First American Client Relations Industry View

Existing Home Sales

Fri, 25 Jul 2008 08:23:39 -0600

First American Loan Production Solutions Expands Data, Workout Options

Fri, 25 Jul 2008 08:21:51 -0600

First American Loan Production Solutions has announced the expansion of its borrower identification data and workout options to create a complete loan modification system designed to help servicers prevent foreclosures. The new offering combines credit scoring, valuation services, risk modeling, scoring, document preparation, and document recording to identify borrowers who are most at risk of foreclosure, the company said. Borrower refinance and workout options are then presented, and documents needed to complete the loan modification process may be created.

The First American Corporation to Hold Second-Quarter Conference Call on July 31, 2008

Fri, 25 Jul 2008 08:20:08 -0600

The First American Corporation announced that it will host a conference call on July 31, 2008, at 11 a.m. EDT. The call will follow the announcement of the company's operating results for the second-quarter of 2008, which is scheduled for release on July 31, 2008, at 8:32 a.m. EDT.

The conference call, which will also be broadcast over the Internet can be accessed online at http://www.firstam.com/investor or by dialing toll free (888) 955-3516. Callers from outside the United States may dial (210) 234-5896. The pass code for the event is "First American."

An audio replay of the conference call will be available through Aug. 8, 2008, by dialing (203) 369-3865. An audio archive of the call; a copy of the 2008 second-quarter earnings release, including the financial information contained therein; and the accompanying financial presentation will also be available on First American's investor Web site.

Fidelity National Financial, Inc. Announces Opening of Fidelity National Title de Mexico S.A. de C.V.

Fri, 25 Jul 2008 08:18:53 -0600

Fidelity National Financial, Inc. announced the opening of its title insurance operation in Mexico, Fidelity National Title de Mexico S.A. de C.V. ("Fidelity Title Mexico").

NatCity Sees Big Loss on 'Liquidating Portfolio'

Fri, 25 Jul 2008 08:17:14 -0600

National City Corp., Cleveland, lost $1.8 billion ($2.45 per share) in the second quarter, driven by a $1.6 billion loss provision related to broker-originated home equity, subprime mortgage, and construction loans to individuals.

House Passes Landmark Housing Bill

Fri, 25 Jul 2008 08:16:04 -0600

The House has passed a landmark housing bill that includes a financial backstop for Fannie Mae and Freddie Mac, and the measure now goes to the Senate, where a few Republican stalwarts might delay final passage for a few days. The bill increases Fannie's and Freddie's line of credit at the U.S. Treasury and authorizes the Treasury secretary for the first time to purchase stock in the two government-sponsored enterprises, if necessary. The bill also strengthens regulation of Fannie and Freddie, and passage of the bill should make it easier for the mortgage giants to raise additional capital, according to James Lockhart, director of the Office of Federal Housing Enterprise Oversight.

Clear Capital Releases New Property Condition Report That Includes Neighborhood Context

Fri, 25 Jul 2008 08:11:30 -0600

Clear Capital introduced the Condition Conformity Inspection: a new report that helps banks and lenders determine whether their vacant, bank-owned homes are at risk of contributing to urban blight.

Condition Conformity Inspections bring together subject property and neighborhood information into a single, easy-to-read form that includes visual tools such as images of the subject property, street views, the ten closest neighboring homes, and a map of the neighborhood. These inspections also include narratives on the condition of the subject, its conformity to the neighborhood, and possible deferred maintenance issues.

Radian Guaranty Joins Hope Now Alliance

Fri, 25 Jul 2008 08:09:51 -0600

Radian Guaranty, the primary mortgage insurance subsidiary of Radian Group Inc. announced that it has become a member of the Hope Now Alliance.

DocuSign Launches New Enterprise Service Capabilities for Electronic Contract Execution

Fri, 25 Jul 2008 08:07:55 -0600

DocuSign announced the latest release of DocuSign, now available at www.docusign.com, that introduces an extensive set of new features to help customers achieve the long-sought goal of replacing the expensive and slow use of paper in all contract execution processes.

This latest release of DocuSign automates the entire contract execution process, further enhancing the most powerful solution available in the marketplace today. As a SaaS (Software as a Service) offering, DocuSign's automated contract execution services can be deployed very quickly into existing business processes such as sales contract execution, new account openings, HR forms processing and document transaction processing.

Cogent Road Introduces Padded Credit Score Detection Tool

Fri, 25 Jul 2008 08:03:40 -0600

Cogent Road has launched an automated tool for detecting if a credit score has been artificially inflated due to questionable or untrustworthy "authorized user" accounts within the borrower's profile.

The solution examines credit reports to detect the probability that a borrower's credit score is being artificially manipulated based on a different individual's payment history. Using a complex series of comparative algorithms, this detection tool analyzes the borrower's credit profile as a whole to detect whether or not authorized user tradelines are consistent with his or her historical payment pattern.

SigniaDocs Releases eSign eNsure To Enforce Legal Mortgage Disclosures

Fri, 25 Jul 2008 08:02:19 -0600

According to the company, eSign eNsure enforces compliant disclosure and closing practices by warranting the Good Faith Estimate, the Truth In Lending Statement and annual percentage rate calculations by creating electronic date and time stamps in key disclosure areas, signifying borrower understanding and acceptance of the loan conditions.

Lender Processing Services Acquires McDash Analytics

Fri, 25 Jul 2008 08:01:37 -0600

Lender Processing Services Inc. (LPS), recently spun off from Fidelity National Information Services Inc., has acquired McDash Analytics, which provides access to the industry's largest loan-level database of mortgage assets for the purpose of benchmarking and analysis.

2Q Home Vacancies Set a Record

Fri, 25 Jul 2008 07:59:00 -0600

The Census Bureau says the 18.6 million homes sitting unoccupied nationwide during the second quarter set a record attributable to the housing slump and rising foreclosure rate. Year-over-year, the number of vacant dwellings was up 6.9 percent, and 2.8 percent of these vacant homes were nonrentals. The report also shows 4 million rentals standing empty during the second quarter and a jump in vacant homes in the "other" category--including foreclosures and those empty while undergoing improvements--to 3.2 million from 3 million in 2007.

San Diego Sues Bank of America to Halt Foreclosures

Fri, 25 Jul 2008 07:58:25 -0600

Bank of America and its Countrywide unit have been sued by the city of San Diego in an attempt to keep the mortgage lenders from foreclosing on local homes. Filed in San Diego County Superior Court by City Attorney Michael Aguirre, the suit alleges that homeowners were defrauded with subprime loans that did not comply with Countrywide's policies. San Diego County has lost 20,000 homes to foreclosure so far this year, but some analysts believe the number could rise to 40,000 for 2008. "We would like to see San Diego become a foreclosure sanctuary," said Aguirre, who expects to file similar suits against Washington Mutual, Wells Fargo and Wachovia to get lenders to negotiate with borrowers.

Title Insurer Fidelity National's Net Sinks 92 Pct

Fri, 25 Jul 2008 07:57:40 -0600

Fidelity National Financial Inc., parent company to one of the country's biggest title insurers, blames the housing slump and mortgage crisis for pushing its second-quarter profit down 92 percent to 3 cents a share from 38 cents a share in the 2007 second quarter. Reuters Estimates reports that analysts had anticipated revenue of 13 cents per share. Fidelity National additionally reports a 25-percent drop in closed title orders to 307,500 for the April-through-June period, a 26-percent decrease in opened title orders to 462,600 and a 23-percent decline in title and escrow premiums and fees to $1.04 billion.