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HOUSTON, June 25, 2008 ? First Houston Mortgage, a mortgage-banking firm licensed in 20 states that offers expertise in every aspect of the residential mortgage lending process, announced Cascade Mortgage, a Vancouver, Wash.-based mortgage lending and financial services firm, joined First Houston?s network of affiliated offices.
As an extension of First Houston, Cascade is able to integrate First Houston?s suite of products, services and technology into it?s own business practices. These services include a unified paperless lending platform; complete in-house underwriting system; electronic signature capability; competitive rates and a paperless file management system. Cascade Mortgage also gains access to First Houston?s offshore operations facility in India for loan processing assistance.
June 25th, 2008 | Posted in Uncategorized | Read More »
- Improved features and functionality yield more accurate, comprehensive loan searches -
PORT WASHINGTON, N.Y., June 25, 2008 ? SearchMyLoan.com (SML), a provider of loan search and pricing services for the mortgage industry, announced upgrades to its loan pricing and search engine for easier navigation and improved accuracy during loan searches.
New features include an added welcome screen informing users of enhancements, changes, lender statuses and general messaging; divided search screens into basic and advanced searching capabilities; and messaging features included to assist users with obtaining better results by guiding users to the most appropriate fields for highly accurate criteria.
Additional modifications include an enhanced search criteria summary for easier readability, a save search alert that prompts users to periodically save the search information using a dialogue box; and an added lender preference selection section, enabling users to choose with greater ease a specific lender as well as the desired channels.
June 25th, 2008 | Posted in Uncategorized | Read More »
ByteLink provides access to a wide range of service providers
KIRKLAND, WA ? Byte Software announces the launch of ByteLink, a new partner interface
program that facilitates the ordering of real estate settlement services from within BytePro, its
flagship loan origination software. ByteLink enables providers of credit reports, title reports,
flood determinations, appraisals and other services to embed their services directly within
BytePro, making those services instantly available to tens of thousands of mortgage
professionals.
June 23rd, 2008 | Posted in Uncategorized | Read More »
Fiserv PRISM and Home Retention Solutions assist banks with identifying and contacting borrowers at risk
Brookfield, Wis., June 23, 2008 ? Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial and insurance industries, today announced the release of preemptive mortgage default resources including, Predictive Risk Index Score Modeling (PRISM) and Home Retention Solutions, that enable financial institutions to proactively identify and contact troubled borrowers with customized repayment solutions to try to keep them out of foreclosure.
According to the Mortgage Bankers Association (MBA), the rate of foreclosure starts and the percent of loans in the process of foreclosure are the highest recorded since 1979. The number of homes in the foreclosure process or delinquent on payments is 8.82 percent (6.35 percent past due but not in foreclosure plus 2.47 percent in foreclosure). When faced with mortgage delinquency, due to high debt-to-income ratios, minimum payment resets on adjustable rate mortgages, rising living expenses or job losses, many borrowers fail to contact their financial institutions. Often borrowers avoid discussions with their mortgage lenders until after they have missed several payments, a situation that increases the possibility of foreclosure. Fiserv PRISM and Home Retention Solutions focus on helping financial institutions forecast delinquencies, before defaults occur, and provide expanded customer care to proactively offer refinancing and negotiate workable resolutions.
June 23rd, 2008 | Posted in Uncategorized | Read More »
–Partners to benefit from consumer brand awareness–
MELVILLE, N.Y., June 16, 2008 ?Lender Lead Solutions, a leading reverse mortgage lender, today announced its plans to change the company name to Senior Lending Network. As the company?s consumer brand, Senior Lending Network has become one of the most recognizable names in the reverse mortgage industry and is rapidly becoming a household name as reverse mortgages gain in popularity.
Senior Lending Network?s highly successful national consumer education campaign, which features spokesperson and legendary actor, Robert Wagner, was first established in 2004 and since that time has educated more than 1 million consumers on the benefits of reverse mortgages.
June 16th, 2008 | Posted in Uncategorized | Read More »
Automated access to hazard insurance quotes now available through Calyx Network–
SAN JOSE, Calif., June 11, 2007 ? Calyx Software
June 11th, 2008 | Posted in Uncategorized | Read More »
- Focused search and pricing capabilities speeds origination process -
PORT WASHINGTON, N.Y., June 11, 2008 ? SearchMyLoan.com (SML), a provider of loan search and pricing services for the mortgage industry, announced a strategic alliance with Danbury, Conn.-based Prysma Lending Group, a lending firm specializing in niche loan products.
Through this joint venture, Prysma Lending Group?s loan products are available to originators through SML?s search and pricing platform, giving originators access to its assortment of niche products tailored to meet the unique needs of borrowers, including FHA, non-conforming Alt-A and bank statement loans. The SML platform provides Prysma Lending Group originators a comprehensive search and pricing capability to virtually every loan type available, accelerating the origination process and enabling loan officers to offer a wider variety of products to borrowers.
June 11th, 2008 | Posted in Uncategorized | Read More »
–Reverse mortgage leader adopts strict guidelines on ethical advertising, marketing and sales practice and implements training programs to promote best practices–
MELVILLE, N.Y., June 3, 2008 ?Lender Lead Solutions, the wholesale division of World Alliance Financial Corp., an industry leader in reverse mortgages, announced today that it has begun adopting the National Reverse Mortgage Lender Association?s (NRMLA) formal Code of Ethics and Ethics Advisory Opinion 2008-1 and 2008-2 for its members. Together these policies elevate and promote the needs of seniors above all else in discussions about reverse mortgages and clearly define standards for ethical advertising, marketing and interacting with seniors. Effective today, the company is requiring that all new members sign an agreement to abide by these policies before beginning a business relationship. All existing members will be required to sign off on an addendum by July 3, 2008.
June 3rd, 2008 | Posted in Uncategorized | Read More »
I?m going to start off this issue of The Niche Report on a positive note. Actually, make that three positive notes. The first, Fannie Mae has just announced that they are removing their requirements for larger down payments in markets designated as declining. This is huge and will benefit many. It will also allow thousands of non-FHA licensed brokers to compete within this high LTV arena. Second positive note, new home construction posted its largest gain in over two years. Although this may or may not be short lived, it?s nice to hear some good news on this front. Third positive note, I recently found a new large wholesale lender that has the potential to play with the big boys ? Fortes Residential Mortgage. They are owned by Fortes Financial who picked up National City Mortgage; Yes, THAT National City Mortgage. Their business runs deep and they seem to be on good footing, I am rooting for them.
June 2nd, 2008 | Posted in Articles | Read More »
Canceling Mortgage Insurance ? Who it Helps and How it?s Done
Borrowers considering financing a house with less than 20 percent down soon learn about mortgage insurance and the other options that make low down payment mortgages possible. But many don?t realize they won?t be locked into mortgage insurance (MI) for the entire term of the loan. MI is usually cancelable once the borrower?s equity in the home reaches 20 percent. It?s one low down payment option that actually saves your customers money in the long term, and can help you close more loans.
That?s good news for first-time homebuyers and other borrowers seeking low down payment home financing. Loans secured with mortgage insurance provide the safety and security borrowers want in today?s volatile mortgage market. The past few years have taught today?s buyers to be wary of risky exotic financing tools such as Interest Only, Pay Option ARM and piggyback mortgages.
June 2nd, 2008 | Posted in Articles | Read More »
A lot of people don’t...
