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Mortgage Banking July 15, 2008
→ New Report by Center for Responsible Lending Shows How IndyMac Fueled Growth with Unsound and Abusive Home Loans
As IndyMac Bancorp battles questions about its financial stability, a new report from the Center for Responsible Lending provides evidence that IndyMac put itself in a hole by engaging in unsound and abusive lending during the nation's mortgage boom. -- Center for Responsible Lending,Kathleen Day, 07/10/2008
→ Mortgage Employment Stabilizing
Second-quarter jobs losses in the real estate finance sector fell by more than half from the prior quarter and the prior year, according to mortgage employment data tracked by http://www.mortgagedaily.com/. -- MortgageDaily.com,Sam Garcia,Irving Texas 07/10/2008
→ FIRST AMERICAN CREDCO SUPPORTS UPDATED FHA RISK-BASED-PREMIUM CREDIT ASSESSMENT
—Instant Merge® and Anthem Suite® Exceed Guidelines for Credit Reporting, Decision Credit Score and Non-Traditional Credit— -- First American Credco,David Woodruff,Poway California 07/10/2008
→ Fortes Financial Secures National City Mortgage Wholesale Division
Fortes Financial, Inc. has completed the assumption of five regional wholesale offices formerly belonging to National City Mortgage Corporation. The offices are located in San Diego, Dallas, Chicago, Fredrick MD and Atlanta. Dallas based Mortgage Search & Acquisition (MSA) played an integral role in the transaction. -- Fortes Residential Mortgage Company,Info,Dallas tx 07/10/2008
→ Mortgage Applications Increase In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/09/2008
→ Splash Media, LP's Subsidiary, Mortgage Media, LLC, (MPTN) Announces Agreement With Mortgage Power Network (MPN) to Provide Bundled Training Product Offering to Mortgage Industry
Splash Media, LP, a leading video publisher and innovator of online video training content and corporate communication, has finalized agreements with Mortgage Power Network (MPN) to create and distribute a collaborative video training offering to the mortgage industry via the newly formed Mortgage Professional Training Network (MPTN). The content will be delivered utilizing Splash Media's proprietary technology via streaming video over the Internet. -- Splash Media, LP,Jeff Johnson, 07/09/2008
→ Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 27, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 477.7, an increase of 3.6 percent on a seasonally adjusted basis from 461.3 one week earlier. On an unadjusted basis, the Index increased 3.2 percent compared with the previous week and was down 22.8 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 07/07/2008
→ Lend America Receives Approval For Ginnie Mae Issuer Status
Under goes extensive approval process to position itself to further help borrowers - Significant proof point on quality and strength of business -- LendAmerica,Mary McPhall,Melville NY 07/01/2008
→ 'Beyond the Mortgage Meltdown' - New Report Analyzes Dodd/Frank Plan and Calls for Additional Steps to Address the Housing Market Crisis
Moody's Economist Mark Zandi and Home Loan Bank President Alfred DelliBovi Join Report Author James Lardner at 6/25/08 National Press Club Event; *Teleconference Included -- Demos.org,Tim Rusch,Washington DC 06/30/2008
→ Bankrate: Mortgage Rates, Like Fed, Hold Steady
Fixed mortgage rates took a breather, with the average conforming 30-year fixed mortgage rate holding at 6.62 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.4 discount and origination points. -- BankRate.com,Kayleen Keneally,North Palm Beach Florida 06/30/2008
→ Proposed Home Valuation Code of Conduct Will Harm Consumers and Significantly Limit Role of Independent Appraisers
Congress Urged to Safeguard Key Role of Independent Appraisers -- A La Mode Inc.,Ellana Walker,Washington DC 06/30/2008
→ Genworth Financial Launches First Ever Index Measuring Consumer Financial Vulnerability
Leading financial security company, Genworth Financial has launched the first ever index measuring consumer financial vulnerability. The Genworth Index is being introduced at a time when consumers face an uncertain future: with UK house prices suffering their first annual fall for 12 years and inflationary pressure from rising food prices and utility bills squeezing household income. -- Genworth Financial Inc.,Rick Popillo,London UK 06/30/2008
→ LoyaltyExpress Releases CustomerManager(TM) 3.0
Third generation online mortgage service delivers significant enhancements (campaign deployment across multiple media/disposition recording, contact re-assignment, customer/partner newsletters & privacy-settings management) -- LoyaltyExpress,Lisa Felber, 06/30/2008
→ LoyaltyExpress Delivers Cross-media Campaigns for Mortgage Lenders & Brokers
Integration of direct mail, personal URLs (pURLS), and e-mail provides powerful marketing campaigns across multiple media -- LoyaltyExpress,Lisa Felber, 06/30/2008
→ ICBA Says FHLB Advances Should Not Be a Factor in Determining FDIC Assessment Rates
The Independent Community Bankers of America (ICBA) told the Federal Deposit Insurance Corporation (FDIC) that although it generally agrees with the FDIC’s interim covered bond policy statement, ICBA strongly opposes including secured liabilities – and in particular Federal Home Loan Bank (FHLBank) advances – as part of an institution’s assessment base or as a factor for determining the insurance assessment rate. -- The Independent Community Bankers of America,Bill Grassano, 06/30/2008
→ Mortgage Applications Decreased In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 20, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 461.3, a decrease of 9.3 percent on a seasonally adjusted basis from 508.4 one week earlier. On an unadjusted basis, the Index decreased 9.3 percent compared with the previous week and was down 25.3 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 06/30/2008
→ MBA Applauds House Resolution Recognizing National Homeownership Month
Jonathan L. Kempner, President and CEO of the Mortgage Bankers Association (MBA), today issued this statement following the House's resolution which recognizes National Homeownership Month and the importance of homeownership in the United States. -- Mortgage Bankers Association of America,Aleis Stokes,Washington District of Columbia 06/30/2008
→ Four Elected to MBA's State and Local Advisory Council
The Mortgage Bankers Association (MBA) announced today the election of four new representatives to MBA's State and Local Advisory Council. The new council members will take their seats during the council meeting on October 16, 2008 just prior to MBA's State & Local Workshop, which is being held in San Francisco, CA. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 06/30/2008
→ Mortgage Credit News - June 27, 2008
Mortgages are sticky near 6.50%, Treasurys getting most of the flight-to-quality benefit from the stock market dive. -- Boulder Mortgage Bank,Lou Barnes,Boulder Colorado 06/30/2008
→ Guggenheim Capital Markets Announces Addition of Whole Loan Group
Guggenheim Capital Markets, LLC ("GCM"), a registered broker/dealer headquartered in New York City and a subsidiary of Guggenheim Partners, LLC, announced today a further expansion of its specialized fixed-income capabilities with the addition of a whole loan group, led by industry leaders Mary Glass-Schannault and Gretchen Verdugo. Named managing directors, Glass-Schannault and Verdugo will work under Ron Iervolino. The Whole Loan Group will research, source and price residential loan products, including: first and second lien products, performing, re-performing, sub-performing and non-performing loans, fixed and adjustable rate loans, agency loans and other residential mortgage asset classes. -- Guggenheim Capital Markets, LLC,Jeffrey Kelley,NEW YORK NY 06/23/2008
→ Eight Individuals Indicted in Major Mortgage Fraud Scheme
More Than $35 Million Obtained in Fraudulent Loans and Mortgages -- Department of Justice,Info,GREENBELT MD 06/23/2008
→ DataTrac Expands Open Platform to Include Pricing, Eligibility, and AUS Providers
Del Mar DataTrac®, Inc. has expanded its open platform approach and is now integrating with leading providers in the product and pricing eligibility (PPE) and automated underwriting space, and has decided to discontinue its PPE solution, PriceTrac. Del Mar DataTrac provides solutions that empower small- and medium-sized mortgage bankers to deliver extraordinary customer service and drive up production while reducing risk, increasing productivity and streamlining their overall efficiency. -- Del Mar Database,Rob Pommier,San Diego California 06/23/2008
→ Splash Media, LP Announces Agreement With Calyx Software to Promote ortgage Professional Training Network to Mortgage Industry
Splash Media, LP an innovator of online video training content and corporate communication has finalized agreements with Calyx Software(R) to offer and produce the newly formed Mortgage Professional Training Network (MPTN) to the mortgage industry via streaming video over the internet. -- Splash Media, LP,Jeff Johnson,dALLAS tx 06/23/2008
→ Recent market research indicates that more than 70 percent of all consumers who search for low mortgage rates begin their quest on the Internet1.
Recent market research indicates that more than 70 percent of all consumers who search for low mortgage rates begin their quest on the Internet1. And despite current market challenges, the Internet channel is growing: In some market segments, as many as one-fourth of all lenders now originate more than half of their loan volume online2. -- MortgageBot LLC,Robert Brandt,Cedarburg Wisconsin 06/23/2008
→ MBA's Quinn Applauds FBI's Mortgage Fraud Operation
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today applauded federal authorities for their crackdown on perpetrators of fraud against mortgage lenders. The FBI announced today that more than 400 people have been charged in a national crackdown, dubbed "Operation Malicious Mortgage." -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 06/23/2008
→ Cogent Road Launches AVAIL Prequalifying Service System
- Private labeled software enhances applicant prequalification process - -- Cogent Road, Inc.,Information,SAN DIEGO ca 06/23/2008
