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February 29, 2008

The First American Corporation Reports Financial Results for the Fourth Quarter and Full Year 2007

First American's press release announcing its fourth quarter and full year financial results for 2007 is available at the link below.

Read the entire story here.

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

Fidelity National Information Services Releases FIS Desktop 2008

Fidelity announced the release of its FIS Desktop 2008. The product is described as a workflow management system that gives the company's clients in the financial sector an automatic, real-time and efficient direct link between default customers, vendors, service providers and investors. The company is able to do this by automating labor-intensive functions and eliminating the need to build multiple interfaces among various data and service suppliers.

- a redesigned user interface to meet the demands of the end user

- advanced integration with other industry partners

- provides clients with the opportunity to see and analyze active loans in the company’s Mortgage Servicing Package

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

FIS Partners with Land America and First Horizon National

LandAmerica implemented Fidelity National Information Services Inc.’s SoftPro Select, a title and closing production package to power LandAmerica Link, its title and escrow system. Built on Microsoft’s .NET platform, SoftPro Select is a real estate service that will serve LandAmerica’s nearly 8,000 users in more than 800 direct offices nationwide.

Additionally, First Horizon National Corp., signed a multiyear contract under which FIS will provide technology outsourcing services for its open systems, which includes complete data center management.

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

MBA Forecasts 1.8M Foreclosures in '08

The mortgage industry is facing the prospect of 1.8 million foreclosures this year, up from 1.5 million in 2007, according to a prediction by the Mortgage Bankers Association's chief economist. Doug Duncan.

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

Southeast's Leading Real Estate Closing Law Firm Establishes Two National Divisions

Morris|Hardwick|Schneider, the largest real estate closing law firm in the Southeast and one of the largest in the nation, announced today that two new mortgage service divisions – National Default Services Division and National REO Division – have been established.

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

FirstClose(TM) Reduces Closing Times for Superior Savings Credit Union from 30 days to 5 Days

FirstClose, a service of First Lenders Data, Inc., announced that it has added Superior Savings Credit Union to its list of growing customers. Superior Savings CU is now utilizing the FirstClose bundled mortgage settlement platform to obtain Credit Reports, Flood Zone Determinations, Automated Valuation Models (AVMs), and Equiguard, an instant alternative to title reports for home equity and second mortgage transactions.

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

FICS Begins Roll Out of Business Objects' Business Intelligence Tools With Mortgage Servicer Solution

Financial Industry Computer Systems, Inc. announced the recent roll out of BusinessObjects™ Enterprise Professional (BOE) and Crystal Reports® XI to users of its residential mortgage loan servicing system, Mortgage Servicer™.

The business intelligence tools from Business Objects, the world's leading provider of business intelligence (BI) solutions, replace CA., Inc.’s EUREKA:Reporter and further meet the existing needs of FICS’ Mortgage Servicer customers.

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

Harland Financial Solutions Introduces New Service Release Module

Harland Financial Solutions has rolled out a new Service Release Module for the Interlinq Loan Servicing system.

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, Harland Financial Solutions adds.

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

Response Analytics Introduces DPM Tool

Response Analytics Inc. has introduced the industry's first distressed-portfolio management (DPM) solution.

Unlike conventional default management and servicing systems, RAI's DPM solution uses optimization-based technology to provide continuous portfolio valuations and optimal-recovery-rate recommendations matched to appropriate collection channels, the company says.

By adaptively learning how borrowers and portfolios will react to changing market and economic conditions, mortgage organizations can increase accuracy for valuations and cash flow forecasts - plus optimize workout recommendations.

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

Weststar Mortgage Selects MRG For Document Preparation Services

MRG Document Technologies will provide document support to Weststar Mortgage Corp., an Albuquerque, N.M.-based direct lender that specializes in financing and purchasing non-conventional loans, for Weststar Mortgage's one-time-close construction-to-permanent transactions.

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

REO Sentinel Offers New Property Monitoring Technology

REO Sentinel LLC has introduced a new technology called REO Sentinel, a patent-pending self-powered device intended to help servicers keep watch over their REO properties by providing ongoing monitoring of any gases, visitors and damage from the elements that may be affecting the property.

Lenders and property preservation managers can select visibility of all events at a portfolio level, or they can examine an individual property for a more granular review, the company says. A Web-based dashboard - showing the status of each property and any alerts that have occurred over a user-configurable timeframe - is also available.

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

Interthinx Launches Forensic Review Appraisal Service

Interthinx Inc. has introduced R/EValue, a forensic review appraisal service. Interthinx says this service leverages state-of-the-art technology and the most experienced forensic review appraisal professionals in the industry. Reviews are typically returned within 10 business days, and Interthinx audits appraiser work and ranks its panel of reviewers after every assignment.

Posted by S. Germain at 08:28 AM | Comments (0)

Senate Won't Hear Bankruptcy Cramdown Bill

After President Bush vowed to shoot down a bankruptcy reform bill that, among other provisions, would give judges the power to amend the terms of filers' home loans, the Senate voted not to vote on the measure. The MBA, which had supported many aspects of the bill but was strongly opposed to the modification language, hailed the move as a "major victory." The lending industry had warned that giving bankruptcy judges the authority to revise loan terms would hurt investor confidence in the secondary mortgage market, leading to higher borrowing costs for home buyers.

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

J.P. Morgan's Losses From Loans May Double

J.P. Morgan Chase reports a surge in charge-offs for home-equity loans to $564 million last year from $143 million the prior year. In the 2007 fourth quarter by itself, charge-offs soared more than 65 percent to $248 million from $150 million during the previous three-month period. The company's net charge-off rate rose to 0.62 percent in 2007 from 0.18 percent in 2006, hitting 1.05 percent in the fourth quarter.

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

Fannie Mae Reports $3.56 Billion Loss

Citing declining home prices and growing defaults, Fannie Mae recorded a $3.56 billion loss in last year's fourth quarter versus a $604 million profit during the same period a year earlier. The government-sponsored enterprise (GSE) offered little in the way of optimism, forecasting that residential prices will continue to plunge and that its financial results will only worsen.

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

Bernanke Signals Rate Cuts on Concern About Economy

Federal Reserve Chairman Ben Bernanke--citing concerns about the economic downturn, further softening in the labor market, worsening credit availability and even more declines in the housing market--insisted that the central bank is willing to reduce interest rates to prevent a major economic slump. In response to Bernanke's testimony, the future markets are looking for a 0.5-percentage point cut in the federal-funds rate at the central bank's meeting on March 18.

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

Cool Reception to Fannie Idea on Appraisals

In response to an investigation by New York Attorney General Andrew Cuomo into whether Washington Mutual pressured The First American Corp. and its eAppraiseIT LLC subsidiary to artificially boost home values, Fannie Mae will institute new appraisal policies on Sept. 1. At that time, the government-sponsored enterprise will cease buying mortgages whose appraisals were ordered by brokers and prohibit lenders from using in-house appraisers and appraisal management units. Lenders are balking at the new rules, insisting that appraisal units eliminate pressure on appraisers to meet a particular valuation.

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

Housing Sales Slowest on Record

The NAR reports that sales of single-family homes and condominiums declined for the sixth consecutive month in January, falling 0.4 percent to a seasonally adjusted annual rate of 4.89 million units. That was the slowest sales pace on record, dating back to 1999 and was interpreted as further proof that the nation's housing slump has yet to reach bottom. NAR further notes that the median price of a residence sold last month dropped 4.6 percent to $201,100, as the inventory of unsold dwellings climbed to a 10.3-month supply.

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

iMortgage Services Announces Customizable Loan Workout Program

iMortgage Services LLC announced its Loan Workout service for mortgage lenders and servicers.iMS performs a loss mitigation title search and required document retrieval. Provided there are no intervening liens on the property, iMS issues a loss mitigation title endorsement, allowing the lender to move ahead with modification. The same process can be applied to loans already in default. At the loan servicer's request, iMS will also perform additional valuation, recordation or settlement services.

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

InsideValuation Updates Collateral Risk Scoring Model

InsideValuation upgraded its collateral risk-scoring model, InsideRisk. The upgraded version evaluates economic and demographic data linked to nearly 43,000 five-digit residential zip codes to measure the level of risk associated with economic and demographic variables.

The five variables that are evaluated by InsideRisk include affordability, unemployment, property crime, violent crime and gross rent multiplier. These variables are categorized by five risk rankings: low, average, elevated, high and very high.

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

10 Percent of Home Loans Under Water

A recent report from Moody's Economy.com found that 10.3 percent of homeowners nationwide owe more than their properties are worth. As a result, these 8.8 million borrowers have more reason to walk away from their investment than do others.

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

February 22, 2008

Wall Street and Subprime Investment

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

The First American Corporation to Hold Fourth-Quarter Conference Call on February 28

The First American Corporation will host a conference call on Feb. 28, 2008, at 11 a.m. EST. The call will follow the announcement of the company’s operating results for the fourth-quarter and full year 2007, which is scheduled for release on Feb. 28, 2008, at 8:32 a.m. EST.

The conference call, which will also be broadcast over the Internet, can be accessed online at 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.”

An audio replay of the conference call will be available through March 7, 2008, by dialing (203) 369-1094.

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

Thomas W. Showalter Named Senior Vice President of Product and Analytics for First American Subordinate Lien Outsourcing

First American Subordinate Lien Outsourcing announced that Thomas W. Showalter has been named senior vice president of product and analytics.

In his new position, Showalter will oversee new product development and the analytical infrastructure for First American’s subordinate lien outsourcing initiatives.

Showalter most recently served as vice president of product management and data acquisition at LoanPerformance, a subsidiary of First American CoreLogic, where his staff developed many of the risk modeling and data analytics products used throughout the mortgage industry. Prior to joining First American in 2005, he held executive positions with TRW Credit Services (now Experian) and Compex Systems. He also operated his own boutique model development and consulting service, which served such customers as Household International and the nation’s largest collection agencies.

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

First American Proxix Solutions Launches New Property Tax Database

First American Proxix Solutions, a leading provider of geospatial technology, location-based data and tax data, announced the release of its new personal property tax jurisdiction database. Covering all states that assess personal property tax, plus Washington, D.C., the database includes lowest-level asset accumulation, taxing authority and whether intangible assets are taxable. Designed for use by utility companies, public entities and a wide range of business enterprises, the database can support both regulatory compliance and operating efficiency.

Updated quarterly, the new database provides detailed tax boundary files for states, cities, counties, townships, villages, boroughs and school districts.

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

ServiceLink Offers Warranted Collateral Valuations and Automated Valuation Model (AVM) Reports

ServiceLink, the national mortgage services platform of Fidelity National Financial, now offers warranted collateral valuations and automated valuation model (AVM) reports to protect against overstated valuations resulting in losses. These products are designed to reduce the buy-back risk between originators and investors due to inaccurate valuations by protecting the Lender from a financial loss resulting from default, foreclosure or rejection by the secondary market.

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

LandAmerica Posts Qrtly Loss on Real Estate Slump

LandAmerica Financial Group swung to a quarterly loss, hurt by a decline in the U.S. residential real estate market and charges related to office closures.

The insurer said it was shaving costs and trying to simplify operations, as a result of "demanding market conditions." It closed 160 offices in the quarter, resulting in a pretax charge of $41.3 million. The company said its fourth-quarter loss was $45.9 million compared with a profit of $34.3 million in the year-ago quarter.

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

Stewart Title Parent Suffers Loss, Cutting Jobs

Stewart Information Services Corp reported a fourth-quarter loss and its first annual loss since 1974, and said it plans deeper job cuts to cope with the nation's severe decline in the housing market.

The parent of Stewart Title Co said it lost $31.3 million in the fourth quarter, compared with a profit of $10.7 million a year earlier.

Revenue fell 23 percent to $499.7 million, compared with the average forecast for $547.1 million.

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

Companies Form National REO Platform

National Real Estate Information Services has announced the formation with Howard Hanna Real Estate Services of a comprehensive platform for managing and selling real estate owned. The new company, National Real Estate Asset Management will enable customers holding foreclosed properties to work with one entity that handles every aspect of property dissolution, from eviction to sale.

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

ARM Borrowers Switching to Fixed-Rate Refis

Nine out of 10 adjustable-rate mortgage borrowers chose fixed-rate loans when they refinanced in the fourth quarter, according to Freddie Mac. Of those borrowers who originally had a one-year ARM, 92% chose a fixed-rate mortgage in the second quarter, as did 89% of borrowers who originally had a hybrid ARM, Freddie Mac said in its Refinance Product Transition Report.

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

FBR Loses $270M in 4Q

Friedman, Billings, Ramsey Group lost $270 million in the fourth quarter and is blaming its performance partly on the bankruptcy of its subprime division, First NLC Financial Services of Florida. For the year, the publicly traded real estate investment trust -- once a major player in the subprime sector -- lost $660 million.

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

New Loan Limits Coming by March 7?

HUD expects to issue the new loan limits for Fannie Mae, Freddie Mac, and Federal Housing Administration loans by March 7. Congress raised the loan limits as part of the economic stimulus bill that President Bush signed on Feb. 13. And lenders are waiting for HUD to compute the new loan limits, which are based on 125% of median home prices, with a $729,750 cap.

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

Pentagon Federal Credit Union Chooses Fiserv for End-to-end Paperless Lending

Fiserv, Inc. announced that Pentagon Federal Credit Union has chosen the Nautilus Enterprise Content Management (ECM) system to image-enable its mortgage processing functions.

To create a truly paperless lending environment, Pentagon FCU will utilize Nautilus with the UniFi(R) PRO loan origination system and Fiserv Loan Servicing Platform, both of which are already running at the credit union. By automating the mortgage lending process, Nautilus will route image files per pre-defined rules and prompt Pentagon staff to perform routine tasks that are established in the standardized workflows.

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

CSC/HOPE NOW Introduce Improved Loss Mit Technology

Computer Sciences Corp. (CSC) said this week that it has been working with members of the HOPE NOW Alliance to enhance the company's Early Resolution (ER) technology and to create an EarlyResolution Counseling Portal (ERCP) that will help nonprofit loan counselors better assist struggling borrowers.

For more than a month, CSC has had pilot tests of the platform going at Wells Fargo Home Mortgage, Bank of America, PMI Mortgage Insurance Co. and Consumer Credit Counseling Service of Greater Atlanta Inc.

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

Maryland Governor Makes Loss Mit a Requirement for Servicers?

Maryland Governor Martin O’Malley announced that his office and the Department of Labor Licensing and Regulation (DLLR) are rolling out emergency regulations to insure homeowners at-risk of foreclosure have the assistance needed to prevent more foreclosures.

His office intends to establish public agreements with servicers to insure loan handlers are delivering quality home retention solutions on time. In addition, O’Malley is requiring proof from servicers that they are in fact reaching out to distressed borrowers in an efficient manner. To check on this, he is asking servicers to give the DLLR data on all Maryland homeowners who face significant resets on adjustable rate loans in the near future.

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

iMortgage Services Offers Loan Workout Platform

iMortgage Services (iMS) is toting the value and availability of its proprietary PropertySmart(TM) system—a product that allows servicing departments to perform a loss mitigation title search immediately and quickly move forward with the loan modification process.

iMortgage says in cases where there is “no intervening liens on the property,” the proprietary platform allows servicers to move swiftly through the loan modification process. And through its platform, the company claims servicers can obtain a new valuation as well as a record of settlement services.

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

Insurer Radian Trying to Keep Borrowers in Homes

Radian Group has rolled out a national pilot program with five mortgage servicers to pay 15 percent--or up to $15,000--to a lender to work out terms with a borrower; the company also is forgoing repayment of the advance. The company is facing about $1 billion in mortgage claims this year and expects to pay $200 million in claims in the first quarter, compared with $94 million a year ago.

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

Mortgage Delay Rules Approved by Alliance

All of the mortgage lenders and servicers comprising the HOPE NOW Alliance have signed off on a plan that will halt foreclosure proceedings for 30 days to give struggling borrowers time to seek modifications. The Project Lifeline initiative was initially promoted by just a half-dozen leading lenders, extending help to borrowers whose payments are at least three months behind by sending them letters to inform them of the program.

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

Countrywide: Delinquencies Up

Countrywide Financial reports a two-fold increase in its foreclosure rate to 1.48 percent during the year-over-year period ended in January. Over the same time span, the company's delinquency rate surged to 7.47 percent of unpaid balances. Meanwhile, a drop in benchmark interest rates made refinancing an attractive option, bolstering average daily applications by 72 percent from the prior month to $2.64 billion.

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

February 15, 2008

Declining Brokerage Firms

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

First American Title Insurance Company Launches Strategic Markets Division in Texas

First American Title Insurance Company announced it has launched its Strategic Markets Division in Texas as a part of a national market-penetration strategy designed to further enhance the company’s position as the title and settlement services company of choice for the multicultural real estate market, which is among the nation’s fastest growing homebuying segment.

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

Wesley B. Howland Named Senior Vice President For First American First Lien Outsourcing

First American First Lien Outsourcing announced that Wesley B. Howland has been named senior vice president.

In his new position, Howland will oversee internal finances, contracts, pricing, proposals and client advocacy for First American’s first lien outsourcing initiatives.

Howland comes to First American from GMAC Mortgage, where he most recently served as vice president of contract finance for the company’s subservicing business. Previously he held the position of vice president of servicing acquisitions with Marine Midland (now HSBC).

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

ServiceLink Improves Appraisal Process by Incorporating Vision(SM) Computer Telephony Integration Technology

ServiceLink, the national mortgage services platform of Fidelity National Financial improves appraisal appointment and delivery time using VisionSM computer telephony integration (CTI) technology. CTI Technology electronically confirms the appraiser's availability within minutes of an appraisal order hitting the VisionSM system and automatically calls and conferences in the borrower to confirm the pre-selected appointment date and time. This process provides national coverage and allows the loan officer and/or processor to lock-in the borrower’s commitment by securing their availability for an appraisal inspection at the time of application. The pre-scheduled process has reduced the lender’s traditional appraisal cycle time by four or more days, all while improving the borrower experience.

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

Wells Fargo Home Mortgage Signs Multiyear Contract Extension for FIS' Mortgage Servicing Package

Fidelity National Information Services, Inc. announced that Wells Fargo Home Mortgage has signed a multiyear contract extension for FIS' Mortgage Servicing Package(TM) (MSP).

Wells Fargo currently services more than 7.9 million loans using MSP and has leveraged the MSP platform for more than 20 years. MSP is used in all areas of Wells Fargo's mortgage servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management and regulatory reporting.

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

Fidelity National Information Services' Spin off to be Named Lender Processing Services, Inc.

Fidelity National Information Services, Inc. announced that its Lender Processing division, which the company plans to spin off in mid-2008, will be named Lender Processing Services, Inc. (LPS). Jeff Carbiener, currently Executive Vice President and Chief Financial Officer of FIS, will be President and Chief Executive Officer of LPS.

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

Fidelity National Information Services' Spin off to be Named Lender Processing Services, Inc.

Fidelity National Information Services, Inc. announced that its Lender Processing division, which the company plans to spin off in mid-2008, will be named Lender Processing Services, Inc. (LPS). Jeff Carbiener, currently Executive Vice President and Chief Financial Officer of FIS, will be President and Chief Executive Officer of LPS.

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

Fidelity National Information Services Launches Transaction PRO Product

Fidelity National Information Services, Inc. announced the introduction of Transaction PRO, an automated risk analysis and fraud prevention tool for mortgage loan transactions. Transaction PRO, developed by FIS' Valuation Solutions division, combines speed, state-of-the-art technology and one of the largest, most accurate property databases in the business.

Transaction PRO leverages FIS' extensive data resources to identify risk in 12 categories associated with three risk indicators: borrower risk, mortgage transaction participant quality and property collateral valuation. Transaction PRO also enables clients to set risk tolerances and automate follow-up due diligence in accordance with the risk indicators.

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

FNC releasing new AppraisalPort

FNC Inc. will debut of a new version of AppraisalPort, the mortgage technology company's online business solution.

The new version of AppraisalPort contains added appraiser-requested features: communication tracking and archiving; intuitive layout and navigation; online forum to promote community discussions; classified section through which users can sell or trade, and lenders can post hiring needs; reading list featuring articles from industry thought leaders; and, important industry links.

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

Interthinx(R) Automates Cascading AVM Within Its Proven Risk Mitigation System

Interthinx®, Inc. has announced the integration and automation of its cascading AVM solution within its proven FraudGUARD® risk mitigation system. This most recent innovation enables users to customize complex business rules based on lender credit policy directly within FraudGUARD to automatically trigger a request for a Clear Value(SM) cascading AVM. Lenders and investors can benefit from improved efficiencies, decreased costs, reduction in transaction processing time, and optimized workflow.

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

Calyx Software Integrates Flood Certification Providers Into Point

Calyx Software has added a flood certification category in the Calyx Network, connecting users of Calyx Point loan origination software with participating flood certification vendors. The flood certification category is accessed within Point's services menu and includes seven companies.

Currently listed in the new Calyx Point category are Loveland, Colo.-based Factual Data; Sacramento, Calif.-based First American; Columbus, Ohio-based CBCInnovis; Tucson, Ariz.-based First Magnus Lender Services; Arlington, Texas-based FIS Flood Services; Atlanta-based LandAmerica Lender Services; and Plano, Texas-based LandSafe.

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

Morgan Stanley To Reduce Residential Mortgage Businesses

Morgan Stanley says it will scale back its residential mortgage operations in the U.S. (as well as shut down its U.K. residential mortgage arm). The action will involve cutting about 1,000 jobs worldwide. Morgan Stanley notes that it will continue to service mortgage loans in the U.S. through its Saxon Mortgage Services Inc. platform,

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

Zaio Corp. Acquires Appraisal.com's Assets

Technology and database provider Zaio Corp. said the company has acquired Appraisal.com's technology assets.

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

CSC/HOPE NOW Introduce Improved Loss Mit Technology

Technology solutions provider Computer Sciences Corp. (CSC) said this week that it has been working with members of the HOPE NOW Alliance to enhance the company's Early Resolution (ER) technology and to create an EarlyResolution Counseling Portal (ERCP) that will help nonprofit loan counselors better assist struggling borrowers.

ERCP will function much like the consumer lending default management software that made CSC a player in the loss mitigation field. But, this time, loan counselors are expected to be the main beneficiaries.

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

Bernanke Optimistic on Late '08 Growth, Hints at Fewer Cuts

Federal Reserve Chairman Ben Bernanke said that the central bank is likely to make fewer rate cuts in the immediate future. Over the past six months, the Fed has cut rates by a total of 2.25 percentage points; but the aggressive moves have not done much to alleviate the credit squeeze. Bernanke said the economy is more likely to see the benefits of the rate cuts in the second half of the year, and analysts now say the markets still expect the Fed to cut rates at its next meeting on March 18 but do not expect it to be as aggressive in doing so.

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

Subprime Lawsuits on Pace to Top S&L Cases

A new report from Navigant Consulting Inc. reveals 278 civil lawsuits were filed in federal courts last year by borrowers, investors and other parties who sustained losses as a result of the subprime mortgage crisis. While 559 lawsuits were filed over a period of several years in the wake of the savings and loan (S&L) crisis, experts believe the subprime fallout could be worse.

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

Mortgage Data Trackers in Talks on Linkup

An established electronic loan registry tracking more than half of all originations could soon pair up with a newly created database of state-licensed mortgage lenders and brokers. Merscorp Inc.'s 13-year-old system, which keeps track of sales of loans and their servicing rights for 3,000 subscribers--including the top 100 originators--has data on 52 million loans. The Conference of State Bank Supervisors, meanwhile, just launched its national database in January and has only seven state members so far but could benefit from a partnership with the Mers system. Under a possible joint effort, the Conference of State Bank Supervisors would use Merscorp's lender identification numbers in its Nationwide Mortgage Licensing System--which would make it easier to identify the sources of fraud or questionable underwriting, particularly when a loan has be sold multiple times.

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

Lenders Step Up Effort to Avert Foreclosures

Dubbed Project Lifeline, this latest plan has Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., J.P. Morgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co. all promising to seek contact with homeowners who are 90 or more days overdue on their mortgages. In some instances, homeowners will be given the opportunity to "pause" their foreclosure proceedings for 30 days while lenders try to make the loans affordable. The participating banks, all of which are members of the so-called Hope Now Alliance, are collaborating with HUD and the U.S. Treasury Department as part of the initiative.

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

Cash Out Refi Activity Drops to Lowest Level in 3.5 Years

Freddie Mac reports a drop in cash-out refinancings to 81 percent of refis in the 2007 fourth quarter from 86 percent in the third quarter, a trend that chief economist Frank Nothaft attributes to stricter underwriting standards, home-price declines and rising jumbo loan rates. Regionally, 87 percent of refinancings in the South and West resulted in new mortgage amounts 5 percent greater than the original loan, versus 86 percent in the Northeast and 76 percent in the Midwest.

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

February 08, 2008

New Home Sales Dec. 07

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

First American Global Offshore Services Partners with Graystone Solutions, Inc. to Offer Business Process Outsourcing Solutions

First American Global Offshore Services and Graystone Solutions, Inc., a leading loan servicing and technology provider, announced a strategic partnership to offer First American’s MortgageBPOSM solutions via Graystone’s custom MortgageServ-based solutions.

Through this partnership, Graystone clients have direct access to First American’s global business process outsourcing solutions, bringing opportunities to reduce cost and improve efficiency for each step of the servicing and default cycles through the MortgageServ platform. Graystone’s custom MortgageServ solutions allow lenders and servicers to automate all loan servicing processes from a single browser-based real-time platform.

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

The First American Corporation to Hold Fourth Quarter Conference Call

The First American Corporation announced that it will host a conference call on Feb. 28, 2008 at 11 a.m. EST. The call will follow the announcement of the company’s fourth-quarter and full-year operating results, which is scheduled for release on Feb. 28, 2008, at 8:32 a.m. EST.

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

An audio replay of the conference call will be available through March 7, 2008, by dialing (203) 369-1094. An audio archive of the call will also be available for replay on First American’s Web site.

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

Data Tree Land Records Database Exceeds 4 Billion Documents

Data Tree, LLC has expanded its nationwide database of recorded property documents to more than 4 billion documents. With geographic coverage in more than 650 counties, the database represents approximately 70 percent of the U.S. population.

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

First American’s New Second Lien Scoring Model Revolutionizes Investor And Servicer Lien Management

First American Subordinate Lien Outsourcing today announced the debut of its Second Lien Scoring Model (SeLi), an analytical risk/reward rating system that quantifies the actual potential of a second lien.

SeLi is changing the way second liens are managed by triangulating existing second lien information through First American’s extensive property and consumer databases to provide the accurate risk scores needed to determine true trade value, ability to collect, potential to revive the loan and recovery and loss severity.

By applying First American’s verified data through SeLi, investors and servicers have the precise information and rating system needed to make better trading decisions and prioritize management of second liens for optimal results.

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

Wolters Kluwer Financial Services Closes Its Acquisition of the Assets of Stewart Lender Services' Flood Determination Business

Wolters Kluwer Financial Services today announced the close of the acquisition of the assets of Stewart Lender Services' flood determination business.

Wolters Kluwer Financial Services combined the assets of Stewart's flood determination business with its own PCi line of flood determination solutions, which offer accurate, efficient and affordable determinations compliant with all federal flood regulations, government agencies and loan servicers. A subsidiary of Stewart Title Company and part of Stewart Information Services Corporation (NYSE:STC), Stewart's flood determination division offers solutions including basic certification, basic plus life of loan, portfolio review and commercial flood determinations.

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

Fidelity National Information services aligns with Digital Insight

Fidelity National Information Services has announced a new strategic relationship with Digital Insight, a provider of online banking services to midmarket banks and credit unions in the US. Under terms of the agreement, Digital Insight will offer FIS' premium bill pay and presentment solution to its clients.

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

FIS Rolls Out New Web-based Loan Modification Technology

Fidelity National Information Services, Inc. (FIS) announced the launch of its new Web-based loan modification solution. The new tool allows companies to quickly deal with re-setting servicing costs on adjustable rate mortgages, while also maintaining the integrity of each transaction.

The solution, which is built into FIS's ClosingStream e-mortgage technology platform, promises “to help lenders save money by limiting adjustable-rate mortgage reset servicing costs," the company says.

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

State Bank Supervisors: 70% of Troubled Borrowers Don't Get Help

A report from the Conference of State Bank Supervisors claims that seven out of ten seriously delinquent home mortgage borrowers "are not on track for any loss mitigation option." The CSBS's state foreclosure prevention working group has met with the nation's 20 largest servicers of subprime mortgage loans in an effort to increase communication between servicers and troubled borrowers. The task force found that servicers have increased their use of loan modifications and other home retention options. For those delinquent borrowers who are in communication with their servicer, almost half are working toward a loan modification, the CSBS said.

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

Freddie to Enter Commercial Space

Freddie Mac is looking to be a player in the commercial-mortgage securitization niche by pooling together multifamily loans and securitizing them through a dealer. The plan is for Freddie Mac to aggregate the loans, buying them from its network of lenders, and either hold on to or securitize the senior pieces of the loans, while securitizing the 'B' pieces through a dealer. If the senior pieces were to be securitized, they would carry the Freddie Mac label.

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

OMB To Complete Review of HUD RESPA Rule

The Office of Management and Budget is expected to complete its review of HUD's RESPA Rule in a "few days" so it can be issued for public comment by the end of February, according to a Housing and Urban Development official. HUD deputy assistant secretary Gary Cunningham said the Real Estate Settlement Procedures Act proposal will enhance the Good Faith Estimate so mortgage applicants receive a clear disclosure of the loan terms and settlement costs. The new GFE will also provide a better disclosure of the mortgage broker fee. Once OMB clears the RESPA proposal, HUD will submit it to Congress for a 15-day review before it is published for a 60-day comment period.

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

Trepp Offers New Portfolio Analysis Platform

Trepp, LLC, announced the release of TreppLoan PortfolioTM, an innovative platform for risk management, surveillance, reporting and valuation for commercial real estate lenders.

The web-based product leverages Trepp's industry standard CMBS reporting and analytics platform by extending its capabilities for balance sheet lenders and whole loan investors.

TreppLoan Portfolio takes credit analysis one step further by benchmarking the characteristics of a portfolio against the securitized commercial real estate market. Stress analysis can then be applied to the uploaded positions in order to examine loan performance under various credit and economic scenarios. Additionally, users can identify concentration risk and diversity within a portfolio through various stratification tools.

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

FirstClose(TM) Announces Polish & Slavic FCU as Newest Customer

FirstClose, a service of First Lenders Data, Inc. (FLDI), announced that it has added Polish and Slavic Federal Credit Union, a $1.1 billion credit union with over 70,000 members, to its list of growing customers. Polish & Slavic FCU will be utilizing the FirstClose platform to obtain Flood Zone Determinations from Fidelity, LandAmerica, and Stewart Title, Automated Valuation Models (AVMs) from Freddie Mac, First American, Fidelity, and others, Tax Tracking Services, and an instant title report alternative called Equiguard.

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

BSI Licenses Moss Codilis Software

BSI Financial Services Inc. has partnered with Moss Codilis LLP for its default management services and software. As part of the partnership, BSI has licensed M-Vue, a Moss Codilis proprietary software that supports the servicing of mortgage loans that are in default in a secure, Web-based environment.

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

Safeguard Introduces eBroker Sign Off

Safeguard Properties has launched eBroker Sign Off, a Web-based application that further enhances Safeguard's quality-control measures for REO service delivery.

eBroker Sign Off allows Safeguard's REO clients' brokers to electronically complete and submit a Broker Sign Off Checklist at the conclusion of their quality walkthroughs, according to the company. Originally designed to obtain feedback from the broker regarding a contractor's performance at a property, the Broker Sign Off now serves as a communication vehicle and quality-control measure in which brokers provide data to routinely monitor contractors' performance and timeliness.

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

Clayton Holdings, Experian Form Partnership

Clayton Holdings has entered an agreement with Experian, a global information services company, to provide analytics and outsourcing services to the mortgage and securitization industries designed to improve transparency, predictability and loss mitigation.

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

Zaio Releases New Valuation Technology

Zaio Inc. has released Version 2.0 of its patent-pending database and technology, which includes several enhancements that the company says will greatly benefit lenders and appraisers.

With the new version, lenders will no longer be required to wait four to seven days to obtain the results of appraisals, and they can access appraisals from a secure database in seconds. Instead of instantly populating only the 2055 exterior appraisal form, with Version 2.0, appraisers will now be able to produce a complete line of valuation services ranging from automated valuation models to desk-top appraisals and more.

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

InsideValuaton Releases Technology Portal

InsideValuation has introduced a new technology portal that is designed to expedite the turnaround time on valuation reports. The firm says its new technology is able to automate non-critical points in the valuation process and reduce delivery time. It also includes a scoring model with demographic and economic information that assists in the quantification of collateral risk.

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

IAS Launches iMVT

Integrated Asset Services (IAS) has rolled out a tool designed to help residential real estate investors as they analyze multiple existing loan pools, as well as the values of properties hidden within those portfolios.

IAS says its new Intelligent Market Volatility Index (iMVI™) allows investors to see definitive research results because the index actually compares “more than 15,000 homogenous geographic segments utilizing over 400 unique attributes.” The attributes included in the tool's analytic studies allow investors to take account of unique market conditions and other local property data that could have an impact on property value.

iMVI uses the entire population of “arms length” sales including condo sales, separated by type, to establish unique indexes by property type. Unlike the Home Price Index (HPI), it also includes “non-conforming” sales from MLS, public and market data to more accurately reflect values and risk at the loan level.

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

Bush's 2009 Fiscal Plan for HUD Focuses on Loss Mit

President Bush aims to increase monies allotted to HUD in fiscal year 2009 by nine-percent, or $3.2 billion, to total $38.5 billion, according to a press release issued by HUD this week.

The federal agency says the nine-percent increase between fiscal year 2008 and 2009 will allow the President to gear more funding towards housing counseling initiatives, as well as homeless assistance and affordable housing programs. A breakdown of the proposed budget blue print includes an allotment of $1.636 billion for homeless programs, $2 billion for affordable housing development and $29.4 billion for rental assistance aimed at low-income families and $65 million for housing counseling.

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

MortgageKeeper.org Expands Loss Mit Coverage Area

MortgageKeeper Referral Services Inc. -- a Web-based platform that provides collection and loss mitigation departments with referrals to local home retention nonprofits, lawyers, and an assortment of other resources -- is now offering its resources in 15 new markets.

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

MBA Likes Some FHA/GSE Reforms, Not So Keen on Others

The Mortgage Bankers Association (MBA) issued a statement this week saying the organization agrees with many aspects of the Bush administration's plan to reform the Federal Housing Administration (FHA) program, but the organization also voiced a few concerns.

While the MBA is glad to see the FHA will be modernized to a point where tax exempt bonds can be used to refinance troubled borrowers and an additional $65 million in funding will be provided to give counseling to homeowners, other elements of the plan have raised the association's eyebrows.

Among those concerns, the MBA believes the Bush Administration's new fiscal 2009 guidelines will place a strain on the current FHA budget. Because of this financial strain, the MBA believes more funding, possibly in the form of fees, will be required.

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

Pipeline: Mod Squad

A service that gauges borrowers' eligibility for mortgage modification has been developed by Experian Information Solutions Inc. and Clayton Holdings Inc. Credit scores, payment histories, incomes and loan-to-value ratios are used to determine whether buyers qualify for the Treasury Department's rate freeze plan, the FHASecure refinance program or other arrangements, including short sales and repayment plans.

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

States Say Mortgage Companies Fall Short on Loan Modification

Using data from 13 mortgage servicers accounting for 58 percent of subprime loans, the State Foreclosure Prevention Working Group--made up of state attorneys general and banking regulators from 11 states--found that 45 percent of said loans were under consideration for modifications in October. Of these arrangements, 75 percent required borrowers to bring their payments current; but fewer than 7 percent of borrowers had enough money to do so. The study also determined that 75 percent of borrowers whose loans were 60 days or more delinquent at the end of October had not taken steps to obtain a modification, and more than 30 percent of subprime or Alt-A mortgages had not undergone any rate resets yet but still were 30 days or more past due.

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

Wachovia Tops in Commercial/Multifamily Loan Servicer Rankings

The MBA released its annual rankings of commercial and multifamily loan servicers as of the end of 2007. Wachovia Securities with $407.9 billion in U.S. master and primary servicing topped the list, followed by Midland Loan Services/PNC Real Estate Finance with $268.5 billion, Capmark Financial Group Inc. with $258.1 billion and Wells Fargo with $175.6 billion.

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

GMAC Posts $724 Million Loss

The credit crisis and the housing downturn contributed to a $724 million loss posted by GMAC in the 2007 fourth quarter, prompting the lender to pledge swift action in order to reverse the earnings slump and turn a profit this year. Losses tied to its Residential Capital LLC mortgage subsidiary totaled $291 million during the final three months of last year, attributable to an increase in funding costs, expenses associated with loan restructuring and write-downs on credit residuals and mortgage-backed securities.

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

Beazer Dropping Services, Markets

Beazer Homes USA Inc. has shuttered its Beazer Mortgage Corp. subsidiary and severed ties with Homebuilders Financial Network LLC, making Countrywide Financial Corp. its preferred mortgage lender instead. Additionally, the Atlanta-based home builder announced that it will no longer build homes in Charlotte, N.C.; Columbia, S.C.; Lexington, Ky.; and Cincinnati, Columbus and Dayton, Ohio. Beazer reports a 24-percent drop in home closings, a 29-percent decrease in net new-home orders and a 46-percent cancellation rate for the quarter ended Dec. 31.

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

February 01, 2008

Existing Home Sales Dec. 07

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

First American Natural Hazard Disclosures Now Offers Proprietary Tax Disclosure Reports

First American Natural Hazard Disclosures (FANHD announced that it has launched the FANHD California Property Tax Disclosure Report™, creating a cost-effective choice for real estate professionals and their clients.

A property tax disclosure report is used to alert homebuyers to current and future taxes, fees and assessments that will be imposed on a property. This type of information can prevent unnecessary surprises in the home-buying process. Much of the information is also required to be disclosed by California law.

FANHD recently invested in acquiring and further developing its own tax information database as a way to offer customers more choices in the marketplace. FANHD’s new tax disclosure report provides an additional resource for California’s real estate professionals and competitive prices for homebuyers and sellers.

Posted by S. Germain at 09:13 AM | Comments (0)

Bankruptcy Filers Sue Fidelity National Information Services for Alleged Kick Back Scheme

Fidelity National Information Services has been named in a Houston lawsuit filed by two Chapter 13 debtors, and all other debtors, who allege the giant processor of financial and mortgage-related services tacked on “hidden legal fees” while serving as an intermediary between the debtors' mortgage servicing companies and the law firms appearing in court on the creditors' behalf.

The lawsuit alleges Fidelity charged debtors “hidden fees” by using its own network of attorneys and cloaking its role as the secret middle-man between the law firms handling the cases and the creditors sending Fidelity's network of attorneys to court on their behalf.

The suit alleges the relationship became a complex game of who's who in which fees allegedly were tacked onto the debtors' payments without Fidelity's role as the legal fee decision-maker becoming known to the courts in the process.

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

Fidelity National Financial swings to 4Q net loss on $135.7M charge

Fidelity National Financial Inc. reported it swung to a fourth-quarter net loss of $44.9 million from a net profit of $71.2 million.

The latest results include a $135.7 million charge to strengthen the reserve for claim losses. The provider of title insurance, specialty
insurance and claims management services posted revenue for the three months ended Dec. 31 of $1.3 billion versus $1.8 billion last year.

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

QuestSoft, Calyx Simplify Compliance for Lenders

QuestSoft announced that QuestSoft's Compliance EAGLE, an end-to-end, fully automated compliance review system, has been integrated into Calyx Software's Point and Point Data Server. Through the integration, Compliance EAGLE combines all components of mortgage lending compliance into a single, automated system for Point users.

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

Fiserv sells San Diego software unit

Fiserv Inc. has sold its Del Mar DataTrac Inc. back-office lending software business to TVC Capital LLC, a San Diego private equity fund.

Fiserv purchased Del Mar DataTrac in 2005 for an undisclosed sum. San Diego-based Del Mar provides mortgage banking automation software for mortgage brokers and other lenders. The business now serves more than 300 mortgage banking firms throughout the U.S.

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

Sambol to Head BoA/Countrywide Mortgage Biz

David Sambol, currently president and chief operating officer of Countrywide Financial Corp., has been chosen to lead the combined consumer mortgage business of Countrywide and Bank of America. When the deal is completed (projected to be in the third quarter), Mr. Sambol will report to Bruce Hammonds, who will move into the new role of global consumer credit executive; he is currently BoA's card services executive.

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

Ellie Mae Releases Encompass 3.0

New enhancements include comprehensive audit trails that capture the details around any changes to key loan fields; alert configurations with "snooze" and "dismiss" functions so that users can control alert timing; custom mapping of contact fields to eliminate redundant loan-file data entry; business rules enhancements that improve user control over access to loan fields, in addition to offering control over the times that form buttons are accessible to loan team members; and user-group enhancements that provide flexible access to borrower contacts.

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

LoanResolve.com, Wolters Kluwer Partner On Loan Mods

LoanResolve.com has formed a partnership with Wolters Kluwer Financial Services. The companies plan to quickly implement loan modification document solutions that ensure compliance with lender requirements.

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

FirstClose Expands Service To Arizona State Credit Union

FirstClose, a service of First Lenders Data Inc., has expanded its service offering to Arizona State Credit Union to include flood-zone determinations, automated valuation models, legal and vesting reports, limited title searches and the alternative lien service Equiguard.

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

A California Bill Monitoring Loss Mit Moves Forward

A California bill has passed the state assembly as assurance that perhaps the state will eventually require lenders and servicers to report loss mitigation results publicly.

Assembly Bill 69 still has to pass the state Senate. Under AB 69, residential mortgage lenders would be required to report on all of their loan loss mitigation efforts to the Department of Corporations every month. State licensed banks and credit unions would report to the Department of Financial Institutions. Both departments would make the information publicly available.

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

Treasury Representative Says 370,000 Homeowners Aided in Late 2007

Robert Steel, the U.S. Treasury Under Secretary for Domestic Finance, said that the mortgage industry helped 370,000 homeowners in the second half of 2007, according to data provided by the HOPE NOW Alliance—a program made up of government agencies, foreclosure prevention platforms and mortgage servicers who are trying to prevent foreclosures nationwide.

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

InsideValuaton Releases Technology Portal

InsideValuation has introduced a new technology portal that is designed to expedite the turnaround time on valuation reports. The firm says its new technology is able to automate non-critical points in the valuation process and reduce delivery time. It also includes a scoring model with demographic and economic information that assists in the quantification of collateral risk.

The new platform is integrated through .NET and data-push technology which allows field valuators to receive timely requests for valuations, giving InsideValuation clients access to their orders in real time, the company claims in a press release.

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

Fed Rate Cut Right Move, Analysts Say

The Federal Reserve has cut the federal-funds rate by 1.25 percentage points since Jan. 22, approving a 0.5-percent reduction at its meeting on Jan. 30. Analysts say two rate cuts within eight days of each other is unprecedented, but they underscore the resulting benefits to consumers and businesses. Freddie Mac says mortgage rates have slipped to about 5.5 percent since the start of January, and the Mortgage Bankers Association reports a year-over-year surge in mortgage applications of 71 percent last week.

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

Countrywide Loses $422 Million

Countrywide Financial reported a $422 million loss for the fourth quarter, compared to a profit of nearly $622 million in the comparable period a year ago. About $831 million of its losses were attributed to defaults on home equity lines of credit that might not be repaid; a $394 million hit was taken for holding onto loans that could not be sold as planned; and $87 million in restructuring charges were posted for laying off 11,000 people since July 2007. The nation's largest mortgage lender lost $704 million for the year, compared to a profit of $2.68 billion in 2006.

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

New Homes Set Record: Sales Fell 26 Percent in '07

The Commerce Department's recent new-home sales report reveals substantial weakness in the housing market; and more declines are on the horizon, according to some economists. The report shows a 26-percent plunge in sales volume last year compared to 2006 and just a 0.2-percent increase in the median price to $246,900 over the same period.

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

Jumbo Loans Spell Relief

Economists are optimistic that language included in the stimulus package to raise the limit on jumbo loans will lead to a major refinancing boom this year. The $150 billion package of tax cuts and rebates includes a provision to increase the conforming loan limit from the current threshold of $417,000 to as high as $729,000 in costly housing areas such as New York and California, which would make jumbo loans cheaper for buyers and more marketable for investors.

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