Mortgage Lending September 15, 2007
→ NAHREP Members Overwhelmingly Favor FHA Reforms
Hispanic Real Estate Professionals believe new and repeat borrowers will be better served if reforms are enacted -- National Association of Hispanic Re,Mary Mancera,Washington DC 09/15/2007
→ Banks go to Fed`s discount window for $7.2 billion
U.S. banks tapped the Federal Reserve`s discount window for $7.2 billion on Wednesday, the Fed said Thursday, the highest total since the terror attacks in 2001 and the first significant borrowing from the Fed since the Fed lowered the discount rate on Aug. 17. -- MarketWatch,Rex Nutting,Washington 09/15/2007
→ Mortgage Credit News - September 14, 2007
The credit panic appeared to stabilize on Wednesday, interest rates rising a bit, but the crunch found new legs today on news of sinking retail sales. At week`s end conforming mortgages are a hair under 6.50%, the gap to vanilla Jumbos closing to roughly a .50% premium, half of the worst in August. Everything else, even high-quality off-brand loans, is as-was: pricey or gone. -- Boluderwest,Lou Barnes,Boulder CO 09/15/2007
→ Harris Helps Customers with Mortgage Options
As adjustable rate mortgages reset, homeowners should act now before rising payments become a problem -- Harris Financial Corp,Colleen Kroll,,Chicago IL 09/15/2007
→ ChoicePoint`s MARI Helps Fight Mortgage Fraud with New Product Enhancements
The Mortgage Asset Research Institute (MARI®), a service of ChoicePoint® (NYSE: CPS), released phase one of a series of enhancements to its Mortgage Industry Data Exchange (MIDEX®) anti-fraud database. MIDEX is the premier national database used by members of the mortgage industry to report incidents of mortgage fraud and pre-screen the various professionals with whom they do business. -- ChoicePoint, Mortgage Asset Researc,Chuck Jones,Reston VA 09/13/2007
→ Fidelity National Information Services, Inc. Completes Acquisition of EFD/eFunds Corporation
Fidelity National Information Services, Inc. (NYSE:FIS) announced that it has completed the acquisition of EFD/eFunds Corporation. Under the terms of the merger agreement, FIS acquired all of the outstanding shares of EFD common stock for approximately $1.8 billion in cash, or $36.50 per share. -- Fidelity National Information Servi,Mary K. Waggoner,Jacksonville FL 09/13/2007
→ Chicago Area First American Bank Selects LendersLogic for Consumer Direct Instant Online Mortgage Approval
LendersLogic, Inc. today announced that the Chicago area First American Bank is now using the LendersLogic consumer direct online mortgage loan decisioning solution to help streamline the mortgage process for its customers. -- LendersLogic, Inc.,Wayne Howe, President,Boston MA 09/13/2007
→ Federal Reserve`s New Home Loan Data Shows Disturbing Differences by Race, Increased High Cost Lending Leads to Serious Delinquencies in High Foreclosure States
National Anti-Predatory Lending Law and Enforcement Needed, Says National Community Reinvestment Coalition -- National Community Reinvestment Coa,Jesse Van Tol,Washington DC 09/13/2007
→ LEONARD LUCAS OF LOVE FUNDING SECURES $2,442,000 REFINANCE LOAN FOR CASA EDAD DE ORO IN HARTFORD, CONN.
Love Funding today announced that its Boston office closed a $2,442,000 refinance loan for a senior housing property in Hartford, Conn. Leonard Lucas, First Vice President and Senior Loan Originator with Love Funding`s Boston office, originated the transaction. -- Love Funding,Leonard Lucas,Boston MA 09/13/2007
→ CAMBRIDGE PROVIDES $9.8 MILLION HUD LOAN TO REFINANCE SKILLED NURSING HOME IN MICHIGAN
Cambridge Realty Capital Companies, one of the nation`s leading senior housing/healthcare lenders, has provided a $9.8 million FHA-insured permanent mortgage HUD loan to refinance Regency Healthcare Center, a 244-bed skilled nursing home facility in Tyler -- Cambridge Realty Capital Companies,Katie Trice,Michigan 09/13/2007
→ Center for Responsible Lending Comments on New Federal Mortgage Data
Today the Federal Reserve Board issued a bulletin with its preliminary report on 2006 data reported under the Home Mortgage Disclosure Act (HMDA). We have not yet conducted a full analysis of the Board`s report, but an initial review finds that, once again, African American and Latino families receive a disproportionate share of higher-cost, subprime home loans. -- Center for Responsible Lending,Kathleen Day,Washington DC 09/13/2007
→ News Alert for: fannie mae
-- Fannie Mae,, 09/13/2007
→ News Alert for: freddie mac
Fannie, Freddie can help stabilize mortgage market as `bad actors ... -- Freddie Mac,, 09/13/2007
→ Americas Watchdog Offers Tips on How To Survive The Real Estate Crash Of 2007 and 2008
Over two years ago Americas Watchdog & its National Mortgage Complaint Center predicted the housing "bubble" would collapse. They were correct. -- Americas Watchdog,THOMAS MARTIN, 09/13/2007
→ Will These New Hard Money Web Based Loans Really Save the Day?
Borrowers who are being turned away from conventional mortgage lenders are now turning to private equity investors, where companies & individuals offer last stop mortgage options. LVHardMoney.com has stepped in with a new website that offers an online instant hard money decision. -- Las Vegas Hard Money,John Lock,Las Vegas NV 09/13/2007
→ Primary Capital Mortgage Welcomes Crawford Franck, Mid-Atlantic Sales Manager
Primary Capital Mortgage is pleased to announce the addition of its newest member, Crawford Franck, to our sales team. Crawford joins PCM as the Mid-Atlantic Sales Manager, and will be primarily responsible for leading and developing the company`s presence in this region. -- Primary Capital Mortgage,Crawford Franck,Atlanta GA 09/12/2007
→ Luminent Reports Progress with Whole Loan Lenders as Part of Strategic Initiative to Rebuild Value
Luminent Mortgage Capital, Inc. (NYSE:LUM) today announced progress in stabilizing its whole loan business. -- Luminent Mortgage Capital, Inc,Lin-Hua Wu,San Francisco CA 09/12/2007
→ Bernanke sees some progress in reducing global imbalances
Federal Reserve Board Chairman Ben Bernanke said there has been some progress in recent months in reducing the global trade imbalance of a large U.S. current account gap and corresponding surpluses in China and oil-exporting countries -- MarketWatch,,Washington 09/12/2007
→ MISMO® Launches Robust New Web Site
MISMO® Launches Robust New Web Site -- MBA,Aleis Stokes,Washington DC 09/12/2007
→ Market Street Mortgage Closes on Email Challenges
Market Street Mortgage is among the nation`s leading retail originators of residential mortgage loans. Founded in 1986, the company is headquartered in Clearwater, Fla. and is a wholly owned subsidiary of NetBank. In 2005, Market Street Mortgage closed $3.4 billion in mortgage loans. Market Street Mortgage and its subsidiaries have more than 1,100 employees across 70 locations serving homebuyers, homebuilders and real estate agents in 49 states. -- Market Street Mortgage,, 09/12/2007
→ IT Fusion SOS becomes CORE Desktop Solutions
IT Fusion SOS becomes CORE Desktop Solutions -- CORE Desktop,,Milwaukee WI 09/12/2007
→ Shareholder Class Action Filed Against Radian Group Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all purchasers of securities of Radian Group Inc. (NYSE:RDN) ("Radian" or the "Company") from January 23, 2007 through July 31, 2007, inclusive (the "Class Period"). -- Schiffrin Barroway Topaz & Kessler,,Schiffrin Barroway Topaz & Kessler,,Radnor PA 09/12/2007
→ Hagens Berman Sobol Shapiro: Countrywide Financial Faces Class Action Citing ERISA Violations
Company employees feeling effects of poor portfolio management and misleading financial reports. -- Hagens Berman Sobol Shapiro,Steve Berman,Santa Ana CA 09/12/2007
→ Fannie Mae
Government official overseeing Fannie Mae, Freddie Mac to retire Bizjournals.com - -- Fannie Mae,, 09/12/2007
→ Freddie Mac
By Jessica Holzer US Treasury Secretary Henry Paulson on Tuesday voiced doubt about lifting the portfolio caps on Fannie Mae and Freddie Mac, calling such ... -- Freddie Mac,, 09/12/2007
→ iLeads.com Introduces Life Insurance Plus Leads
Combining life leads and mortgage information makes for a better lead. -- iLeads.com,Drew Warmington,Newport Beach CA 09/12/2007
→ A.G. Edwards Announces Results of 2007 `Nest Egg Index` Which Ranks the Nation`s Best-Saving cities, States
Los Alamos, N.M., Tops List for Second Straight Year -- A.G. Edwards & Sons, Inc.,Pia Reinhold,St. Louis MO 09/12/2007
→ California Real Estate Investors Dodge `Bubble Trouble` by Investing Out-of- State
NorthPoint Real Estate Investment Services sees business surge as California investors buy investment property in appreciating markets out-of-state. -- NorthPoint Real Estate Investment S,Brandie Young,Pleasanton CA 09/12/2007
→ Holiday-Adjusted Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 7, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 657.4, an increase of 5.5 percent on a seasonally adjusted basis from 622.9 one week earlier. The index includes an adjustment for the fact that banks were closed on Labor Day last week. On an unadjusted basis, the Index decreased 16.7 percent compared with the previous week and was up 0.1 percent compared with the same week one year earlier. -- MBA,Aleis Stokes,Washington DC 09/12/2007
→ Mortgage upheaval prompts fresh look at wholesale loans
The current upheavals in the home mortgage market have prompted me to take a closer look at the structure of the wholesale market than I have ever done before. -- HeraldTribune.com,, 09/12/2007
→ Falling Originations Contribute to Massive Mortgage Layoffs from MortgageDaily.com
Declining production is contributing to massive job cuts at U.S. mortgage lenders. Countrywide Financial Corp. capped last week off with the disclosure it is preparing for more than 10,000 layoffs, according to http://www.mortgagedaily.com/ -- the dominant source of online news for the mortgage industry. -- MortgageDaily.com,Shaun Bartlett,Dallas TX 09/12/2007
→ Union Bankshares Corporation Completes Acquisition of Six Branches from Provident
Union Bankshares Corporation (NASDAQ:UBSH) and Provident Bankshares Corporation (NASDAQ:PBKS) , the parent company of Provident Bank, today announced the completion of the acquisition of the deposits and facilities of six Provident Bank branches in Virginia by Union Bankshares Corporation. -- Union Bankshares Corporation,D. Anthony Peay,Bowling Green VA 09/12/2007
→ Need Help in Getting Your Loan Closed?
Credit Platform Delivers Hope for Sub-Prime and Alt-A Industry -- Jim Norman,CreditXpert Inc.,Towson MD 09/12/2007
→ Industry Recognition Leads Capital Direct Financial to PriceMyLoan
Automated underwriting technology vendor recognized as leading the industry -- PriceMyLoan,Linn Cook, 09/11/2007
→ CampusMBA to Host Inaugural Program for School of Executive Education in Phoenix, AZ
Timely curriculum provides a comprehensive overview of structured finance -- MBA,Aleis Stokes,Washington DC 09/11/2007
→ PROFNET WIRE: BUSINESS & TECHNOLOGY: Sub-Prime Mortgage Industry
Sub-Prime Mortgage Industry (continued, 1 expert) -- PROFNET,, 09/11/2007
→ Fannie Mae Updates
-- Fannie Mae,Fannie Mae, 09/11/2007
→ Freddie Mac Updates
-- Freddie Mac,, 09/11/2007
→ Wachovia Securities Names Leadership for Newly Integrated Real Estate Platform
Wachovia Securities today named four managing directors as leaders in its newly integrated real estate platform. The firm had announced in April that it would move its Real Estate Financial Services group from the General Bank to the Corporate and Investment Bank in order to combine its market-leading Real Estate Capital Markets (RECM), Real Estate Financial Services (REFS) and Real Estate Investment Banking (REIB) groups. -- Wachovia Securities,Elise Wilkinson,Charlotte NC 09/11/2007
→ Study: Users in Finance, Banking, Legal, Insurance and Real Estate Industries Demand Better Anti-Spam Technologies
Email users rate better anti-spam technology as top choice to improve email experience. Users in finance, banking, legal, insurance and real estate industries get 39% less spam. They waste 65% more time each day searching for the 30% of the good email trapped by anti-spam filters than others. -- Brockmann & Company,Peter Brockmann, 09/11/2007
→ operational effectiveness. Zenta`s default management services take advantage of Zenta`s global outsourcing capabilities
ZENTA today announced a broad range of default management services to support residential mortgage servicers and the attorney firms that provide legal representation to the residential mortgage default industry -- ENTA,David Jones,New York NY 09/10/2007
→ WALTHAM, Ma
Global Insight, the world`s leading company for economic and financial analysis and forecasting, today released the 2007 second-quarter update of House Prices in America, the U.S. housing-valuation analysis, which shows the incidence of overvaluation in the nation`s housing market continues to decline, the result of falling home prices. Nationally, home prices are up year-over-year just 2.6%, the weakest gain since 1995. -- Global Insight,James Diffley,Home Prices Weakest In Decade 09/10/2007
→ LendingTree Gathers Industry Leaders to Promote the Consumer Experience During a Turbulent Market
LendingTree today kicks off its eighth Annual Partner Summit at the Charlotte Convention Center with approximately 300 lending, real estate and marketing professionals who will gather for a two-day event titled "Mission 007: The Extraordinary Experience." -- LendingTree, LLC,Allison Vail,Charlotte NC 09/10/2007
→ Mortgage Credit News - September 7, 2007
Rates are in free-fall on news of an outright decline in August payrolls, and big downward revisions of the June and July reports. -- Boulder West,Lou Barnes,Boulder CO 09/07/2007
→ July pending home sales index falls 12.2%
Contract signings on existing homes fell by 12.2% in July -- the largest drop since the pending homes sales index started in 2001, the National Association of Realtors reported Wednesday. -- MarketWatch,Ruth Mantell,Washington 09/07/2007
→ Trinity Asset Management LLC Signs Multiyear Contract for Fidelity National Information Services` Mortgage Servicing Package
Fidelity National Information Services, Inc. (FIS) today announced that Trinity Asset Management LLC selected FIS` Mortgage Servicing Package (MSP) to process Trinity`s mortgages and home equity lines of credit. -- Fidelity National Information Servi,Michelle Kersch,Jacksonville FL 09/07/2007
→ Market turmoil has small impact outside real estate: Fed
The credit crunch and resulting financial market turmoil has little impact on economic activity through the end of August, according to the latest report on current economic conditions released by the Federal Reserve on Wednesday. -- MarketWatch,Ruth Mantell,Washington 09/07/2007
→ 6 Ways to Make the Most of Your Key Accounts
For many salespeople, one single account provides as much as 30% of their total personal sales volume. Now that`s a statistic like this that keeps many of us up at night! -- The Brooks Group,Bill Brooks, 09/07/2007
→ Scammers Making Mortgage Woes Worse
They Are Ripping Off Homeowners Facing Foreclosure, Susan Koeppen Reports -- CBS News,Suysan Koeppen, 09/06/2007
→ Delinquencies Increase in Latest MBA National Delinquency Survey
The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.12 percent of all loans outstanding in the second quarter of 2007 on a seasonally adjusted (SA) basis, up 28 basis points from the first quarter of 2007, and up 73 basis points from one year ago, according to MBA`s National Delinquency Survey. -- MBA,Angela C. Waugaman,Washington DC 09/06/2007
→ New foreclosures set record in latest MBA survey
The number of mortgage loans entering the foreclosure process in the second quarter set another record, according to the latest data from the Mortgage Bankers Association. -- MarketWatch,Amy Hoak,Chicago 09/06/2007
→ Insight Bank to Offer Homeowners Flexibility With Reverse Mortgages
Homeowners in their golden years will soon have relief from rising expenses, and it`s coming from a familiar source: their homes -- Insight Bank,Mark Kelly,Columbus OH 09/05/2007
→ Fannie Mae Update
-- Fannie Mae,,Washington DC 09/05/2007
→ Accounting Expert Simplifies Key Element in Sub-Prime Mortgage Crisis
`We are seeing only the tip of the iceberg and the worse is yet to come,` says John D. Rossi, III, CPA. -- Moravian College,Michael Wilson,Bethlehem PA 09/05/2007
→ Countrywide Names Jess Lederman Chief Risk Officer
27-Year Industry Veteran Brings Deep Knowledge and Experience to New Role -- Countrywide Financial Corporation,David Bigelow,Calabasas CA 09/05/2007
→ Quality Home Loans Sells 100% Stake to Hedge Fund Manager, Entrepreneur Michael Klein
Quality Home Loans (Quality), the country`s leading residential hard money lender, announced that it has agreed to be acquired by hedge fund manager and entrepreneur, Michael Klein. Specific terms of the deal were not disclosed. -- Quality Home Loans,Ceal Potts,Agoura Hills CA 09/05/2007
→ Freddie Mac Updates
-- Freddie Mac,,Washington DC 09/05/2007
→ Trachman Indevco Breaks Ground on $75 Million Mixed-Use Redevelopment Project in Los Angeles County and is Over 90% Pre-Leased
Tesco`s Fresh & Easy & CVS/pharmacy, 10-Screen Regency Theatres, Ross & 99 Cents Only Store -- Trachman Indevco, LLC,,Andrew M. Trachman,Los Angeles CA 09/05/2007
→ Mortgage Applications Increase Slightly in Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 31, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 622.9, an increase of 1.3 percent on a seasonally adjusted basis from 615.2 one week earlier. On an unadjusted basis, the Index decreased 0.2 percent compared with the previous week and was up 10 percent compared with the same week one year earlier. -- MBA,Angela C. Waugaman,Washington DC 09/05/2007
→ Treasury Market Volatility Rises to Most in 3 Years
The global flight to the safety of government debt is causing the widest price swings in Treasuries in three years, driving away traders who rely on computer models to guide their strategies and raising costs for investors. -- Bloomberg,Elizabeth Stanton and Daniel Kruger, 09/04/2007
→ Manufacturing cools slightly in August, ISM says
Manufacturing activity grew at its slowest pace in five months in August, according to a survey released Tuesday by the Institute for Supply Management. -- MarketWatch,Rex Nutting,Washington DC 09/04/2007
→ U.S. construction spending off 0.4% in July
Spending on U.S. construction projects fell 0.4% in July to an annual rate of $1.17 trillion, with a decline in private residential projects responsible for the downturn, the Commerce Department reported Tuesday. -- MarketWatch,Robert Schroeder,Washington DC 09/04/2007
→ Data Not Surprising - Markets Uncertain
The current uncertainty in the markets has lead to significant volatility in equities and bonds. MBS and Treasury prices wandered, taking yields with them. Prices fell early, pushing yields up, but were soon lifted again, leaving the 10-year Treasury at 4.56% by the end of trading. -- MortgageMag.com,Rob Hain,San Antonio Texas 09/04/2007
→ Wells Fargo Statement Regarding Bush Administration Announcement
Cara Heiden, Division President - Wells Fargo Home Mortgage -- Wells Fargo Home Mortgage,Kevin Waetke,Des Moines IA 09/04/2007
→ NLC Welcomes President`s Actions to Address Housing Finance Crisis
America`s city leaders say today`s announcement by President George W. Bush that he will take immediate and decisive actions to stem the rising tide of home foreclosures is a welcome step toward easing the burden for homeowners hit hard with the possibility of losing their home to foreclosure. -- National League of Cities,Laura Sweeney,,Washington DC 09/04/2007
→ SolveIT Software`s Currency Hedging System Helps Exporters in Volatile Financial Markets
Artificial Intelligence used to position companies for the rapid fall in the Australian dollar. -- SolveIT Software Pty Ltd,MATTHEW MICHALEWICZ,Adelaide South Australia 09/04/2007
→ Sub Prime Crisis is Only the Tip of the Iceberg: Critical Illness Causes 50% of Home Foreclosures; Financial Consultant Sam Harris Sees a Worrying Trend
Twenty-five people suffer a critical illness every four minutes, that`s 1 in 2.5 adults -- which leads to stress, misery and financial hardship for other family members. Sam Harris reveals some startling statistics and thinks many North Americans need to change their priorities. -- samuelharrisfinancialplanning.com,Sam Harris,Vancouver Bc 09/04/2007
→ National Tax Limitation President Urges No Bailout for Real Estate Lenders and Investors
Lewis Uhler, President of the National Tax Limitation Committee, today criticized proposals to bail out the so-called "subprime" lending industry. With potential losses hitting $100 billion, he said "Borrowers, lenders, and investors must be held responsible for their own mistakes." -- National Tax Limitation Committee,Lewis Uhler,Sacramento CA 09/04/2007
→ The First American Corporation Announces Cost Reduction Initiatives To Present at the Keefe, Bruyette & Woods Insurance Conference
The First American Corporation (NYSE:FAF) , America`s largest provider of business information, today announced that the company expects to reduce personnel by approximately 1,300 full-time equivalents ("FTEs") in the third quarter of 2007. -- First American Corporation,Carrie Gaska,Santa Ana CA 09/04/2007
→ NovaStar Financial, Inc. Cancels Shareholder Rights Offering
Company further curtails lending and focuses on managing current portfolio -- NovaStar Financial, Inc.,Richard M. Johnson,Kansas City MO 09/04/2007
→ Hudson & Marshall Holds Largest Ever Auction in Detroit Area With Nearly 700 Foreclosed Homes Headed to the Block
Valued from as Little as $5,000 to over $600,000, All Homes Come with Clean Titles, Offering Consumers Bargain Buying Opportunity -- Hudson & Marshall of Texas Inc.,Crystal Wright,Detroit MI 09/04/2007
→ FAIRWAY INDEPENDENT MORTGAGE CORPORATION UPGRADES TO ENCOMPASS LOAN ORIGINATION SYSTEM FROM CONTOUR AND GENESIS
Processing times drop from 15-20 days to 3-5 days -- Fairway Independent Mortgage Corpor,Rosalie Berg,Dublin CA 09/04/2007
→ Home inventories rise to 16-year high
Existing-home sales fall 0.2% to 5.75 million, slowest pace in 5 years -- MarketWatch,Rex Nutting,Washington DC 09/04/2007
→ Bernanke says policy-makers are on the ball
Close monitoring for `timeliest` indicators, central banker tells conference -- MarketWatch,Greg Robb,Jackson Hole WY 09/04/2007
→ MBA Chairman Robbins` Statement on President Bush`s Proposals to Help Homeowners Avoid Foreclosure
John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) today issued the following statement in response to President Bush`s proposals to help homeowners facing difficulty making their mortgage payments. -- MBA,John Mechem,Washington DC 09/04/2007