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Mortgage Banking May 15, 2008
• CCH White Paper Details Subprime Crisis, Wider Effects
CCH, part of Wolters Kluwer Law & Business, has published a white paper, http://business.cch.com/bankingfinance/focus/news/Subprime_WP_rev.pdf The Subprime Lending Crisis: Causes and Effects of the Mortgage Meltdown, by CCH Banking Law Analyst Katalina M. Bianco, JD. Wolters Kluwer Law & Business is a leading provider of research information and software solutions in key specialty areas for legal and business professionals. -- CCH, a Wolters Kluwer business,Neil Allen,Riverwoods IL 05/14/2008
• Solidifi Expands Collateral Valuation Services to the U.S. Mortgage Market and Opens Local Head Office
Solidifi's technology to enable independent and fully transparent collateral valuation marketplace with integrated risk management capabilities -- Solidifi Inc.,Mike Kraemer, Chicago il 05/14/2008
• MBA's Quinn Calls for Quick Conference on Flood Insurance Bill
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today welcomed Senate passage of S. 2284, The Flood Insurance Reform and Modernization Act of 2008, and called on House and Senate leadership to quickly begin negotiations to reconcile the two chambers' bills so that a bill can advance to the President's desk this summer. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 05/14/2008
• Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 9, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 674.4, an increase of 2.9 percent on a seasonally adjusted basis from 655.4 one week earlier. On an unadjusted basis, the Index increased 2.9 percent compared with the previous week and was down 1.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 05/14/2008
• NorthMarq Capital Eliminates Paper Statements with FICS’ Solutions
Financial Industry Computer Systems, Inc. (FICS®), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced at MBA's Commercial/Multifamily Servicing and Technology Conference that Minneapolis-based NorthMarq Capital, Inc. (NorthMarq) is successfully utilizing its commercial mortgage loan servicing system, Commercial Servicer®, its electronic imaging and document management system, Radstar and its consumer based web application system, LoanStat® to eliminate paper-based monthly statements to its borrowers. -- FICS - Financial Industry Computer Systems, Inc.,Kelly Graham,Chicago IL 05/14/2008
• Statewide Coalition Testifies on Support of Governor Paterson`s Bill to Address New York State Foreclosure Crisis
At a New York State Senate Banks Committee hearing today, members of New Yorkers for Responsible Lending (NYRL) stated their strong support for Governor Paterson`s legislation to address New York`s foreclosure crisis. -- New Yorkers For Responsible Lending,Josh Zinner,New York NY 05/13/2008
• Commercial/Multifamily Originations Volume Hit Record in 2007 Despite Mid-year Slowdown
The commercial/multifamily originations market grew 19 percent in 2007, with mortgage bankers closing $507.7 billion in commercial/multifamily loans according the Mortgage Bankers Association's 2007 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation. Increases were seen across most property types and most investor groups, and were led by increases in loans for office buildings and loans intended for commercial mortgage-backed security (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits. Intermediated loan volume grew 15 percent between 2006 and 2007 -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 05/13/2008
• Flagstar Bank Taps CampusMBA To Deliver Key FHA Business Initiative
CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA), today announced it has launched a strategic educational offering focusing on Federal Housing Administration (FHA) loan guidance for Troy, Mich.-based Flagstar Bank. The largest publicly held savings bank headquartered in the Midwest with more than 165 banking centers in Michigan, Indiana and Georgia, Flagstar enlisted CampusMBA to provide assistance in meeting one of its key initiatives-- increase and successfully manage its surging FHA business. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 05/13/2008
• In Efforts to Help Homeowners Avoid Foreclosure, I Short Sale, Inc. Makes Loan Modifications a Priority
I Short Sale, Inc. (ishortsale.com), a leading nationwide short sale and loss mitigation advisory firm, has expanded its loan modification department with the addition of several experienced loan modification specialists and support staff. -- IShortSale,Info,Woodland Hills ca 05/13/2008
• Guild Mortgage Company Acquires Liberty Financial Group and Expands Reach to High Credit-Quality Borrowers
Guild Mortgage Company recently completed the acquisition of Liberty Financial Group, a Bellevue, WA residential mortgage bank. Liberty annually originates close to $1 billion of prime home loans through its network of branches located predominately in Washington and Colorado. -- Guild Mortgage Company,Matthew Fine,San Diego California 05/13/2008
• FNC(R) Automation Ensures HVCC Compliance for Mortgage Lenders
The technology company`s GAAR analytic product helps ensure compliance to New York Attorney General`s guidelines for mortgage lending practices -- FNC INC.,Charles Hurst,Oxford Mississippi 05/13/2008
• MORELLI NAMED MORTGAGE BANKER OF THE YEAR
Samuel B. Morelli, President and COO of the Mortgage Division of Eagle National Bank in Villanova, PA, has been awarded the 2008 Mortgage Banker of the Year Award. The award was presented to Morelli by The Mortgage Bankers Association (MBA) of Greater Philadelphia at its annual meeting held at The Union League in Philadelphia. -- Eagle National Bank - Mortgage Division,Samuel Morelli, PA 05/06/2008
• Mortgage Builder Software Partners with Optimal Blue
Partnership integrates LOS with product eligibility and pricing engine, enables lenders to lock online with investors -- Mortgage Builder Software Inc,Keven Smith,Southfield Michigan 05/05/2008
• CampusMBA Launches Residential Secondary and Capital Markets Workshop Series
Workshops are issue-focused, hands-on and cover vital industry-related topics -- Mortgage Bankers Association of America,Aleis Stokes,Washington District of Columbia 05/05/2008
• NYLX ADDS UNPRECEDENTED MARKET TRANSPARENCY FEATURES TO LOANDECISIONS
Originators and investors benefit from up-to-the-minute, 99.9995% accurate access to investor rate and guideline changes, plus several other enhancements to increase profitability -- NYLX,Info,Mt. Arlington New Jersey 05/05/2008
• Countrywide and New Vista Asset Management Join Together to Turn foreclosures Into Opportunities for Home Buyers
Countrywide Financial (NYSE:CFC) , a diversified financial services provider, and New Vista Asset Management have joined together to find qualified buyers for Countrywide's REO properties. The program is designed to help minimize the impact of foreclosures on neighborhoods by reaching out to consumers interested in residing in these communities. In the relationship, New Vista's network of real estate professionals who have deep roots in minority communities are assigned the responsibility and will work to ensure that prepared homebuyers, often first-time and minority homebuyers working with New Vista professionals, have the opportunity to purchase REO properties. -- Countrywide Home Loans, Inc.,Savitha Anantharaman,Calabasas California 05/01/2008
• TransUnion.com Mortgage Trend Analysis Finds That Mortgage Loan Delinquency Rates Expected to Rise More Than 34 Percent by Year End
Analysis of trends in the mortgage industry during the 4th quarter of 2007 was made available today on TransUnion.com. The report is the third in an ongoing series of quarterly consumer lending sector analyses focusing on credit card, auto loan and mortgage data to be released on TransUnion`s Web site. -- Trans Union Corp.,Dave Blumberg,Chicago Illinois 05/01/2008
• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 567.0, a decrease of 11.1 percent on a seasonally adjusted basis from 637.6 one week earlier. On an unadjusted basis, the Index decreased 10.2 percent compared with the previous week and was down 14.2 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 05/01/2008
• CrossCheck Compliance Adds BasePoint FraudMark® Score to Reinvent Loan Due Diligence
Integrates pattern recognition technology to identify fraud risk before purchase/funding -- BasePoint Analytics,Info,CARLSBAD ca 04/25/2008
• Freddie Mac Names Sturgis Bank & Trust Company Subsidiary Oak Mortgage LLC as one of the Nation's Top Mortgage Servicers
Sturgis Bancorp, Inc. (BULLETIN BOARD: STBI.OB) , holding company for Sturgis Bank & Trust Company and its subsidiary Oak Mortgage, LLC, announced today Oak Mortgage, LLC was recently awarded Freddie Mac's prestigious 2007 Tier One Gold performance ranking for excellence in investor reporting and default management. Oak Mortgage was one of 26 mortgage servicing companies nationwide to meet this standard, according to Freddie Mac, one of the nation's largest investors in residential mortgages. There are approximately 1,500 lenders nationwide servicing loans for Freddie Mac. -- Sturgis Federal Savings Bank,Information,Sturgis Michigan 04/24/2008
• Myers Internet Announces Partnership With Mortgage Market Guide
Myers will be the exclusive distributor of the Consumer Market Update -- A-1 Loan World,Tara Jensen,MILWAUKEE WI 04/24/2008
• CampusMBA Releases Timely and Comprehensive Loss Mitigation Workshop for Industry Professionals
CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA), today announced that it has released a comprehensive, instructor-led loss mitigation workshop for industry professionals. CampusMBA's creation of the workshop comes at a time when the real estate finance industry is seeing unprecedented interest for loss mitigation training as it responds to current market conditions. -- Mortgage Bankers Association of America,Aleis Stokes,Washington District of Columbia 04/23/2008
• MBA and CMSA Oppose Creating Different Credit Rating Process for Structured Securities
The Mortgage Bankers Association (MBA) and the Commercial Mortgage Securities Association (CMSA) joined with the Real Estate Roundtable and the National Association of Realtors® to send a letter to Senate Banking Committee Chairman Christopher Dodd and Ranking Member Richard Shelby opposing proposals to differentiate between ratings for structured finance products and ratings for other asset classes, such as corporate and municipal bonds.
The letter, sent to Senators Dodd and Shelby today, in advance of a Senate Banking Committee hearing tomorrow on Turmoil in U.S. Credit Markets: The Role of the Credit Rating Agencies, warns that differentiating between ratings would only serve to further erode investor confidence and threaten an already fragile economy. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 04/23/2008
• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2 percent on a seasonally adjusted basis from 743.4 one week earlier. On an unadjusted basis, the Index decreased 13.4 percent compared with the previous week and was down 3.2 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia 04/23/2008
• Senate Banking Committee Chairman Discusses Industry Concerns on Rating Agency Reforms with SEC Chairman
The Senate Banking Committee yesterday held a hearing to discuss turmoil in the U.S. credit markets and the role of the credit rating agencies. During questioning with Chairman Christopher Cox of the Securities and Exchange Commission, Senate Banking Committee Chairman Dodd raised concerns regarding a proposal to provide a separate rating category for structured securities and referenced an April 21, 2008 joint letter from the Mortgage Bankers Association (MBA), the Commercial Mortgage Securities Association (CMSA), and The Real Estate Roundtable warning that differentiating between ratings would only serve to further erode investor confidence and threaten an already fragile economy. During this exchange, Chairman Cox indicated that the SEC will actively solicit industry comments for rating agency regulatory changes during the public comment period for new regulations, which are anticipated to be released in the summer/fall 2008. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 04/23/2008
• Lydian Data Services and Financial Crossing Announce Partnership That Delivers Turnkey Liability Management and Mortgage Fulfillment Solution
Partnership Provides Users With Seamless Service From Planning to Full Execution and Delivery of Mortgage Product PALO ALTO, CA and BOCA RATON, FL, April 22, 2008 – Financial Crossing, Inc. (www.financialcrossing.com), the leader in liability management solutions, and Lydian Data Services, LLC, the leading mortgage fulfillment and delivery outsourcing center in the nation, today announced a partnership to provide an end-to-end solution for their common clients. The partnership allows users of the Financial Crossing Liability Manager(SM) platform or Lydian Data Services to have a seamless user experience across both platforms. -- Lydian Data Services,Philippe Turpault,PALO ALTO CA 04/22/2008
