Home » October 29th, 2009
Entries posted on “October, 2009”
It’s officially conference and expo season! First up is the 96th Annual MBA Conference and Expo. If you are in San Diego during October 11th – 13th, please stop by our booth. We’ll also be at NAMB West in Las Vegas on December 6th – 8th.
We aren’t your “run of the mill” mortgage industry trade magazine that publishes “safe” content or press releases month in and month out. The reason for our quick ascent as a leading magazine for mortgage professionals is because we bring readers content with edge and grit; we leave the press releases and marketing 101 articles to our competitors. This magazine is for mortgage professionals who are passionate and serious about the industry in which they work. With that said, this is a very exciting issue for a couple of reasons. First, Martin Andelman writes on bankruptcy reform. This feature article is sure to create controversy and fire some folks up. Let the games begin! And second, we are introducing a new column this month called The MBS War Room by Adam Quinones and Matthew Graham of Mortgage News Daily. They will be bringing you an original column each month that will help folks gain a firm grasp on what drives our secondary market. You will not find more knowledgeable, ardent followers of the secondary mortgage market than these two guys. You may also find them at MortgageNewDaily.com, one of the fastest growing mortgage industry news/blog sites with almost 50,000 members.
Keep up the fight,
Robert Pegg
Letters to the Editor
October 29th, 2009 | Posted in Articles | Read More »
The Year of the Federal Reserve: Making Sense of 2009
A caveat before you start reading: when we read trade publications, our grains of salt are usually at the ready as we start to sift out the actual value of the commentary versus the obligatory embedded sales pitch. To save our time concocting hidden self-promotion, and your time looking out for it, we’ll just give you our top secret sales plan ahead of time: Share something educational that benefits the industry while keeping you, the audience, interested in the idea of reading more in the future. We’ll try to earn your money later, for now, we’ll just get to know each other a little better by discussing the state of the mortgage market and where we’re going from here…
We’ve all read enough, heard enough, and experienced enough to know how we got here. Whether your personal understanding is informed by real life experience or by a satirical stick figure slide show, we can all agree that loan programs, funding lines, lenders themselves, and even the mighty GSE’s were destroyed or damaged at an unprecedented rate. We can all agree that loan funding sources were rapidly vanishing and the secondary mortgage market was near complete collapse. We can all agree that the mortgage market was in desperate need of liquidity—even resuscitation…
October 29th, 2009 | Posted in Articles | Read More »
- Web-based reporting tool enables information exchange throughout network of branches -
IRVINE, Calif., Oct. 27, 2009 – Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, announced that the Web-based reporting tool within Advantage Systems’ Accounting for Mortgage Bankers (AMB) is now used by 1,590 branch locations across the United States, a 64 percent increase over the same time last year.
The Web-based reporting tool within AMB enables mortgage lenders to provide their branch managers with real-time information such as loan-level accounting reports, branch profit and loss reports, and branch check register and originator performance reports via the Internet. The system also has role-specific views that can be established and restricted by the organization’s chief financial officer.
October 26th, 2009 | Posted in Uncategorized | Read More »
Industry veteran will help drive company’s efforts to strengthen brand, acquire new clients nationwide
Salisbury, MD., October 23, 2009 – Credit Plus, Inc., a leader in the credit information industry since 1928, announced the promotion of Greg Holmes to National Director of Sales and Marketing. Holmes, formerly the company’s Southeast Regional Sales Manager, will oversee national sales and marketing initiatives designed to attract new clients while still maintaining the company’s strong ties to its core markets.
“Greg has demonstrated a strong commitment to customer service by motivating his team to be simply the best when it comes to client acquisition,” said Steve Grant, President of Credit Plus. “We are confident in his sales and marketing abilities and are eager to see how the Credit Plus brand continues to grow under his proven leadership skills.”
October 23rd, 2009 | Posted in Uncategorized | Read More »
MELVILLE, NY – October 21, 2009 – Lend America today issued an update on the civil lawsuit brought on October 20, 2009 against the Company by the U.S. Department of Justice concerning a complaint that alleges the Company falsely certified that borrowers who received over $14 million in loans met the Department of Housing and Urban Development’s lending requirements.
The Company’s Statement:
“Lend America is pleased to announce that today the court denied the Government’s request for an order prohibiting Lend America from originating FHA insured loans. We are obviously pleased with the court’s decision. We look forward to continuing our partnership with HUD and our mission of providing affordable financing for those borrowers in need.”
October 21st, 2009 | Posted in Uncategorized | Read More »
New standalone Web portal interfaces with FHA TOTAL Scorecard
IRVINE, Calif., October 21st, 2009 – Loan-Score Decisioning Systems, a leader in enterprise-class decision management solutions
, today announced it has officially launched www.LoanSCORECARD.com for mortgage bankers, community banks, credit unions, lenders and originators to connect to the Federal Housing Administration’s (FHA) TOTAL Scorecard loan approval platform. The new Web site seamlessly interfaces with Scorecard to offer users an easy, efficient and cost effective automated FHA underwriting experience.
Earlier this year Loan-Score interfaced its automated underwriting system (AUS) with FHA TOTAL Scorecard, which was initially added as functionality to Loan-Score’s existing decisioning suite. The launch of Loan
SCORECARD.com, however, now allows the entire mortgage industry to utilize the portal as a standalone application to decision and underwrite FHA loans, complete with conditions and an FHA certification that the home ownership centers (HOCs) will accept and review to insure.
October 21st, 2009 | Posted in Uncategorized | Read More »
Salisbury, MD., October 20, 2009 – Credit Plus, Inc., a leader in the credit information industry since 1928, announces that supporting documents to complete supplements can now be directly uploaded through its credit system. This new procedure is an important step towards the company’s overall goal to adopt more green initiatives that have a positive impact on the environment.
“Credit Plus is determined to help protect the environment,” said Greg Holmes, National Director of Sales and Marketing at Credit Plus. “We are focusing on making the mortgage transaction as paperless as possible and plan on rolling out additional green efforts in the near future.”
October 20th, 2009 | Posted in Uncategorized | Read More »
- Collateral Monitor and Collateral Validation proactively identify risk in loan portfolios -
San Diego–
MDA DataQuick, a division of
MDA Lending Solutions and the nation’s largest independent provider of property data to real estate and mortgage professionals, announced the expansion of its loss mitigation tools to include Collateral Monitor for portfolio management, review, acquisition, or sale.
Collateral Monitor enables lenders and servicers to identify loans in imminent risk of default. The product compiles multiple sources of data into one source, so lenders and servicers can track changes in vital risk characteristics, such as occupancy and additional liens. The product provides up-to-date collateral risk information and notifies the loan holder when post closing changes occur.
“Lenders and servicers are dealing with a tremendous influx of defaults and foreclosures, but it is those loans on the verge of default that are most insidious and potentially harmful to already battered portfolios, “ said John Walsh, president of MDA DataQuick. “Our loss mitigation solutions, such as Collateral Monitor, leverage data and risk characteristics to keep companies ahead of defaults.”
Collateral Monitor is most effective when it accompanies scheduled property valuation reviews. This process gives loan holders the most accurate picture of the equity and debt position of the property and pattern of borrower management.
Collateral Monitor compliments MDA DataQuick’s Collateral Validation, which has recently been updated to provide faster return on investment, granular targeting of problem valuations, improved transparency and simplified management of sophisticated analysis. Collateral Validation is a more comprehensive approach to valuations, collateral analysis, portfolio analysis, appraiser support and quality control.
October 20th, 2009 | Posted in Uncategorized | Read More »
Lend America Mini Ginnie Correspondent Program Targeted At FHA Direct Endorsed Lenders
Acquisition Strategy to Utilize Flow and Bulk Purchase Programs
MELVILLE, NY – October 13, 2009 – Lend America, a leading next generation
FHA lender, announced today it is launching an FHA concentrated correspondent residential mortgage lending platform, Lend America Mini Ginnie Correspondent, that will purchase closed loans from selected FHA direct endorsed lenders. Lend America Mini Ginnie Correspondent will utilize two loan acquisition strategies, Flow and a unique Bulk Acquisition Program complete with an online bulk pricing simulator, to give correspondent lending partners a much needed new quality outlet. Lend America Mini Ginnie Correspondent anticipates to acquire its first pool of loans by October 15, 2009.
October 14th, 2009 | Posted in Uncategorized | Read More »
A Recently Completed Million Dollar Infrastructure Enhancement Project Ensures Maximum System Uptime and Unmatched Document Package Build Time, Scalability, and Redundancy to Support the Increased Loan Volumes of Existing Customers and Ever-Expanding Customer Base
DENVER, October 12, 2009 – Mortgage Cadence, Inc., a leading provider of Enterprise Lending Solutions (ELS) for the financial services industry, announces record forward and reverse loan volumes in addition to the completion of an infrastructure improvement project for its Mortgage Cadence Finale™ document preparation and delivery product line. Mortgage Cadence Finale is averaging 11% growth per month and has increased loan volumes by over 300% since April of 2008. The recent infrastructure upgrades, combined with the robust data centers already in place, ensure maximum system uptime and unrivaled document package build time (the time it takes Mortgage Cadence to create/map a custom or new document for a customer) by leveraging leading edge technologies including Windows Server® 2008, SQL Server™ 2008, Citrix® Netscaler® 7000s, Virtual Servers, advanced Storage Networking and much more.
October 14th, 2009 | Posted in Uncategorized | Read More »
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