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Mortgage Banking March 31, 2008Mortgage Banking Press Releases

  • PMI Mortgage Insurance Co. Forms Homeownership Preservation Team
PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc. (NYSE:PMI) , today announced the formation of a homeownership preservation team led by John Jelavich, PMI\'s newly appointed Vice President of Homeownership Preservation Initiatives. -- The PMI Group Inc.,John Ryan 2,San Francisco California  03/28/2008



  • Bullish Forecast Despite Doom and Gloom
Mortgage Guru Calls Market Bottom and Says Recession Unlikely! -- Nexus Financial Group,Michael Peart,West Palm Beach Florida  03/28/2008



  • Triad Guaranty Mortgage Insurance Offered Through Mortgage Builder's Loan Origination System
Triad Guaranty Inc. (NASDAQ:TGIC) announced that its subsidiary, Triad Guaranty Insurance Corporation, has joined with Mortgage Builder Software, Inc. to offer its various mortgage insurance programs using Mortgage Builder\'s loan origination system (LOS). Approved lenders can now utilize the Mortgage Builder(R) LOS to submit mortgage insurance applications to Triad. -- Triad Guaranty Insurance Corporation,Jerry Schwartz,Winston Salem North Carolina  03/28/2008



  • NATIONWIDE DEFAULT INDUSTRY ASSOCIATION HOLDS SPRING CONFERENCE
REOMAC® Members Gather to Discuss Current Real Estate and Default Market -- REOMAC,Info,INDIAN WELLS ca  03/28/2008



  • Homeowners Take First-Ever Tax Deduction for Mortgage Insurance
Many qualified taxpayers are preparing to claim their first-ever tax deduction for mortgage insurance premiums on home loans that closed in 2007. -- Mortgage Insurance Companies of America,Jeff Lubar,Washington DC  03/28/2008



  • Foreclosure Listings Site Reports Decrease in Foreclosed Homes in San Diego
New Foreclosure Online, a Web site dedicated to foreclosed homes, has seen a recent decrease in the number of homes listed in San Diego County. -- New Foreclosure Online,Mike Cheslar,San Diego ca  03/28/2008



  • MBA Releases 4th Quarter 2007 Commercial Real Estate/ Multifamily Finance Quarterly Data Book
The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the fourth quarter of 2007. The Data Book compiles the most up-to-date information on topics of interest to financial investment industry participants and observers. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia  03/28/2008



  • MEDIA PODCAST: MBA Comments on Shifting Landscape of Tax Credit and Multifamily Markets
The Mortgage Bankers Association\'s (MBA) Senior Vice President of Multifamily and Governance, Cheryl Malloy examines the recent removal of GSE portfolio growth caps by OFHEO and provides assessment of the current issues facing tax credit programs. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia  03/28/2008



  • MISMO® and PRIA Release IPR Disclosure Draft of Business Requirements for eRecording Electronic Recordable Instruments
MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), and the Property Records Industry Association (PRIA) today published the IPR (Intellectual Property Rights) Disclosure Draft of a Business Requirements Document which addresses and describes the business requirements for the eRecording of electronic recordable instruments in common electronic document formats such as MISMO SMART Doc®, eSigned PDF and Adobe Intelligent Document Format, and Microsoft® Word with embedded-XML. The document, entitled eRecording Electronic Document Formatted Recordable Instruments, also includes business function descriptions, a process flow diagram and project assumptions, constraints, and dependencies. -- Property Records Industry Association,Stevie Hughes,Washington DC  03/28/2008



  • MBA's Quinn Hails FHFB's Decision to Allow Home Loan Banks to Increase Market Liquidity
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded today\'s action by the Federal Housing Finance Board (FHFB) that will temporarily permit the Federal Home Loan Banks to purchase up to six times their capital in Fannie Mae and Freddie Mac mortgage backed securities (MBS). The FHFB estimates this could inject approximately $100 billion in liquidity into the MBS market. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia  03/26/2008



  • Outstanding senior home equity remains solid in spite of current home market lull, senior home equity is still in trillions
Consistent with current market conditions, senior home equity declined by $27 billion in Q4 2007 as measured by the National Reverse Mortgage Lenders Association/Hollister Reverse Mortgage Market Index (NRMLA/RMMI) Report. The consecutive quarter decline is attributable to the recent dip in overall home values across the nation. -- National Reverse Mortgage Lenders Association,Darryl Hicks,WASHINGTON dc  03/26/2008



  • Cogent Road Debuts Score Protection with Funding Suite
Automated credit proofreading tools eliminate additional inquiries, preserves existing scores -- Cogent Road, Inc.,Information,San Diego CA  03/26/2008



  • ICBA Statement on Permitting Greater MBS Purchases by Federal Home Loan Banks, Fannie Mae, Freddie Mac
Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), issued the following statement on the Federal Housing Finance Board’s decision to permit the Federal Home Loan Banks to increase the level of mortgage security purchases: -- The Independent Community Bankers of America,Bill Grassano,Washington DC  03/26/2008



  • Wooster Asset Management Doubles Staff Size; Erik Postnieks, CEO, Expands Research, Risk Management and Operations Functions
Erik Postnieks, CEO and CIO of Wooster Asset Management hires 3 new team members to enhance Research, Risk Management and Operations Functions. Wooster Asset Management to relocate to 7 Times Square office suite at the end of March 2008. -- Wooster Asset Management, LLC,Information,New York NY  03/26/2008



  • Mortgage Applications Spike In Latest MBA Weekly Survey; Refis Up 82 Percent
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 21, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 965.9, an increase of 48.1 percent on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index increased 46.1 percent compared with the previous week and was up 41.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  03/26/2008



  • LoanSifter Integrates With MortgageDashboard(TM)
LoanSifter, the industry\`s leading product search and pricing engine for wholesale and correspondent brokers, announces its product is now tightly integrated with the MortgageDashboard Web-based loan origination system (LOS) offered by Austin, Texas-based VueCentric Inc. As part of its integration strategy, VueCentric will offer LoanSifter to its user base immediately. -- Loansifter.com,Loansifter,LITTLE CHUTE wi  03/24/2008



  • OFHEO, Fannie Mae and Freddie Mac Announce Initiative to Increase Mortgage Market Liquidity
OFHEO, Fannie Mae and Freddie Mac today announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market. -- Freddie Mac,Information,MCLEAN va  03/24/2008



  • The Recession List - Top 10 Industries to Fly and Flop in 2008
VoIP Providers And Corn Farmers Can Expect To Have Bumper Years In 2008 And Beyond, According To The Latest Research Released By Business Information Analysts At IBISWorld -- IBISWorld,Harvey Jones,Los Angeles CA  03/24/2008



  • Bankrate: Fixed mortgage rates plunge
Fixed mortgage rates fell sharply in the past week, with the average conforming 30-year fixed mortgage rate now 5.98 percent. According to Bankrate.com\'s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points. -- BankRate.com,Information,New York NY  03/24/2008



  • Volume of Maturing Commercial/Multifamily Mortgages to Be Low in Coming Years
The Mortgage Bankers Association (MBA) is today reporting that the commercial and multifamily mortgage market faces limited exposure to refinance risks stemming from the current credit crunch through the release of its Research DataNote. The report notes that relatively few commercial/multifamily mortgages will mature in the next two years. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia  03/21/2008



  • Wells Fargo Completes SISAC Accreditation Process
Significant Step Increases Mortgage Transaction Security -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia  03/21/2008



  • CRESCENT MORTGAGE INCREASES EFFICIENCY IN ITS WORKFLOW BY DEPLOYING AVISTA SOLUTIONS’ LOAN ORIGINATION SYSTEM
Avista’s Wholesale Mortgage Platform fulfills entire wholesale workflow process, from origination through closing -- Avista Solutions,Mark Phlieger,Columbia South Carolina  03/20/2008



  • Industry First: Rapid Reporting to Provide Immediate, Real-Time Identity Verification
Social Security Administration releasing new technology, enabling Rapid Reporting to provide the industry with real-time identity verification service to dramatically reduce fraud at origination -- Rapid Reporting Verification Company,Ray Pella,Fort Worth Texas  03/20/2008



  • ELLIE MAE LAUNCHES CENTERWISE WEB AND DOCUMENT SOLUTION
Service offers unlimited electronic document management and an integrated retail web site to encourage e-origination -- Ellie Mae Inc.,David Lewis,Pleasanton California  03/20/2008



  • Statement From Michael Calhoun - President, Center for Responsible Lending
The Federal Reserve Board has repeatedly tried since September to contain the foreclosure crisis damage that`s spreading rapidly into the general economy. It has lowered key interest rates a half dozen times and, to quote the Wall Street Journal, `undertaken the broadest expansions of its lending authority since the 1930s.` The most dramatic action, however, came last weekend as the Federal Reserve orchestrated a bailout of Bear Stearns, one of the main financial firms responsible for causing this subprime mortgage mess in the first place. -- Center for Responsible Lending,Kathleen Day,Washington DC  03/20/2008



  • CampusMBA Welcomes Four New ertified Mortgage Technologist (CMT) Designees to Its Ranks
CampusMBA, the award-winning education division of the Mortgage Bankers Association (MBA), today announced that four information technology professionals have earned the prestigious Certified Mortgage Technologist (CMT) designation over the past year. The announcement was made during MBA\'s annual National Technology in Mortgage Banking Conference in Dallas, TX. -- Mortgage Bankers Association of America,John Mechem,Dallas TX  03/20/2008



  • Fannie Mae Contributes SMART Doc® Validation Patent to MISMO®
Intellectual Property Contribution Makes SMART Doc Validation Method Freely Available to Industry -- Mortgage Bankers Association of America,Carolyn Kemp,Dallas Tx  03/20/2008



  • Mortgage Applications Decrease Slightly In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 14, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 652.0, a decrease of 2.9 percent on a seasonally adjusted basis from 671.7 one week earlier. On an unadjusted basis, the Index decreased 2.8 percent compared with the previous week and was down 3.7 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia  03/20/2008



  • MBA's Quinn: OFHEO Move to Reduce GSE Capital Requirements is a Crucial Step to Jumpstart the Mortgage Market
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) hailed today\'s agreement between the Office of Federal Housing Enterprise Oversight (OFHEO) and Fannie Mae and Freddie Mac (the GSEs) allowing the GSEs to use a significant portion of their capital surplus for purchasing mortgages and mortgage-backed securities (MBS). OFHEO estimates this will result in an immediate injection of $200 billion into the secondary mortgage market. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia  03/20/2008



  • The Mortgage Coach Releases Critical “Stimulus Package” for Loan Officers
Stimulus Package rescues loan originators from slow originations caused by worsening credit crunch, falling real estate values and the unprecedented and frequent changes to underwriting guidelines -- The Mortgage Coach,Mike Baker,Irvine California  03/18/2008



  • MBA's Quinn Commends Introduction of Mortgage Relief Bill
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association today welcomed Congressman Barney Frank\'s proposal for legislation to help stabilize the mortgage and housing markets and assist borrowers. Legislative language was introduced today, though Chairman Frank warned that it could change before the bill was officially introduced. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia  03/14/2008