MMag Mortgage Lending February 15, 2008

Mortgage Lending February 15, 2008

→ Merchants & Manufacturers Bancorporation, Inc. Announces Approval of Acquisition by Harris Bankcorp
Merchants & Manufacturers Bancorporation, Inc. (BULLETIN BOARD: MMBI) (`Merchants`), today announced that Harris Bankcorp, Inc. has received all required regulatory and shareholder approvals and expects to close the acquisition of Merchants by Harris Bankcorp, Inc. later this month. Closing of the acquisition is subject to customary closing conditions. -- Merchants & Manufacturers Bancorporation, Inc,Michael J. Murry,New Berlin WI 02/15/2008

→ First American CoreLogic Releases December 2007 LoanPerformance Home Price Index
Three-Quarters of ZIP Codes Exhibit Quarterly Decreases; Annualized Trends More Moderate -- First American CoreLogic,Carrie Gaska,SAN FRANCISCO California 02/15/2008

→ Data Warehouse Launches New Wholesale Division
New division designed to enhance the lead generation activities of list brokers, data resellers, telemarketing call centers and direct mail & marketing agencies. -- Data Warehouse Corp.,Todd Johnson,Boca Raton Florida 02/15/2008

→ HFF hires Lee Norman as managing director in Los Angeles office
(Holliday Fenoglio Fowler, L.P.) announced today that it has hired Lee Norman as a managing director in its Los Angeles office focusing on debt and equity placement for all property types throughout the western United States. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,Los Angeles CA 02/15/2008

→ ROBYN CUNNINGHAM OF LOVE FUNDING`S ST. LOUIS OFFICE SECURES $2,210,000 FOR WESTVIEW NURSING HOME
National mortgage-banking firm Love Funding today announced the recent closing of a $2,210,000 refinance loan for the Westview Nursing Home located in Center, Mo. Robyn Cunningham, vice president of Love Funding`s St. Louis office, originated the transaction. -- Love Funding Corp.,Robyn Cunningham,Saint Louis Missouri 02/15/2008

→ HFF secures $7.4 million financing for office and warehouse facility in Culver City, California
The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured $7.4 million in financing for 3975 Landmark Street, a 37,000-square-foot office and warehouse facility in Culver City, California. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,LOS ANGELES ca 02/15/2008

→ HFF secures $98 million financing for Jefferson Plaza I & II in Arlington, Virginia
The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured a $98 million financing for Jefferson Plaza I & II, office buildings totaling 517,305 square feet in Arlington, Virginia. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,WASHINGTON DC 02/15/2008

→ MBA's Quinn Sounds Caution on Senate Housing Package
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) expressed reservations about several of the provisions contained in the Foreclosure Prevention Act of 2008, introduced in the Senate yesterday. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/15/2008

→ MBA Hails 'Project Lifeline'
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded the announcement today of a new initiative, Project Lifeline, in which major mortgage servicers agreed to new outreach efforts and loss mitigation procedures that could result in a temporary pause of foreclosure proceedings for seriously delinquent borrowers who demonstrate a willingness to work with their servicer on a loan modification plan. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/14/2008

→ Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 8, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1063.5, a decrease of 2.1 percent on a seasonally adjusted basis from 1086.6 one week earlier. On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week and was up 65 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/14/2008

→ Rachel Dollar, CMB Testifies on Mortgage Fraud
"The impact of fraud, scams and deceptive practices on the elderly can be both psychologically and financially devastating" -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/14/2008

→ MBA`s Quinn`s Applauds Signing of Stimulus Package
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today issued the following statement upon President Bush`s signing of legislation to promote continued economic growth: -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/14/2008

→ Foreign Investors Hit U.S. Property Auction Site in Record Numbers
Weak dollar spurs increased interest in U.S. real estate -- Fast Home Auction,Rosalie Berg 1,New York New York 02/12/2008

→ DOVER MORTGAGE DEPLOYS ELLIE MAE㷧 ENCOMPASS LOS
Company can now handle four times the loan volume without additional staffing -- Ellie Mae Inc.,Rosalie Berg 1,Pleasanton California 02/12/2008

→ Avista Solutions Experiences Record Growth in 2007
Company`s 2007 volume up 42 percent over 2006 as mortgage companies increasingly turn to technology that enables them to respond to the volatile market -- Avista Solutions,Rosalie Berg 1,Columbia South Carolina 02/12/2008

→ HFF secures joint venture equity and debt financing for Station Landing in Medford, Massachusetts
The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured joint venture equity and debt financing for Station Landing, a 忛ew urbanism� mixed-use project in Medford, Massachusetts. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,Boston MA 02/12/2008

→ HFF arranges $104 million construction loan for speculative office development in Washington, D.C.
The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $104 million construction loan facility for the development of 901 K Street, a 261,000-square-foot trophy office building located in Washington, D.C.𠏋 central business district. -- HFF (Holliday Fenoglio Fowler, L.P.),,WASHINGTON dc 02/12/2008

→ HFF arranges $20 million leasehold financing for Waldemere Medical Plaza in Sarasota, Florida
The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged $20 million in leasehold financing for Waldemere Medical Plaza, an eight-story, 149,710-square-foot medical office building in Sarasota, Florida. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,Boston MA 02/12/2008

→ HFF secures $9.9 million in financing for California boutique hotels
The San Francisco and Orange County offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they secured $9.9 million in financing for The Springs of Palm Springs Hotel in Palm Springs and The Orchid Inn in San Simeon, California. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,SAN FRANCISCO ca 02/12/2008

→ Eric Werner of Hanley Investment Group Promoted to Vice President
Werner Earns Top Producer Award at HIG -- Hanley Investment Group Real Estate,, 02/12/2008

→ MBA`s Quinn Applauds Stimulus Agreement
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today hailed last night`s passage in the House and Senate of an economic stimulus package. Quinn issued the following statement: -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/12/2008

→ MBA`s `Stop the Cram Down Resource Center` Puts a Price Tag on Bankruptcy Reform
A proposed change in the bankruptcy law that would allow bankruptcy judges to unilaterally change the terms of mortgage contracts would cost home buyers across the country hundreds of dollars every month and thousands of dollars a year, according to a new resource on MBA`s website: www.mortgagebankers.org/stopthecramdown . -- Mortgage Bankers Association of Ame,John Mechem,Washington District of Columbia 02/12/2008

→ MBA Supports FHA and GSE Reforms -- Raises Concerns on Some Provisions in Budget
The Mortgage Bankers Association (MBA) expresses support for major aspects of the Administration`s proposed budget for housing. MBA specifically applauds the efforts to modernize FHA and to allow tax exempt bonds to be used for refinancing for troubled borrowers. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/12/2008

→ AllRegs Partners with Smith Dollar Law Firm to Deliver Legal Content Support Services for Mortgage Lenders
Ask the Expert` service helps mortgage companies clarify federal, state, other regulations - -- AllRegs,Walter Rich,Eagan MN 02/11/2008

→ Cogent Road Debuts Underwriting Conditions Scan with Funding Suite�
Credit reports now automatically detect and interpret Fannie Mae loan conditions - -- Cogent Road,Joy Harper,San Diego CA 02/11/2008

→ Homeowners True Believers: 77% Believe Their Homes Held or Increased Value in 2007; Despite Housing & Credit Market Turmoil, Many Homeowners to Renovate, Refinance and/or Sell
Zillow.com(R) Survey Reveals Homeowner Denial or Inattention: Other Houses Lost Value, Not Mine -- Zillow.com,pSarah Mann of Zillow.com,,Seattle WA 02/09/2008

→ Georgetown Law Center Study Finds `Zero Percent` Likelihood of MBA-Claimed Interest Rate Spike Under Mortgage Foreclosure Crisis Bills Before Congress
Mortgage Bankers Association Analysis Seen As Flawed; Independent Researchers Find `No or Little` Interest Rate Impact From Pending House, Senate Bills to Keep 500,000 Americans in Their Homes. -- Georgetown University Law Professor,Adam Levitin,Washington DC 02/09/2008

→ `In-Default` Homeowners Take Their Lenders to Court
Just one month ago, Outreach Housing LLC (http://outreachhousing.org/) officially unveiled its groundbreaking initiative - a loss-mitigation organization specializing in assisting victims of the self-enriching lending industry. Since then, nearly 500 case files referencing lender violations have been filed on behalf of homeowners currently being threatened with foreclosure, thanks to the coordinated legal and mediations services of Outreach Housing. Today, 100 percent of these enrolled homeowners still own their homes. -- Outreach Housing LLC,Blair Wright,Margate FL 02/09/2008

→ LAURA SAULL-SMITH OF LOVE FUNDING`S WASHINGTON D.C. OFFICE SECURES $22,762,000 LOAN AND $5 MILLION ACCOUNTS RECEIVABLE FINANCING LINE FOR 328-BED NURSING HOME PORTFOLIO IN MISSISSIPPI
National mortgage-baking firm Love Funding is pleased to announce the recent closing of a $22,762,000 interim bridge loan which funded the purchase of five nursing home facilities in Mississippi. Laura Saull-Smith, senior vice president and senior loan originator with Love Funding`s Washington, D.C., office originated the transaction for the borrower, Briar Hill Management. -- Love Funding Corp.,Laura Saull,Washington dc 02/08/2008

→ ComplianceEase Standardizes on Fujitsu to Improve Reliability of Hosted Service
ETERNUS Storage Solutions and Fujitsu`s Enterprise Class Servers Ensure Highly Reliable, High Performance Platform for Industry-Leading Risk Management Solutions -- Fujitsu Computer Systems Corporatio,Alex Spivak,Sunnyvale CA 02/08/2008

→ MBA Promotes John T. Mechem to Senior Director of Public Affairs
The Mortgage Bankers Association (MBA) today announced the promotion of John T. Mechem to Senior Director of Public Affairs. In this capacity, he will be responsible for developing and implementing MBA public affairs campaigns, serving as a primary spokesperson for the association and acting as a liaison between MBA and other industry communications representatives. -- MBA,Sarah Tinsley,Washington DC 02/08/2008

→ MBA, ALTA and AEA Encourage Comments on Proposed Uniform Closing Instructions for Mortgage Transactions
The Mortgage Bankers Association (MBA), American Land and Title Association (ALTA) and American Escrow Association (AEA) are encouraging industry professionals to comment on new proposed standardized uniform closing instructions for single-family residential mortgage transactions developed by a cross-industry working group that could help lower settlement costs for consumers. Comments are due Wednesday, January 30, 2008. -- MBA,Aleis Stokes,Washington DC 02/08/2008

→ Mortgages struggled to stay as low as 5.75% (more below on the stubborn refusal of mortgages to follow the Fed down).
The biggest news of the week: the off-the-table January ISM survey (the ineptly re-named purchasing managers` association), one of the very best real-time indicators, the 54-to-41 plunge the worst monthly result ever. A general intake of breath followed, not yet released. January retail sales were the worst in five years; credit cards declined in use and increased in distress; and Wal-Mart reported, sadly, that shoppers are using holiday gift cards to buy necessities -- diapers, pasta sauce, and detergent. -- Mortgage Credit News - February 8, ,Lou barnes,Boulder CO 02/08/2008

→ NFCC QUESTIONS HPF TACTICS
Options for Homeowners Seeking Assistance Have Been Compromised -- NFCC,Gail Cunningham,Silver Spring MD 02/07/2008

→ MBA`s Quinn: State AGs Data Demonstrates Progress Being Made on Helping Delinquent Borrowers
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) issued the following comment in response to today`s release of loss mitigation data by the state attorneys general and the Conference of State Bank Supervisors: -- MBA,John Mechem,Washington DC 02/07/2008

→ National Black Church InitiativE, MORTGAGE BANKERS ASSOCIATION AND FANNIE MAE release foreclosure Prevention guide
Washington, DC In response to the ongoing troubles in the housing market, the National Black Church Initiative and thirteen historic African American denominations have come together with industry and government to create a helpful guide to assist families while they are going through foreclosure and to help others avoid it altogether. -- MBA,John Mechem,Washington DC 02/07/2008

→ Midland`s Lisa Peck Awarded MISMO`s Prestigious `Staff Appreciation Award`
Lisa Peck, Assistant Vice President for Kansas-based Midland Loan Services, Inc./PNC Real Estate Finance was awarded the Staff Appreciation Award today by MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association (MBA) which develops data transfer protocols that span the $14.4 trillion residential and commercial real estate finance industry, at MBA`s 2008 Commercial Real Estate Finance (CREF)/Multifamily Housing Convention & Expo in Orlando, Florida. Peck was selected for the award based on her overwhelming dedication and service to MISMO over the past 4 years, specifically within the commercial real estate finance arena. -- MBA,Aleis Stokes,Orlando FL 02/07/2008

→ Purchase Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 1, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1086.6, an increase of 3.0 percent on a seasonally adjusted basis from 1054.9 one week earlier. On an unadjusted basis, the Index increased 4.4 percent compared with the previous week and was up 73.2 percent compared with the same week one year earlier. -- MBA,John Mechem,Washington DC 02/06/2008

→ MBA Reports Commercial/Multifamily Originations Down in Q4
Commercial and multifamily mortgage bankers` loan originations fell on a year-over-year basis in the fourth quarter, according to the Mortgage Bankers Association`s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Fourth quarter originations were sixteen percent lower than during the same period last year. The year-over-year decrease was seen across most property types and investor groups. -- MBA,Jason Vasquez,Washington DC 02/04/2008

→ Mortgage Assistance Center Corp. Adds REO Listings Technology to Website
Mortgage Assistance Center Corporation (BULLETIN BOARD: MTGC) (the `Company`), headquartered in Dallas, announced today the addition of REO listings technology to the Company`s website, http://www.mac-tx.com/. -- Mortgage Assistance Center Corporat,Ron Johnson,Dallas TX 02/04/2008

→ Mortgage Bankers` Defense Remains Unconvincing: Voluntary Foreclosure Prevention Is Not Working
Recently the Center for Responsible Lending (CRL) released an analysis showing that during the third quarter of 2007, mortgage lenders initiated foreclosures seven times more frequently than they modified mortgages, and 13 times more frequently than they modified problematic adjustable-rate subprime loans. In addition, CRL estimated that under the Treasury Department`s voluntary plan, only 3% of homeowners (118,200) with adjustable-rate subprime mortgages are likely to receive a streamlined loan modification from their lender. -- Center for Responsible Lending,Kathleen Day,Durham NC 02/04/2008

→ State Groups Ask Congress to Investigate BofA-Countrywide Merger
Four statewide consumer groups from across the country asked the U.S. congressional banking committees to hold investigative hearings on the future of Countrywide Financial`s borrowers and employees as the company is acquired by the giant Bank of America. -- California Reinvestment Coalition,Alan Fisher,San Francisco CA 02/04/2008

→ Fraud Exceeds $4 Billion in 2007
Mortgage fraud activity jumped past $4.0 billion last year -- with California and Ohio leading the way, according to the FraudBlogger Index published and maintained by http://www.mortgagedaily.com/. -- Mortgage Daily,Shaun Bartlett,Dalas Texas 02/04/2008

→ Perimeter eSecurity Acquires SECCAS, Leading Outsourced Provider of E-Messaging Compliance Solutions
Perimeter eSecurity, the only provider of Complete Security On Demand, announced today that it has acquired Secure Electronic Communication Compliance Archival System (SECCAS), the leading outsourced provider of e-messaging compliance to public and financial services companies. This acquisition complements Perimeter eSecurity s already-extensive offering of over 50 on-demand security services. -- Perimeter eSecurity,Cathy Clarke,Milford CT 02/04/2008

→ ARTIN ANVAR OF LOVE FUNDING SECURES $18 MILLION OFFICE CONSTRUCTION LOAN FOR TRAMMELL CROW COMPANY
National mortgage-baking firm Love Funding today announced that Artin Anvar of the Washington, D.C. office closed an $18,000,000 non-recourse loan to finance the construction of the Aviation Business Park in Glen Burnie, Md. Aviation Business Park is located in the BWI Business District submarket midway between the Washington D.C. and Baltimore regional real estate markets. -- Love Funding,Artin Anvar,Washington DC 02/01/2008

→ A+ Mortgage Selects SearchMyLoan.com To Provide Loan Search Services
SearchMyLoan.com (SML), a provider of loan search and pricing services for the mortgage industry, announced A+ Mortgage Inc., a Tukwila, Wash.-based Company that offers home loans across the northwest, as a new customer. -- A+ Mortgage Inc.,Sarah Wroble,Port Washington NY 02/01/2008

→ MBA`s Kittle Challenges Bankruptcy Myths At Hearing
David G. Kittle, CMB, Chairman-elect of the Mortgage Bankers Association (MBA) testified today before the House Judiciary Committee`s Subcommittee on Commercial and Administrative Law at a hearing titled, `Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths.` -- MBA,John Mechem,Washington DC 02/01/2008

→ Lawsuit Filed Against Countrywide
The former employee, Mark Zachary, alleges that loan officers were helping borrowers submit loan applications with false income amounts, according to the lawsuit filed in U.S. District Court in Houston. The lawsuit also alleges that Mr. Zachary was instructed by the `highest levels` of Countrywide KB Home Loans to give `unconditional final approval` for 10% of the backlog of home loans so KB Home could start constructing the homes under contract. -- WSJ,,Washington DC 02/01/2008

→ Refis Increase, Purchase Apps Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1054.9, an increase of 7.5 percent on a seasonally adjusted basis from 981.5 one week earlier. On an unadjusted basis, the Index increased 10.5 percent compared with the previous week and was up 70.7 percent compared with the same week one year earlier. -- MBA,John Mechem,Washington DC 02/01/2008

→ Mortgage Credit News - February 1, 2008
Contrary to the conviction of deeply confused civilians and reports by lazy news media, mortgage rates are unchanged, about 5.75% for the lowest-fee 30-year paper. -- Boulder West,Lou Barnes,Boulder West CO 02/01/2008

→ ELLIE MAE RELEASES ENCOMPASS� BANKER EDITION 3.0 AND ENCOMPASS CUSTOM EDITION 3.0
Enhancements to Encompass Banker Edition enable interim servicing and better management of loans targeted for secondary market sale -- Ellie Mae,Rosalie Berg,Dublin CA 01/29/2008