Mortgage Lending February 15, 2010

→   Rental Management Company Launches Property Management Portal
Trexglobal.com, a rental software developer headquartered in Fremont, California, recently announced the launch of an online property management portal that will provide property manager, landlords, and real estate professionals with easy access to information on managing real estate investments. -- DSNews.com,Admin,   02/15/2010



→   Service 1st Teams Up With ValuAmerica
Service 1st Valuation and Settlement Service, Inc., an appraisal management company headquartered in Pittsburgh, announced Monday that it has entered into a partnership with Pittsburgh-based ValuAmerica, a provider of settlement services. -- DSNews.com,Admin,   02/15/2010



→   Jones Lang LaSalle Ranked as a Leading Real Estate Outsourcing Company
Jones Lang LaSalle announced Monday that it has been selected in the leaders category for the 2010 Global Outsourcing 100, an annual ranking of high-quality service providers across all industries as determined by the International Association of Outsourcing Professionals (IAOP). This marks the third time that Jones Lang LaSalle has been selected for the Global Outsourcing 100 list. -- DSNews.com,Admin,   02/15/2010



→   Policy Action Needed to Support Recovery of Commercial Real Estate Market
As DSNews.com reported Friday, the congressional panel charged with overseeing the Troubled Asset Relief Program recently released an analysis of the commercial real estate market. According to the Real Estate Roundtable, a Washington, D.C.-based group bringing together leaders in the real estate industry, the report underscores the need for additional federal policy action to support economic recovery and stabilize commercial real estate markets. -- DSNews.com,Admin,   02/15/2010



→   Mortgage Contracting Services Launches 24-Hour Call Center
In an effort to help servicers ensure around-the-clock maintenance, Tampa, Florida-based Mortgage Contracting Services (MCS), a nationwide property preservation and inspection service provider to the financial services industry, has launched a 24-hour call center to specialize in emergency response for tenant-occupied properties. -- DSNews.com,Admin,   02/15/2010



→   Nurseries struggle with lagging economy
Like his father, grandfather and great-grandfather, David Niklas feels the quickening of spring as the season ramps up at his wholesale nursery in a farming community south of Portland. Niklas and his workers busily package plants for shipment. These days, his flowers and vegetable seedlings have fewer places to go, as the housing bubble burst and [...] -- MortgageLatestNews,Admin,   02/15/2010



→   EU Leaders Meet to Avoid Greek Crisis
After European Union leaders Thursday broadly pledged to support Greece, the bloc’s finance ministers are expected to hash out a more detailed contingency plan to ease the country’s debt crisis. Nervous investors briefly were appeased by the EU leaders’ declaration, which called for countries that use the euro to take “determined and coordinated action, if needed, [...] -- MortgageLatestNews,Admin,   02/15/2010



→   San Francisco broker and real estate developer indicted in mortgage fraud scheme
A federal grand jury in San Francisco has indicted Michael Ohayon and David Papera with conspiracy to commit bank fraud, and money laundering, United States Attorney Joseph P. Russoniello announced. According to the indictment, Ohayon and Papera are alleged to have recruited 13 straw buyers who used their good credit scores to obtain more than $19.6 million in fraudulent residential mortgage loans from Washington Mutual Bank, with no intention of making either downpayments or mortgage payments on the properties. -- NationalMortgageProfessional.com,NMP Media Services,   02/15/2010



→   Mortgage employment expands in 2009
Following three years of job losses when more than 100,000 positions were eliminated, mortgage employment expanded last year, according to the MortgageDaily.com Fourth-Quarter 2009 Mortgage Employment Index. During 2009, net mortgage employment increased by 8,321 jobs, based on the index--which reflects mortgage-related hirings and layoffs tracked by MortgageDaily.com. Last year was a vast improvement from 2008 and 2007. -- NationalMortgageProfessional.com,NMP Media Services,   02/15/2010



→   Countrywide settlement cash will refinance Washington`s foreclosure prevention efforts
There’s no place like home. For families struggling to make their mortgage payments, as well hundreds who already lost their homes, Washington Attorney General Rob McKenna offered hope today: more than $1.8 million for local foreclosure prevention programs and cash for directly impacted consumers. -- NationalMortgageProfessional.com,NMP Media Services,   02/15/2010



→   Freddie Mac finds: Refinancing homeowners predominantly opt for fixed-rate loans
Freddie Mac has announced that, in the fourth quarter of 2009, refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate, according to Freddie Mac’s quarterly Product Transition Report. While 30-year fixed-rate mortgages are still the most preferred product chosen for the new loan, 15-year fixed-rate mortgages gained favor among refinancers who previously held 30-year fixed-rate mortgages, balloon mortgages and ARMs. -- NationalMortgageProfessional.com,NMP Media Services,   02/15/2010



→   The Un-Comfort Zone: The examined life
“Hola!” “Hola. ¿Qué tal?” “Bien. ¿ y tu?” “Bien.” -- NationalMortgageProfessional.com,NMP Media Services,   02/15/2010



→   The red flags of mortgage fraud: Be on guard for these signs of potential fraud
Mortgage fraud is a serious problem … still. Of course, credit standards are much higher today than a few years ago, and it is difficult for a borrower to obtain a mortgage by fibbing about their income or otherwise doctoring their loan application. But where there is a will to defraud, fraudsters will find a way. -- NationalMortgageProfessional.com,NMP Media Services,   02/15/2010



→   The Secondary Market Overview: From bonds to production ... Fraud and the secondary markets
Today’s issue is fraud. Fraud affects the secondary markets in two very important ways: The existence of fraud is a valid reason to require a seller to repurchase a mortgage. This is commonly known as a “buyback.” The higher the prevalence of fraud within mortgages originated, the higher the risk of default of these mortgages, and thus, the lower the value of the commodities created and sold in the secondary markets. In other words, the more fraud in our industry, the higher rates will go. -- NationalMortgageProfessional.com,NMP Media Services,   02/15/2010



→   European Firm Acquires Mortgage Partnership of America
Altisource Portfolio Solutions, a real estate and asset recovery firm headquartered in the western European country of Luxembourg, has announced its acquisition of The Mortgage Partnership of America, L.L.C. (MPA). MPA serves as manager of the Lenders One Mortgage Cooperative, and alliance of 155 mortgage bankers in the United States. -- DSNews.com,Admin,   02/15/2010



→   Fixed-Rate Dominates Refinance Market, with More Choosing Shorter Terms
As borrowers refinance their home loans, they are overwhelmingly choosing fixed-rate loans, Freddie Mac said in a report issued Monday. That probably comes as no surprise – homeowners see today's low fixed-rate as the preferred option over an adjustable rate that's going to jump in three years and dramatically raise the borrower's monthly obligation. What is surprising, though, is that more borrowers are going with a shorter term loan to get out from under their mortgage debt faster. -- DSNews.com,Admin,   02/15/2010



→   WHEDA to Begin Lending Again
Through a partnership with Fannie Mae, the Wisconsin Housing and Economic Development Authority (WHEDA), an independent state authority that works with lenders to provide low-cost financing for housing and small business development, announced Friday that it has re-entered the affordable home loan market after more than a year of not funding single family loans. -- DSNews.com,Admin,   02/15/2010



→   Mortgage Employment Expands in 09
Following three years of job losses when more than 100,000 positions were eliminated, mortgage employment expanded last year, according to the MortgageDaily.com Fourth-Quarter 2009 Mortgage Employment Index. -- MortgageDaily.com,Sam Garcia,Dallas Tx  02/15/2010



→   Tarp Panel Report Underscores Need for Policy Action to Support Economic Recovery
A Feb. 10 report by the congressional panel charged with overseeing the Troubled Asset Relief Program (TARP) underscores the need for additional federal policy action to support economic recovery and stabilize commercial real estate markets -- with the top priorities being job creation, tax policies to encourage equity investment in commercial real estate, and steps to restart secondary credit markets, so that banks can begin clearing their balance sheets of toxic assets and lend to credit worthy borrowers large and small, The Real Estate Roundtable stated today. -- Real Estate Roundtable,Xenia (Ksen'ya) Jowyk,Washington   02/15/2010



→   Genworth Financial Chairman and CEO Michael D. Fraizer to Speak at Bank of America Merrill Lynch Insurance Conference
Genworth Financial, Inc. (NYSE:GNW) , Chairman and CEO, Michael D. Fraizer, will present at the Bank of America Merrill Lynch Insurance Conference on Tuesday, February 23, 2010 beginning approximately at 1:45 p.m. ET. -- Genworth Financial Inc.,Lisa Turner,Richmond Va  02/15/2010



→   Rise in Home-Based Businesses Tests Neighborliness
The recession is causing a growing number of people to venture into home businesses, a boost for the economy but a nuisance for neighbors. As jobless people trade their desks for kitchen tables, or as businesses reduce costs by giving up commercial storefronts, cities and states are grappling with problems caused by a rise in home [...] -- MortgageLatestNews,Admin,   02/14/2010



→   Wis. agency will resume lending to home buyers
Wisconsin residents seeking to buy a home for the first time got a boost Friday when the state’s affordable housing agency announced plans to resume lending after a 17-month suspension. The Wisconsin Housing and Economic Development Authority stopped issuing mortgages to low- and middle- income home buyers in October 2008, when the economic collapse left no [...] -- MortgageLatestNews,Admin,   02/14/2010



→   Wall St. Slips but Ends Week With Gains
Stocks were mostly lower Friday as a move by China to curb bank lending and economic data in the United States and Europe raised fears that the global recovery might be in jeopardy. Even so, Wall Street stocks ended off the day’s lows as investors bet that the European Union would devise a clear plan to [...] -- MortgageLatestNews,Admin,   02/13/2010



→   Retail sales gains in January could boost growth
A modestly better-than-expected report on retail sales for January could suggest stronger economic growth in coming months. But this week’s severe snowstorms will likely depress activity in February. The 0.5 percent gain the Commerce Department reported Friday exceeded the 0.3 percent rise economists had expected. Strength came from a surge at general merchandise stores. These include [...] -- MortgageLatestNews,Admin,   02/13/2010



→   CommercialLeads.ne - Commercial Modification Training Launched
83 Billion Dollars in Commercial Loans are in default now with more than one trillion coming due through 2010. If and when CMBS (commercial mortgage backed securities) comes back online the rules will be different and it will take time for the market to adjust. -- Commercialleads.net - Www.commercialleads.net,D Franklin,Jacksonville Beach Fl  02/13/2010



→   Free Business Bootcamp Taught by Austin`s Top Productivity Experts Kenton Brown, Kenn Renner and Scott Carley - February 17th 12-5 PM
AUSTIN, TX, February 13, 2010 /24-7PressRelease/ -- It is a fact that some of the greatest opportunities for success are going to soon be found by those who prepare and plan now to dominate market share as others leave the business. This business workshop will help set a foundation for success no matter what the economic conditions. -- 24/7 Press Release Newswire,24/7 Media,   02/13/2010



→   Unemployment Does Not Have To Lead To Foreclosure; CAPITALPlus Mortgage & Underwriting Services To Provide Borrowers Economic Backstop Via Enhanced Mortgage Products
LAKE MARY, FL, February 13, 2010 /24-7PressRelease/ -- CAPITALPlus Mortgage & Underwriting Services will enhance all primary residential W-2 employed Borrower mortgages with a lender paid 2 Year Involuntary Job Loss Protection Benefit and a lender paid comprehensive 1 year Home Warranty Benefit to compliment existing Borrower process efficiencies. -- 24/7 Press Release Newswire,24/7 Media,   02/13/2010



→   Economy Withstands Snowstorms
The crush of multiple snowstorms over the past week may have frozen economic activity for a couple days, but they are unlikely to ice the economy’s rebound. “Snowmaggedon’s” accumulations broke records across a wide swath of the eastern U.S., closing schools and governments, canceling flights, shuttering businesses and denying some workers their paychecks. The impact was tough [...] -- MortgageLatestNews,Admin,   02/13/2010



→   Short Sales Gaining Ground in Foreclosure-Ravaged Las Vegas
Las Vegas has the highest foreclosure rate of any metro in the country, but lenders there have become more willing to accept short sales as an alternative to foreclosure. The Greater Las Vegas Association of Realtors (GLVAR) reports that 21.1 percent of all existing-home sales in the area last month were short sales. GLVAR called it "one of the more promising trends" for the month. -- DSNews.com,Admin,   02/13/2010



→   Businesses trim inventories by 0.2 pct in December
Businesses reduced inventories in December, a sign that they remain cautious about the strength and durability of the economic recovery. The Commerce Department said Friday that businesses trimmed stockpiles by 0.2 percent in December, a weaker performance than the 0.2 percent gain that economists had expected. Total business sales rose 0.9 percent in December following a [...] -- MortgageLatestNews,Admin,   02/12/2010



→   Success of NAMB/WEST proves brokers will thrive in 2010
As a wrap up to the 2009 NAMB/WEST event held in Las Vegas, I am writing this article to accomplish two things: One, to express my sincere appreciation to all the hard workers who made this event in Vegas a great success, and to give a big heartfelt THANKS. I want to say thank you to all who came out to the conference and fully packed the rooms of speakers for each and every session, and to say thanks for your respect that the National Association of Mortgage Brokers would put on a conference that makes it worthy of attendance like in year’s past. -- NationalMortgageProfessional.com,NMP Media Services,   02/12/2010



→   Next Generation BPO Platform Launched by Brokerpriceopinon.com
Brokerpriceopinion.com, a Westminster, Colorado-based provider of drive-by and interior broker price opinions (BPOs), appraisals, and property securement for financial institutions, recently announced the launch of its next generation BPO (V3) platform. -- DSNews.com,Admin,   02/12/2010



→   L.A. Bankruptcy Attorney Resolves Investors` Inability to Service Debt
According to Los Angeles attorney Jerome S. Cohen, a chapter 11 specialist, many investors have found themselves unable to service debt due to vacancies, tenant defaults, and other problems that have arisen as a result of the struggling economy. However, banks are highly motivated to turn problems into performing loans, and Cohen says there is an opportunity to find creative solutions to this increasingly common issue. -- DSNews.com,Admin,   02/12/2010



→   Commercial Real Estate Losses Could Hit $300 Billion: TARP Panel
Losses from defaults on commercial real estate loans maturing in the next few years could go as high as $300 billion, threatening to topple nearly 3,000 community banks nationwide, a federal watchdog group has concluded. Market analysis by the Congressional Oversight Panel, charged with keeping tabs on the government's Troubled Asset Relief Program (TARP), shows that none of the banks classified by federal guidelines as having a "CRE Concentration" are among the nation's largest holding companies. -- DSNews.com,Admin,   02/12/2010



→   LPS Completes Year-End Processing on More Than 35M Mortgages
Lender Processing Services, Inc. (LPS) reported Thursday that year-end processing of all loans serviced using its Mortgage Servicing Package (MSP) and processed in its Jacksonville, Florida data center was completed on January 1, 2010. During the year-end routine, LPS processed more than 35 million loans for its mortgage servicing clients, while also maintaining normal system access, the company said. -- DSNews.com,Admin,   02/12/2010



→   Loan Write-Downs Cited as Optimal Loan Modification Scheme
As a result of the current housing crisis, many homeowners have defaulted on their mortgage, and lenders must decide whether to complete a loan modification or start foreclosure proceedings. Modifications result in a lowering of the present value of the loan, while foreclosing incurs deadweight costs that reduce the recovery value of the home, said Professor Sanjiv R. Das of the Leavey School of Business at Santa Clara University in his recent paper The Principal Principle: Optimal Modification of Distressed Home Loans. -- DSNews.com,Admin,   02/12/2010



→   Wolters Kluwer Financial Services helps lenders embrace enhanced H4H Program
In response to recent enhancements to the federal government’s HOPE for Homeowners (H4H) program, Wolters Kluwer Financial Services has updated its comprehensive library of H4H mortgage documents and consumer education materials. Lenders and servicers can use the documents to help more efficiently refinance troubled borrowers’ existing mortgages into more affordable loans in compliance with the H4H program. -- NationalMortgageProfessional.com,NMP Media Services,   02/12/2010



→   The new RESPA reform rule: An overview
In 2008, the U.S. Department of Housing & Urban Development (HUD) issued both technical and substantive amendments to the rule that implements the Real Estate Settlement Procedures Act (RESPA).1 The technical changes took effect on Jan. 16, 2009 and substantive changes have taken effect on Jan. 1, 2010. Last month, I provided a brief analysis of the new Good Faith Estimate (GFE).2 In this article, I will offer some procedural guidance that incorporates several substantive changes that took effect on Jan. -- NationalMortgageProfessional.com,NMP Media Services,   02/12/2010



→   NAWRB Launches Nonprofit Program
Since its inception in August 2009, the National Association of Women REO Brokerages (NAWRB) has been seeking to launch a nonprofit program. That goal was realized this week with the official incorporation of the NAWRB Community Enhancement program. This nonprofit venture is dedicated to developing infrastructure for parks and community centers in neighborhoods strongly affected by the nation's growing foreclosure rate. -- DSNews.com,Admin,   02/12/2010



→   BOK Financial Acquires Rights to Service $4 Billion of Mortgages
BOK Financial Corp. in Tulsa, Oklahoma, has acquired the rights to service a $4.1 billion portfolio of mortgage loans from Albuquerque, New Mexico's Charter Bank. The acquisition boosts BOK's current $7.4 billion servicing portfolio by 46 percent. The loans are predominantly held by Fannie Mae, Freddie Mac, and Ginnie Mae, with approximately three quarters from customers in New Mexico. -- DSNews.com,Admin,   02/12/2010



→   Keystone Completes Market`s First Multi-Borrower CMBS in Two Years
Keystone Property Group, a real estate developer, manager, and investor of office and industrial properties, announced this week that it has completed a $53.5 million refinancing for one of its properties in the Pittsburgh submarket with what the company says is the first multi-borrower commercial mortgage-backed securities (CMBS) deal in nearly two years. With the entire commercial real estate industry concerned about the ability to obtain financing, Keystone says this loan may signify that lending has begun to return to the market. -- DSNews.com,Admin,   02/12/2010



→   SigniaDocs Execs Appointed to Key MISMO Posts
Harry Gardner and Charles Epperson of SigniaDocs, a Dallas-based provider of eMortgage services, have been appointed to key posts within MISMO, a nonprofit subsidiary of the Mortgage Bankers Association (MBA) that is known as the mortgage industry's pre-eminent standards organization. -- DSNews.com,Admin,   02/12/2010



→   Existing Home, Condo Sales Skyrocket in Florida
With low mortgage rates as a driving factor, sales of existing single-family homes and condos in Florida surged in the fourth quarter of 2009, according to a recent report by the Florida Association of Realtors. Increased sales of existing homes were reported in 18 of Florida's metropolitan statistical areas (MSAs), and all of the Sunshine State's MSAs showed gains in condo sales. -- DSNews.com,Admin,   02/12/2010



→   Company Proposes Paying Homeowners Not to Walk Away
With tumbling property values leaving nearly a quarter of borrowers owing more on their mortgage than the home is worth, some may find it tempting to walk away - either to get out from under the debt completely or to force the hand of the servicer for a modification. This idea of "strategic default" has become a universal concern within the industry, but one New Jersey company says it has a plan to counter such calculated flights of exodus. According to the Loan Value Group LLC, it's time to pay current borrowers to stay that way. -- DSNews.com,Admin,   02/12/2010



→   Webster Shareholders Meeting Will Be April 29, 2010
Webster Financial Corporation (NYSE:WBS) , the holding company for Webster Bank, N.A., announced today that its board of directors has scheduled the corporation's annual meeting of shareholders for 4 p.m. (Eastern Standard Time) April 29, 2010 at the Courtyard by Marriott, 63 Grand Street, Waterbury, Conn. -- Webster Bank,Ed Steadham,Waterbury Conn.  02/12/2010



→   Nationwide Health Properties, Inc. Announces Shane Seitz Promoted to Vice President, Investments
City; NEWPORT BEACH, CF -- Nationwide Health Properties, Inc.,Don Bradley,   02/12/2010



→   Bipartisan Policy Center Debt Reduction Task Force Co-Chair Alice Rivlin Testifies Before Senate Budget Committee
Highlights need 'for both parties to work together' to achieve a fiscally sustainable budget -- Bipartisan Policy Center,Eileen McMenamin,Washington   02/12/2010



→   Irsa Inversiones y Representaciones Sociedad Anonima Announces Results for the First Six Months of Fiscal Year 2010 Ended December 31, 2009
IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for the First Six Months of Fiscal Year 2010 Ended December 31, 2009. -- IRSA Inversiones y Representaciones Sociedad Anonima,Gabriel Blasi,Buenos Aires Argentina  02/12/2010



→   Tranzact Information Services Announces the Development of New Automotive Products to Drive Marketing ROI
Tranzact Information Services LLC (Tranzact IS), a division of TRANZACT - the leading customer acquisition solutions provider for large brands, announced today that it has enhanced its proprietary data solutions for the automotive industry. Tranzact IS has added self-reported consumer vehicle purchase and ownership data as well as consumer risk models to help automotive marketers improve their targeting and marketing ROI. -- Tranzact Information Services,Steve Winkiel,Boca Raton Fla.  02/12/2010



→   Appealing to the Lowest Common Denominator
Election-year Politics and the Toll on Economic Policy -- Mesirow Financial,Diane Swonk,Chicago   02/12/2010



→   Finkelstein & Krinsk LLP Announces Corrected Notice of Class Action Lawsuit Against Bank of America Corporation
A class action securities lawsuit Montgomery v Bank of America Corporation, et. al., has been commenced in the United States District Court for the Southern District of New York on behalf of persons and entities that acquired certain Bank of America Corporation ("BofA") shares up to and including September 12, 2008, including Fixed to Floating Rate Non-Cumulative Preferred Stock Series K ("Series K Securities"); shares of the BofA 7.25% Non-Cumulative Perpetual Convertible Stock ("Series L Securities"); or shares of the BofA 8.20% Non-Cumulative Preferred Stock, Series H ("Series H Securities") pursuant or traceable to the Registration Statement and Prospectuses issued in connection with the securities offerings (the "Offerings"). -- Finkelstein & Krinsk LLP,Finkelstein & Krinsk,San Diego   02/12/2010



→   Bank of Commerce Holdings Announces Filing of Registration Statement for the Offering of $30 Million of Common Stock
Patrick J. Moty, President & CEO of Bank of Commerce Holdings (NASDAQ:BOCH) , a $813 million financial services holding company, and parent company of Redding Bank of Commerce(TM), Roseville Bank of Commerce(TM), and Bank of Commerce Mortgage(TM) today announced that the Company has filed a registration statement with the Securities and Exchange Commission for an offering of $30 million of its common stock. Bank of Commerce Holdings expects to sell its common stock in an underwritten public offering with Howe Barnes Hoefer & Arnett, Inc. acting as manager. The Company intends to grant the underwriters an option to purchase up to an additional $4.5 million of common stock offered to cover over-allotments, if any. The common stock will be issued pursuant to a prospectus filed as part of the Company's registration statement under the Securities Act of 1933. -- Redding Bank of Commerce,Patrick J. Moty,Redding Cf  02/12/2010



→   Florida`s Existing Home, Condo Sales Up in 4Q 2009
Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association. -- Florida Realtors,Marla Martin,Orlando Fla.  02/12/2010



→   Wallick & Volk Welcomes New Loan Officer in El Centro, California
"We're strong...We're Growing... and we have money to lend!" The current market environment has given us the opportunity to grow our business in locations that are showing signs of stabilization and sustainable growth. Southern CA is showing serious signs of market stabilization and we're poised to take advantage of the improving mortgage market conditions there. -- Wallick & Volk, Inc.,Dave Heuermann,Cheyenne Wyo.  02/12/2010



→   Bankrate: Mortgage Rates Mostly Lower
Rates for most mortgage products retreated this week, but not the average conforming 30-year fixed mortgage, which remained at 5.15 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.49 discount and origination points. -- Bankrate.com,Kayleen Yates,New York   02/12/2010



→   StreetLinks quality control team 100 percent USPAP certified
StreetLinks National Appraisal Services has announced that its entire Quality Control team, consisting of over 100 staff members, has successfully completed the 15-hour 2010 Uniform Standards of Professional Appraisal Practices (USPAP) training course. StreetLinks maintains the largest Quality Control staff in the industry to guarantee the quality of delivered reports. -- NationalMortgageProfessional.com,NMP Media Services,   02/11/2010



→   Mortgage Contracting Services contributes to Haitian earthquake relief
Mortgage Contracting Services (MCS), a national field service company providing property preservation, inspections and REO asset maintenance to the financial services industry, has announced its collaboration with a local Haitian-born doctor to support the families of Croix-des-Bouquets, Haiti, a town of 8,600 on the Northern outskirts of Port-au-Prince, and the rebuilding of its Petit Chaperon Rouge School. -- NationalMortgageProfessional.com,NMP Media Services,   02/11/2010



→   Citi announces foreclosure pilot program to help distressed borrowers
CitiMortgage has announced the Citi Foreclosure Alternatives Program, a new pilot initiative that will allow distressed CitiMortgage borrowers to avoid foreclosure and remain in their homes for six months by agreeing to sign over their property deeds to CitiMortgage at the end of that period. In addition, Citi will provide relocation assistance to aid the borrowers’ transition to another residence at the end of the program. -- NationalMortgageProfessional.com,NMP Media Services,   02/11/2010



→   RealtyTrac reports: Foreclosure activity drops 10 percent in January `10
RealtyTrac, an online marketplace for foreclosure properties, has released its January 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 315,716 U.S. properties during the month, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January. -- NationalMortgageProfessional.com,NMP Media Services,   02/11/2010



→   BrokerPriceOpinion.com launches Next Generation BPO (V3)
BrokerPriceOpinion.com has announced the launch of its Next Generation BPO (V3) platform, capable of evaluating data quickly through the use of progressive technology and current local market information. For nearly two decades, BrokerPriceOpinion.com has delivered critical valuation data with industry-leading Broker Price Opinions and Appraisals. In today`s rapidly changing marketplace, BrokerPriceOpinion.com is focused on supporting client decisions by providing accurate and reliable information. -- NationalMortgageProfessional.com,NMP Media Services,   02/11/2010



→   Home Price Reductions Shrink in January
Down from 44 percent in December, just over 40 percent of available homes for sale had reduced prices in January, according to a monthly survey of home listings in 27 markets conducted by the national real estate brokerage ZipRealty. January marked the fifth consecutive month of fewer price-reduced homes on the market. -- DSNews.com,Admin,   02/11/2010



→   Mortgage Rates Remain Low
Despite the rise in interest rates last week, mortgage rates for the week ending February 11, 2010 remained relatively low, according to reports released Thursday by Freddie Mac and Bankrate. The results of Freddie Mac's Primary Mortgage Market Survey found that the average rate for 30-year fixed mortgages fell to 4.97 percent with an average 0.7 point, down from 5.01 percent the prior week. During this same week in 2009, rates for 30-year fixed mortgages averaged 5.16 percent, marking a 0.19 percent decrease year-over-year. -- DSNews.com,Admin,   02/11/2010



→   Existing-Home Sales Soar in Q4
In yet another sign of stabilization within the residential real estate market, strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter of 2009, according to a survey released Thursday by the National Association of Realtors (NAR). Affordability has helped boost sales. The trade group reported that the national median price for an existing single-family home in Q4 was down 4.1 percent from a year earlier, but noted that it was the smallest price decline in over two years. -- DSNews.com,Admin,   02/11/2010



→   Congressman Introduces Mortgage E-Verify Act for GSE and FHA Mods
Rep. Kenny Marchant (R-Texas) has introduced a new bill, the Mortgage E-Verify Act. As a condition for modification of a home loan held by Fannie Mae or Freddie Mac, or insured by the Federal Housing Administration (FHA), it would require a homeowner to be verified under the E-Verify program, a system run by the U.S. government to certify a person's legal status. -- DSNews.com,Admin,   02/11/2010



→   Former ProLogis COO Joins Cassidy Turley
According to a recent company announcement, Diane S. Paddison was recently appointed as chief strategy officer at Cassidy Turley, a commercial real estate service provider headquartered in St. Louis. In addition, she will serve as a member of the board of directors and the executive committee of the company. -- DSNews.com,Admin,   02/11/2010



→   Bernanke Gives Blueprint for Stimulus Pull-Back
Federal Reserve Chairman Ben Bernanke on Wednesday laid out the central bank's plan for exiting the private credit market and pulling back the trillions of dollars its funneled into the economy to stave off a repeat of the Great Depression. Bernanke stressed that the programs were implemented with no cost to taxpayers, have helped to restart the flow of credit, and are already being "substantially" phased out. -- DSNews.com,Admin,   02/11/2010



→   Homebuilder Buys $3B in Troubled Loans from FDIC
One of America's largest homebuilders is getting into the loan restructuring business. Lennar Corporation has purchased two loan portfolios from the FDIC worth $3 billion. Lennar paid $243 million for the portfolios, which include 5,500 distressed residential and commercial real estate loans from 22 failed banks. The Miami-based builder says acquiring and working out troubled real estate loans was an "extremely profitable" part of its business during the last real estate down cycle. -- DSNews.com,Admin,   02/11/2010



→   Lender Live Settlement Services Experiences Significant Growth
Along with a growth of staff and office space last year, Denver-based LenderLive Network, Inc. said 2009 brought an expansion of product offerings to its LenderLive Settlement Services division. To help servicers reduce costs and complete more loan modifications, the company provides outsourced fulfillment services and is able to seamlessly bundle these services with its title and recording offerings. -- DSNews.com,Admin,   02/11/2010



→   Wolters Kluwer Helps Mortgage Lenders Embrace H4H Program
Following the recent enhancements to the federal government's HOPE for Homeowners (H4H) program, Wolters Kluwer Financial Services has updated its library of H4H mortgage documents and consumer education materials. HUD's enhanced program includes several provisions meant to increase lender and borrower participation, including reduced program fees, streamlined borrower certification requirements, and new underwriting guidelines. -- DSNews.com,Admin,   02/11/2010



→   Citi`s Foreclosure Alternative Allows Homeowners to Stay for Six Months
As one of the nation's largest mortgage servicers, CitiMortgage is still contending with a deluge of foreclosures that just doesn't seem to be abating. The company is launching a new pilot initiative Friday that will allow distressed CitiMortgage borrowers to avoid foreclosure and remain in their homes for six months if they agree to sign over their property deeds. Citi will also provide relocation assistance to ease the transition to another residence. -- DSNews.com,Admin,   02/11/2010



→   Fannie Mae to Purchase Delinquent Loans from MBS Trusts
Following in the steps of its sibling mortgage financing firm, Freddie Mac, Fannie Mae has announced that it too will be buying back bad loans from mortgage-backed securities (MBS) investors in bulk. The GSE said it will begin "significantly" picking up the pace of its purchases of single-family loans that are at least 120 days past due, beginning in March. Fannie did not disclose an exact dollar amount of the repurchases, but did say that as of December 31, the total of such loans was $127 billion. -- DSNews.com,Admin,   02/11/2010



→   Wikiloan Close to First Deal
WikiLoan, Inc. (OTC Bulletin Board: WKLI), a financial social network today announced that it is in the final stages of negotiations with its first major revenue producing deal. The Company believes that it may have a signed definitive agreement as early as next week. -- WikiLoan, Inc.,WikiLoan Inc.,Delray Beach Fla.  02/11/2010



→   Huntington Bank Commits $4 Billion to Small Business Lending in the Midwest Over the Next Three Years
Launches New Lending Guidelines and Doubles the Number of Business Bankers to Drive Job Creation -- Huntington Bancshares,Jay Gould,Columbus Ohio  02/11/2010



→   Profits for Haiti: Commercial Real Estate Experts Do Their Part to Help Survivors
City; CLEARWATER, Fla. -- Guardian Solutions,Jamie Sene,   02/11/2010



→   PNC Completes Tarp Repayment
The PNC Financial Services Group, Inc. (NYSE:PNC) today announced that it has redeemed $7.6 billion of Series N preferred shares held by the United States Treasury under the Troubled Asset Relief Program's Capital Purchase Program. -- PNC Financial,Fred Solomon,Pittsburgh   02/11/2010