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Thursday July 24, 2008
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Feature ArticlesProducts and ProgramsTransitions











Flood of patchwork proposals pushed to mend national housing crisis: Government works feverishly to rectify housing and foreclosure situations...












The Federal Reserve Board has issued a final rule addressing numerous practices that have been widespread in both the prime and sub-prime mortgage...

Featured Articles
   
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MBA's Quinn: HUD takes bold step to modernize FHA with Housing Tax Credit Program
  
  
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Freddie Mac survey: Long- and short-term mortgage rates take a welcome plunge
  
  
  Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.26 percen . . .  
Mortgage application increase in latest MBA Weekly Survey
  
  
  The Mortgage Bankers Association has released its Weekly Mortgage Applications Survey for the week ending July 11, 2008. The Market Composite Index, . . .  
NAHB report: Builder confidence declines further in July
  
  
  Builder confidence in the market for newly built single-family homes fell for a third consecutive month in July, according to the National Associatio . . .  
Bachus urges review of Treasury’s GSE proposal
  
  
  Ranking Member Rep. Spencer Bachus has urged Chairman Barney Frank in a letter yesterday to allow for an adequate analysis of the Treasury Department . . .  
The Mortgage Press Gauge: July 2008 Part II
  
  
  Provided exclusively to The Mortgage Press by David Beadle, president of BestInfo Inc., the BestRates cell, pager and e-mail rate alert service for m . . .  
NAMB applauds Federal Reserve Board's final HOEPA rule
  
  
  The National Association of Mortgage Brokers (NAMB) has applauded the release of the Final Rule Amending Home Mortgage Provisions of Regulation Z (Tr . . .  
Housing package bill passes Senate
  
  
  On July 11, the United States Senate passed a $300 billion housing package. The legislation now returns to the House of Representatives as the two bo . . .  
Federal Reserve Board issues new mortgage rule
  
  
  The Federal Reserve Board has issued a final rule addressing numerous practices that have been widespread in both the prime and sub-prime mortgage m . . .  
NAMB supports GSE aid: Fed plan would add stability to Fannie and Freddie
  
  
  The National Association of Mortgage Brokers announced its support of the Federal Reserve Board's plan to open its discount window to government-spon . . .  
Bush administration implements expansion of FHASecure assistance for struggling homeowners
  
  
  The Bush Administration has implemented an expansion of its flagship mortgage insurance program to assist more homeowners who are struggling to keep . . .  
New poll reveals small business owners very dissatisfied with Washington leaders
  
  
  Small business owners are not pleased with the inaction of the federal government, according to a Suffolk University poll released today by American . . .  
Treasury Secretary Paulson statement encourages support of Fannie Mae and Freddie Mac in their current form
  
  
  In response to widespread speculation about the federal government's contingency planning to respond to further mortgage industry upset, The Wall Str . . .  
FDIC Chair Sheila C. Bair issues statement on IndyMac conservatorship
  
  
  FDIC Chair Sheila C. Bair has issued the following statement about IndyMac Federal Bank, FSB, the conservatorship created by the FDIC to continue to . . .  
California Gov. Schwarzenegger signs legislation to help protect homeowners from foreclosure
  
  
  Governor Arnold Schwarzenegger has signed SB 1137 by Senate President pro Tem Don Perata (D-Oakland) which requires lenders to contact homeowners and . . .  
Patrick-Murray administration announces home loan program for Massachusetts veterans
  
  
  Massachusetts Gov. Deval Patrick and Lt. Gov. Timothy Murray have announced "Home for the Brave," a new mortgage program that will offer safe, afford . . .  
MBA Chairman Quinn: Housing bill is crucial to stabilizing the market
  
  
  Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association, in anticipation of the Senate vote to pass HR 3221, the Foreclosure Prevention Ac . . .  
NAHB EVP and CEO comments on Fannie and Freddie
  
  
  Jerry Howard, executive vice president and CEO of the National Association of Home Builders (NAHB), has issued the following statement on Fannie Mae . . .  
New Pennsylvania bill prohibits mandatory property insurance on value of land
  
  
  Pennsylvania House Bill 2428 became effective on July 4, 2008. The legislation prohibits a lender from requiring a borrower, as a condition of obtain . . .  
NAMB issues call-to-action in support of HR 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008
  
  
  On July 9, the National Association of Mortgage Brokers issued a Call-to-Action requesting that members contact their senators and ask them to suppor . . .  
Senate passes final procedural vote needed to send housing bill back to House
  
  
  The United States Senate has cleared the final procedural hurdle necessary to send HR 3221 back to the House of Representatives. By a vote of 84-12, . . .  
Freddie Mac PMMS: No big changes in mortgage rates
  
  
  Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.37 percent wi . . .  
Bankrate survey: Mortgage rates fall two consecutive weeks
  
  
  Mortgage rates moved lower once again, with the average conforming 30-year fixed mortgage rate falling to 6.48 percent. According to Bankrate.com's . . .  
Six points to successful seminar planning: Bring in a flood of leads while building your image as a lending expert
  
  
  Seminars are a great way to get an impressive volume of highly qualified leads in just a few hours. Imagine being able to describe all the things a f . . .  
RealtyTrac foreclosure report: Foreclosure activity decreases three percent in June
  
  
  RealtyTrac, an online marketplace for foreclosure properties, has released its June 2008 U.S. Foreclosure Market Report, which shows foreclosure fili . . .  
Mortgage applications increase in latest MBA Weekly Survey
  
  
  The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 4, 2008. The Market Composite Index, . . .  
Remarks by HUD Secretary Preston on FHASecure expansion and pending congresssional legislation
  
  
  Good morning. I wanted to join FHA Commissioner Brian Montgomery to talk about the next phase of FHASecure and discuss housing legislation pending be . . .  
Products and Programs
   
SearchMyLoan.com offers mortgage insurance through loan search and pricing engine
  
  
  SearchMyLoan.com (SML), a provider of loan search and pricing services for the mortgage industry, announced it is now offering users of its loan sear . . .  
Cogent Road launches padded credit score detection tool
  
  
  Cogent Road, a provider of Internet-based applications for the mortgage industry, has announced the launch of an automated tool for detecting if a cr . . .  
Zaio technology advances from developmental to operational stage
  
  
  Zaio Corporation has announced its proprietary database technology has advanced from the developmental to operational stage. Zone appraisers in five . . .  
ChargeSmart launches new credit card bill payment solution
  
  
  ChargeSmart LLC, a provider of online payment solutions to the financial and mortgage industries, has announced the launch of its comprehensive Web-b . . .  
Transitions
   
Pinnacle Capital Mortgage taps Loan-Score to help launch new mortgage lending operation
  
  
  Loan Score Decisioning Systems, an enterprise-class pricing and automated underwriting solutions provider, has announced that Pinnacle Capital Mortga . . .  
New mortgage service providers added to Calyx Software Network
  
  
  Calyx Software, one of the mortgage industrys leading providers of loan marketing, originating and processing software, has expanded the Calyx Networ . . .  
Chase adds key managers and AEs to correspondent business
  
  
  Chase, which recently became the largest correspondent mortgage originator in the country, has announced key additions to both the management and acc . . .  
OTS approves Taylor, Bean and Whitaker Mortgage’s controlling interest in Platinum Bancshares Inc.
  
  
  After receiving approval by the Office of Thrift Supervision (OTS), in late June, Taylor, Bean & Whitaker Mortgage Corporation (TB&W) acquired a cont . . .  
NetMore America secures $5.5 million in capital investments
  
  
  NetMore America Inc. (NetMore) has announced it has obtained a total of $5.5 million in funds to date, including $3 million in capital secured durin . . .  
FHM Mortgage Group partners with collection agencies
  
  
  With the sub-prime mortgage crisis squeezing homeowners across the nation, FHM Mortgage Group LLC, a full-service Mortgage Broker headquartered in Pa . . .  
Chase hires Ronald Barnett as area manager for Home Lending in Paramus
  
  
  Chase, one of the nation's leading residential housing lenders, announced that experienced mortgage professional Ronald Barnett joined the company as . . .  
Prospect Mortgage to acquire IndyMac mortgage retail branches
  
  
  Prospect Mortgage has signed an agreement to acquire the majority of IndyMac's retail mortgage branches. Terms of the transaction were not disclosed. . . .  

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