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Mortgage Lending June 15, 2008
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• 40 Year Fixed Mortgage
• Paperless Mortgages
• New UK Mortgage Rules
• Home Loans
• Mortgage Applications
• Commercial Lending
Press Releases
• MBA Evaluates SEC Regulatory Proposals on Credit Rating Agencies
SEC Opens Comment Period on Regulatory Proposals for Credit Rating Agencies -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 06/12/2008
• ICBA: Good Time to See Your Community Bank for Home Financing Housing is a Buy for the Long Term: Live in It; Stay in It
June is National Homeownership Month and the nearly 5,000 members of the Independent Community Bankers of America (ICBA) help Americans in communities throughout the country to finance a house they can afford and afford to keep. -- The Independent Community Bankers of America,Bill Grassano,Washington dc 06/12/2008
• HFF arranges $27.3 million in financing and joint venture equity for speculative Houston office development
– The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a construction loan and secured joint venture equity totaling $27.3 million for the development of West Pointe Center, a 166,367-square-foot, Class A speculative office building in Houston, Texas. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,HOUSTON, TX tx 06/12/2008
• HUD Proposes New Mortgage Rules that Harm Consumers
What every home owner and buyer needs to know about the proposed RESPA rules -- CMPS Institute,Josephine Nicholas,Ann Arbor MI 06/12/2008
• HFF secures $75 million financing for The MBA Headquarters Building in Washington, D.C.
The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured a $75 million financing for The MBA Headquarters Building, a 169,430-square-foot office building in Washington, D.C. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,WASHINGTON dc 06/12/2008
• HFF represents Baywater Properties in $10.5 million financing
for 1020 Post Road in Darien, Connecticut
A joint venture between Baywater Properties and Frank Mercede & Sons, Inc. obtained a $10,500,000 permanent loan for its new 27,000-square-foot commercial building in Darien, Connecticut. The 10-year financing was provided by TD Banknorth. The Westport office of HFF (Holliday Fenoglio Fowler, L.P.) represented the borrower in the financing -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,WESTPORT ct 06/12/2008
• Mortgage Applications Increase In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 06/12/2008
• MBA Reports Commercial Mortgage Delinquencies Remain Low
Delinquency rates on commercial/multifamily mortgages remain low - up slightly from the fourth quarter of 2007 but finishing the first quarter of 2008 near record lows for most major investor groups. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 06/12/2008
• MBA Issues Formal Comments on HUD's RESPA Proposal
Kempner: "HUD and the Fed need to work together to coordinate RESPA and TILA disclosures" -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 06/12/2008
• Commercial/Multifamily Mortgage Debt Outstanding Grows in First Quarter
Most investor groups increase holdings, CMBS sees decline -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 06/12/2008
• Marathon Asset Management Hires Seasoned Capital Markets Veteran, bolsters effort for fund.
-- Marathon Asset Management,Rudy Orman,New York NY 06/11/2008
• Mortgage Leader Cruise now offering new pricing options
The Mortgage Leader Cruise is pleased to announce that we have acquired some cabins for those who want to go but are on a tight budget. You can now attend the 7 day conference for as little as $1655 plus port charges, taxes and gratuites! Compare that with a hotel conference and you will see what an incredible value that is for your money. See you aboard! -- Mortgageleadercruise.com,James Barnes, 06/11/2008
• Perimeter eSecurity Acquires Leading Provider of On Demand Vulnerability Scanning and PCI Compliance, Edgeos, Inc.
Perimeter eSecurity, the only provider of Complete Security On Demand, announced today that it has acquired Edgeos, Inc., a leading provider of on demand, managed vulnerability services which are designed to enable carriers, Value Added Resellers, and other partner organizations to provide security services to their customers through their software-as-a-service (SaaS) enabled private labeled security services platform. The Edgeos managed vulnerability service suite has been fully integrated with Perimeter`s Vulnerability Management Solution Suite that includes server and desktop AV, Patch and Configuration Management, as well as a number of network-based and CPE-based security services. This enhanced internal and external scanning technology, combined with the online PCI questionnaire and optional consulting, provides significant enhancements to Perimeter`s PCI Compliance Solution Suite. -- ,Penny Aicardi,Milford CT 06/11/2008
• 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 6. The Market Composite Index, a measure of mortgage loan application volume, was 557.1, an increase of 10.9 percent on a seasonally adjusted basis from 502.3 one week earlier. On an unadjusted basis, the Index increased 23 percent compared with the previous week and was down 16.5 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 06/11/2008
• Commercial/Multifamily Originations Lowest Since 2004, Originations for CMBS Show Biggest Drop
Commercial and multifamily mortgage bankers' loan originations fell on a year-over-year basis in the first quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. First quarter originations were fifty-three percent lower than during the same period last year. The year-over-year decrease was seen across all property types and most investor groups. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 06/10/2008
• ICBA: Refinancing is an Option for Homeowners Work with Your Community Bank When Considering Mortgage Refinancing
June is National Homeownership Month and the nearly 5,000 members of the Independent Community Bankers of America (ICBA) help Americans in communities throughout the country to refinance their mortgages through the personal attention that only a local community bank can provide. -- The Independent Community Bankers of America,Bill Grassano, 06/10/2008
• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 30, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 502.3, a decrease of 15.3 percent on a seasonally adjusted basis from 593.3 one week earlier. This week's results include an adjustment to account for the Memorial Day holiday. On an unadjusted basis, the Index decreased 24.2 percent compared with the previous week and was down 20.3 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia 06/10/2008
• MISMO® Releases Version 1.2 Commercial Reference Model
Model contains detailed specifications related to the data fields used in all commercial standards to date -- Mortgage Bankers Association of America,Aleis Stokes,Washington District of Columbia 06/10/2008
• Valuation Interlink.com Provides the Solution
to Fannie MAE and Freddie MAC Woes
Recently Fannie Mae and Freddie Mac, the government lending power-hitters, announced a series of reforms they want to see implemented by lenders and mortgage brokers by Jan 1, 2009. In a nutshell, the pressure put on real estate appraisers and agents by mortgage brokers to inflate home values is the leading cause of the current housing crisis, and something has to be done. -- ValuationInterlink.com,Info,Highland ca 06/10/2008
• Alaska to Require Licensure Exams for Its Mortgage Lending Professions
Pearson VUE to Develop and Administer the Exams -- Pearson VUE,Info,BLOOMINGTON mn 06/10/2008
• `The Mortgage Millionaire: Sales and Life Strategies That Can Take You to The Next Level`
In his new book, `The Mortgage Millionaire: Sales and Life Strategies That Can Take You to The Next Level` (published by AuthorHouse -- http://www.authorhouse.com/), author William B. Bronson shares his years of experience in the mortgage industry, offering tips, training and advice that goes beyond information typically found in mortgage or sales classes. -- William B. Bronson,William B. Bronson,Fort Worth TX 06/10/2008
• Bankrate: Mortgage Rates Nudge Higher
Fixed mortgage rates moved higher for the second week in a row, with the average conforming 30-year fixed mortgage rate rising to 6.26 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 06/10/2008
• Bank of America Receives Federal Reserve Approval of Countrywide Purchase
Bank of America Corporation today received approval from the Board of Governors of the Federal Reserve System to purchase Countrywide Financial Corporation. The transaction remains subject to the approval of Countrywide shareholders and other closing conditions. Closing is expected to occur in the third quarter. -- Bank of America Mortgage,Info,Charlotte North Carolina 06/10/2008
• Index Indicates Increased Home Values in Certain Southern California Locations
Residential Price Index data indicates single family home prices appreciate based on location -- FNC INC.,Charles Hurst,OXFORD Mississippi 06/10/2008
• HUD's Efforts to Eliminate Downpayment Assistance Will Hurt Qualified Homebuyers
Ann Ashburn, President of AmeriDream, Inc., issued the following statement regarding Federal Housing Administration Commissioner Brian Montgomery's remarks today at the National Press Club seeking to eliminate charitable down payment assistance funded in part by home sellers. These programs operate in accordance with current law and HUD guidelines and have helped more than one million low and moderate income HUD-approved families and individuals buy their own homes. -- Ameridream, Inc,Information 23276,Saint Charles Illinois 06/10/2008
• I pay cash for mortgage notes performing or non performing
Looking to purchase notes on real estate. first mortgages, streams of payments. -- ,Art Speakman,Glen Ellyn Illinois 06/09/2008
• Ethos Investigative Services Introduces Mortgage Fraud Investigation Service
St. Petersburg, Fla.-based Ethos Investigative Services, Inc. has added mortgage fraud investigations to its roster of risk-mitigation services. Ethos investigates claims for banks, financial institutions, and private mortgage insurance (PMI) companies. -- Ethos Investigative Services, Inc.,Info,ST. PETERSBURG fl 06/09/2008
• Prospects for a Growth Recession
CHICAGO, June 6 /PRNewswire/ -- "It is sometimes hard to discern whether the lass is half empty or half full when it comes to the current state of the economy. Optimists cite incoming data, which shows that the U.S. continued to skirt a statistical recession in the first quarter. Pessimists, on the other hand, fear that much of the weakness associated with higher food and energy prices, and the drag on wealth associated with falling home prices, is still ahead of us," says Diane Swonk, chief economist of Mesirow Financial, in her mid-year economic review edition of Themes on the Economy http://www.mesirowfinancial.com/economics/swonk/themes/themes_0608.pdf -- Mesirow Financial,Info,Chicago il 06/09/2008
• Commercial Mortgage-Backed Securities Prices Reflect Irrational Fears, Study Predicts CMBS to Perform Well in Recession
"In Search of Fair Value for CMBS" Forecasts Minimal Downgrades, Defaults and Losses, Presents New Data on Market's Mispricing of CMBS -- Commercial Mortgage Securities Association,Info,New York NY 06/09/2008
• Home Sales May Rise Modestly Before Broader Upturn in Second Half of 2008
A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors(R). -- National Association of Realtors®,Walter Molony,Washington dc 06/09/2008
• RNC Statement on Obama's Hypocrisy on Housing
RNC Press Secretary Alex Conant released the following statement following Barack Obama's remarks in Raleigh, North Carolina: -- Republican National Committee,Info, 06/09/2008
• RNC Statement on Obama Adviser's Special Loans From Countrywide
RNC Press Secretary Alex Conant released the following statement today: -- Republican National Committee,Info, 06/09/2008
• RECORD-BREAKING 150 COMPANIES DEPLOY ELLIE MAE’S ENCOMPASS BANKER EDITION SINCE 2007
More mortgage bankers flock to Encompass Banker Edition for greater efficiency, flexibility, transparency and cost savings in a market where every penny counts -- Ellie Mae Inc.,Rosalie Berg,Pleasanton California 06/09/2008
• MBA Closes on New Washington, DC Headquarters
Jonathan L. Kempner, President and CEO of the Mortgage Bankers Association (MBA), announced today that the organization has officially closed on the purchase of its new home at 1331 L Street, NW in Washington, DC. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 06/09/2008
• OHIOANS ENCOURAGED TO EXPLORE HOUSING OPTIONS DURING HOMEOWNERSHIP MONTH
June is Homeownership Month and buying a home is within reach for many potential homeowners. National Homeownership Month is an education outreach effort to help borrowers understand the commitment involved in buying and owning a home. -- Ohio Housing Finance Agency,Erin Biehl,Columbus Ohio 06/09/2008
• MBA Announces Nomination of Michael D. Berman, CMB as Vice Chairman-Elect
The Mortgage Bankers Association (MBA) today announced the nomination of Michael D. Berman, CMB, President of CWCapital as its Vice Chairman-Elect. Berman will be elected by MBA members at the Association's 95th Annual Convention, which will be held in October in San Francisco, California. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 06/09/2008
• CampusMBA Unveils State-of-The Art Interactive Mortgage Management Simulation
New module replicates the experience of running a mortgage lending operation -- Mortgage Bankers Association of America,Aleis Stokes,Washington District of Columbia 06/09/2008
• LOVE FUNDING SELLS $4.405 MILLION OF GNMA COLLATERALIZED TAX EXEMPT
BONDS FOR COVENANT HOUSE IN TOLEDO, OHIO -- Love Funding Corp.,Robyn Cunningham,Saint Louis Missouri 06/09/2008
• Mortgage Credit News - June 6, 2008
In the general chaos today, oil in the largest single-day spike ever, near $140/bbl, Dow off 394 points, the only market that did not move was credit. -- Boulder West Financial Services,Lou Barnes,Boulder Colorado 06/09/2008
• LOVE FUNDING WELCOMES HOLLY BRAY AND JON T. WAGENKNECHT TO ITS WASHINGTON D.C. AND CHICAGO OFFICES
Love Funding today announced that Holly Bray and Jon T. Wagenknecht have joined the national mortgage-banking firm’s team as vice presidents – loan originators. Bray will operate from Love Funding’s Washington D.C. office, and Wagenknecht will work from the firm’s Chicago office. -- Love Funding Corp.,Robyn Cunningham,Washington DC 06/09/2008
• Mortgage Builder Software Names Liz Resovsky Vice President, Operations
Longtime team member and industry veteran heads up customer support and product development -- Mortgage Builder Software Inc,Keven Smith,Southfield Michigan 06/09/2008
• FICS Rolls Out Business Objects’ Business Intelligence Tools For Commercial Servicer Solution
Financial Industry Computer Systems, Inc. (FICS®), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced the recent roll out of BusinessObjectsä Enterprise Professional (BOE) and Crystal Reports® XI to users of its commercial mortgage loan servicing system, Commercial Servicer®. -- FICS - Financial Industry Computer Systems, Inc.,Kelly Graham,Dallas Texas 06/09/2008
• eCheck2000 integrates Remote Deposit check Processing
Remote Deposit check processing is now available to all eCheck2000 customers. -- eCheck2000,Michael Rees,Arroyo Grande California 06/06/2008
• New Company
New rules... FHA certified in 22 states.. I think thaqts all you need to know .. Full doc loans only.. I am not into wasting anyones time so only contact me if you are serious about knowing your options -- DreamTeam Ent., Inc.,Joseph Tloczkowski,Long Island City New York 06/05/2008
• Danny Blakemore Joins Firewheel Mortgage
Danny Blakemore has joined Firewheel Mortgage as a loan consultant. Based at the Garland office at Firewheel Center, Danny serves mortgage clients throughout the Metroplex. -- Metrocities Mortgage, LLC,Jason Karpf,Garland TX 06/05/2008
• J.D. Power and Associates Reports: Customer Satisfaction with Home Equity Line of Credit/Loan Origination is Up, Despite Turmoil in the Housing and Lending Markets
Bank of America Ranks Highest in Customer Satisfaction with Home Equity Line of Credit/Loan Origination -- Perryman of J.D. Power and Associates,,Syvetril Perryman,Westlake Village CA 06/03/2008
• FNC(R) Technology to Help Fannie Mae Streamline Appraisal-Related Processes
Fannie Mae will use FNC's flagship product to mitigate risk, streamline workflow -- FNC INC.,Charles Hurst,Oxford Mississippi 06/03/2008
• Lender Lead Solutions Takes Lead on Code of Ethics
- Reverse mortgage leader adopts strict guidelines on ethical advertising, marketing and sales practice and implements training programs to promote best practices - -- Lender Lead Solutions,Michele Baratta,MELVILLE NY 06/03/2008
• Fremont General Corporation Sells its Remaining Mortgage Servicing Rights to Litton Loan Servicing LP
Fremont General Corporation ("Fremont General" or the "Company") (Pink Sheets: FMNT), doing business primarily through its wholly-owned bank subsidiary, Fremont Investment & Loan ("FIL" or the "Bank"), announced that FIL completed the previously announced sale of its remaining mortgage servicing rights ("MSR's") on their $12.2 billion serviced loan portfolio (as of March 31, 2008) to Litton Loan Servicing LP, a Delaware limited partnership and an affiliate of Goldman, Sachs & Co. ("Litton") as contemplated by the Asset Purchase Agreement entered into between FIL and Litton on May 7, 2008 ("Asset Purchase Agreement"). The MSR's sold to Litton included all rights to service mortgage loans under servicing agreements, including the rights to receive servicing fees and ancillary income payable to FIL, as servicer, and the rights and obligations to make, any advances required pursuant to any servicing agreement, including obligations to reimburse funds borrowed from any custodial or other accounts under a servicing agreement, as well as certain other rights to reimbursement. -- Fremont General Corporation,Info,BREA ca 06/03/2008
• GMAC-RFC Property Finance Limited Selects The Construction Lender, ISGN’s Leading Construction Lending Solution
TCL system now available in the United Kingdom to improve workflow efficiencies and enhance customer service -- ISGN,James Gellasch,BENSALEM PA 06/02/2008
• INDUSTRY’S FIRST FREE MORTGAGE ELIGIBILITY SYSTEM, PAY-AS-YOU-GO LOAN PRICING ENGINE AND INFORMATION PORTAL LAUNCHED BY NYLX
LendingArt offers no-charge, 24/7 access to information that enables brokers, lenders, investors and consumers to make superior mortgage decisions, more quickly and easily than ever before -- NYLX,Info,Mt. Arlington New Jersey 06/02/2008
• Foreclosure Shorts - 06/02/2008
Latest articles on Foreclosures -- Bill Draving Company, Inc.,Bill Draving,San Antonio Texas 06/02/2008
• HFF places $18.7 million permanent loan with Freddie Mac
for Corpus Christi multifamily community
The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it placed an $18.7 million permanent loan with Freddie Mac for Reserve at Saratoga, a Class A multifamily community in Corpus Christi, Texas. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,Dallas TX 06/02/2008
• HFF arranges $43.37 million bridge loan for historic San Francisco office building
The Los Angeles and San Francisco offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they arranged a $43.37 million bridge loan for the Rialto Building, a 140,000-square-foot historic office building in downtown San Francisco, California. -- HFF (Holliday Fenoglio Fowler, L.P.),Laurie Fish McDowell,San Francisco CA 06/02/2008
• 1st Reverse Financial Services Adds New CFO
1st Reverse Financial Services, LLC (1st Reverse), a subsidiary of Wilmington Savings Fund Society, FSB (WSFS Bank), announces the addition of Dennis Thomas to the senior management team as the company's new Chief Financial Officer. In his new role, he will be responsible for all fiscal matters and reporting activities for 1st Reverse. -- 1st Reverse Financial Services, LLC,David Cesario, WESTMONT Il 06/02/2008
• Alpine Capital Bank Provides Creative, Time-Sensitive Residential Mortgage Financing
Alpine Capital Bank, a private commercial bank specializing in banking for high net worth individuals, provided financing for a Long Island family which needed to close a home loan within two weeks. -- Alpine Capital Bank,Info,Mew York NY 06/02/2008
• Zoot Enterprises Announces Automated Negotiation System
-Provides flexible and immediate offers to capture business at point-of-sale-
Zoot, a leading provider of advanced instant credit decisioning and loan origination solutions, announced the availability of its automated negotiation system, a fully customizable solution for lenders that provides accurate and timely loan information necessary to improve their business by increasing acceptance rates. -- Zoot Enterprises, Inc.,Sales, Mt 06/02/2008
• Mortgage Applications Drop as Refinance Activity Decreases In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 06/02/2008
• MBA's Quinn Applauds Governor's Veto of Minnesota Subprime Borrower Relief Act of 2008
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association today applauded Minnesota Governor Tim Pawlenty's veto of the Minnesota Subprime Borrower Relief Act of 2008. MBA had vigorously opposed the bill's foreclosure deferment plan which would have effectively frozen the foreclosure process for one full year on all qualifying loans made between January 1, 2001 and August 1, 2007. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 06/02/2008
• RMIC Recruits CampusMBA to Provide Loss Mitigation Training for Servicer Customers
CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA), today announced its training partnership with Republic Mortgage Insurance Company (RMIC), a subsidiary of Old Republic International Corporation (NYSE: ORI) which protects lenders across the U.S. from losses due to defaults on first mortgages for single-family residential properties. The initiative is part of CampusMBA's rapid response enterprise training solutions which provide companies with comprehensive, specialized and robust training targeted to the needs of staff in support of overall strategic business goals. -- Mortgage Bankers Association of America,Aleis Stokes,Washington District of Columbia 06/02/2008
• LAURA SAULL-SMITH OF LOVE FUNDING`S WASHINGTON D.C. OFFICE CLOSES $15.5 MILLION LOAN FOR HERITAGE COMMONS SENIOR COMMUNITY
Love Funding today announced that Laura Saull-Smith, Senior Vice President of the national mortgage-banking firm`s Washington D.C. office, secured $15.5 million in financing for a 17-month construction and 35-year permanent loan for Heritage Commons in Williamsburg, Va. Terms of the deal include a 4.952 percent fixed interest rate for the new construction loan and a 7.5 percent fixed interest rate for the permanent taxable bond. The loan was limited to 100 percent of the borrower`s loan request and included a Debt Service Coverage Ratio of 1.33. -- Love Funding Corp.,Robyn Cunningham,Washington DC 06/02/2008
• Cogent Road Incorporates Online Tax Information From Internal Revenue Service in Funding Suite
Simplifies origination process for borrowers and originators -- Cogent Road, Inc.,Information,San Diego ca 06/02/2008
• We Have Relocated our Office
-- ,Katie West,Lawrenceville Georgia 05/30/2008
