Mortgage Lending March 15, 2010
→ Teleconference TEam of legal professionals (local agents)
This publication is an asset stable economy and the team legal eagles angels law network
members web explains in detail career resources, education and administration of justice.....
DONT use our phone for sales calls, you are free to inquiry about event,service or professional -- Mbci Consulting News "u" Can Use (virtual Publication)2010,Legaleagles,Washington Dc 03/13/2010
→ Valley National Bank Acquires Certain Deposits and Assets of The Park Avenue Bank
Valley National Bancorp (NYSE:VLY) today announced that its wholly-owned subsidiary, Valley National Bank, assumed all deposits, except certain brokered deposits, and received certain assets of Manhattan-based, The Park Avenue Bank ("Park Avenue Bank") from the Federal Deposit Insurance Corporation ("FDIC"), which was appointed the receiver for Park Avenue Bank. -- Valley National Bank,Alan D. Eskow,Wayne N.j. 03/13/2010
→ North Penn Bancorp, Inc. Reports Results for the Year Ended December 31, 2009
North Penn Bancorp, Inc. (the "Company") (OTC:NPBP) (BULLETIN BOARD: NPBP) , the holding company for North Penn Bank, announced results for the year ended December 31, 2009. The Company reported net income of $787,000 for the year ended December 31, 2009 as compared to $354,000 for the year ended December 31, 2008. This improvement is primarily attributable to higher net interest earnings, an insurance claim recovery relating to a loss recognized in 2008, lower non-interest expense and higher non-interest income. -- North Penn Bancorp, Inc.,Frederick L. Hickman,Scranton Pa. 03/13/2010
→ Iberiabank Announces Birmingham Chairman
IBERIABANK (www.iberiabank.com), the 123-year-old subsidiary of IBERIABANK Corporation, is pleased to announce the naming of W. Charles Mayer III as Chairman of the Birmingham Advisory Board. Mayer has also formally joined the Company and will be working closely with local Executive leadership in executing strategic growth initiatives. -- IBERIABANK,Beth Ardoin,Birmingham Alaska 03/13/2010
→ Marshall & Ilsley Corporation to Hold Annual Meeting of Shareholders on April 27, 2010
Paper Copies of Annual Report and Proxy Available On Request -- Marshall & Ilsley Corporation,Randy Erickson,Milwaukee Wisconson 03/13/2010
→ New Task Force to Crack Down on Mortgage Fraud
March 13, 2010 /24-7PressRelease/ -- New Task Force to Crack Down on Mortgage Fraud -- 24/7 Press Release Newswire,24/7 Media, 03/13/2010
→ Safeguard Properties Promotes Five Staffers to New Positions
Five team members of Safeguard Properties were recently promoted to newly-created positions within the company. These new positions are part of an organizational restructuring to better serve clients and accommodate Safeguard's current and anticipated growth, the company said. -- DSNews.com,Admin, 03/13/2010
→ February loan mod data report finds permanent mods increased by 45 percent
The U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development (HUD) have released February data for the Administration`s Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month, a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance. Highlights of the report include: -- NationalMortgageProfessional.com,NMP Media Services, 03/12/2010
→ Wells Fargo surpasses 500,000 loan mod mark
Wells Fargo & Company is reporting that as of Feb. 28, the company had 505,832 active trial and completed modifications through its own modification programs and the federal Home Affordable Modification Program (HAMP). More than 365,000 of those were non-HAMP active trials in place as of the end of February 2010 and modifications completed since the beginning of 2009. Wells Fargo had 139,065 HAMP active trial and completed modifications in place as of Feb. 28, including 24,975 permanent modifications and 7,533 permanent modifications pending completion. -- NationalMortgageProfessional.com,NMP Media Services, 03/12/2010
→ Federal Watchdog Questions Treasury`s Actions to Preserve GMAC
The Congressional Oversight Panel (COP) recently released a report finding that throughout the federal bailout of GMAC, "Treasury missed opportunities to increase accountability and better protect taxpayers' money." Moving forward, the COP said Treasury should clearly articulate its exit strategy from GMAC. -- DSNews.com,Admin, 03/12/2010
→ Fitch Sees Greater Stability for RMBS...When Drought Ends
More traditionally underwritten and higher credit quality loans will be the norm when the U.S. residential mortgage-backed securities (RMBS) market for newly-originated loans re-opens, according to Fitch Ratings. The agency says investors can expect better performance because lenders are returning to a more traditional style of lending, with loans containing better credit, full documentation, and less leverage. -- DSNews.com,Admin, 03/12/2010
→ Surveys Debunk Appraisal Industry Misconceptions
A new survey conducted by the Title/Appraisal Vendor Management Association (TAVMA) and the annual appraisal industry survey from Coester Appraisal Group shed light on what is really happening in the appraisal industry. -- DSNews.com,Admin, 03/12/2010
→ Servicers Complete 170,000 Permanent HAMP Mods
It's been a year since the government's Home Affordable Modification Program (HAMP) was implemented and only 170,000 troubled homeowners have received permanent loan restructurings.
The number of modifications in the permanent column did increase 45 percent from 116,297 in January, but it's still a mere drop in the bucket when you consider the Treasury's own estimate that there are currently 1.8 million borrowers who are behind on their payments and eligible for the program. -- DSNews.com,Admin, 03/12/2010
→ FHA Changes Should be Approached With Caution: NAR
In testimony before a House subcommittee Thursday, Charles McMillan, immediate past president of the National Association of Realtors (NAR), said the Federal Housing Administration (FHA) remains financially strong because it has taken steps to ensure solid underwriting standards and responsible lending practices. -- DSNews.com,Admin, 03/12/2010
→ Minority Real Estate Groups Introduce Plan to Address Housing Crisis
During the 2010 Multicultural Real Estate & Policy Conference last week in Washington D.C., the National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America(AREAA), and the National Association of Real Estate Brokers (NAREB) introduced The Five-Point Plan: Creating a Sustainable Path to Minority Homeownership. -- DSNews.com,Admin, 03/12/2010
→ Citigroup Sells Real Estate Investment Unit
The beleaguered Citigroup Inc., who has repeatedly assured administration officials that it is getting back to banking basics, has found a buyer for its real estate investment business. Private equity firm Apollo Management LP has agreed to purchase Citi Property Investors, a unit of the bank's Citi Alternative Investments group. -- DSNews.com,Admin, 03/12/2010
→ DocuTech Sees Success in 2009
Despite the continued struggles of the housing and mortgage markets, Idaho Falls, Idaho-based DocuTech Corp. finished 2009 with an increase in market penetration of more than 140 percent, the company announced Thursday.
The mortgage document compliance company added 84 new customers last year and forged key partnership with loan origination software (LOS) providers to ensure a seamless connection with loan data and loan documents. -- DSNews.com,Admin, 03/12/2010
→ Credit News From Premier By Louis S. Barnes March 12, 2010
Long-term Treasury rates rose under pressure from constant borrowing, but mortgages did well, holding at 5.00% with lowest fees. Versus the 10-year T-note at 3.70%, that's the narrowest spread ever measured. -- Premier Mortgage Group, Inc,Lou Barnes,Boulder Co 03/12/2010
→ AIMSdashboard releases newest version of its software for HVCC compliance
AIMSdashboard has released the latest version of its Web-based Appraisal Independence Management System (AIMS), featuring several compliance-focused additions. AIMS 4.4 will promote lender compliance with the appraisal independence requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), Federal Housing Administration (FHA) Mortgagee Letter 09-28, Federal Financial Institutions Examination Council (FFIEC) and the Home Valuation Code of Conduct (HVCC). -- NationalMortgageProfessional.com,NMP Media Services, 03/12/2010
→ Commercial lending insight ... or, why we miss the company that almost killed our industry!
“Friends, Americans, mortgage professionals, lend me your ears … I come to bury InterBay, not to praise them. The evil that men do lives after them. The good is oft interred with their bones, so let it be with InterBay … we have been told that InterBay was ambitious: If it were so, it was a grievous fault …” -- NationalMortgageProfessional.com,NMP Media Services, 03/12/2010
→ Bank of America: 21,000 permanent mods completed under HAMP
Bank of America has announced that it has completed nearly 21,000 mortgage modifications under the federal government`s Home Affordable Modification Program (HAMP), according to the bank`s latest monthly progress report to the U.S. Department of Treasury. -- NationalMortgageProfessional.com,NMP Media Services, 03/12/2010
→ FDIC closes sale of $1.8 billion in notes backed by MBS
The Federal Deposit Insurance Corporation (FDIC) has closed on a sale of notes backed by residential mortgage-backed securities (RMBS) from seven failed bank receiverships. The sale was conducted through a private placement priced and allocated on March 5th. The transaction was met with robust investor demand, with over 70 investors participating across fixed and floating rate series. The investors included banks, investment funds, insurance funds and pension funds. All investors were qualified institutional buyers. -- NationalMortgageProfessional.com,NMP Media Services, 03/12/2010
→ HUD Issues Guidance on Appraisals for Agency REOs
HUD released a Mortgagee Letter this week announcing the validity period for appraisals used to establish listing prices for the federal agency's REO properties. The letter also outlines situations when a second appraisal is permitted for purchasers of REO properties utilizing Federal Housing Administration (FHA) financing. -- DSNews.com,Admin, 03/12/2010
→ Djsp Enterprises, Inc. Reports Revenue of $260.3 Million and Adjusted Net Income of $44.6 Million for 2009
Quarterly Revenues Increase 33% and YTD Revenues Increase 31% Year-over-Year -- DJSP Enterprises, Inc.,David J. Stern,Plantation Florida 03/12/2010
→ Sixteen New Securities Added; Four Securities Deleted From S-Network Composite S-Network-Closed-End Fund Index (cefx)
The S-Network Composite Closed-End Fund Index (TICKER: CEFX) will add sixteen new components, effective 6:00 PM (EDT) Sunday, March 21, 2010. Four funds will be deleted from the index, changing the number of index components to 82. The changes result from the quarterly rebalancing of the index. -- S-Network Composite Closed-End Fund Index,Joseph LaCorte,New York 03/12/2010
→ Djsp Enterprises, Inc. Reports Revenue of $260.3 Million and Adjusted Net Income of $44.6 Million for 2009
Quarterly Revenues Increase 33% and YTD Revenues Increase 31% Year-over-Year -- DJSP Enterprises, Inc.,David J. Stern,Plantation Florida 03/12/2010
→ The Work Number Ensures Lender Compliance With Fannie Mae`s Loan Quality Initiative
The Work Number announced today that social security number verification can be easily fulfilled using its DirectChek identity fraud solution, a product offering from the recent acquisition of The Rapid Reporting Company. DirectChek assists lenders in meeting the new identity requirements issued by Fannie Mae's Loan Quality Initiative (LQI), which are designed to ensure loans meet the government-sponsored enterprise's credit and eligibility guidelines. -- The Work Number,Pam Stevens,St Louis 03/12/2010
→ Thompson Plumb Bond Fund (thopx) Named One of the Best Mutual Funds for 2010 by U.S. News & World Report
John W. Thompson, long-time portfolio manager of the Thompson Plumb Bond Fund, was very excited to be included in the list. -- Thompson Plumb Funds,Nedra S Pierce,Madison Wisconsin 03/12/2010
→ Retail sales unexpectedly rise 0.3 percent
Sales at U.S. retailers rose unexpectedly in February despite a drop in vehicle purchases and inclement weather that was expected to curtail shopping, according to a government report on Friday that bolstered hopes of a sustainable economic recovery. The Commerce Department said total retail sales rose 0.3 percent as consumers bought an array of goods from [...] -- MortgageLatestNews,Admin, 03/12/2010
→ European stock markets gain ground
Europe’s main stock markets rose Friday as investors awaited crucial economic data and tracked US attempts to rein in the banking sector, dealers said. London’s benchmark FTSE 100 index gained 0.32 percent to 5,636.72 points, in Paris the CAC 40 was up 0.58 percent to 3,951.86 points and Frankfurt’s DAX 30 rose 0.67 percent to 5,968.58 [...] -- MortgageLatestNews,Admin, 03/12/2010
→ Daniel Milstein of Gold Star Mortgage Elected to Cleary University Board of Trustees
ANN ARBOR, MI, March 12, 2010 /24-7PressRelease/ -- Effective January 1, 2010 Daniel Milstein, founder and CEO of Gold Star Mortgage Financial Group, joined Cleary University for a three-year term on their Board of Trustees. -- 24/7 Press Release Newswire,24/7 Media, 03/12/2010
→ FHA Commissioner Defends Low Downpayments
With defaults on mortgages insured by the Federal Housing Administration (FHA) continuing to mount, lawmakers are pressing the federal agency to raise its minimum downpayment requirement from 3.5 percent to 5 percent. But in testimony on Capitol Hill Thursday, FHA Commissioner David Stevens flatly rebuffed the idea, citing statistical evidence that shows such an across-the-board increase would result in a 40 percent drop in the agency's loan volume. -- DSNews.com,Admin, 03/12/2010
→ Freddie Mac Readies Mezzanine Refinancing for Multifamily Mortgages
As the commercial real estate market continues to deteriorate, economists warn that overleveraged apartment owners may find it near to impossible to refinance their outstanding debt. Freddie Mac is keenly aware of the impact this lack of credit could have on the marketplace, and the GSE is taking steps to implement a new lending program that taps third-party mezzanine lenders to ensure funding is available for those multifamily property owners facing loan maturities. -- DSNews.com,Admin, 03/12/2010
→ New Managing Director Appointed at Starwood Capital Group
On Thursday, Starwood Capital Group, LLC (SCG), a private investment firm with a core focus on global real estate, appointed Steven Hankin as managing director, portfolio operations, giving him oversight over the company's portfolio of corporate investments. -- DSNews.com,Admin, 03/12/2010
→ Connecticut Home Sales and Prices on the Rise: Report
The median price for single-family homes in Connecticut climbed more than 6 percent in January compared to a year earlier, while sales increased for the fourth consecutive month, according to a report from the Warren Group, which tracks the New England real estate markets. -- DSNews.com,Admin, 03/12/2010
→ Hanley Investment Group Sells 99 Cents Only Anchored Shopping Center for $4,827,000 in Las Vegas
* * * -- Hanley Investment Group Real Estate Advisors,Anne Monaghan,LAS VEGAS NV 03/12/2010
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-- Zurvita,Bill Pratt,San Diego CA 03/12/2010
→ FAMP Miami Chapter`s 25th Annual Trade Show
Start: 05/12/2010 9:00 am End: 05/12/2010 8:30 pm Timezone: America/New York Start: 05/12/2010 9:00 am End: 05/12/2010 8:30 pm Timezone: America/New York The Florida Association of Mortgage Professionals Miami Chapter presents its 25th Annual Trade Show, "Turning Up the Heat," set for Thursday, May 12 at Don Shula`s Hotel & Golf Club, located at 6842 Main Street in Miami Lakes, Fla. -- NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
→ RealtyTrac finds foreclosures drop two percent in February
RealtyTrac, an online marketplace for foreclosure properties, has released its February 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 308,524 U.S. properties during the month, a decrease of two percent from the previous month but still six percent above the level reported in February 2009. The report also shows one in every 418 U.S. housing units received a foreclosure filing in February. -- NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
→ Report finds the average AMC has 15-plus years of experience
On average, an appraiser working with major appraisal management companies (AMC) has more than 15 years of experience appraising residential properties, according to a new survey conducted by the Title/Appraisal Vendor Management Association (TAVMA). In addition, the survey showed that the vast majority of appraisers used by TAVMA members are "certified" appraisers, a designation that requires more experience and an additional level of testing above the state-licensed level. -- NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
→ Investors Back Frank`s Push for Second Lien Write-Downs
Last week, Rep. Barney Frank called for the nation's four largest banks to take a loss on secondary mortgage debt, such as home equity loans, which he says have no real economic value considering the state of the housing market.
An influential group of investors, representing holders of some $100 billion in mortgage securities, is throwing its full support behind Frank's proposal, but the coalition is concerned that unless Treasury provides further guidance, the banks will shun the idea because it could result in "catastrophic" losses. -- DSNews.com,Admin, 03/11/2010
→ Mortgage Rates Fall Slightly
Marking the second consecutive week of declines, Freddie Mac reported Thursday that mortgage rates dipped once again this week. For the week ending March 11, 2010, the 30-year fixed-rate mortgage averaged 4.95 percent with an average 0.7 point, and the 15-year fixed-rate mortgage averaged 4.32 percent with an avearge 0.7 point. -- DSNews.com,Admin, 03/11/2010
→ Colliers International Moves Up in the Rankings
Colliers International, a global real estate services company headquartered in Boston, recently secured the No. 2 spot in the annual Lipsey Survey of the top 25 brands in the commercial real estate industry. The firm jumped a notch from its third place position, which it has held since 2004. -- DSNews.com,Admin, 03/11/2010
→ Mutual of Omaha Bank Appoints Senior Mortgage Loan Officer in Dallas
Bill Wills has joined Mutual of Omaha Bank as a senior mortgage loan officer. Based out of the bank's Texas headquarters, Wills is responsible for guiding Dallas customers through the process of buying or refinancing real estate properties and homes through the lender's comprehensive portfolio of financing solutions. -- DSNews.com,Admin, 03/11/2010
→ Economic Fallout Propels Commercial, Multifamily Delinquency Rates
In the fourth quarter of 2009, delinquency rates continued to increase for most commercial and multifamily mortgage investor groups, the Mortgage Bankers Association (MBA) reported Thursday. Although delinquencies are still rising, MBA said earlier this week that commercial and multifamily mortgages are performing better than all other types of loans. -- DSNews.com,Admin, 03/11/2010
→ Foreclosure Specialist Admonishes HAFA Program
President Obama's Home Affordable Foreclosure Alternative (HAFA) program has been under intense fire this week. On Thursday, the chief foreclosure expert at Ushud.com and its parent company Heavy Hammer Inc. warned that this new program is 'rife with problems that will adversely impact real estate professionals and consumers alike.' -- DSNews.com,Admin, 03/11/2010
→ Interthinx Takes Action Against Occupancy Fraud Risk
In an effort to help detect occupancy issues related to mortgage fraud, Agoura Hills, California-based Interthinx, a national provider of risk mitigation and regulatory compliance tools for the financial services industry, has enhanced its flagship FraudGUARD product. -- DSNews.com,Admin, 03/11/2010
→ Fannie Mae Prices New Issue 3-Year Benchmark Notes(r) due May 7, 2013
The following is being issued by Fannie Mae (NYSE:FNM) : -- HomePath,Katherine Constantinou,Washington 03/11/2010
→ Foreclosure Expert Condemns New Obama Program Aimed at Foreclosure Crisis
The chief foreclosure expert at USHUD.com and its parent company, Heavy Hammer Inc., warned Thursday that a new Obama administration program taking effect April 5 is rife with problems that will adversely impact real estate professionals and consumers alike, actually encouraging homeowners to walk away from mortgages. -- Heavy Hammer Inc.,Joe Chenelly,Annapolis Md. 03/11/2010
→ California revenue jumps, tax refunds should be paid on time
California’s revenue in February was $480 million or 8.7 percent above the estimate in Governor Arnold Schwarzenegger’s state budget plan, so tax refunds should be paid on time, State Controller John Chiang said on Wednesday. There had been some talk in the state capital of Sacramento that tax refunds could be delayed, as they were temporarily [...] -- MortgageLatestNews,Admin, 03/11/2010
→ U.S. dollar still rules, but debt level a risk: S&P
The U.S. dollar is still the most important world currency, Standard & Poor’s said on Thursday, but added that rising levels of U.S. debt and dependence on foreigners to finance much of pose risks to the currency’s primacy. Without a credible plan to rein in fiscal spending, the agency said external creditors could reduce dollar holdings, [...] -- MortgageLatestNews,Admin, 03/11/2010
→ MBA reports finds economic fallout`s impact on commercial market continues
Delinquency rates continued to increase in the fourth quarter for most commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association`s (MBA) Commercial/Multifamily Delinquency Report. Between the third and fourth quarters, the 30-plus day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 1.63 percentage points to 5.69 percent. The 60-plus day delinquency rate on loans held in life company portfolios decreased 0.04 percentage points to 0.19 percent. -- NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
→ Rates average 4.95 percent last week in latest Freddie mac survey
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.7 point for the week ending March 11, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.03 percent. The 15-year FRM this week averaged 4.32 percent with an average 0.7 point, down from last week when it averaged 4.33 percent. -- NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
→ Commercial real estate: A protracted recovery
Rising vacancies and falling rents are impacting all sectors of commercial real estate. Landlords are focusing on tenant retention and negotiating lease extensions at low rents with favorable allowances to sustain revenues. The Beige Book Jan. 13, 2010 Summary indicated that while economic activity remains at a low level, conditions have improved modestly further, and those improvements are broader geographically than in the last report. Commercial real estate markets deteriorated in most districts based on information collected on or before Jan. 5, 2009. -- NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
→ NAMB to testify today on FHA reform before House subcommittee
Today, March 11, 2010, Mike Anderson, CRMS, vice chairman of the Government Affairs Committee for the National Association of Mortgage Brokers (NAMB) will testify before the House Financial Services Subcommittee on Housing and Community Development at a hearing entitled, “The FHA Reform Act of 2010.” The hearing, which will start at 2:00 p.m. EST and be held at the 2128 Rayburn House Office Building, consisting of two panels: Panel I will include Federal Housing Administration (FHA) Commissioner David H. -- NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
→ Foreclosure Activity Drops 2%: RealtyTrac
Foreclosure filings issued to U.S. homeowners have fallen for the second straight month.
According to new data released by RealtyTrac Thursday, default notices, scheduled auctions, and bank repossessions were reported on 308,524 properties in February. That's a 2 percent decrease from January, when foreclosure activity dropped by 10 percent.
February's numbers are still 6 percent above the level reported one year earlier, but RealtyTrac says it's the smallest annual increase the company has tracked since January 2006. -- DSNews.com,Admin, 03/11/2010
→ Keller Williams Realty Launches Operations in Southern Arizona
Keller Williams Realty, an Austin, Texas-based real estate franchise operation, recently announced the launch of Keller Williams Southern Arizona. This new operation, formerly with Realty Executives, includes seven offices with more than 375 real estate agents and staff. -- DSNews.com,Admin, 03/11/2010
→ Lend America and Its VP Barred from Federal Mortgage Market
New York-based Lend America and its senior-level strategist and VP, Michael Ashley, have been permanently banned from doing business for the Federal Housing Administration, according to recently released court documents. Ashley helped build Lend America into one of the most lucrative FHA loan producers, but federal attorneys say all the while he's been in violation of an earlier industry ban, when he plead guilty to wire fraud conspiracy in 1993. -- DSNews.com,Admin, 03/11/2010
→ GMAC Sells $250M in Problem Mortgages as CFO Steps Down
GMAC Financial Services has auctioned off $250 million of problem mortgage assets, using Citigroup Inc. as its broker on the deal, according to a report from American Banker. GMAC reported in February that its $5 billion loss during the final months of last year was largely the result of âlegacy assets in the mortgage operations.â A regulatory filing by the company this week also revealed that its CFO, Robert Hull, has resigned, effective at the end of this month. -- DSNews.com,Admin, 03/11/2010
→ Interthinx`s FraudGUARD update stamps out occupancy fraud
Interthinx has enhanced its flagship FraudGUARD product with new variances to help detect occupancy issues related to mortgage fraud. The changes come in response to a disturbing trend the company uncovered in its quarterly fraud risk reports. Occupancy fraud showed a slight quarter-over-quarter increase in the third-quarter 2009 report, which alerted the Interthinx product team to study issues including occupancy fraud, buy and bail schemes, straw buyers, risks associated with delinquency/default, and risks associated with increased home value. -- NationalMortgageProfessional.com,NMP Media Services, 03/10/2010
→ Credit Outlook Remains Negative for Most U.S. Banks: Fitch
Fitch Ratings warned Tuesday that the still-weak financial fundamentals of the nation's lenders have cemented its rating outlook for the U.S. banking sector as negative.
The New York-based agency did note, though, that many of the factors that have been putting downward pressure on banks' ratings, including lending and liquidity, are easing. However, commercial real estate exposure, particularly for regional banks, as well as consumer mortgages are expected to weigh heavy on lenders' earnings into 2011. -- DSNews.com,Admin, 03/10/2010
→ Exclusive Electronic Signature Service Available for Realtors
On Wednesday, the National Association of Realtors (NAR) and DocuSign, a provider of on-demand electronic signature solutions, unveiled the DocuSign Realtor Edition, an exclusive online eSignature service designed specifically for Realtors. The new Realtor Edition allows NAR members to electronically sign agreements with buyers and sellers, which saves Realtors time and provides client convenience. -- DSNews.com,Admin, 03/10/2010
→ Continental REO Adds New Sales Manager
Nick Steiner has joined Continental REO Services, Inc. as the company's sales and marketing manager. He brings to the position more than nine years of experience managing major accounts throughout the country, including working with Fortune 100 companies. -- DSNews.com,Admin, 03/10/2010
→ Nevada Foreclosure Mediation Program to Undergo Rule Changes
At a public hearing scheduled for Tuesday, March 16, 2010, the Nevada Supreme Court will consider amendments to the rules governing the state's Foreclosure Mediation Program (FMP). If the amendments are approved, this will be the third set of rule changes since the FMP was enacted on July 1, 2009. -- DSNews.com,Admin, 03/10/2010
→ Fairway Mortgage Reports Big Gains in New England Buying Activity
Fairway Independent Mortgage Corporation reported this week that it more than doubled its mortgage sales in New England in 2009. Mortgage loan volume for the company's New England offices grew from $295 million in 2008 to $720 million in 2009 - a 244 percent increase. -- DSNews.com,Admin, 03/10/2010
→ National House Prices Down for Sixth Consecutive Month: IAS
Marking the sixth straight month of declines, national house prices fell 2.3 percent in January, according to the latest IAS360 House Price Index (HPI) released Wednesday by Denver-based Integrated Asset Service, LLC (IAS).
The culprit? IAS says unusually severe winter weather in large regions of the country may have added to housing market woes. -- DSNews.com,Admin, 03/10/2010
→ GSEs in the Hot Seat over Political Campaign Contributions
An activist group who says its purpose is to investigate and prosecute government corruption has instigated a federal court battle to get its hands on documents detailing the political contributions made by Fannie Mae and Freddie Mac.
The non-partisan organization says its been trying to get access to the GSEs' records since May of last year, but has been denied by the companies' regulator, who is shielding the documents under claims that the government-controlled firms are private corporations. No. 2 on the GSEs' list of campaign contribution recipients is President Obama. -- DSNews.com,Admin, 03/10/2010
→ Mortgage Pricing Systems Launches New Rate Sheet Technology for Mortgage Bankers at the 27th Regional Conference of Mortgage Bankers, Trump Taj Mahal
Mortgage Pricing Systems (MPS), developers of sophisticated pricing solutions for mortgage bankers, announced the release of a new feature that generates custom rate sheets. Customers using LEAP! Interactive, the flagship point-of-sale product for MPS, now have the option to extract either raw investor pricing or fully adjusted, scenario-based pricing for inclusion in their own customized rate sheets. -- Mortgage Pricing Systems,Tom Lyons,Montville N.j. 03/10/2010
→ Fannie Mae Announces Offering of New Issue 3-Year Benchmark Notes(r) due May 7, 2013
The following is being issued by Fannie Mae (NYSE:FNM) : -- HomePath,Katherine Constantinou,Washington 03/10/2010
→ Wikiloan Shareholder Update
WikiLoan, Inc. (OTC Bulletin Board: WKLI), a financial social network would like to present the history and progress of WikiLoan, Inc. to its shareholders. -- WikiLoan, Inc.,WikiLoan Inc.,Delray Beach Florida 03/10/2010
→ Simplifile and Rekon Technologies Finalize Integrated E-Recording Solution
LoanCare First To Take Advantage Of New Automated Process -- Simplifile, LC,Richard Jackman,Provo Utah 03/10/2010
→ Colliers International Jumps a Notch
- Firm moves to the Second Spot in the Annual Lipsey Survey - -- Colliers International,Richard Mulieri,Seattle 03/10/2010
→ To Buy or Not to Buy: Taking Advantage of the Homebuyer`s Tax Credit
Despite the extension of the 2009 homebuyer's tax credit to April 30, 2010, and low home prices, potential buyers need to carefully examine their finances before taking the plunge. -- CESI Debt Solutions,Liz Hamner,Raleigh N.c. 03/10/2010
→ Regulators tell banks to restrict dividends, buybacks: report
Shareholders may have to wait for months to retrieve capital after U.S. regulators told banks not to increase dividends or buy back shares amid political and economic uncertainty surrounding the financial industry, the Financial Times reported on Wednesday. Executives at JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group (GS.N) have talked in public and to [...] -- MortgageLatestNews,Admin, 03/10/2010
→ European stocks edge ahead as investors await data
Europe’s leading stock markets nudged higher on Wednesday as traders awaited key US economic data and assessed the latest batch of company results. London’s benchmark FTSE 100 index added just 0.09 percent to 5,5607.24 points, Frankfurt’s DAX 30 gained 0.25 percent to 5,900.79 points and in Paris the CAC 40 was up 0.32 percent to 3,922.62 [...] -- MortgageLatestNews,Admin, 03/10/2010