eMortgage technologist to help leading eMortgage services provider increase national eMortgage adoption
DALLAS, TX, June 30, 2009–SigniaDocs, a leading provider of eMortgage services, has announced the appointment of Harry Gardner, the former vice president of Industry Technology at the Mortgage Bankers Association (MBA), and former president of MISMO® (Mortgage Industry Standards Maintenance Organization), to the post of chief strategy officer. MISMO is the industry group that created the electronic mortgage standard practices and documents known as SMART Docs®, the technology innovation that makes eMortgages possible and practical.
Gardner was hired to assist in the company’s effort to replace expensive, inefficient and error-ridden paper mortgages with high-speed, cost-effective electronic mortgages across the industry, saving lenders and consumers millions of dollars in the process. He is charged with keeping the company at the forefront of supporting MISMO standards and implementing a strategic roadmap to bring lenders and their customers from the slow moving and expensive paper environment, to the streamlined and paperless mortgage origination experience offered by today’s eMortgage technology.
The Conference of State Bank Supervisors (CSBS) is pleased the U.S. Supreme Court has acknowledged and endorsed the vital role state authorities have in providing financial consumer protection. By ruling in favor of New York Attorney General Andrew M. Cuomo in the case Cuomo v. Clearing House today, the Supreme Court recognized state authority to enforce state laws upon all financial firms doing business in their states. The decision overturns a policy imposed by the Office of the Comptroller of the Currency (OCC) that had pre-empted a state’s authority to enforce applicable state consumer protection laws against national banks operating in the state.
This decision will reverse OCC policies that threatened the dual banking system, negatively impacted consumers and homeowners, and had adverse consequences for local and regional communities, as well as the nation’s economy as a whole. Statements that state enforcement is an inconsistent “patchwork quilt” are unfounded and were effectively deemed unconvincing by the Court’s decision today. State law enforcement authorities work in concert with officials from other agencies and states to bring enforcement actions that protect consumers.
Foreclosures maintained a tight grip on the Las Vegas area’s housing market in May, when the allure of discounted distressed properties kept resale activity at a three-year high. The median price paid for existing single-family houses fell for the 18th consecutive month, a real estate information service reported.
About 73.4 percent of the Las Vegas-area houses and condos that resold in May were foreclosure resales, meaning those homes had been foreclosed on in the prior 12 months. That was up from 55.9 percent in May 2008, according to MDA DataQuick of San Diego. The firm tracks real estate trends nationally via public property records.
A total of 4,536 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) last month, up 1.9 percent from April and up 23 percent from a year ago. It was the highest sales total for any month since 4,721 homes sold in March 2007, and the highest for any May since 7,615 homes sold in May 2006.
Byte Software partners with CCMC to deliver BridgeWare interface technology.
Altamonte Springs, FL – Byte Software, an innovative leader in secure, affordable loanorigination software announced today they have selected CCMC to deliver time-saving and error-reducing interface solutions to Byte Software clients. Through an interface to
CCMC’s BridgeWare technology, Byte Software can now offer direct interfaces to all the leading core processing systems used by banks and credit unions. "By partnering with CCMC, a middle-ware expert with deep knowledge of core processing systems, we can offer robust and seamless interfaces without taking our focus off of creating leading edge loan origination software," said Joe Herb, general
WASHINGTON, D.C. — The Conference of State Bank Supervisors (CSBS) today indicated the organization’s public support for the extension of the Temporary Liquidity Guarantee Program (TLGP), specifically the portion which provides coverage for non-interest bearing transaction accounts.
In a letter to FDIC Chairman Sheila C. Bair, Treasury Secretary Timothy Geithner and Federal Reserve Board Chairman Ben Bernanke, CSBS President and CEO Neil Milner commented that this program has done more to stabilize the banking industry and enhance public confidence than any other program.
"This has been particularly important for community and regional banks, which may not have as many capital and liquidity options as the nation’s largest institutions and have not been deemed systemically important to warrant extraordinary public assistance," Milner said.
CredStar – a member of the First American Family of Companies, the nation’s largest provider of business data – today announced the availability of its newly upgraded, customized Internet presence. The revamped Web site, www.CredStar.com, features tailored content to appeal to the company’s expanding industry reach, which includes credit unions and the mortgage lender and broker markets.
CredStar.com allows existing customers and new prospects, based on their industry, to self-select and access customized content that pertains just to them. The site features a new user interface combined with an intuitive design that makes it easy for CredStar customers to access market-specific products and services, streamlining their overall online experience.
Mortgage Builder is one of the first loan origination systems to offer this connectivity; lenders save up to 60 minutes per loan by utilizing HUD’s web capabilities without leaving the Mortgage Builder platform.
DALLAS, TX, June 15, 2009– SigniaDocs, the Dallas-based leader in eMortgage services, has been named to the elite list of Mortgage Technology Magazine’s Top 50 Service Providers for 2009, recognizing the company’s leadership in the growing electronic mortgage space. The eMortgage, long predicted to become the standard way in which Americans obtain mortgages, has seen more rapid adoption this year than in any other – and partially for a surprising reason. Lenders and their loan servicers have discovered that using electronic loan modifications, “eMods,” in SigniaDocs parlance, substantially improves the modifications’ chances for success.
Endure as in endurance, the ability to go the distance. The principal of durability has many components. It speaks of strength and the ability to withstand erosion, corrosion, weathering and other attacks on its structural integrity. When I talk about withstanding erosion and corrosion, these are figurative words referring to the mortgage market and customer traffic. Erosion is the whisking away of the plethora of customers we all once remembered five years ago. Corrosion is the slow degradation of the infrastructure we have experienced in the mortgage industry over the last three years.
Understanding some of the obvious causes of failure for agents will allow you to detect and address these causes. Successful agents follow a particular path. The unsuccessful quickly fall on a track doomed to fail. I have categorized four of the major characteristics that lead a new agent down a path to ruin.
A lot of people don’t...
