launch of its official Web site, http://www.zhongyian.com.
The Web site is the first of its kind in China and is dedicated to providing real estate finance service information. It will also serve as a one-stop, self-service platform for end users by providing real estate purchasers and owners with the most up-to-date information on mortgage product options-the Chinese version of escrow and other services for residential and commercial property transactions.
Posted by S. Germain at 08:40 AM | Comments (0)
LandAmerica agrees to $3.5 million settlement
LandAmerica companies have agreed to pay $3.5 million in penalties and refunds to consumers.
The Department of Insurance reached the agreement with Commonwealth Land Title Insurance Co., Lawyers Title Insurance Corp., and Transnation Title Insurance Co., principal title underwriters of parent company LandAmerica Financial Corp. Group Inc.
LandAmerica companies also agreed to halt unfair practices in rating and underwriting, including failure to follow their own rates, resulting in premium overcharges for many consumers purchasing residential title insurance policies, Poizner said.
Posted by S. Germain at 08:38 AM | Comments (0)
QuestSoft, Dynatek Simplify Compliance for Lenders
QuestSoft announced today that their automated compliance tool, Compliance EAGLE, has been fully integrated, through an automated Plug-In, with Dynatek’s MORvision.
Compliance EAGLE automates the most important components of mortgage lending compliance requirements into a single end-to-end system. The solution’s complete integration with MORvision significantly reduces potential risk exposure by providing immediate testing of the loan application against thousands of federal, state and local laws and regulations. Lenders using MORvision with Compliance EAGLE Plug-In can quickly review loan files for any compliance errors and correct them prior to funding.
Posted by S. Germain at 08:35 AM | Comments (0)
12 Mortgage Service Providers Added to Calyx Software Network
Credit
CCR
Credit Plus USA
Information Searching Co.
RCR Credit
Flood
Land America Tax and Flood Services
Closing Docs
ProClose Platinum - Web Interface
PeirsonPatterson, LLP
Hazard Insurance
Safeco Insurance
Internet Services
ComplianceEase
Loan Servicing
Equity Express Biweekly Servicing
Title/Escrow
ClosingPoint
United Title Company
Posted by S. Germain at 08:29 AM | Comments (0)
ValuFinders Awarded Contract with Small Business Administration
ValuFinders, Inc., a valuation services provider to national lenders and government agencies, was recently awarded a four-year U.S. Small Business Administration (SBA) contract to provide legal and vesting property data to support the SBA Disaster Assistance Program.
Posted by S. Germain at 08:28 AM | Comments (0)
Harland Financial Solutions Streamlines Mortgage Servicing Releases
Harland Financial Solutions today announced the availability of its new Service Release Module for the Interlinq® Loan Servicing system. By eliminating several manual tasks, the new application further automates loan servicing for increased customer service and cost savings.
To streamline servicing releases, the Service Release Module supports the sale of loans by batch to each purchasing company. By importing data from Microsoft® Excel® spreadsheets, text files, or Microsoft Access® databases, servicers can avoid re-keying loan information and associated errors. Once the batch sale is processed, general ledger entries are automatically created for various loan balances, fees and adjustments to export to the accounting system, saving additional manual entry. Based on servicer criteria, the system also creates goodbye letters and follow-up ticklers.
Posted by S. Germain at 08:27 AM | Comments (0)
Foreclosure in third quarter avoided for 237,000
The mortgage industry modified an estimated 54,000 loans and established formal repayment plans with another 183,000 borrowers during the third quarter of 2007, according to an MBA study.
The report is based on responses from mortgage servicers covering about 33 million mortgage loans, about 62 percent of all mortgage loans outstanding. The report did not have any regional breakdowns.
While the help was good news for some, the pain still continued for others as third quarter foreclosure actions were started on approximately 384,000 additional loans.
The study determined that 63 percent of the new foreclosures were cases where the borrowers did not live in the property and did not respond to repeated attempts at contact, or where the borrowers failed to carry out an existing repayment or loan modification plan.
Posted by S. Germain at 08:19 AM | Comments (0)
InsideValuation Releases Technology Portal
InsideValuation, a national due diligence and valuation provider specializing in commercial real estate, has introduced new technology that automates non-critical points in the valuation process, reduces delivery time and includes a scoring model with demographic and economic information that assists in the quantification of collateral risk.
Using the latest .NET technology now allows field valuators (usually real estate appraisers or brokers) to receive timely requests for valuations, enabling them to operate more efficiently, and opening the door for InsideValuation's clients to access their orders in real time, according to the company. Once the valuation is completed, the appraiser can upload the report to InsideValuation's Web site for customer retrieval.
Posted by S. Germain at 08:14 AM | Comments (0)
Guardian Mortgage Documents, RoboDocs Form Alliance
Guardian Mortgage Documents has developed a strategic alliance with RoboDocs, a provider of document services to the commercial and multifamily mortgage industry.
In addition to directly offering RoboDocs to clients as a resource for commercial and multifamily real estate closing documents, GMD will provide a link to the company's Web site from its Affiliations page.
Posted by S. Germain at 08:12 AM | Comments (0)
WaMu, Caught in Mortgage Turmoil, Posts Big Loss
Battered by the mortgage meltdown, Washington Mutual Inc. has posted a $1.87 billion fourth-quarter loss that was fueled by a sharp increase in its reserve for loan-related losses. Seattle-based WaMu is exposed to some of the nation's hardest-hit housing markets, most notably California and Florida; and now problems are spreading to credit cards and other types of loans.
Posted by S. Germain at 08:11 AM | Comments (0)
30-Year Mortgages Fall to 5.69 Percent, Lowest Rate Since 2005
Long-term mortgage rates remain in a downward pattern, registering the third week in a row of declining interest. According to Freddie Mac's numbers, average interest on 30-year fixed loans settled the week at 5.69 percent--the lowest level since July 2005. Rates for 15-year fixed mortgages slipped to 5.21 percent from 5.43 percent a week ago; while the five-year adjustable-rate average retreated to 5.4 percent from 5.63 percent, and interest on one-year ARMs dropped to 5.26 percent from 5.37 percent. Observers generally agree that borrowing costs will remain at or near 6 percent for 2008 unless a U.S. recession surfaces--in which case they expect rates to decline further.
Posted by S. Germain at 08:10 AM | Comments (0)
City of Cleveland Sues 21 Subprime Lenders
Cleveland has become the second city in two weeks to blame Wall Street for causing a subprime fallout that eventually led to a surge of foreclosures in the city. But, to date, Cleveland is the only local municipality taking the dramatic action of including 21 lenders in a lawsuit that accuses Wall Street companies of violating the “rights and interests” of residents by issuing and backing irresponsible loans.
The suit is filed under a long-standing public nuisance legal concept, which allows communities to recover losses caused by harmful and destructive behaviors in the marketplace.
Posted by S. Germain at 08:06 AM | Comments (0)
Countrywide Curbed Foreclosures
More than 81,000 homeowners dodged the threat of foreclosure last year because Countrywide Financial agreed to restructure their mortgages, the beleaguered lender reported. The nation's No. 1 lender before the housing market soured, Countrywide services 9.03 million home loans.
Posted by S. Germain at 08:03 AM | Comments (0)
State Lawmakers Act Aggressively on Foreclosures
The California Assembly recently approved bills aiming to reform the mortgage industry; and similar legislation is up for consideration in Indiana, Utah, Illinois, Maryland, New Hampshire, West Virginia, New York and Kentucky. The bills passed in California would mandate that lenders inform borrowers of pending rate resets and submit reports about subprime mortgage modifications, and they also would establish a registration and surety bond requirement for servicers. Meanwhile, the state Senate Banking Committee is expected to pass a measure that would force lenders to engage in loan workouts instead of filing foreclosures, extend the notification period prior to foreclosure and levy $1,000-per-day fines on lenders that do not maintain foreclosed homes.
Posted by S. Germain at 08:00 AM | Comments (0)
Citigroup Reports Record Loss on $18 Billion Subprime Writedown
Citigroup wrote down $18 billion in subprime mortgage investments due to rising defaults on home loans, leading the bank to its biggest loss in its 196-year history. The New York-based concern reported a fourth-quarter net loss of $9.83 billion, or $1.99 a share, compared with a profit of $5.1 billion, or $1.03 a share, a year ago and added that it will slash its dividend by 41 percent and receive $14.5 billion from outside investors to shore up depleted capital.
Posted by S. Germain at 07:58 AM | Comments (0)
MBA Predicts Drop in Lending
The mortgage crisis and the weakening economy will drive home-loan originations down 16.2 percent to $1.96 trillion in 2008 from an estimated $2.34 trillion in 2007, predicts the Mortgage Bankers Association. Additionally, the group expects a 13-percent decline in existing home sales and a 2 percent drop in the median home price.
Posted by S. Germain at 07:57 AM | Comments (0)
Countrywide Draws Ire of Judges
With Bank of America Corp. preparing to buy Countrywide Financial Corp., more and more federal bankruptcy judges are questioning the business practices of the troubled mortgage behemoth. The latest controversy centers on Countrywide admitting to not properly crediting a borrower's payments made during bankruptcy and instead applying them to pre-bankruptcy debt, which is prohibited. If the planned acquisition is completed, Bank of America may inherit a list of other potential legal liabilities from Countrywide. These range from inquiries launched by the SEC and several state attorneys general to shareholder lawsuits tied to Countrywide's financial woes and other class-action and individual suits brought by borrowers for alleged abuses by the company.
Posted by S. Germain at 07:56 AM | Comments (0)
January 11, 2008
Housing Starts Oct. 07
Posted by S. Germain at 08:51 AM | Comments (0)
Bank of America agrees to buy troubled mortgage lender Countrywide for $4 billion in stock
Bank of America said it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.
The acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer.
Bank of America said it initially plans to operate Countrywide separately under the Countrywide brand, with integration occurring no sooner than 2009.
Posted by S. Germain at 08:49 AM | Comments (0)
First American CoreLogic Prevents $40 Million in Mortgage Fraud Losses through Its Multi-Closing Alert Program
First American CoreLogic America’s largest provider of advanced property and ownership information, analytics and services, announced that its Multi-Closing Alert Program prevented more than $40 million dollars in residential mortgage fraud losses for institutional participants during the first year of the program.
The Multi-Closing Alert Program is a service offered by First American CoreLogic that helps banks and lending institutions identify and stop multi-lien fraud, otherwise known as “shotgun” fraud.
Posted by S. Germain at 08:44 AM | Comments (0)
ServiceLink Expands Settlement Capabilities with Successful Integration of ATM Corporation
ServiceLink, the national mortgage services platform of Fidelity
National Financial, has fully integrated the technology and
products acquired from ATM Corporation of America. The integration
adds point of sale products, collateral valuation products, home
equity products and settlement service automation technology expertise
to ServiceLink's centralized title, closing, default and asset
management services creating a start to finish suite of products and
services for mortgage originators, servicers, banks and institutional
lenders.
Posted by S. Germain at 08:42 AM | Comments (0)
Stewart and the Arizona Association of Realtors(R) Partner on SureClose
The Arizona Association of Realtors(R) and Stewart Transaction
Solutions have partnered to deploy SureClose, the nation's most widely
used transaction management system, to more than 5,000 real estate
brokerages across the state.
The Association and Stewart will jointly dedicate resources to
train, service and support the deployment.
Posted by S. Germain at 08:40 AM | Comments (0)
FNC teams with Interthinx
FNC Inc. has entered into a strategic alliance with Interthinx to provide its clients with the fraud detection and regulatory compliance capabilities. Terms were not disclosed.
Mortgage lenders who use FNC's Collateral Management System (CMS) to handle the flow of information and documents about the property backing a mortgage loan are able to process loans faster and at a lower cost than they did before. Specifically, FNC customers will benefit from easy access to best of breed Interthinx technology such as FraudGUARD, SafeCheck, PredProtect and ValVerify.
Posted by S. Germain at 08:34 AM | Comments (0)
Flagstar Bank Launches DocVelocity
Flagstar Bancorp Inc. has introduced DocVelocity, an online end-to-end paperless office solution for mortgage originators. DocVelocity is the flagship product of Paperless Office Solutions Inc., a wholly owned subsidiary of Flagstar Bancorp.
With the product, mortgage originators can upload, scan, e-mail or fax their documents into the DocVelocity system, where they are automatically imaged, organized and stored digitally, the company says. DocVelocity then creates a secure electronic file that everyone in the loan process can access, anytime. In addition, borrowers can enter their own documents into the system on a secure, one-way basis.
Posted by S. Germain at 08:30 AM | Comments (0)
Situs Launches Centralized Property Data Platform
The Situs Cos. has released Situs COMPASS - a secure, online platform that centralizes proprietary commercial real estate property data as well as comprehensive market information and reports.
Situs COMPASS catalogues global news and market reports - along with proprietary information such as appraisals, extracted sales and expense comparables, site inspections, lease abstracts, rent rolls, cashflow models, and subscription research and publications. In addition to making COMPASS available to subscribers, the firm plans to use COMPASS internally to centralize and manage client due diligence, asset management, and loan servicing reports and information.
Posted by S. Germain at 08:27 AM | Comments (0)
Proposed California Law Monitors Loss Mit Efforts
A California lawmaker has proposed legislation, that if passed, would require lenders in the state to publicly report their internal loss mitigation efforts. The purpose of the bill is to expand upon President Bush's push for lender involvement in loss mitigation efforts nationwide by ensuring lenders are actively working with distressed borrowers.
The proposed law—Assembly Bill 69—would require lenders to send a report of their home retention efforts to the Department of Corporations each month, while the Department of Financial Institutions would receive reports from state licensed banks and credit unions.
Posted by S. Germain at 08:24 AM | Comments (0)
eMortgage Logic Acquires ClearBox Services, Products
eMortgage Logic, a property valuation provider that offers everything from Broker Price Opinions to appraisals, has agreed to purchase key technology products from ClearBox™—a company that boasts of providing the industry with its “first true appraiser database and lender guideline resource.”
Posted by S. Germain at 08:22 AM | Comments (0)
Defaults Rise at Countrywide
Countrywide Financial has disclosed that its foreclosure rate doubled in December to 1.44 percent from 0.7 percent a year earlier and that defaults jumped to 7.2 percent from 4.6 percent over the same 12-month period. Some housing market experts view the rise in foreclosures and defaults at Countrywide as evidence that housing market conditions are worsening.
Posted by S. Germain at 08:19 AM | Comments (0)
Most Lenders Accept Tough New Mortgage Rules in Mass.
The largest lenders in Massachusetts continue to do business in the state after the toughest restrictions on the mortgage industry in the nation took effect on Jan. 2. Loan originators now must operate under a "reasonable belief" that a loan is affordable, more documentation is required about a borrower's income and mortgage brokers can no longer receive a bigger bonus for selling a more costly loan.
Posted by S. Germain at 08:18 AM | Comments (0)
Citi Revamps Mortgage Business
Citigroup Inc. recently restructured its U.S. home mortgage operations to align origination, servicing and capital-markets securitization. Additionally, the business overhaul will spur uniform mortgage products, policies and practices and allow the company to concentrate on lowering mortgage exposure when developing portfolio and capital goals.
Posted by S. Germain at 08:16 AM | Comments (0)
Forecasters: No Quick End to Housing Ills
Federal Reserve Bank of Boston President Eric Rosengren predicted that the housing market will not recover until June at the earliest; and said that with the market posting declines each quarter for the past two years, the downturn could be the longest in five decades. Rosengren talked about a cycle involving a reduction in consumer spending due to drops in home prices that put a damper on the broader economy, which in turn hinders spending on housing.
Posted by S. Germain at 08:15 AM | Comments (0)
Bear Stearns CEO Quitting Amid Losses
Under pressure from shareholders angry over Bear Stearns' first quarterly deficit in the company's 84-year history, CEO James Cayne reportedly has decided to step down. Cayne has been informing company directors that he will no longer serve as chief executive but will retain the title and responsibilities of chairman of the company, which is one of the biggest underwriters of mortgage-backed bonds in the United States. Rocked hard in the past year by the subprime mortgage mess, Bear Stearns' shares have plunged 53 percent and its profit for all of fiscal 2007 plummeted 89 percent.
Posted by S. Germain at 08:12 AM | Comments (0)
IndyMac Says GSE Costs May Hinder Loan Originations
IndyMac Bancorp reports a 53-percent drop in its mortgage origination volume during the year-over-year period ended in November, and the Pasadena, Calif.-based lender anticipates additional declines due to stricter mortgage purchasing requirements and higher guarantee fees instituted by Fannie Mae and Freddie Mac. IndyMac reports an increase in prime delinquencies to 6.25 percent in November from 5.8 percent the previous month and a jump in subprime delinquencies to 26.87 percent from 24.43 percent over the same period.
Posted by S. Germain at 08:12 AM | Comments (0)
MRG, Encomia Form Alliance
MRG Document Technologies - Encomia partnership expands MRG’s offering of disclosures to its customers in an electronic format by routing documents through Encomia eDisclosures. The system converts the file to secure electronic documents that are compliant with federal and state regulations. Borrowers can then review the documents, acknowledge their acceptance, and execute the package online. The lender receives an electronic copy file of the transaction for their records.
Posted by S. Germain at 08:10 AM | Comments (0)
Fed Will boost Auction Amounts to Help Banks With Credit Squeeze
The Federal Reserve on Dec. 4 confirmed that it is increasing the amount of money available to banks via the new auction process it created to alleviate the country's credit crisis. The announcement came after a government report was released showing that the nation's jobless rate climbed to a two-year high of 5 percent last month, further stoking fears of a possible recession. Fed officials have vowed to continue the auctions "for as long as necessary." Together, the first two auctions--held in December--offered $20 billion each and ultimately attracted bids for nearly triple that amount.
Posted by S. Germain at 08:08 AM | Comments (0)
January 04, 2008
New Home Sales Nov. 07
Posted by S. Germain at 08:55 AM | Comments (0)
First Advantage Purchases Fiserv's Mortgage Credit Reporting Division, CredStar
First Advantage Corporation, a global risk mitigation and business solutions provider and a majority-owned subsidiary of The First American Corporation, and Fiserv, Inc. announced that First Advantage has purchased the assets of CredStar, Fiserv's mortgage credit reporting business unit.
The purchase of CredStar expands First Advantage's market leadership in the U.S. mortgage credit reporting industry, where it already services 19 of the top 20 lenders. Terms of the acquisition were not disclosed.
Posted by S. Germain at 08:53 AM | Comments (0)
Markel buys stake in LandAmerica
Markel Corp., a specialty insurer, has bought a 5.98 percent interest in LandAmerica Financial Group Inc., a real estate services provider based in Glen Allen.
Posted by S. Germain at 08:49 AM | Comments (0)
Wolters Kluwer Financial Services Acquires the Assets of Stewart Lender Services' Flood Determination Business
Wolters Kluwer Financial Services announced that the company has signed an agreement to acquire substantially all of the assets of Stewart Lender Services'flood determination business.
Wolters Kluwer Financial Services' PCi line of flood determination solutions and Stewart's flood determination division offer similar services.
The acquisition is expected to close in the first quarter of 2008. Terms of the agreement are not being released.
Posted by S. Germain at 08:47 AM | Comments (0)
Five Banks Launch Mortgage Relief Initiative For New England
Citizens Bank, Sovereign Bank, TD Banknorth, Webster Bank and Bank of America have joined forces to create the Mortgage Relief Fund, which is intended to aid New England homeowners who have been affected - or may soon be affected - by the current mortgage crisis.
The five banks have together committed an initial $125 million for mortgage loans - with the support of the Federal Reserve Bank of Boston. Borrowers will have access to a range of mortgage products that may include FHA and FHA Secure offerings as well as state programs and other programs offered by the five participating banks.
Posted by S. Germain at 08:26 AM | Comments (0)
National City Sheds Division, 900 Jobs
The downturn in the housing and credit markets has forced National City Corp. in Cleveland to close its wholesale mortgage division and hand out 900 pink slips. In recent months, the bank has slashed 3,400 jobs and limited mortgage originations to prime borrowers. It will continue to offer mortgages through the National City retail bank branch network and at National City Mortgage Co. retail offices.
Posted by S. Germain at 08:21 AM | Comments (0)
Seven States Join Forces to Track Mortgage Brokers
Mortgage brokers and loan officers at state-regulated banks in Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York and Rhode Island will undergo a more thorough licensing process that state banking regulators believe will lead to better monitoring of brokers. And by the end of 2009, a total of 40 state agencies--as well as Washington, D.C., and Puerto Rico--will employ the standardized process and database.
Posted by S. Germain at 08:20 AM | Comments (0)
Reverse Mortgages on the Rise
In fiscal year 1990, HUD insured just 157 such loans. In fiscal year 2007, which ended Sept. 30, the National Reverse Mortgage Lenders Association reports that tally had mushroomed to 107,558.
Posted by S. Germain at 08:18 AM | Comments (0)
Deal to Buy Mortgage Company Collapses
The inability of the Blackstone Group to find alternative financing for its joint acquisition of PHH with General Electric has prompted New Jersey-based PHH to call off the transaction.
The large private equity investment company was supposed to acquire PHH's mortgage business, and General Electric was supposed to pick up the vehicle leasing unit, according to the $1.8 billion deal announced in March.
Blackstone could not convince JPMorgan and Lehman Brothers that the mortgage business was still worth as much as it was estimated in March and did not want to pay the difference itself.
Posted by S. Germain at 08:17 AM | Comments (0)
Insured Mortgage Defaults Soar
The Mortgage Insurance Cos. of America reports a 34.7-percent surge in defaulted home loans carrying private mortgage insurance during the year-over-year period ended in November. The 61,300 defaults recorded during the month mark the highest level since the company's first report in 2001.
Posted by S. Germain at 08:16 AM | Comments (0)
Bush to Revive Push for Housing Remedy
The White House plans to pressure Congress to take action to help stabilize the struggling housing market--although it remains uncertain what steps the administration will take.
Observers point to legislation that has yet to pass on Capitol Hill, including bills that would permit low-income, adjustable-rate mortgage borrowers to refinance into fixed-rate loans through the Federal Housing Administration and that would allow Fannie Mae and Freddie Mac to purchase loans worth more than the current conforming-loan limit of $417,000.
However, the White House would approve an increase in the limit only if Congress passes legislation to reform the government-sponsored enterprises to create a new regulator with power over the size of their mortgage portfolios.
Posted by S. Germain at 08:14 AM | Comments (0)