http://www.thetitlereport.com/ME2/Console/XmlSyndication/Display/RSS.asp?xsid=C129208E88DB4BDB95F901B1F83F1FF3 The Title Report - Daily News Headlines http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=EE715368093B490EA415533533824A59 Title Consulting Services Inc has moved to a higher listing status on the Pink Sheets. Shareholders of companies in the “current information” status tier often experience improved liquidity due to greater interest amongst investors in companies that have met this standard, the company reported. In this article: Title consulting Pink Sheets Shareholders Listing status "Achieving current information status with Pink OTC Markets is a major milestone in our overall strategy to improve shareholder value and boost liquidity for our stock. We believe that potential investors who have been following our company will now feel more comfortable in buying shares given our higher status," said Dustin Secor , CEO of Title Consulting Services, in a statement. "This status improvement should also help as we continue to seek, review and evaluate companies that are available for acquisition. We look forward to adding to our company as conditions merit," Secor said. Reprints of this story are available. Click here for more information on our Reprints Program. COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Wed, 08 Sep 2010 12:23:46 EST EE715368093B490EA415533533824A59 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=30415761F3984930B0342DC99A3E7027 HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors estimates the industry has completed 1.13 million permanent loan modifications for at-risk homeowners so far in 2010.   For the month of July, the data shows the industry completed more than 120,000 proprietary loan modifications for homeowners, which closely matched the number from the previous month. As reported by U.S. Treasury Department, mortgage servicers also completed 36,695 Home Affordable Modification Program (HAMP) modifications in July. If a homeowner does not qualify for HAMP, mortgage servicers determine eligibility for a proprietary loan modification that may help a homeowner stay in their home. In fact, 86 percent of proprietary modifications completed in July reduced the monthly payment for homeowners in order to make them more sustainable. HOPE NOW also reports that since January, mortgage delinquencies of 60 days or more past due have dropped 20 percent as of July. “The industry continues to make progress in assisting large numbers of borrowers who are at risk of foreclosure,” said Faith Schwartz , senior advisor for HOPE NOW, in a statement. “Our data this year shows some positive trends, including a high percentage of proprietary mods that include reductions of monthly principal and interest payments. This translates into more affordable loan modifications for homeowners. “We did see an increase in foreclosure starts and sales, despite the unprecedented efforts of the industry, along with its government and non-profit partners to offer many alternatives to foreclosure,” Schwartz   said. “We believe this is a function of borrowers moving through the pipeline of all eligible program offerings (government and private industry) to exhaust all alternatives. The increase in foreclosures is also a reflection of the continued challenges facing the economy, particularly the level of unemployment nationwide.” Here are some other highlights of the July 2010 data: Proprietary loan modifications completed continued at a consistent pace — 120,811 in June compared to 120,351 in July; Principal and interest reduction modifications completed increased from 96,440 in June to 103,029 in July (+7 percent) and represented 86 percent of all proprietary loan modifications; Formal repayment plans initiated remained flat from 88,449 in June to 89,165 in July; Other retention plans completed decreased slightly from 81,394 in June to 79,762 in July (-2 percent).; Sixty-plus days delinquencies decreased from 3,487,783 in June to 3,298,236 in July (-5 percent); Foreclosure starts increased from 186,395 in June to 226,664 in July (+22%); and Completed foreclosure sales increased from 87,842 in June to 97,951 in July (+12%).   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Wed, 08 Sep 2010 12:22:37 EST 30415761F3984930B0342DC99A3E7027 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=10832FECEF564FB692C22F8E7EFC9787 The Mortgage Bankers Association (MBA) released its mid-year ranking of commercial and multifamily mortgage servicers as of the end of June. Topping the list of firms is Wells Fargo with $462.8 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $307.9 billion; Berkadia Commercial Mortgage with $202.6 billion; Bank of America Merrill Lynch with $133.4 billion; and KeyBank Real Estate Capital with $124.7 billion. In this article: Mortgage Bankers Assn. mortgage servicers Mid-year ranking servicing   Specific breakouts include: Total U.S. Master and Primary Servicing Volume; U.S. Commercial Mortgage-backed Securities (CMBS), Collateralized Debt Obligations (CDOs) and Other Asset-Backed Securities (ABS) Master and Primary Servicing Volume; U.S. Commercial Banks and Savings Institution Volume; U.S. Credit Company, Pension Funds, REITs, and Investment Funds Volume; Fannie Mae and Freddie Mac Servicing Volume; Federal Housing Administration (FHA) Servicing Volume; U.S. Life Company Servicing Volume; U.S. Warehouse Volume; U.S. Other Investor Volume; U.S. CMBS Named Special Servicing Volume; and Total Non-U.S. Master and Primary Servicing Volume  Wells Fargo, PNC/Midland, Berkadia, Bank of America, Merrill Lynch and Key Bank are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA Loan Services, PNC/Midland, Prudential Asset Resources, Northwestern Mutual and Northmarq Capital are the largest servicers for life companies; PNC/Midland, Wells Fargo/Wachovia Bank, Deutsche Bank, Berkadia and Prudential are the largest Fannie Mae/Freddie Mac servicers. PNC/Midland ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs and investment funds servicer; PNC/Midland the top FHA and Ginnie Mae servicer; Wells Fargo the top for mortgages in warehouse facilities; and Berkadia the top for other investor type loans. MBA also asked firms to provide information about CMBS loans on which they are the “named special servicer” — that is, where the firm stands ready to service the loan should special problems develop, such as delinquency. The leading named special servicers were LNR Partners Inc., CWCapital LLC & CWCapital Asset Management, C-III Asset Management LLC, PNC/Midland and Berkadia. The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States . Hatfield Philips International ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by, Deutsche Bank, PNC/Midland, GEMSA and Situs Asset Management. To view the full report click  here . Reprints of this story are available. Click here for more information on our Reprints Program. COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   [j1] Need link Wed, 08 Sep 2010 12:22:06 EST 10832FECEF564FB692C22F8E7EFC9787 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=7793E934381E446693A6E47AF09D278F   Software development corporation TitleSoft Inc. designed a grant program to aid in the disbursement of technology to small U.S. title agents. In this article: TitleSoft Inc. Special Technology Grant Program Technology Andrew Brooks The S pecial T echnology G rant P rogram (STGP) comes at a time when such a valuable boost to market competitiveness might otherwise be cost prohibitive, the company stated. This offering allows organizations access to richer, more advanced software solutions that are exceptionally resource friendly and locally hosted. The TitleSoft grants cover a considerable portion of technology migration costs, often exceeding $5,000 per installation. “While we recognize technical evolution is traditionally a challenging area for organizations to contend with, especially when markets are softer than ideal, this limited-time opportunity enables title agents to elevate operations with bolder technologies while lowering recurring overhead,” said Andrew Brooks , co-founder of TitleSoft. “Specifically, TitleSoft’s STGP includes turnkey custom implementation services, user training, zero-percent financing for software licenses, and our firm commitment to assist organizations grow and prosper during the market recovery. It’s our investment back into the industry space that has been good to us.” TitleSoft’s STGP is scheduled to run from now through Dec. 31, or until available implementation slots are granted, whichever occurs first. Reprints of this story are available. Click here for more information on our Reprints Program. COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Fri, 03 Sep 2010 09:18:30 EST 7793E934381E446693A6E47AF09D278F http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=F6A03859C4AE4777859B5F632A1A28DB   The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending Aug. 27, in which the Market Composite Index, a measure of mortgage loan application volume, increased 2.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 2.3 percent compared with the previous week. In this article: Mortgage Bankers Association Weekly Mortgage Applications Survey Refi volume Purchase volume The Refinance Index increased 2.8 percent from the previous week and is at its highest level since May 1, 2009. The seasonally adjusted Purchase Index increased 1.8 percent from one week earlier. The unadjusted Purchase Index decreased 0.4 percent compared with the previous week and was 37 percent lower than the same week one year ago. "Refinancing activity picked up again last week, reaching new 15-month highs, as borrowers took advantage of even lower mortgage rates. The drop in mortgage rates was in line with Treasury rates as the latest data continue to show weak economic growth and an exceptionally weak housing market," said Michael Fratantoni , MBA's vice president of research and economics. “The sharp decline in MBA's Purchase Application index in May had provided a clear leading indicator of the drops in new and existing home sales that were reported for June and July. Despite the slight increase in purchase activity in the past week, the continued low level of purchase applications indicates we are unlikely to see an increase in new home sales reported for August or existing home sales reported for September." The four-week moving average for the seasonally adjusted Market Index was up 5.2 percent. The four-week moving average was down 0.2 percent for the seasonally adjusted Purchase Index, while this average was up 6.3 percent for the Refinance Index. The refinance share of mortgage activity increased to 82.9 percent of total applications from 82.4 percent the previous week and is the highest refinance share observed since January 2009. The adjustable-rate mortgage (ARM) share of activity increased to 6.1 percent from 5.8 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.43 percent from 4.55 percent, with points increasing to 1.34 from 0.89 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The contract rate is a new low for this survey. The effective rate also decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.88 percent from 3.91 percent, with points decreasing to 1.45 from 1.64 (including the origination fee) for 80 percent LTV loans. The contract rate is a new low for this survey. The effective rate also decreased from last week. The average contract interest rate for one-year ARMs increased to 6.95 percent from 6.84 percent, with points increasing to 0.23 from 0.22 (including the origination fee) for 80 percent LTV loans. Reprints of this story are available. Click here for more information on our Reprints Program. COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 02 Sep 2010 15:00:10 EST F6A03859C4AE4777859B5F632A1A28DB http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=6F6B39855F20467A9D215F6ED7D3F96C   The U.S. Department of Housing and Urban Development (HUD) reached an agreement with the nation’s top mortgage lenders to offer selected state and local governments and non-profit organizations a “first look” or right of refusal to purchase foreclosed homes before the properties become available to private investors. In this article: HUD Local governments First look Foreclosures The National First Look Program, a private-public partnership between HUD and the National Community Stabilization Trust, in collaboration with Fannie Mae and Freddie Mac, is intended to give communities participating in the Neighborhood Stabilization Program (NSP) an exclusive opportunity to purchase bank-owned properties in certain neighborhoods. “This groundbreaking agreement will help rebuild neighborhoods that have been struggling with blight and declining home values due to foreclosures,” said HUD Secretary Shaun Donovan . “Local communities will now get an exclusive option to buy foreclosed properties in targeted neighborhoods so they can turn the homes into affordable housing or, in some cases, tear them down. This agreement helps us level the playing field to give communities a better chance to stabilize these neighborhoods.” State and local governments and non-profits often compete with private investors for real-estate owned properties, which can hurt their efforts to stabilize neighborhoods with high foreclosure activity. NSP grantees will be immediately notified when a property becomes available and will have 24 to 48 hours to express interest in a specific property.  Furthermore, these institutions will provide NSP purchasers with the opportunity to purchase REO properties at a discount from their appraised value, reflecting the cost savings of a quick sale. After expressing interest in a property, the First Look period will last approximately five to 12 business days during which the NSP grantee will conduct inspections and establish costs to repair in anticipation of the financial institution’s price offer. In the event that no NSP grantee exercises its preference to purchase an REO property during the First Look period, the financial institution will follow its normal process to sell the home on the open market.   The nation’s leading financial institutions are participating in the National First Look Program, representing approximately 75 percent of the REO marketplace. Participating institutions include: Bank of America, Chase, Citi, Deutsche Bank, GMAC, Nationstar Mortgage, Ocwen Financial Corporation, Saxon Mortgage Services, U.S. Bank, Wells Fargo, Fannie Mae, Freddie Mac and the Federal Housing Administration.  Reprints of this story are available. Click here for more information on our Reprints Program. COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 02 Sep 2010 14:53:58 EST 6F6B39855F20467A9D215F6ED7D3F96C http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=F16031C9CAB24BB5A732151EDBF6EC50 Real estate professionals surveyed for Point2 Technologies’ monthly national Real Estate Confidence Index (RECI) continued to exhibit concern over the future of the market in August and sent the index below the median of 5.0 on the RECI scale of 1-10 for the first time since Point2 launched the forward-looking sentiment barometer in June 2009. In this article: Point2 Technologies Real Estate Confidence Index Confidence Forward-looking sentiment The RECI averaged 4.87 in the August survey on the 1-10 scale, a drop of 7.23 percent versus the July reading and a new record low. Year over year, the drop represented a 17.18 percent decline in confidence. As a forward-looking real estate market barometer, a negative RECI score indicates real estate brokers and agents currently expect a further downside in home sales. The prior RECI low was recorded in July, when the index reading came in at 5.24 out of 10, a drop of 8.85 percent versus June. On a seasonally adjusted basis, current market conditions, one of the RECI’s three key variable components, dropped to 4.35 in August, or 6.85 percent below the July reading. The three-to-six-month short-term optimism/pessimism outlook gauge also ended below the 5.0 median for the first time at 4.66. Long-term optimism/pessimism (12 to 18 months) remained in relatively stronger territory above the 5.0 median. However, the variable also recorded a new low, sliding to 5.60 (-6.67 percent). The average of all three variables makes up the RECI score for the month. Concern over increases in real estate inventory was recounted by RECI survey participants in virtually every state in the U.S. and was a key issue blamed for continued downward pressure on the market along with the lack of buyer incentives, a bleak employment outlook and lending difficulties. Real estate professionals in a number of states, however, remained optimistic. Some survey respondents in California (San Diego), Hawaii, Michigan, North Carolina and Utah felt that the market was holding up well in the face of increasing foreclosures, and in some cases improving, albeit in a declining market, with prices showing some stabilization. Lack of inventory in San Diego was seen as an issue by one of the real estate agents upbeat about the market, while a counterpart in Hawaii reported seeing a positive upswing in home sales as an indication that the market may have reached bottom. One North Carolina agent highlighted the expected entry of some major employers to the area as a future business driver and reason for an optimistic outlook. In Mississippi , an agent reported never having been as busy. Bank-owned properties and foreclosures also remained a major issue respondents around the country felt may be intensifying. In addition, layoffs and concern over potential tax increases kept a number of survey participants cautious about the future. In Florida and Mississippi , several agents pointed to the BP oil spill as another cause for slower sales. Point2’s August survey was completed by 1,055 real estate brokers and agents. For respondent commentaries and RECI readings per state, along with national data archives, please visit www.realestateconfidenceindex.com . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Tue, 31 Aug 2010 15:33:05 EST F16031C9CAB24BB5A732151EDBF6EC50 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=62FE1E342E8A49DAB07F8015AFD5A0E2 Fairway Independent Mortgage Corp., one of the country’s largest mortgage bankers, is entering the wholesale market with select banks, credit unions and brokers. The company reported that it will build a national wholesale platform by leveraging its expertise in Federal Housing Administration (FHA), agency and USDA lending and the seasoned management and staff it has assembled.  In this article: Fairway Independent Mortgage Mortgage banker Warehouse lender FHA As a retail lender, Fairway Independent Mortgage currently provides mortgages directly to borrowers. By creating a wholesale channel, the company will be able to fund loans for customers of other banks, credit unions and mortgage brokers. It will fund third-party origination (TPO) business through several business lines including fulfillment, broker and correspondent.  The move comes after what the bank called a phenomenal year in loan originations, which surpassed $3.4 billion in loan volume in 2009, a company record. While this will be Fairway’s first foray into the wholesale market, its senior management team has a collective 150 years of experience in the wholesale mortgage industry. Fairway's wholesale team is a blend of mortgage professionals that made up the successful third-party origination sales and operations teams of Union Federal Bank and MidAmerica Bank.  The company also looks to take advantage of a huge vacuum created by many previous wholesale market players that exited the wholesale business after the mortgage crisis took hold in 2007. “As the mortgage industry continues to rebound, we see a fantastic opportunity for us in the wholesale market, particularly with our strong focus on FHA lending, high-touch customer service and top-notch talent,” said Steve Jacobson , CEO of Fairway Independent Mortgage. “Although our goals are modest, we believe we can bring the same successful culture, speed and quality of service to the wholesale space as FHA experts who are able to serve banks, credit unions and other loan originators. Entering the wholesale market is the right thing for us to do right now.”   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 31 Aug 2010 13:09:49 EST 62FE1E342E8A49DAB07F8015AFD5A0E2 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=FE62EC67B7AD44C9BD9D78E56454415F Ellie Mae, the enterprise mortgage origination technology provider for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders, has released enhancements to its Encompass360 Mortgage Management Solution. More than a dozen added or upgraded features comprise this release — many of which were based on suggestions from existing Encompass360 users.  In this article: Ellie Mae Mortgage technology Compliance Disclosure The enhancements are components of three primary areas: regulatory compliance, electronic document management and disclosure, and authorized multi-party access.  Each enhancement was designed to address the requests of existing Encompass360 customers. “It’s great to work with a company that responds to customer requests with product enhancements,” said Veronica Arnett , Encompass administrator for Sente Mortgage, a beta tester of the newest product enhancements to Encompass360. “This release’s upgrades are definitely a constructive improvement, but our favorite feature is probably the new intelligent document recognition in Encompass360’s electronic data management functions. The system’s ability to recognize faxed and uploaded images probably saves us about 20 minutes per file. When you put an hourly wage on that, you can see that we’re saving quite a bit.”   “We are continually investing in our technology, and meeting our customer requests is a big part of that,” said Jonathan Corr , chief strategy officer for Ellie Mae. “In this update, we made some significant improvements around electronic document and disclosure management, multi-party access and regulatory compliance. Compliance is rightfully a big focus among originators right now.” Some of the key new enhancements include: More configurable RESPA/TIL alerts that allow users to customize alerts based on company policies; More refined disclosure workflow that filters disclosures based on entity type and disclosure timing according to channel-specific configuration; The ability for the interviewer to e-sign mortgage applications prior to sending to borrowers for e-signing; Intelligent document recognition that not only recognizes, but also categorizes and files all commonly used forms and documents, and can easily “learn” virtually any new document; Productivity functions that allow users to print any document from any software program directly to the loan file’s specific e-folder; Coordination and monitoring of multi-party access that not only reveals any individual that opens a file, but also logs the specific actions taken on each file by each individual; and Deeper reporting capabilities that offer expanded audit trails and added fields to allow for more detailed and customized categorization. “We believe the industry is moving toward a holistic view of loan quality and is looking for productivity tools that elevate quality across the entire mortgage chain,” Corr said. “We created Encompass360 with a focus on total loan quality. These enhancements continue that focus by making it easier for our customers to achieve quality in the minute details as well as on the whole.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 31 Aug 2010 13:08:06 EST FE62EC67B7AD44C9BD9D78E56454415F http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=9DA2FA346E504C379210602C4858DFA1 California home sales decreased 20.8 percent in July compared with the same period a year ago, while the median price of an existing home rose 10.4 percent from July 2009, the California Association of Realtors (C.A.R.) reported. In this article: California Association of Realtors Steve Goddard California home sales California home prices “July’s sales decrease was not unexpected, given the strong sales activity we saw in May, when buyers took advantage of expiring federal and state homebuyer tax credits,” said C.A.R. President Steve Goddard . “This likely pulled forward sales that otherwise would have closed in June or July. Even without tax incentives, buyers waiting on the sidelines should take advantage of historically low interest rates and current home prices,” he said. Closed escrow sales of existing, single-family detached homes in California totaled 440,370 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity decreased 20.8 percent from the revised 555,780 sales pace recorded in July 2009. Sales in July decreased 10.9 percent compared with June. The statewide sales figure represents what the total number of homes sold during 2010 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The year-over-year statewide median home price posted its ninth consecutive gain and seventh consecutive double-digit gain in July. The median price of an existing, single-family detached home in California during July was $314,850, a 10.4 percent increase from the revised $285,310 median for July 2009, C.A.R. reported. The July median price was up 0.9 percent compared with June’s $311,950 median price.  “The statewide median home price continues to hold steady, thanks to strong sales in the upper-price range, said C.A.R. Vice President and Chief Economist Leslie Appleton-Young . “However, we will likely see a slowdown in price appreciation for the remainder of the year as weaker sales will drive inventory higher.” Highlights of C.A.R.’s resale housing figures for July: C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July rose to 5.8 months, compared with 4 months in July 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. Thirty-year fixed-mortgage interest rates averaged 4.56 percent during July, compared with 5.22 percent in July 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.73 percent in July, compared with 4.82 percent in July 2009. The median number of days it took to sell a single-family home was 44.2 days in July, compared with 39.9 days for the same period a year ago. Statewide, the 10 cities with the highest median home prices in California during July 2010 were: Beverly Hills, $1,677,500; Los Altos, $1,560,000; Saratoga, $1,490,000; Manhattan Beach, $1,490,000; Palo Alto, $1,317,500; Palos Verdes Estates, $1,200,000; Newport Beach, $1,187,000; Los Gatos, $1,147,500; Mill Valley, $972000; Rancho Palos Verdes, $920,000; Santa Monica, $920,000; and Cupertino, $885,000. Statewide, the cities with the greatest median home price increases in July 2010 compared with the same period a year ago were: Banning, 50 percent; San Bernardino, 45.7 percent; Poway, 35.5 percent; Encinitas, 30.4 percent; Colton, 30 percent; Tulare, 27 percent; Compton, 25.9 percent; La Puente, 25.7 percent; Glendale, 25 percent; and Lake Forest, 24.3 percent. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 27 Aug 2010 15:38:59 EST 9DA2FA346E504C379210602C4858DFA1 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=AC05CC5F2CCA48EB8829E7BB98C9EBA1 Freddie Mac released the results of its Primary Mortgage Market Survey, and for yet another week, fixed-rate mortgages reached record lows, while the five-year adjustable rate remained tied at its low for this survey. In this article: Freddie Mac Primary Mortgage Market Survey Long-term Mortages Rates Frank Nothaft The 30-year fixed-rate mortgage (FRM) averaged 4.36 percent with an average 0.7 point for the week ending Aug. 26, down from the prior week when it averaged 4.42 percent. Last year at this time, the 30-year FRM averaged 5.14 percent. The 15-year FRM for the week averaged a record low of 3.86 percent with an average 0.6 point, down from the prior week when it averaged 3.90 percent. A year ago at this time, the 15-year FRM averaged 4.58 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56 percent this week, with an average 0.6 point, unchanged from the previous week when it also averaged 3.56 percent. A year ago, the five-year ARM averaged 4.67 percent. The one-year Treasury-indexed ARM averaged 3.52 percent for the week with an average 0.7 point, down slightly from the prior week when it also averaged 3.53 percent. At this time last year, the one-year ARM averaged 4.69 percent. "Existing home sales plunged 27 percent in July, while new homes fell 12 percent to a new all-time record low, which led to some market concerns that the housing market may slow the economic recovery. As a result, long-term bond yields fell to the lowest levels since January 2009, allowing fixed mortgage rates to ease to new record lows this week,” said Amy Crews Cutts , deputy chief economist, Freddie Mac. “Much of the slowdown in sales, however, was expected due to the recently expired homebuyer tax programs, which pulled through future home purchases into the first half of the year,” she added. “For instance, average existing home sales over the first seven months of 2010 were nearly 8 percent higher than over the same period a year ago. “Moreover, house prices still appear to be stabilizing. Nationally, house prices rose 0.9 percent on a seasonally adjusted basis during the second quarter of this year after 11 consecutive quarterly declines, according to the Federal Housing Finance Agency's purchase-only index. Eight of the nine census regions experienced positive gains, compared to none in the first quarter.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 27 Aug 2010 15:38:18 EST AC05CC5F2CCA48EB8829E7BB98C9EBA1 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=5D33EB3111224988800E8E27958992FB eLynx, a portfolio company of American Capital, released its new eHUD service, a component of the Electronic Closing Network (eCN), that makes it easier for lenders and closing agents to comply with RESPA regulations governing Good Faith Estimates (GFE) and HUD-1 Settlement Statement forms. In this article: eLynx eHUD RESPA Electronic Closing Network Recent changes to RESPA regulations limit the differences allowed between the fees disclosed on the GFE and the amounts collected from the borrower at the closing table. These controls require that lenders and settlement agents work closely to negotiate fees and limit differences on the HUD-1 while preparing mortgage documents. In the past, preparing the HUD-1 was a manual process that required numerous phone calls and faxes. eLynx’s new eHUD service provides a mechanism for lenders and settlement agents to collaborate electronically and in real-time. All parties can quickly and transparently negotiate the fees on a HUD-1 before reaching the closing table. The eHUD service also automatically compares the fees to the original GFE, identifying differences that exceed the allowable amount. This allows lenders and settlement agents to improve their RESPA compliance, the company stated. “Because we are already a trusted partner tasked with transferring information between lenders and settlement agents, we are in a unique position to offer a solution to this problem,” said Sharon Matthews , eLynx president and CEO. “Now lenders can avoid costly surprises and remain compliant easily, while at the same time settlement agents will have the information they need to present a professional image at the closing, earning them more business.” eCN has rapidly gained industry acceptance since it was released last year, with more than 1 million loans processed through the system and more than 100,000 settlement agents registered to use it. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Fri, 27 Aug 2010 13:42:58 EST 5D33EB3111224988800E8E27958992FB http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=C399855917B04FE9A894504814ACCABC RedVision, a national provider of real property research solutions, has made the Inc. 500 list for 2010. This is the company’s first year being recognized by the Inc. 500 list with an overall ranking of No. 283, a No. 6 ranking in the “real estate” category and a three-year growth rate of 1,072 percent. In this article: RedVision Inc. 500 Brian Twibell Fastest growing private companies “The growth that RedVision has experienced over the past 3 years has been extraordinary,” said Brian Twibell , CEO of RedVision. “The Inc. 500 list is the authority on successful corporate growth, being recognized alongside such prestigious companies is an honor. This acknowledgment is a true testament to the dedication of the entire RedVision staff and our collective drive for success.” Founded in 2001, RedVision is a real property data and solutions provider to the lending, title insurance, settlement services and default services industries. Initially developed as an online data provider, RedVision redirected its corporate initiatives in 2006. The company then focused its attention on teaming its cutting-edge technology and data with industry experts to create a strategic partner for its clients that require relevant, accurate property information for financial decisions. Today, RedVision offers clients customizable property reports, online data platforms and integrated production solutions to make the most of their in-house staff and third-party vendors. The recent release of the company’s integrated production application TitleVision 2 empowers clients with a virtual workflow platform for researching and compiling public records in order to create precise title and property reports.   To view the complete 2010 Inc. 500 database, visit www.inc.com . RedVision is honored to celebrate with this year’s award winners at the Inc. 500 conference in Washington , D.C. from Sept. 30 through Oct. 2. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 27 Aug 2010 13:41:19 EST C399855917B04FE9A894504814ACCABC http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=6382320CD9084D67B8CD8A6AA2EC5C6A Title One Inc., a Minneapolis-based title company and long-time advocate for unaffiliated and independent real estate service businesses, acquired the assets of Legend Title LLC, a former competitor that was affiliated with a lender.   With its integration into the Title One business model, Legend Title will now operate independently and unaffiliated as Title One has for nearly two decades.   In this article: Title One Inc. Legend Title LLC Randy Heltemes Affiliated title companies Randy Heltemes , president and co-owner of Title One said he is thrilled with the prospects for the new venture, adding that many investors are having a hard time providing funding to lenders that use their own title company to examine and disburse their own loans, and that is turning out to be an opportunity for independent firms like Title One.  “This purchase has already become a profitable venture, and the prospects for continued growth are excellent, even in this challenging real estate marketplace. Loan officers who used to be affiliated with the acquired firm no longer have to use affiliated business disclosures, and they seem genuinely excited about how a competitive firm such as Title One brings great service, pricing and a great title insurance product from Westcor to the closing. There really is an independent difference,” Heltemes said. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 26 Aug 2010 15:07:28 EST 6382320CD9084D67B8CD8A6AA2EC5C6A http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=B9DB736516F74D1AAACC49359E5EB4F1 TSS Software Corporation, a provider of software to the real estate title and settlement industry, created a new integration with CaseAware for its flagship solution, TitleExpress. In this article: TSS Software Corporation CaseAware TitleExpress Barbara Miller The integration with CaseAware allows law firms to export information in a format compatible with TitleExpress. “This collaboration permits data entered in CaseAware to be imported into TitleExpress, eliminating the need to enter the same information twice,” said Barbara Miller , president and chief operating officer of TSS. CaseAware users may export more than 170 pieces of data, such as borrower and seller information, assessed property value and mortgages of record. The exported data is then imported into TitleExpress using a multi-order import feature. “The integration assists our mutual customers in reducing the time and effort required to support closings at the firm via data integration,” said Dan Cannon , chief operating officer of KMCIS. “We look forward to continuing this relationship into the future.” This option is available at no charge to customers with a TSS software services subscription. For more information, contact TSS technical support at 443-321-5600 or send an e-mail message to support@iwantTSS.com . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Thu, 26 Aug 2010 12:43:30 EST B9DB736516F74D1AAACC49359E5EB4F1 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=F85E46AE0D1F43E9BF50A6A9B0102BEC The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending Aug. 20. The Market Composite Index, a measure of mortgage loan application volume, increased 4.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 4.5 percent compared with the previous week. In this article: Mortgage Bankers Association Weekly Mortgage Applications Survey Refi activity Purchase activity The Refinance Index increased 5.7 percent from the previous week and is at its highest level since May 1, 2009. The seasonally adjusted Purchase Index increased 0.6 percent from one week earlier. The unadjusted Purchase Index decreased 1.1 percent compared with the previous week and was 38.8 percent lower than the same week one year ago. “The volume of refi applications last week was up 26 percent over their level four weeks ago. Mortgage rates dropped to their lowest level in the survey, going back to 1990, as incoming data continue to indicate that economic growth has slowed,” said Michael Fratantoni , MBA’s vice president of research and economics. “We are at a new 15 month high for the Refinance index. With rates this low, many borrowers who refinanced in the past two years may well have an incentive to refinance again, and this is likely increasing refi application activity.”   The four week moving average for the seasonally adjusted Market Index is up 5 percent. The four week moving average is down 0.3 percent for the seasonally adjusted Purchase Index, while this average is up 6.2 percent for the Refinance Index. The refinance share of mortgage activity increased to 82.4 percent of total applications from 81.4 percent the previous week, which is the highest share observed since January 2009. The adjustable-rate mortgage (ARM) share of activity increased to 5.8 percent from 5.7 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.55 percent from 4.60 percent, with points decreasing to 0.89 from .92 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This was the lowest 30-year contract rate ever recorded in the survey. The effective rate also decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.91 percent from 3.99 percent, with points increasing to 1.64 from 1.05 (including the origination fee) for 80 percent LTV loans. This was the lowest 15-year contract rate ever recorded in the survey. However due to the increase in points, the effective rate increased from last week. The average contract interest rate for one-year ARMs decreased to 6.84 percent from 6.90 percent, with points increasing to 0.22 from 0.21 (including the origination fee) for 80 percent LTV loans. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 26 Aug 2010 12:42:02 EST F85E46AE0D1F43E9BF50A6A9B0102BEC http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=5F4A836B5A804268911CFF740BAB1F93 Bolstered by favorable interest rates and low home prices, housing affordability remained near its highest level nationwide for the sixth consecutive month, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In this article: Housing affordability National Association of Home Builders Wells Fargo Housing Opportunity Index The HOI indicated that 72.3 percent of all new and existing homes sold in the second quarter were affordable to families earning the national median income of $64,400. The index for the second quarter was slightly more affordable than the previous quarter and almost equaled the record-high 72.5 percent set during the first quarter of 2009. Until 2009, the HOI rarely topped 67 percent and never reached 70 percent. “Homeownership is within reach of more households than it has been for almost a generation,” said NAHB Chairman Bob Jones , a homebuilder from Bloomfield Hills, Mich. “Interest rates continue to hover at historic low levels, the economy is beginning to rebound and with house prices starting to stabilize, conditions are beginning to draw home buyers back into the market, which is a positive step on the path to recovery.” Syracuse , N.Y. , was the most affordable major housing market in the country, edging out Indianapolis-Carmel , Ind. , which had held the top ranking for nearly five years. In Syracuse , 97.2 percent of all homes sold were affordable to households earning the area’s median family income of $64,300. Also near the top of the list of the most affordable major metro housing markets were Detroit-Livonia-Dearborn , Mich. ; Youngstown-Warren-Boardman , Ohio - Pa. ; and Buffalo-Niagara Falls , N.Y. Among smaller housing markets, the most affordable was Springfield , Ohio , where 96.6 percent of homes sold during the second quarter were affordable to families earning a median-income of $56,800. Other smaller housing markets near the top of the index included Mansfield , Ohio ; Bay City , Mich. ; Monroe , Mich. ; and Lansing-East Lansing, Mich. , respectively. New York-White Plains-Wayne, N.Y.-N.J., continued to lead the nation as its least affordable major housing market during the second quarter. There, 19.9 percent of all homes sold during the quarter were affordable to those earning the New York area's median income of $65,600. This was the ninth consecutive quarter that the New York metropolitan division has occupied this position. The other major metro areas near the bottom of the affordability scale included San Francisco-San Mateo-Redwood City; Santa Ana-Anaheim-Irvine, Calif.; Los Angeles-Long Beach-Glendale, Calif.; and Honolulu, all metro areas that have lingered among the bottom rankings for several quarters.    San Luis Obispo-Paso Robles, Calif. , was the least affordable of the smaller metro housing markets in the country during the second quarter. Others near the bottom included Santa Cruz-Watsonville , Calif. ; Ocean City , N.J; Santa Barbara - Santa Maria-Goleta , Calif. ; and Napa , Calif. Visit www.nahb.org/hoi for tables, historic data and details. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Tue, 24 Aug 2010 16:11:32 EST 5F4A836B5A804268911CFF740BAB1F93 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=5354C13E15184CE58AA89DD9292F1430 Old Republic Title Company Inc. hired Adam Cleary as vice president, national commercial services, and Jeff Dasse as vice president, Southern California major accounts division.  Cleary was previously with Stewart Title Co., and Dasse was with Fidelity National Title Co. In this article: Old Republic Title Co. Adam Cleary Jeff Dasse Tori Robinson “Adam and Jeff are highly experienced and have well-established clientele, making them a fantastic addition to the executive team,” said Tori Robinson , vice president and manager of commercial sales. “Their hiring underscores Old Republic ’s commitment to furthering sales initiatives at both a local and national level.” Cleary has more than seven years of experience in the title industry, focusing on commercial real estate with a specialty in alternative energy. He is based in the Orange County office. Dasse is returning to Old Republic with 10 years of title experience and concentrates his business in all aspects of commercial real estate. He will serve the Southern California market. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 24 Aug 2010 14:41:09 EST 5354C13E15184CE58AA89DD9292F1430 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=1D3BC9209CF44289BA604402E0E08A39 The board of directors of the Property Records Industry Association (PRIA) approved the formation of a Geographic Information System (GIS) workgroup, which will fall under the direction of its technology committee, reported PRIA President Richard Bramhall . In this article: PRIA Streamline land information Geographic Information Systems Richard Bramhall The GIS workgroup is co-chaired by Peirce Eichelberger , International Land Systems, who represents the business sector; and Diane Swoboda Peterson , Woodbury Co., Iowa , who represents the government sector. Local, state and federal agencies are concerned with land-related decisions pertaining to real property ownership, land use, taxation, planning and permitting, as well as infrastructure development, public safety, transportation and many other local government functions. GIS is a technology field that incorporates geographical features with tabular data in order to map, analyze and assess those issues. County recorders collect land records focused on the rights and restrictions that impact real property, but the documents collected by recorders also contain spatial data, primarily the address and legal description information, related to the referenced parcel. Approximately 70 percent of local government offices have incorporated GIS for use in their offices; yet, in many cases, GIS is not integrated with the recorder’s office, PRIA stated. The untapped potential of government-managed land information lies in the ability to integrate the land records within the overall workflow of information in a government office — automatically assigning the new ownership information to the parcel in question and providing that information to the tax assessor’s office, or moving permitting information through the GIS to the assessor and land recorders so when records are filed, the various records systems are joined automatically. This allows government to better plan, analyze and provide timely and accurate information for increased productivity, the organization stated. So, the PRIA GIS workgroup will collaborate with other GIS interest groups to establish standards, procedures and best practices for data exchange between GIS and land records systems to facilitate the sharing of information and improve performance, security and revenue opportunities. “This is an exciting opportunity to improve efficiency in two important land records functions,” Eichelberger said. “County recorders and GIS offices have both leveraged cutting-edge technology for years. The work products of this new PRIA workgroup will help integrate those technologies going forward.” “Anything we can do to improve communication and understanding between government offices is a positive step for the citizens we serve,” Swoboda Peterson said. Specific questions on this new GIS workgroup can be directed to the PRIA technology coordinator at mladd@priamail.us. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Tue, 24 Aug 2010 13:07:19 EST 1D3BC9209CF44289BA604402E0E08A39 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=FBC4F703CA8B42E6A0B7F7F95064E20D Freddie Mac released the results of its Primary Mortgage Market Survey, and for yet another week, the fixed-rate mortgages reached another low, while the five-year adjustable rate remained tied at its low for the survey. In this article: Freddie Mac Primary Mortgage Market Survey Long-term Mortages Rates Amy Crews Cutts The 30-year fixed-rate mortgage (FRM) averaged 4.42 percent with an average 0.7 point for the week ending Aug. 19, down from the prior week when it averaged 4.44 percent. Last year at this time, the 30-year FRM averaged 5.12 percent. The 15-year FRM this week averaged a record low of 3.90 percent with an average 0.6 point, down from the previous week when it averaged 3.92 percent. A year ago at this time, the 15-year FRM averaged 4.56 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56 percent for the week, with an average 0.6 point, unchanged from the prior week when it also averaged 3.56 percent. A year ago, the five-year ARM averaged 4.57 percent. The one-year Treasury-indexed ARM averaged 3.53 percent for the week with an average 0.7 point, unchanged from the previous week when it also averaged 3.53 percent. At this time last year, the one-year ARM averaged 4.69 percent. "Investors in long-term bonds appear very confident that inflation will remain in check, and as a result, long-term fixed mortgage rates have continued to fall. This week marks the ninth straight week in the Primary Mortgage Market Survey that 30-year-fixed mortgage rates have met or set a new record low,” said Amy Crews Cutts , deputy chief economist, Freddie Mac.  "This week’s release of the Consumer Price Index indicates that current inflation is very low,” she added. “The 12-month growth in the core consumer price index has held at only 0.9 percent for four straight months ending in July. The last time price growth was this low was the year ending January 1966. “The housing market is in a lull following the expiration of the homebuyer tax credits. Single-family starts fell for the third straight month in July to an annual pace of 432,000 homes, the fewest since May 2009. In addition, homebuilder confidence fell for the third consecutive month in August to the lowest since March 2009, according to the NAHB/Wells Fargo Housing Opportunity Index. Even confidence among realtors was at a 16-month low in June, according to the National Association of Realtors." Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 24 Aug 2010 13:04:14 EST FBC4F703CA8B42E6A0B7F7F95064E20D http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=9F571AE904EC40C4849710EB3D442A34 Altisource Portfolio Solutions S.A., a provider of knowledge process services related to real estate mortgage portfolio management, asset recovery management and customer relationship management, is adding short sale and deed-in-lieu services to its line of services available to mortgage lenders and servicers. In this article: Altisource Portfolio Solutions Process service provider Short sales Deed-in-lieu The strategic expansion leverages Altisource’s 20 years of experience in default and asset management to provide lenders and servicers with another essential component to enhance their loss mitigation programs, the company stated. With the U.S. Treasury Department providing incentive programs to increase short sale activity, nearly 1 million borrowers unlikely to qualify for the Home Affordable Modification Program and millions of properties in negative equity, lenders and servicers foresee a tremendous need for foreclosure alternatives such as short sales and deeds-in-lieu. “There’s quite a bit of overlap with short sale transactions and default and asset management services — two areas where Altisource has enabled servicers to achieve significant success over the past 20 years,” said Altisource Vice President of Field Services Tara Williams , who will be overseeing the new short sale operation. “Altisource’s expertise and core capabilities make short sale services a logical extension of our offerings.” Altisource’s solutions include borrower outreach and debt collection — two services the company will parlay into its short sale operation. “Connecting with borrowers and negotiating with second-lien holders can be two of the most challenging aspects of a short sale — and are traditionally the top impediments to a successful transaction,” Williams said. The company’s short sale services offer centralized contact and life cycle management that includes borrower contact, valuation, asset management, junior lien negotiation and buyer qualification, as well as title and settlement services. “We feel very fortunate to be in a position to augment our customers’ strategies and proactively address the rapidly changing trends in the industry,” Williams said. “Our short sale solution compliments our full service offering of default and asset management services.” Altisource's customers include many lenders, investors, servicers, mortgage insurance companies and government organizations across the country, including one of the nation’s largest subprime servicers. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 20 Aug 2010 15:35:45 EST 9F571AE904EC40C4849710EB3D442A34 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=E4F1ABAB888B40CA9DFABBC558C187E9 In this article: TitleHound Cynthia Waterman NexGen Fee enhine TitleHound hired tenured title industry member Cynthia Waterman as executive vice president with the company. Waterman is a co-creator and a driving force behind the development of TitleHound, the fee engine recently acquired by NexGen. She comes to NexGen with a wealth of industry knowledge and experience working with the nation’s largest title insurers, agents and lenders. Waterman will be responsible for the sales and marketing efforts of the company, including implementation its strategy, which will include building a model designed to benefit lenders that will leverage TitleHound’s clients to deliver accurate and competitive title insurance rates to large lenders and Realtors. Waterman’s operational experience will allow the company to bridge the gap between the NexGen Network and lenders nationwide through process development and integration. “Cynthia has a unique blend of marketing and operational experience in the title industry. She is a visionary and a proven leader with superb attributes that will benefit our company. Her skills will be put to high use as we expand our customer base and introduce the NexGen Network and its substantial benefits to lenders nationwide,” said Jeffrey Adam , president and CEO of NexGen. Waterman comes to NexGen with more than 13 years of title experience, holding positions with one of the nation’s largest underwriters and most recently as chief operating officer of one of the nation’s fastest growing title agencies. Waterman was responsible for the development and implementation of a customized process flow that allows lenders to streamline their process and realize greater efficiencies through key process points and software integration. “Every player in the industry needs TitleHound. Underwriters can manage agent networks to ensure rate compliance, agents benefit with accurate rates and operating efficiencies and consumers benefit with transparent, competitive pricing,” Waterman said. TitleHound is a product of NexGen Compliance Solutions LLC, which is an innovative technology-driven company providing title insurance solutions for lenders, brokers and agents. The company stated that it is in the process of changing the face of the title and settlement industry with its revolutionary fee engine, TitleHound, and the strategic formation of the NexGen Network, what it calls “an elite group of national title and settlement service providers known for ethics and best industry practices, which enables and assures consumers, lenders and underwriters efficient and cost effective service.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Fri, 20 Aug 2010 13:54:51 EST E4F1ABAB888B40CA9DFABBC558C187E9 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=64475BF3843B4672BE4CD3A2997ECB11 In this article: Cyber fraud Escrow fraud Webinar RynohLive Recent cases of corporate identity theft and cyber fraud have put title agents on the alert concerning the safety of their overall business as well as their escrow accounts. Agents are scrambling to put more effective controls in place to build a stronger bulwark around their companies. What can agents do to ensure the safety of both their identity and their accounts against internal and external threats? On Sept. 16, October Research Corp. will host a Webinar to outline what agents can do to put in place protocols to prevent internal escrow fraud as well as cyber fraud. Information about the Webinar, Combating Internal Fraud: People, Processes and Technology Firewalls , can be found at www.octoberstore.com . The Webinar will feature RynohLive President Dick Reass, Agents National Title Insurance Co. CFO Brent Scheer and RynohLive COO Rafael Toledo Jr . and will be moderated by The Title Report editor Jennifer Kovacs . Toledo, who has more than 25 years experience in criminal investigations, both as a police officer and a private legal investigator, will share some dire warnings for title agents about new fraud schemes he is seeing in the marketplace. “A national bank called us recently and had a unique situation,” Toledo recalled. “They loaned some money to a borrower whose identity had been stolen. But here was the interesting piece: The title agent and policy they received were also fraudulent.   The identity of the agent had been stolen.” Toledo recounted that the fraudsters had gone online to a state licensing site and changed the address of the tile company and the registered agent under that company’s name. Once they did that, it appeared that they were operating a legitimate title company using a legitimate underwriter. “They opened a checking account using the agent’s stolen identity and then processed a loan like they were a title agent for a borrower who had great credit — whose identity was stolen as well. When the money was sent by the bank to the title agent to close, they stole the money and sent the bank a fraudulent closing protection letter and policy. The bank didn’t find out until 30 or 60 days later when there was no payment,” Toledo said. According to Reass, there are many things agents can and should be doing to protect their accounts.   “It’s a combination of account management, what you need to do to work effectively with your bank to protect your company, and what you can do to put up better firewalls against cyber fraud,” he said. During the Webinar, Reass and Toledo will cover a wide range of topics including the necessity of three-way reconciliation and daily reconciliation; the importance of choosing the right software, procedures and bank; the need for the entire staff to be thoroughly grounded in what are truly “good funds;” and other basic internal processes that can prevent agents from becoming a target for internal or external threats.   Combating Internal Fraud: People, Processes and Technology Firewalls will air Thursday, Sept. 16, 2010, at 2 p.m. ET. To register or to order a recording of the Webinar, visit www.octoberstore.com or call (877) 662-8623 ext. 7221 for more information. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Fri, 20 Aug 2010 13:53:08 EST 64475BF3843B4672BE4CD3A2997ECB11 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=7059398927024659B0EC895B5F5D48F7 In this article: Carl Ernst Ernst Publishing Public records E-recording Public records and real estate visionary Carl R. Ernst , founder and former chief executive of Ernst Publishing Co., a company that will process more than 120 million transactions in 2010, died late last week. He was 68. “We are deeply saddened by the loss of our founder, our leader and mentor,” said Gregory E. Teal , president and chief executive of Ernst Publishing. “It was his vision and understanding of the mortgage and real estate businesses that enabled our company to prosper over the past 20 years. We will miss his wisdom, leadership, experience and business insight.” Ernst relinquished day-to-day control of the company in 2008. In 1981, he joined the board of directors of InfoSearch, a public record industry pioneer, and became its general manager in 1984. The company would become the largest public record database provider and Uniform Commercial Code searching firm in the United States . Ernst gained a national reputation for his expertise on the subject. The Uniform Commercial Code has impacted commercial lending and real estate transactions since its inception in 1971. Ernst participated in the sale and valuation of the company to Prentice Hall before becoming president of InfoSearch in 1986. A year later, he took over Prentice Hall Online, a combination of InfoSearch, Statewide Information Systems and other public record databases. He would merge the databases, in the process creating the first national database of public records. This database is still active today, owned and managed by Lexis/Nexis Corp. Between 1987 and 1992, Prentice Hall Online amassed millions of public records throughout the nation. This database became a critical application for credit reports, lending, regulatory and law enforcement investigations.   After leaving the company in 1992, he acquired the rights to “The Uniform Commercial Code Filing Guide” (UCC Guide) to which most law firms, financial institutions and public record search/ file firms subscribe.   In 1995, Ernst created “The Real Estate Recording Guide Inc.,” which details addresses, fees and local practices necessary to record deeds, mortgages and related documents in the 3,600 county recording offices in the U.S. In 1992, he officially formed Ernst Publishing Co. LLC as the parent company to both the UCC Guide Inc. and The Real Estate Recording Guide. Under Ernst’s leadership, Ernst Publishing became the first company in the U.S. to standardize national land recording office fees and related information for all jurisdictions across the country. Today, the company has more than 1,000 clients and will process more than 100 million transactions this year. Since the 1990s, Ernst was a passionate advocate of the electronic recording of real estate documents, with a goal of increasing accuracy and efficiency for lenders, title agents and county recorders. He has also been credited with defining the three levels of electronic recording that have emerged as the industry standard. In addition, Ernst was an early participant in efforts to establish nationwide data and interface standards for recording offices, including the first XML standard development in California . That effort was a precursor to the national standard-setting activities of the Public Records Industry Association, an organization he helped to create. He was an early proponent of migrating publishing to the Web — and a successful one. For instance, in 2006, the Ernst Web site was accessed as many as 100,000 times a week by financial institutions and title companies that wanted to obtain county recording information as well as recording fee and tax calculations. Ernst acquired the “National Release Guide,” a periodical that explains the law of each of the 50 states and Puerto Rico regarding release of mortgages and the reconveyance of deeds of trust. During his career, he continued to work toward the creation and establishment of Revised Article 9, testifying before Congress. He subsequently testified in countless hearings, appearing as an expert witness on public record applications and privacy issues. In addition to his role at Ernst Publishing, from 1992 to 1998, he was editor-in-chief of BRB Publications Inc., a publisher of local, state and federal agency information that helps professionals find and search public records. He was also a member of the board of directors for Merlin Information Services. Ernst, an entrepreneur, certified public accountant, computer programmer, pilot and avid skier, attended Princeton University and graduated from Russell Sage College in 1967. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 20 Aug 2010 13:51:16 EST 7059398927024659B0EC895B5F5D48F7 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=C8FED27D90A64A5DA10D30CFD842B0AD In this article: Mandrien Consulting Group Web site New Mandrien management Rusty Solomon Mandrien Consulting Group launched a new Web site at www.mandrien.com . Mandrien, a management consulting firm known for its expertise in national title agency licensing, is now under new ownership and management. Mandrien will offer new consulting products designed to aid real estate service providers by increasing efficiency and scalability through business process optimization. “Mandrien’s new focus will be on process optimization by fine-tuning client technology, automation and outsourcing. We will now address what I would describe as the inherent weakness in many title agencies today as we continue to evolve into a high-tech, process-driven industry. It is through our turn-key planning approach that our clients and our company will enjoy tremendous success. We are pleased to launch this new Web site, which is designed to share valuable information about our approach in the hopes that other organizations can benefit from what we do,” said Rusty Solomon , Mandrien’s new president and director of strategic services. In addition to its licensing initiatives, Mandrien will now offer: Rapid Impact Project — developed for companies seeking a fast, powerful solution to process optimization. This accelerated program will impact targeted process stalling points, rapidly refining processes to support increased efficiency while eliminating disruptive communication channels. This project can be completed in approximately 10 business days. Organizational Transformation — created to avoid the anticipated and unanticipated “growing pains” that often accompany rapidly growing organizations through business process management and the introduction of best of breed technology, automation and outsourcing. Claims Management Services — providing flexible, supplemental teams of experts that employ best practices for outsourced claims management, enabling organizations to effectively manage risk without the associated increase in costs. Strategic Planning — creating a specific roadmap that enhances organizations’ specific vision in three pertinent areas: overall near-term strategy, executive leadership and corporate culture. Mandrien’s planning approach is a process designed to reduce uncertainty and deliver predictable outcomes for strategic, operational and technology planning, the company stated. It reports that while many traditional planning efforts fail to deliver, Mandrien’s approach is proven and will deliver predictable results. Consultants at Mandrien are veteran industry professionals with specialized expertise who have served agents, underwriters and technology providers in such areas as licensing, process optimization, outsourcing, technology planning, automation, vendor selection, compliance and organizational transformation. Mandrien is a strategic-planning and outsourcing firm that serves the real estate service provider industry with results-driven services. Already a proven leader in this industry, Mandrien built its reputation on consistently delivering desired results.   Through its expanded products and services — which include strategic development, process optimization and technology planning — Mandrien can assist real estate service providers will all of their consulting and outsourcing needs. For more information about the company and their services, visit www.mandrien.com or call (917) 338-4222. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 20 Aug 2010 09:24:03 EST C8FED27D90A64A5DA10D30CFD842B0AD http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=728FFC1891E445DC8755840A1D8ED12C In this article: Westcor Land Title Insurance Co. Expansion Mary O’Donnell Susan Wenzel Westcor Land Title Insurance Co. opened new agency operations in Red Bank, N.J. The latest opening adds to the company’s national plan of organic expansion coast-to-coast. The new office represents the fourth market expansion in 12 months. Susan Wenzel , formerly with First American, will lead the team as the state agency manager. Wenzel comes to Westcor with more than 30 years of experience. Accompanying her is Scott Sumner , formerly with Chicago Title, who will serve as state counsel. Joining the team from Fidelity National Financial is Chris Marra , who will serve as the New Jersey operations manager, and Susan Ney as the office administrator. Each of the staffers joins Westcor with many years of title industry experience. “Westcor is known for their consistent best-in-class service and agent support. This is a refreshing welcome to independent agents in New Jersey ,” Wenzel said. “We look forward to introducing the standard of excellence and reliability associated with the Westcor name to title agents and the customers we serve. In times of uncertainty, consistent quality and support instills confidence and provides security; Westcor understands the meaning of a true partnership.” Westcor’s steady cycle of national growth and new hires has been matched with financial strength. “Our ability to reach new markets and grow our company is indicative of the quality of Westcor’s selected title agents and new hires,” said Mary O’Donnell , president and chief executive officer of Westcor Land Title Insurance Co. “Our people are extensions of the standard of excellence associated with the Westcor name.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 19 Aug 2010 16:31:00 EST 728FFC1891E445DC8755840A1D8ED12C http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=F0D25BDB88D943FEAA2E45756DBD1D09 In this article: National Association of Realtors Home prices Second quarter housing starts Home sales The trend in firming home prices solidified in the second quarter with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the homebuyer tax credit, according to the latest survey by the National Association of Realtors (NAR). In the second quarter, 100 out of 155 metropolitan statistical areas (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year, 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009. The national median existing single-family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago. Total state existing-home sales, including single-family and condo, rose 9.1 percent to a seasonally adjusted annual rate2 of 5.61 million in the second quarter from 5.14 million in the first quarter, and were 17.3 percent above the 4.78 million-unit pace in the second quarter of 2009. Sales increased from the first quarter in 44 states and the District of Columbia ; 47 states and D.C. had increases over year-ago sales levels. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Thu, 19 Aug 2010 13:45:40 EST F0D25BDB88D943FEAA2E45756DBD1D09 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=B82F5080C8714C5D9BFCE134048B0BF7 In this article: Fidelity National Financial Inc. Newport Financial Holdings Max & Erma’s Midwest restaurant chain A subsidiary of Fidelity National Financial (FNF) looks like it will be adding a third restaurant to its portfolio after a U.S. Bankruptcy Court judge in Pittsburgh approved the $27.5 million sale of Columbus-based restaurant chain Max & Erma’s Restaurants Inc., according to reports. The purchase is being made by FNF’s Fidelity Newport Holdings LLC, which already owns Village Inn and Bakers Square chains that were acquired in March of 2009 for an estimated $55 million. The Max & Erma’s deal is expected to close this month.    The 87-restaurant chain filed for Chapter 11 bankruptcy protection from creditors in October 2009. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Thu, 19 Aug 2010 13:42:38 EST B82F5080C8714C5D9BFCE134048B0BF7 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=5062E4A098EF4DBA9713DC907F5F449F The chief executive officer of the American Land Title Association (ALTA) announced that the group held meetings in July with the Treasury Department and with key House Financial Services Committee staff to explore administration and congressional openness to modifying President Barack Obama’s legislation to create a new Consumer Financial Protection Agency (CFPA). The focus was on how the creation of the agency affects the title insurance industry. In the meantime, the CFPA continues to come under fire by a myriad of insurance, financial and other business institutions. And on July 21, news agencies reported House Financial Services Committee chairman Barney Frank, D-Mass., said the committee is delaying consideration of the CFPA until September, though the original intent had been to approve it by August.   CEO Kurt Pfotenhauer said in ALTA’s regular advocacy update that the group’s concern over the proposal is that powers proposed to be given to the new agency are so broad they effectively nationalize the regulation of title insurance. The association’s proposal is to limit federal oversight of the industry to existing authority as spelled out under RESPA and the Truth in Lending Act.  Pfotenhauer said the door was not slammed in the face of ALTA’s proposal, so language is being written. ALTA is also participating with other trade organizations in organizing opposition to what it finds the most troublesome provisions of the bill.  An insurance coalition joined ALTA in signing a letter opposing any inclusion of insurance in the legislation, and ALTA expects a letter organized by the U.S. Chamber of Commerce to be sent as well. The association also is looking to partner with real estate trade organizations on the issue. Wed, 18 Aug 2010 13:59:57 EST 5062E4A098EF4DBA9713DC907F5F449F http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=3C406279B3524E498EFC081ACF3BD532 In this article: Christopher Dodd Senate banking chief Senate Committee on Banking, Housing and Urban Affairs Barney Frank On Jan. 6, at a news conference in East Haddam, Conn. , U.S. Sen. Christopher J. Dodd announced that he will not seek reelection in November. Dodd, 65, has served eight terms over the past four decades in the national assembly. He was elected to the U.S. Senate in 1980, after serving three terms in the House. While he has taken on a leadership role in health reform efforts, he has also been tireless in his efforts to develop legislation that would overhaul the entire financial services industry. Dodd has served as head of the Senate Committee on Banking, Housing and Urban Affairs since 2007. Rep. Barney Frank , D-Mass., said he looks forward to working closely with Dodd in 2010 on finishing the financial regulatory reform legislation. “I will miss his leadership in future Congresses, but I do look forward to working closely with him for the rest of this year on finishing the job of significant financial regulatory reform, to which he is committed and to which he has already worked to advance,” Frank said. “While I greatly admire his leadership on health care reform, obviously the area where we have worked together most closely is in our capacity as chairs of the House and Senate committees with jurisdiction over the financial industry and the economic crisis that the industry caused.” Frank, who serves as chair of the House Financial Services Committee, said after he and Dodd served many years in the minority, they were faced with a great deal of responsibility to fix the problems of the prior period. “I was consistently impressed with Sen. Dodd’s ability to act effectively in the difficult parliamentary environment of the Senate as we responded to the Bush Administration’s request to deal with the financial crisis, and working at the same time to prevent another occurrence. Those who admire the work done by Kenneth Feinberg to put the first constraints in American history on excessive compensation for financial executives should remember that it was Sen. Dodd’s amendment that gave him that power,” Frank said. In his remarks, Dodd said that the past year has raised personal challenges for him that have caused him to take stock of his life. He said he was proud of his accomplishments as a Connecticut Senator over the last 30 years, but he realized that now is the time to let another candidate take the reigns. “In the long sweep of American history, there are moments for each elected public servant to step aside and let someone else step up,” Dodd said. “This is my moment to step aside. There will be time to reflect in more detail on the years I’ve spent in public service. There will be time to celebrate victories, mourn setbacks, share laughs and memories and to thank profusely the talented, tireless and numerous staffers who have made my Senate work possible.” Dodd said over the past year, he has dealt with managing four major pieces of legislation through Congress; serving as chair and acting chair of two major Senate committees, which has placed him at the center of health care and financial services reform; and losing a sister and colleague Sen. Ted Kennedy . Dodd added that he is fully committed to serving out the remainder of his term. “My service is not over. I still have one year left on my contract with the people of Connecticut . One year from this week, our state will have a new senator. In the meantime, we have important work to do,” he said. The Washington Post reported that Dodd’s decision to retire comes after months of speculation about his political future and a growing sense among the Democratic establishment that he could not win a sixth term in the Senate. “Dodd’s poll numbers plummeted last spring before rebounding somewhat over the summer. But another dive in the polls late last year led to widespread concern that Dodd needed to vacate the seat for Democrats to have a chance at retaining it in the 2010 elections,” The Post reported. While Dodd authored or co-authored mortgage legislation and the nearly $900 billion health care legislation, he has also been instrumental in the $700 billion bailout of Wall Street and key portions of the $787 billion stimulus package. Dodd’s announcement means there will be four open Senate seats Democrats must defend to protect their majority. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Wed, 18 Aug 2010 13:56:36 EST 3C406279B3524E498EFC081ACF3BD532 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=42D4AB38C0EB4B96AC370C5BDA4BE741 In this article: Financial regulatory reform Barney Frank Financial reform bill Public debate Rep. Barney Frank , D-Mass., indicated that any proposals drafted behind closed doors regarding the financial regulatory reform legislation will be presented and debated publicly. Frank is the chair of the joint House-Senate committee tasked with drafting a final bill that will overhaul the nation’s financial regulatory structure. Frank told reporters on June 3 that he intends to have a bill ready for the president’s signature by June 24. Republican members on the committee have expressed concern about conversations taking place behind closed doors and are calling for a fair and open process, according to a report by Reuters , which indicated that one senator said he had “no idea whether they will be part of backroom discussions on the most sensitive issues.” Frank countered this statement, noting that “any conversation about what the bill should look like will be presented publicly in conference, debated and voted on” by the joint committee members. The committee was formed following the Senate’s passing of SB 3217 , the Restoring American Financial Stability Act of 2010, on May 20. The bill, along with its House companion, HR 4173 , which passed on Dec. 11, 2009, have been the subject of substantial controversy in the past year. Lawmakers are now working to reconcile the bills’ differences, as well as discuss items that some feel should be included in the bill. One concern for Republicans is that the bills do not include reforms for Fannie Mae and Freddie Mac. The two have been blamed for being the root cause of the recent economic crisis. Lawmakers opposed to addressing Fannie and Freddie at this time indicate that reform should take place only after the house market recovers. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Wed, 18 Aug 2010 13:55:16 EST 42D4AB38C0EB4B96AC370C5BDA4BE741 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=368874B521B04151BF8E807DF5A0605F In this article: Consumer Financial Protection Agency Chris Dodd Senate Banking Committee Barney Frank After much speculation in the press over the fate of the proposed Consumer Financial Protection Agency (CFPA), the leaders of both Congressional committees tasked with marking up the legislation that would create such an agency have spoken out about their goals moving forward. This comes after word leaked out that under the Senate bill, the CFPA would be housed in the Federal Reserve.    Initially proposed by President Obama , the agency has been paramount in the disagreements between Senate Banking Committee Chairman Chris Dodd , D-Conn., and Sen. Richard Shelby , R-Ala., during the drafting stages of the financial regulatory reform legislation. Dodd recently shut out Shelby due to an impasse and began working on the reform with Bob Corker , R-Tenn., who said he would work with the Democrats on getting the new legislation passed. On March 4, Dodd issued a statement on financial reform in which he reiterated the importance of including a strong, independent consumer protection watchdog with real authority to crack down on abusive practices.   “A lot of attention is being paid to what address the new consumer watchdog will have, but the critical question is will this office have the authority and independence it needs to prevent a replay of the abuses we have seen in recent years that burned so many Americans?” Dodd wrote. “I am pushing for an office with an independent head, appointed by the president and confirmed by the Senate, that has an independent budget to do its work, the autonomy to craft rules and an ability to enforce those rules.” “This is different than the system that led to the failures we saw in the past. In the past, consumer protections were under the control of the Federal Reserve System and other regulators. So while we haven’t settled on the Fed as the place for this to be housed, there’s a vast difference between what is being suggested today and the status quo that failed so miserably in the past,” he continued. House Financial Services Committee Chairman Barney Frank , D-Mass., whose committee has already passed financial reform legislation that calls for an independent consumer financial protection agency, voiced his objection to housing such an agency inside the Federal Reserve.   “I continue to vigorously support the House-passed bill that establishes an independent agency with strong rule-writing authority and enforcement powers to implement consumer protections,” Frank said. “I could, if necessary, support housing this important function in the Treasury Department, provided that the entity has sufficient independence and broad regulatory scope to accomplish the mission of protecting consumers. “My main objection to housing this critical function in the Federal Reserve has been the central bank’s historical failure to implement consumer protection as a central part of its mission and role.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Wed, 18 Aug 2010 13:51:38 EST 368874B521B04151BF8E807DF5A0605F http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=0A81F4FA4DBD4F47A8E09C42EFEB8FBE Lobbying efforts to pull the title insurance industry out of the scope of oversight by the proposed Consumer Financial Protection Agency have paid off. On Oct. 20, U.S. Reps. Gwen Moore , D-Wis., and Erik Paulsen , R-Minn., introduced an amendment to the bill forming the agency that would remove the CFPA’s oversight of title insurance from several sections HR 3126 . Kurt Pfotenhauer , CEO of ALTA, said title insurance providers will continue to be subject to existing federal consumer laws – primarily RESPA – as they are today. Authority to regulate title insurance under RESPA will be transferred from HUD to the CFPA. The only result of excluding title insurance from the CFPA definition of “financial activities” would be that it would not be subject to the new regulatory regimes intended to be applied to bank and non-bank financial institutions under Subtitle C of the bill. “Without this amendment, the CFPA would have created a whole new regulatory ballgame,” Pfotenhauer said. “We have been able to ensure what a CFPA may do tomorrow, would be no different than what HUD could do today.” Earlier in October, ALTA President Mike Pryor testified during a hearing titled “The State of the Nation’s Housing Sector: An Examination of the First Time Buyer’s Credit and Future Policies to Sustain a Recovery,” by the House Small Business Committee. In his testimony, Pryor warned of the unintended consequences the proposed CFPA would have on all small businesses. He said the CFPA would impose a third layer of regulation and an additional federal bureaucracy onto the title insurance and settlement services industry. Unlike many other small businesses, title insurance agencies cannot easily pass additional costs onto customers because rates and charges for title related services are regulated by state insurance departments, he argued, adding that RESPA already regulates the industry at the federal level. Another argument made against the inclusion of the title industry under CFPA’s authority is that, like many other small businesses that have been exempted from the bill, extending oversight to the title industry has no measurable benefit in achieving the bill’s purposes, Pryor said, but would add to it essentially needless regulation at a cost to small business owners. Earlier revisions to the proposed bill included the exclusion of several non-financial businesses, including merchants and retailers, doctors and other businesses that bill their customers after a service is provided or those that strictly provide ministerial and support services to financial institutions. In addition, other businesses outlined as not being subject to the proposed CFPA for “acting in their traditional capacities” include real estate brokers and agents. Small banks and credit unions, too, have been exempted from some provisions of the proposed bill. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Wed, 18 Aug 2010 13:48:41 EST 0A81F4FA4DBD4F47A8E09C42EFEB8FBE http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=E583E879C93B4B949C68F4DDC5FD956F In this article: Marketing agreements Workshare agreements Webinar October Research Corp. After the demise of captive reinsurance and the shutting down of hundreds of illegal affiliated business arrangements, it was only a matter of time before the regulators started looking at marketing and workshare agreements. HUD’s June 25 interpretive rule regarding home warranty company compensation arrangements with real estate agents is the latest salvo in an ongoing query into marketing agreements that is motivating nervous agency owners to look at their agreements with a more critical eye. What exactly did HUD say in the June 25 interpretive rule that has now muddied the waters about HUD’s intentions around marketing agreements? On Sept. 1, October Research Corp. will host a Webinar to outline what HUD had to say in its interpretive rule and what elements of the rule could leave current marketing agreements in a precarious position. The speakers will also address the outright assault on the way home warranty companies and real estate agents currently work together to deliver this important product to market. Information about the Webinar can be found at www.octoberstore.com . The Webinar discussion will include K&L Gates partner Phil Schulman and National Association of Realtors’ Director of Real Estate Services Ken Trepeta and will be moderated by RESPA News editor Kelly McCarel . The one-hour Webinar will feature an in-depth analysis of the rule, plus a look at the seven most troubling issues that have emerged from the interpretive rule. “Read narrowly, the interpretive rule states the obvious — namely, that a settlement service provider cannot pay a fee for the referral of a settlement service,” Schulman said. “The imprecision, however, with which HUD crafted this interpretation leaves us questioning what the department is really trying to say.” Trepeta agreed that the rule leaves many unanswered questions and has forced settlement services providers to re-evaluate the agreements they currently have in place. One of the concerns, Trepeta noted, is around what HUD didn’t say. “One of the concerns we have heard from a number of real estate agents is that the interpretive rule doesn’t mention the flat fee agreements between home warranty companies and real estate agents,” Trepeta said. “It creates a lot of uncertainty around how this rule might apply to those agreements as well.” During the Webinar, Schulman and Trepeta will address: What is an interpretive rule and what weight does it carry; An overview of HUD’s June 25 interpretive rule; What new elements the rule introduces; Analysis of the “gray” areas and industry concerns; and Actions listeners should take to review current marketing agreements. HUD’s Interpretive Rule and the Future of Marketing Agreements will air Wednesday, Sept. 1, 2010, at 2 p.m. ET. To register or to order a recording of the Webinar, visit www.octoberstore.com or call (877) 662-8623, ext. 7221 for more information. About October Research Corporation Founded in 1999, October Research Corporation is the nation’s leading provider of market intelligence, industry news and regulatory information for professionals in the real estate, settlement services and mortgage industries. Publications include The Title Report, The Legal Description, Valuation Review and RESPA News . Located in Richfield , Ohio , the company also has the October Seminars division, which produces educational audio seminars, Webinars, videos and live events.   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 17 Aug 2010 13:47:28 EST E583E879C93B4B949C68F4DDC5FD956F http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=BEEC25712B014D93AA6604B3B25CAF6C Home values in the United States continued to decline in the second quarter, with the Zillow Home Value Index falling 3.2 percent year-over-year and 0.6 percent from the first quarter to $182,500. In this article: Zillow Home values Valuation decline Home Value Index The national rate of decline decelerated from the first quarter, marking the second consecutive quarter of slowing declines, and negative equity fell to 21.5 percent, according to the second quarter Zillow Real Estate Market Reports. Negative equity, which refers to the percentage of single-family homeowners with mortgages that are underwater, fell from 23.3 percent in the first quarter and from 23 percent one year ago. Conditions varied among individual markets across the country. In California, where both federal and state tax credits are available to some homebuyers, more than a quarter (27.8 percent) of markets tracked by Zillow saw increases in home values in the past year. Home values in five California markets have increased for the past five quarters, and four of those have increased by more than 5 percent since the second quarter of 2009. The Zillow Home Value Index was up 7.3 percent year-over-year in the San Diego metropolitan statistical area (MSA); up 5.9 percent in the San Francisco MSA; up 5.6 percent in the San Jose MSA; and up 5.5 percent in the Los Angeles MSA. Meanwhile, home values in Florida and Arizona continued to show dramatic declines, with home values in the Miami-Fort Lauderdale MSA falling 15.2 percent year-over-year and home values in the Phoenix MSA falling 11.8 percent. “As the national housing market limps toward stabilization, individual markets are a mixed bag,” said Zillow Chief Economist Stan Humphries . “The double tax credits for some California homebuyers have certainly stimulated housing demand there and are partly responsible for the rapid — and likely unsustainable — rates of appreciation in many markets across the state. While there is some uncertainty about how home values will respond in those markets once all incentives are removed, it's certain they can't continue at their current rates of appreciation, but is unlikely they will re-test the low points reached in 2009. “Markets in other parts of the country, like Miami and Phoenix , are not yet showing signs of reaching a bottom in home values. High supply continues to be a challenge in states like Florida and Arizona . “Nationally, home values are moving in the right direction as rates of decline continue to slow. There is a large unknown on the horizon, however, as these second quarter numbers are still heavily influenced by the federal homebuyer tax credits, which were available for homes under contract by the end of April. Home sales are declining significantly in the post-tax credits environment, but the impact of falling home sales on already-declining home values is yet to be seen. Recent trends in home values suggest the nation could reach a bottom in the latter half of 2010, but we continue to be cautious about the impact of declining home sales.” Foreclosures again reached a new peak in June, with more than one out of every 1,000 (0.11 percent) U.S. homes being foreclosed upon during the month.   Foreclosure re-sales fell in June, making up 16.9 percent of all U.S. home sales during the month, down from a 2010 high of 19.8 percent in February. Foreclosure re-sales continued to be high in most markets hit hardest by value declines. For example, they made up 55.8 percent of June sales in the El Centro , Calif. , MSA; 54.6 percent in the Madera , Calif. , MSA; and 53.6 percent in the Merced , Calif. , MSA. Additionally, more than one-fourth (26 percent) of home sales nationwide sold for less than what the seller originally paid. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Tue, 17 Aug 2010 13:45:48 EST BEEC25712B014D93AA6604B3B25CAF6C http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=55491EAFB26E4B54BED8B5364539E4E7 California ’s Franchise Tax Board (FTB) will stop accepting applications for the state’s first-time homebuyer tax credit at midnight on Aug. 15. As of Aug. 4, the FTB had received 31,460 applications. Because some of the applications are invalid or duplicates, the board stated it will continue to accept forms through Aug. 15 to ensure that enough valid applications are received to properly allocate the full $100 million allocated for the program. The FTB estimated that it can award approximately 17,500-20,000 credit certificates to unique and valid applicants. However, once the funds are exhausted, any remaining applications will be denied. The tax credit is available to those who purchased a qualified principal residence and did not own one during the last three years. The credit is for 5 percent of the purchase price or $10,000, whichever is less. The state is still issuing funding from its alternative homebuyer program. The $100 million new-home credit is available for taxpayers who purchase a new home between May 1 and Aug. 1, 2011, as long as they enter into an enforceable contract executed before Jan. 1, 2011. The seller must certify that the home has never been previously occupied. In March, California Gov. Arnold Schwarzenegger kicked off his campaign to extend and expand the tax credit with AB 183 . The legislation, part of the governor’s larger California Jobs Initiative, is expected to play a key role in getting the state’s economy by encouraging home ownership and stimulating job creation. Schwarzenegger worked to extend and expand the homebuyer tax credit after its successful run in 2009. That $100 million tax credit, which was approved in February 2009, ran out after just four months with 10,659 Californians claiming the credit. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 17 Aug 2010 13:43:54 EST 55491EAFB26E4B54BED8B5364539E4E7 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=C49C4743AB754999B6D41537532C0627 In this article: REOs Default notices RealtyTrac Foreclosures RealtyTrac released its U.S. Foreclosure Market Report for July, showing that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 325,229 properties for the month, a nearly 4 percent increase from June but a nearly 10 percent decrease from July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month. “July marked the 17th consecutive month with foreclosure activity total exceeding 300,000,” said James J. Saccacio , chief executive officer of RealtyTrac. “Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth straight month.” Foreclosure activity by type A total of 97,123 U.S. properties received default notices in July, which was a 1 percent increase from the previous month but a 28 percent decrease from July 2009. Default notices in July were down 32 percent from their peak of 142,064 in April 2009. Foreclosure auctions were scheduled for the first time on a total of 135,248 U.S. properties in July, an increase of 2 percent from the previous month but a decrease of 2 percent from July 2009. Scheduled auctions in July were down 14 percent from their peak of 158,105 in March. Lenders foreclosed on 92,858 U.S. properties in July, a 9 percent increase from the previous month and a 6 percent increase from July 2009. July’s bank repossession total was the second highest monthly total since RealtyTrac began tracking REO activity in April 2005 and was 1 percent below the monthly REO activity peak of 93,777 in May 2010. Nevada, Arizona, Florida post top state foreclosure rates in July With one in every 82 housing units receiving a foreclosure filing in July, Nevada continued to document the nation’s highest foreclosure rate for the 43rd straight month. A total of 13,727 Nevada properties received a foreclosure filing in July, a nearly 7 percent increase from the previous month but a nearly 30 percent decrease from July 2009. July was the 10th straight month where overall Nevada foreclosure activity decreased on a year-over-year basis. Arizona foreclosure activity decreased on a year-over-year basis for the sixth straight month, but the state still posted the nation’s second highest state foreclosure rate. One in every 167 Arizona housing units received a foreclosure filing during the month — more than twice the national average. One in every 171 Florida housing units received a foreclosure filing in July, the nation’s third highest foreclosure rate, and one in every 200 California housing units received a foreclosure filing in July, the fourth highest state foreclosure rate. Foreclosure activity in Idaho increased nearly 19 percent from the previous month, boosting the state’s foreclosure rate to fifth highest among all the states. One in every 240 Idaho housing units received a foreclosure filing in July. Other states with foreclosure rates ranking among the top 10 in July were Michigan , Utah , Illinois , Georgia and Maryland . Five states account for more than 50 percent of national total California alone accounted for 21 percent of the national total in July, with 66,910 properties receiving a foreclosure filing during the month — down 3 percent from the previous month and down 38 percent from July 2009. With 51,557 properties receiving a foreclosure filing during the month, Florida accounted for 16 percent of the national total in July despite a nearly 9 percent decrease in foreclosure activity from July 2009. Illinois foreclosure activity increased 33 percent from the previous month — the biggest monthly increase among states with top-10 foreclosure rates. A total of 19,602 Illinois properties received a foreclosure filing in July, the third highest state total and accounting for 6 percent of the national total. Michigan accounted for just under 6 percent of the national total, with 18,833 properties receiving a foreclosure filing in July, and Arizona accounted for 5 percent of the national total, with 16,298 properties receiving a foreclosure filing in July. Other states with foreclosure activity totals among the nation’s 10 highest in July were Nevada (13,727), Ohio (13,511), Georgia (12,577), Texas (11,727) and Maryland (6,961). Metro foreclosure hot spots show bumpy downward trend All 10 metro areas with the nation’s highest foreclosure rates in July posted year-over-year decreases in foreclosure activity, but five of the top 10 posted increases from the previous month. The two biggest monthly increases were in No. 2 Cape Coral-Fort Myers, Fla. , where foreclosure activity was up 21 percent from the previous month, and in No. 9 Phoenix-Mesa-Scottsdale, Ariz. , where foreclosure activity was up 19 percent from the previous month. Foreclosure activity increased nearly 9 percent from the previous month in the Las Vegas-Paradise, Nev. , metro area, which registered the highest foreclosure rate among metropolitan areas with a population of 200,000 or more. One in every 71 Las Vegas housing units received a foreclosure filing in July, more than five times the national average. Other metro foreclosure rates in the top 10 were Modesto, Calif., at No. 3 (one in every 102 housing units receiving a foreclosure filing); Merced, Calif., at No. 4 (one in every 111); Riverside-San Bernardino-Ontario, Calif., at No. 5 (one in 112); Stockton, Calif., at No. 6 (one in 115); Bakersfield, Calif., at No. 7 (one in 118); Orlando-Kissimmee, Fla., at No. 8 (one in 129); and Vallejo-Fairfield , Calif. , at No. 10 (one in 136). Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 13 Aug 2010 13:35:54 EST C49C4743AB754999B6D41537532C0627 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=2B30A96E6BB14D7490CD9771DF03D74C In this article: Ingeo Systems California e-Recording Transaction Network Authority Patrick Honny e-documents Ingeo Systems Inc., a provider of electronic document recording technology, reported that it has become the first nationwide e-recording provider to submit electronic real estate documents into the California e-Recording Transaction Network Authority (CeRTNA).   “Ingeo is our first provider to bring our member counties submissions from across the nation,” said Patrick Honny , CeRTNA’s executive director. “Our first counties, Fresno and Kern, began recording documents from Ingeo’s submitters in July and, immediately we saw the efficiencies and savings in costs and time resulting from CeRTNA’s partnership with Ingeo.” CeRTNA was formed in 2007 to work with state legislators and consultants to set up rules and regulations for e-recording in California . At the same time, the entity was working with vendors to create and manage an e-recording system.   “We have been working with Ingeo from the beginning because the company has a long history in California ,” Honny said. Ingeo was in the forefront of the pilot programs in San Bernardino and Orange counties in the late 1990s. “The company actually helped to shape California ’s electronic document recording system (ERDS) legislation, which was adopted in 2004, and worked with us on the rules and regulations that took almost three years to be drafted and passed as legislation,” Honny added. Karl Klessig , Ingeo’s CEO, said that the integration of Ingeo’s ERDS with CeRTNA opens California counties to the many benefits of e-recording.   “This collaborative effort brings CeRTNA’s counties the most advanced and secure electronic document recording capability in the country,” he said. “With this implementation, CeRTNA’s counties will realize tremendous savings in time and costs.   The recordation of real estate documents that used to take days and weeks with paper is now done electronically in seconds.” With the CeRTNA portal, Fresno and Kern counties are live and El Dorado , Merced , Monterey , San Bernardino , San Joaquin, Santa Clara and Santa Cruz counties will follow soon.    “One big reason the Ingeo partnership is important to us is because every CeRTNA county that goes live has immediate electronic recordation volume and starts to see payback on their technology investment,” Honny said. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 13 Aug 2010 13:34:05 EST 2B30A96E6BB14D7490CD9771DF03D74C http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=76D3843A4B1E4B258EB7B19559699B92 In this article: RamQuest eRecording Partners Network Closing Market Hank Macias RamQuest Inc. added eRecording Partners Network (ePN) to its network of service providers on the Closing Market digital network.   RamQuest’s Closing Market is an application-to-application interface that electronically connects business partners, allowing each participant to work from within their own software.    Using the ePN integration, RamQuest’s Closing Market-enabled customers can electronically connect to county clerks’ offices nationwide to facilitate their electronic recording needs. While e-recording at its most basic level improves the quality of data, offers quicker turnaround time and provides cost savings, RamQuest stated that e-recording with ePN offers title companies using the service the additional benefits of a partnership approach and an unmatched commitment to customer service. RamQuest and ePN customer Trinity Title of Texas is experiencing these benefits first-hand.   “Trinity Title of Texas ( San Antonio division) is proud to have developed a relationship with ePN. ePN has gone and continues to go the extra mile in the service it has provided for Trinity Title, San Antonio ,” said Hank Macias , vice president of Trinity Title.   “ePN understands our company’s needs and, thereby, continues to grow the recording services product it provides.” “Our partnership with RamQuest will provide integrated tools to RamQuest title companies nationwide that will help automate many facets of their business,” commented ePN Vice President of Sales and Marketing Jerry Lewallen . “Additionally, this relationship will help grow the e-recording industry as a whole as a result of the connections that will naturally result from within the RamQuest customer base.” This is another of the many Closing Market interfaces that enable title companies to set themselves apart in their respective markets by creating competitive advantages, RamQuest stated. By using the capability and services offered through Closing Market, title companies can more efficiently and effectively service their current customers in addition to opening doors for new opportunities. For a complete list of all the services currently offered on Closing Market, visit www.closingmarket.com .   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Fri, 13 Aug 2010 13:32:24 EST 76D3843A4B1E4B258EB7B19559699B92 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=BE5B113B5DDF4953A18BDEC5E3D8B55C In this article: Department of Commerce Census Bureau Homeownership According to the Department of Commerce’s Census Bureau, the national rate of homeownership dropped to 66.9 percent, 0.5 percentage points (+/-0.4 percent) lower than the second quarter 2009 rate (67.4 percent) and 0.2 percentage points (+/-0.4 percent) lower than the rate last quarter (67.1 percent). That is the lowest level since 1999. Industry economists say the rate could plummet to around 62 percent by 2012 and perhaps by the end of the decade. Homeownership rates last hit that level in 1960. For the second quarter, the homeownership rates were highest in the Midwest (70.8 percent) and lowest in the West (61.4 percent). The homeownership rates in the South and West were lower than a year ago, while rates in the Northeast and Midwest were not statistically different from their corresponding second quarter of 2009 rates. Homeownership rates in the second quarter were highest for those householders ages 65 years and over (80.4 percent) and lowest for the under 35 years of age group (39.0 percent). The rates for householders 35 to 44, 45 to 54, and 55 to 64 years old were lower than their respective rates a year ago, while those householders less than 35 years old and those 65 years and over showed no significant change from their corresponding rates in the second quarter of 2009. Also in the second quarter, the homeownership rate for households with family incomes greater than or equal to the median family income was 81.9 percent. The rate for those households with family incomes less than the median family income was 51.9 percent. Approximately 85.6 percent of the housing units in the United States in the second quarter were occupied and 14.4 percent were vacant. Owner-occupied housing units made up 57.3 percent of total housing units, while renter-occupied units made up 28.3 percent of the inventory in the second quarter. Vacant year-round units comprised 11 percent of total housing units, while 3.4 percent were for seasonal use. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Fri, 13 Aug 2010 13:29:33 EST BE5B113B5DDF4953A18BDEC5E3D8B55C http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=00DAA59DEE03486E968F289BF0F1B1B6 In this article: RamQuest Veterans Affairs HUD-1 Title charges In an Aug. 9 news release, RamQuest Inc. stated that its flagship product for title and escrow production is in full compliance with the new RESPA disclosure requirements recently issued by the Department of Veterans Affairs (VA). Based in Plano , Texas , RamQuest is a technology company that provides software for the land title industry. Its latest version of Complete Closing Enterprise, 6.5.2, which was made available to all of its customers last month, includes a 2010 HUD-1 addendum. The company noted that the addendum is versatile enough to use in many different scenarios whenever additional itemization is needed beyond the information contained on the HUD-1 Settlement Statement. “As an industry leader from the onset of RESPA reform, RamQuest has successfully delivered all of the required, regulatory changes well in advance of deadlines, ensuring that our customers have ample time for preparation, implementation and training in their operations, and this is no exception,” said Mark McElroy , president and CEO of RamQuest. The VA released its Circular 26-10-9 on July 30, requiring that all loans taken on or after Oct. 1 must include an itemization of any lump sum credits to Veterans as well as itemization for title service charges. The itemization must be done on a separate addendum or attachment to the HUD-1 and not on the HUD-1 form itself. This announcement follows suit with the VA’s Jan. 7 circular, which called for a breakout of loan origination charges on a separate worksheet. According to RamQuest, the company’s 2010 HUD-1 addendum that is provided as part of its software package can be used to itemize these fees for VA loans. “Just as critical to our customers’ success during this RESPA reform period has been RamQuest’s ability to go beyond the regulatory compliance and also deliver 2010 HUD-1 support that has eased transition difficulties and helped customers gain competitive advantage and grow market share,” McElroy said. “This support has ranged from delivering education and consulting services for customers to reform-friendly product features like attachable breakout reports that itemize 801 and 1101 totals and the ability to automatically handle the Page 1 debit/credit requirement for owner’s title premiums.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Thu, 12 Aug 2010 15:09:20 EST 00DAA59DEE03486E968F289BF0F1B1B6 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=003CDF78815B4A26B392ACDC44A82471 In this article: Point2 Technologies Real Estate Confidence Index Real estate agents Market conditions Forward-looking real estate broker and agent confidence in the United States fell by 8.85 percent in July compared to June, and set a new low on Point2 Technologies’ Real Estate Confidence Index (RECI). The RECI, which surveys and tracks broker and agent forward-looking sentiment of the real estate market, averaged 5.24 on the RECI scale of one to 10 (one being “bad” and 10 being “good”) versus 5.76 in June. Year over year, the national index declined 7.42 percent, reflecting overall decreasing confidence in the housing market, compared to the same period last year. Key concerns expressed in the July survey, which was completed by 1,255 brokers and agents nationwide, include: unabated pricing pressure caused by foreclosure and pre-foreclosure properties; a general sense that shadow foreclosure inventory is significant and could materially prolong current market conditions; a persistent tough job market keeping more potential buyers on the sidelines; and the expired federal tax credit program that many respondents felt was a key catalyst to market activity, but that also accelerated buying in the first half of the year — possibly at the expense of activity throughout the remainder of the year.    A firm lending environment was another critical and ongoing contributing issue cited by RECI respondents in most states. Current market conditions, a key component of the RECI, dropped from 5.12 in June to 4.67 (a drop of 8.79 percent) in July, on the one-to-10 scale, setting the variable back just below its June 2009 low of 4.76. The variable has held above the 5.0 median on the RECI scale for the previous four survey periods. Short-term optimism/pessimism, another RECI variable that tracks respondent outlook for the coming three to six months, also took a significant step back, dropping from 5.64 in June to 5.07 in July, or 10.11 percent. Year over year, the three-to-six month outlook gauge declined 8.65 percent and also set a new record low. The long-term optimism/pessimism (12-to-18 month outlook) barometer also hit a new low, dropping to 6.0 on the one-to-10 scale, or 5.06 percent below the prior low recorded in February and May. The average of all three index component readings was used to generate the national monthly RECI score. Sentiment in the state of Arizona took a significant step back in July, dropping by 9.64 percent versus June, and 9.64 percent versus one year ago. Colorado brokers’ and agents’ outlook declined by 18.03 versus June and 16.78 versus July 2009. Other states that saw a relatively high decline in optimism in the July survey period versus June include California (-8.19 percent), Connecticut (-23.16 percent), Florida (-5.57 percent), Georgia , (-12.86 percent), Illinois (-8.55 percent), Michigan (-14.85 percent), Missouri (-6.07 percent), New York (-10.65 percent), North Carolina (-8.85 percent), Ohio (-4.12 percent) and Oklahoma (-30.53 percent). Pennsylvania dropped by 13.19 percent, Tennessee by 9.19 percent, Texas by 11.36 percent and Virginia by 12.48 percent. Forward-looking confidence in Washington state also declined by 7.85 percent. Despite the July drop in Illinois , local brokers and agents were more optimistic than during the same period last year, with the RECI average for that state increasing 4.42 percent. Tennessee also showed some improvement with its RECI rising 0.36 percent versus one year ago. Sentiment in Michigan improved by 2.95 percent. A heat map that features RECI scores for all states, as well as a random sampling of respondent feedback from various regions, are posted at www.realestateconfidenceindex.com . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 12 Aug 2010 15:03:29 EST 003CDF78815B4A26B392ACDC44A82471 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=7B946DADB4A24C18B839B021D02C8221 In this article: Adeptive Software ResWare Kathy Kling Title software Adeptive Software, makers of the title, escrow, settlement and real estate software ResWare, added title industry expert Kathy Kling as director of customer support. Kling will utilize her depth of experience in the title industry to play a vital role in helping ResWare customers enable efficient paperless process flow and tracking by through the product’s powerful action items feature. In addition to working directly with customers, she will relay feedback and recommend product enhancements to the ResWare product engineering team. “In my experience, the title industry is fast-paced and issues often require immediate attention from a knowledgeable person,” Kling said. “I look forward to expanding upon the company’s history of strong customer service to ensure that our users continue to be well trained and well supported.” Kling has more than 20 years of experience in the title industry. She has held a variety of positions, including trainer, escrow advisor and senior escrow officer at well-known companies, including Fidelity National Title, First American Heritage Title Co. and Land Title Guarantee Co. She is actively involved in the industry and the ongoing education of its members and is currently the vice president and education chair of the Colorado Association of Certified Closers. She is also a member of the American Escrow Association and active with the Land Title Association of Colorado. “Kathy knows how the title industry is run from virtually every aspect,” said Bryan Buus , Adeptive’s president. “She will be a vital resource for both our customers and our product engineers. We know people have turned to ResWare in part because of our commitment to having the best support in the industry, and bringing in Kathy was a natural way to continue to provide excellent service as we grow.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 12 Aug 2010 13:51:17 EST 7B946DADB4A24C18B839B021D02C8221 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=98A40164079B43D7B26EAD3EFB2711EB In this article: Mortgage Bankers Association Weekly Mortgage Applications Survey Purchases Refinances The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending Aug. 6, in which the Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 0.4 percent compared with the previous week. The Refinance Index increased 0.6 percent from the previous week and the seasonally adjusted Purchase Index increased 0.3 percent from one week earlier. The unadjusted Purchase Index decreased 0.3 percent compared with the previous week and was 34.1 percent lower than the same week one year ago.   The four week moving average for the seasonally adjusted Market Index was up 1.2 percent. The four week moving average was up 1.8 percent for the seasonally adjusted Purchase Index, while this average was up 1 percent for the Refinance Index. The refinance share of mortgage activity increased to 78.1 percent of total applications from 78 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.9 percent from 5.4 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.57 percent from 4.6 percent, with points decreasing to 0.89 from 0.93 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This was the lowest 30-year contract rate ever recorded in the survey. The effective rate also decreased from the prior week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.95 percent from 4.03 percent, with points increasing to 1.08 from 1.01 (including the origination fee) for 80 percent LTV loans. This was the lowest 15-year contract rate ever recorded in the survey. The effective rate also decreased from the previous week. The average contract interest rate for one-year ARMs decreased to 7 percent from 7.10 percent, with points increasing to 0.22 from 0.21 (including the origination fee) for 80 percent LTV loans. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 12 Aug 2010 13:45:54 EST 98A40164079B43D7B26EAD3EFB2711EB http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=3A129CF471EC40B4B9C46E87C11D5B78   In this article: J.D. Power and Associates Home Buyer/Seller Study Real estate companies Customer satisfaction Satisfaction with real estate companies among homebuyers has improved from 2009, while satisfaction among home sellers has declined, according to the J.D. Power and Associates 2010 Home Buyer/Seller Study. To see results from homebuyers, go here . And for results from home sellers, go here . The study, now in its third year, measures customer satisfaction of homebuyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors for the home-buying experience: agent/salesperson; office; and variety of additional services. Four factors are examined for the home-selling experience: agent/salesperson; marketing; office; and variety of additional services. Overall satisfaction among homebuyers averaged 803 on a 1,000-point scale —increasing by 12 points from 2009. This improvement was primarily driven by increased satisfaction with agents and salespersons, J.D. Power reported. In contrast, overall satisfaction among home sellers declined by 40 points from 2009 and now averages 742. Among home sellers, satisfaction decreased in all four factors, with the largest declines observed in marketing of the home and the variety of additional services offered. “Among both homebuyers and home sellers, the importance of agents and salespersons has increased substantially in 2010, compared with 2009,” said Jim Howland , senior director of the real estate and construction practice at J.D. Power. “Buyers are increasingly relying upon negotiating skills of agents and seem to be satisfied with the purchase prices they are obtaining. Despite the fact that selling agents appear to be doing a good job of negotiating and marketing on behalf of home sellers, the tough economic conditions are negatively impacting their overall satisfaction with real estate companies.” In the home-buyer segment, Keller Williams ranks highest for a third consecutive year, with a score of 817 on a 1,000-point scale. Keller Williams performed particularly well in the agent and office factors. Following in the rankings were Prudential (811) and Coldwell Banker (805). Prudential performed well in the additional services category. Among home sellers, Prudential ranks highest with a score of 760 and performed particularly well in the marketing and agent factors. Prudential is the only company to improve in home-seller satisfaction this year compared with 2009.  Following Prudential in the rankings are Keller Williams (751) and RE/MAX (744). Keller Williams performed particularly well in the office factor. The study also found that less than one-half of homebuyers and sellers indicated their agent asked them to provide a referral or recommendation to a friend or family member. “Positive recommendations are a critically important driver of new business for agents, and there is ample opportunity for improvement in this area,” Howland said. “Particularly during tough times in the real estate market, asking for referrals and recommendations should be considered an essential part of doing business.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 10 Aug 2010 14:52:50 EST 3A129CF471EC40B4B9C46E87C11D5B78 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=F44AA031776F4B25A81821C3F5B428DF   In this article: Freddie Mac Primary Mortgage Market Survey Long-term Mortages Rates Frank Nothaft Freddie Mac released the results of its Primary Mortgage Market Survey, with the 30-year and 15-year fixed-rate mortgages reaching record lows for the survey. The five-year adjustable rate mortgage also reached its lowest level since Freddie Mac began tracking it in 2005. The 30-year fixed-rate mortgage (FRM) averaged 4.49 percent with an average 0.7 point for the week ending Aug. 5, down from the prior week when it averaged 4.54 percent. Last year at this time, the 30-year FRM averaged 5.22 percent. The 15-year FRM averaged a record low of 3.95 percent with an average 0.6 point, down from the prior week when it averaged 4 percent. A year ago at this time, the 15-year FRM averaged 4.63 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.63 percent for the week, with an average 0.6 point, down from the previous week when it averaged 3.76 percent. A year ago, the five-year ARM averaged 4.73 percent. The one-year Treasury-indexed ARM averaged 3.55 percent for the week with an average 0.7 point, down from the prior week when it averaged 3.64 percent. At this time last year, the one-year ARM averaged 4.78 percent. “And yet again, interest rates for fixed-rate mortgages and now the hybrid five-year ARM fell to all-time record lows this week, following the second quarter GDP release. Annual revisions cut the cumulative GDP growth in half over the past three years ending in the first quarter of 2010 from 1.4 percent to 0.6 percent. This reduces inflationary pressures and allows longer-term rates room to ease,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “More recently, housing investment picked up in the second quarter of this year as the homebuyer tax credit spurred new and existing sales and low mortgage rates encouraged remodeling. Fixed residential investment added 0.6 percentage points to second quarter real GDP growth following two quarters of decline,” he added.   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 10 Aug 2010 13:32:04 EST F44AA031776F4B25A81821C3F5B428DF http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=1A17A7855A05428AAA54AEE9153591A0   In this article: Mortgage Bankers Association Weekly Mortgage Applications Survey Refis Purchases The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending July 30, in which the Market Composite Index, a measure of mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 1.4 percent compared with the previous week. The Refinance Index increased 1.3 percent from the previous week. The seasonally adjusted Purchase Index increased 1.5 percent from one week earlier. This third straight weekly increase in the Purchase Index was driven by government purchase applications, which increased 3.4 percent from the previous week, while conventional purchase applications were essentially flat. The unadjusted Purchase Index increased 1.5 percent compared with the previous week, was up 7.1 percent relative to four weeks ago, but was 33.7 percent lower than the same week one year ago.   The four week moving average for the seasonally adjusted Market Index was up 0.3 percent. The four week moving average was up 0.9 percent for the seasonally adjusted Purchase Index, while this average was up 0.2 percent for the Refinance Index. The refinance share of mortgage activity remained flat at 78 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent from 5.7 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.60 percent from 4.69 percent, with points increasing to 0.93 from 0.88 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.03 percent from 4.12 percent, with points increasing to 1.01 from 0.83 (including the origination fee) for 80 percent LTV loans. This is the lowest 15-year contract rate ever recorded in the survey. The effective rate also decreased from last week. The average contract interest rate for one-year ARMs decreased to 7.10 percent from 7.15 percent, with points decreasing to 0.21 from 0.23 (including the origination fee) for 80 percent LTV loans. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 10 Aug 2010 13:30:04 EST 1A17A7855A05428AAA54AEE9153591A0 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=029D2F8DF7E04DD98CC9031E807DCBA0   State Housing Finance Agencies (HFAs) in North Carolina , Ohio , Oregon , Rhode Island and South Carolina can begin to use $600 million in foreclosure-prevention assistance from the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets under plans approved by the Obama Administration. In this article: State Housing Finance Agencies $600 million foreclosure aid Obama administration Hardest hit housing markets The assistance will support local initiatives to assist struggling homeowners in those five states that have high percentages of their population living in areas of economic distress due to unemployment.   “These states have designed targeted programs with the potential to make a real difference in the lives of homeowners struggling to make their mortgage payments because of unemployment,” said Treasury Assistant Secretary for Financial Stability Herb Allison . “While the Obama Administration has already taken critical action to strengthen the housing market and create jobs, we are committed to doing everything we can to immediately help those who are hurting the most during these tough times.” The proposals approved today include targeted programs to expand options for homeowners struggling to make their mortgage payments because of unemployment, as well as programs to address first and second liens, facilitate short sales and/or deeds-in-lieu of foreclosure, and assist in the payment of arrearages. States estimate that approximately 50,000 struggling homeowners will receive aid. HFAs gathered public input and designed programs to meet the specific challenges facing struggling homeowners in their states. Each state HFA then determined how to design programs and target resources to meet their unique needs.  The five HFAs submitted their Hardest Hit Fund proposals to Treasury on June 1.  Treasury then reviewed each state’s proposal to ensure compliance with the Emergency Economic Stabilization Act of 2008 and offer technical assistance to develop performance and reporting metrics. These states will now begin to set up and execute their specific Hardest Hit Fund programs to provide relief to homeowners as soon as possible. Specific implementation timing will vary based on the types of programs offered, specific procurement procedures and other factors in each individual state. Each state HFA will release more information in the near future about when they will begin to accept homeowner applications. President Obama established the Hardest Hit Fund in February to provide targeted aid to families in the states hit hardest by the downturn of the housing market. On June 23, the administration announced approval of state plans under the Hardest Hit Fund to provide $1.5 billion to the five states with home price declines of more than 20 percent: Arizona , California , Florida , Michigan and Nevada . A state-by-state summary of the Hardest Hit Fund proposals approved today is available below. For copies of the approved proposals, go here . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Tue, 10 Aug 2010 13:25:51 EST 029D2F8DF7E04DD98CC9031E807DCBA0 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=F8B43E80431346B6BD1EB71E6AFD15D0   In this article: Pending home sales National Association of Realtors Lawrence Yun Homebuyer tax credit Pending home sales edged down with near-term sales expected to be notably lower in contrast to the spring surge, when buyers rushed to take advantage of the federal homebuyer tax credit, according to the National Association of Realtors (NAR). The Pending Home Sales Index (PHSI), a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, and is 18.6 percent below June 2009, when it was 93. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. Lawrence Yun , NAR chief economist, said lower home sales are expected in the short term. “There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve,” he said. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.” Yun expects mortgage interest rates to remain historically low for the balance of the year, with very modest growth in employment. “We really need to see stronger job creation to have a meaningful recovery in the housing markets,” he said. The PHSI in the Northeast dropped 12.2 percent to 58.8 in June and is 25.4 percent lower than June 2009. In the Midwest , the index fell 9.5 percent to 64.1 and is 27.8 percent lower than a year ago. Pending home sales in the South rose 3.7 percent to an index of 85.8, but are 13.3 percent below June 2009. In the West, the index slipped 0.2 percent to 85.1 but is 14.2 percent below a year ago. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Fri, 06 Aug 2010 14:07:16 EST F8B43E80431346B6BD1EB71E6AFD15D0 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=4E4AFEC16A624132A1A323685E28D682   In this article: HR 5951 Federal Housing Administration FHA premiums David Stevens Congress passed HR 5951 on Aug. 4, giving the Federal Housing Administration (FHA) authority to adjust its annual mortgage insurance premium to help add dollars back to its depleted reserves. The move will provide FHA with approximately $300 million of additional insurance income per month to the Mutual Mortgage Insurance fund (MMI). The previous annual premium fee of 0.55 percent of the total loan borrowers took out is now permitted to be raised to as high as 1.55 percent. The FHA has stated that it does not plan to raise the premium for new borrowers to the maximum allowable amount and that homeowners on average will pay an additional $38 per month. “I thank Congress for giving FHA the flexibility to adjust its annual premium at a time when our reserves are perilously low,” said FHA Commissioner David Stevens. “With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to its congressionally mandated level without disruption to the housing market.  “While we appreciate and applaud this recent action, there is still work to be done. HUD remains steadfast in its commitment to comprehensive FHA reform legislation, similar to the FHA Reform Act passed earlier this year by the House, which would further enhance FHA’s lender enforcement capabilities and risk management efforts. We hope Congress will take swift action to pass a broader FHA reform bill when they return from the August recess. FHA’s risk management efforts will not be complete without the ability to monitor lender performance and ensure compliance with our rules.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 06 Aug 2010 14:05:30 EST 4E4AFEC16A624132A1A323685E28D682 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=F3A94E7280864CE5AA35C63FABBA1595   In this article: Linear Title & Closing Malissa Bernstein REO Default services Middletown, R.I.-based Linear Title & Closing opened an REO and default services division, which will specialize in meeting the emerging needs of lenders and default services companies by providing title and closing services.    Malissa Bernstein , an industry veteran with more than 20 years of experience in the REO and default space was hired as vice president of the new division and will oversee the company’s marketing efforts for REO and default services. She will also assist in creating strategies to streamline the REO title and closing processing, which is intended to result in greater efficiencies for lenders and servicing companies. The company has created tools for easy integration of its title processing software specifically for default products. “It is becoming increasingly important for lenders to move underperforming properties in bulk. We have created the technical tools and designed the proper platform for streamlining the title and closing processing for REO transactions and default products,” Bernstein said. “We are very excited about the opportunities in the REO and default market.” Bernstein has held various key positions throughout her career as an executive working with REO and default services. She brings tremendous experience and a network of strong industry contacts, Linear stated. “We are very excited about the addition of Malissa Bernstein to our team. The union allows Linear to present new economies to lenders looking to streamline title processing for distressed or REO properties. Our solution is sure to benefit lenders and default servicing companies,” said Nick Liuzza , president and CEO of Linear Title. The company also opened a support center designated for handling communication between all parties involved in REO, short sale and other default transactions. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Fri, 06 Aug 2010 14:03:38 EST F3A94E7280864CE5AA35C63FABBA1595 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=E3FD9098DDE74516B4F70DCCA21D8714 In this article: Chase California Bank branches Mortgage lending Chase plans to open new full-service bank branches in 22 Albertsons stores in Southern and Central California this year. The first branches are already open in Kern, San Diego , Riverside , Orange and Los Angeles counties, as Chase expands to more than 800 branches in the state by yearend. Chase plans to hire about 200 employees to staff the new locations. The lender already serves customers through 330 supermarket branches in Arizona , Colorado , Louisiana , Idaho , Illinois , Oregon , Texas and Washington . “These new locations reaffirm our commitment to make Chase even more convenient for our customers, especially when they can get their shopping and banking done in one stop,” said Pablo Sanchez , Chase’s region executive. “It's exciting to partner with Albertsons, which have earned the business of so many consumers.” Branch bankers will offer customers a full range of services from checking and savings accounts to mortgages, business loans and investments from 9 a.m. to 7 p.m. weekdays and 9 a.m. to 4 p.m. Saturdays. Each participating Albertsons branch also will include a Chase ATM to provide additional hours of service. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Thu, 05 Aug 2010 14:57:02 EST E3FD9098DDE74516B4F70DCCA21D8714 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=FFB6A392242C4A5491569067B2695939 In this article: Las Vegas Housing market MDA DataQuick Foreclosures The number of homes sold in the Las Vegas region last month shot up from May but fell short of a year ago, when first-time buyers and investors had more deeply discounted foreclosures and other sub-$100,000 homes to choose from. Various home prices measures indicated little change last month, a real estate information service reported. Foreclosure resales – homes that had been foreclosed on in the prior 12 months – fell to 46.4 percent of all resales in June, down from 49.5 percent in May and down from a near-record 70.0 percent a year ago, according to MDA DataQuick of San Diego. The firm tracks real estate trends nationally via public property records. Foreclosure resales have declined each month since they peaked at 73.7 percent in May last year. Last month’s figure was the lowest since foreclosure resales were 43.3 percent of the resale market in January 2008. A total of 5,397 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) last month, up 23.1 percent from May but down 2.2 percent from a year earlier. On average, sales have increased 8.9 percent between May and June since 1994, when DataQuick’s complete Las Vegas region statistics begin. It’s likely that June’s jump in escrow closings over May is at least partly the result of a burst of escrow openings back in April, given the deadline to open escrow to be eligible for the former federal home buyer tax credit was April 30. Many of those deals would have closed escrow in June, especially if they were short sales, which typically take longer to complete. Despite any boost from the tax credits, June’s sales total was still the third-lowest for that month – behind 2007 and 2008 – since 2001. It was 1.3 percent higher than the average June sales tally back to 1994. The dip in sales from a year ago is partly a reflection of growing price stability and, in some areas, price gains, which have coincided with the decline in foreclosure resales over the past year. Buyers simply have fewer bargains – especially under $100,000 – to choose from. Last month’s sales of homes priced below $100,000 fell to 28.9 percent of all transactions, down from 30.8 percent in May and 32.1 percent a year ago. Meanwhile, sales between $100,000 and $200,000 rose to 47.6 percent of all deals, up from 46.4 percent in May and 43.9 percent a year ago. In the market’s higher-end, sales above $500,000 were 2.0 percent of all transactions, down from 2.5 percent in May but up from 1.7 percent in June 2009. The number of houses and condos that resold (excludes newly built homes) in June rose to 4,480, up 16.1 percent from May but down 11.2 percent from a year earlier – the third consecutive month to post a year-over-year decline. Until April this year, resales had risen on a year-over-year basis for 23 straight months. Sales of all newly built houses and condos shot up to 917 in June, up 74.0 percent from May and up 93.1 percent from a year earlier. However, it was still the second-slowest June, behind last year, for new-home sales since at least 1994. The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in June was $136,290, up 1.7 percent from $134,0000 in May and up 1 percent from $135,000 a year earlier. In April this year, the median had risen above the year-ago level by 0.7 percent, marking the first annual gain since February 2007, but then the median dropped by 0.7 percent in May. Last month’s median was 56.3 percent below the peak $312,000 median in November 2006. The median price paid for resale single-family detached houses – by far the region’s largest home-type category – was $139,000, up 1.1 percent from $137,500 in May but down 0.7 percent from $140,000 a year earlier. The June resale house median was 55.5 percent lower than the peak $312,250 resale house median in June 2006. The median price paid last month for resale condos was $70,000, down 2.8 percent from May but the same as a year earlier. The resale condo median has been hovering a bit above or below $70,000 each month over the last year. June’s resale condo median stood 65.5 percent below its $203,000 peak in July 2006. An alternative price gauge – the median paid per square foot for resale single-family detached houses – held at $77 last month, unchanged from May and a year ago. Last month marked the third consecutive month in which that price measure didn’t fall year-over-year. Prior to this April, the median paid per square foot had declined year-over-year each month since late 2006. June’s figure was 59.5 percent below the June 2006 peak of $190 per square foot. Meanwhile, foreclosures eased again last month. In June, lenders foreclosed on 2,630 single-family house and condo units in the Las Vegas region, down 2.6 percent from May and down 27.4 percent from a year ago. The peak month was February 2009, when 3,718 homes were foreclosed on. The figures are based on the number of Trustees Deeds filed at the county recorder’s office. In the first six months of this year, 14,206 Las Vegas region houses and condo units were lost to foreclosure, down 13.9 percent from the same six-month period last year. The foreclosure totals can include units that the county assessor has designated condos, but are currently used as apartments (e.g. a 100-unit complex designated as condos but used as apartments could be foreclosed on and those units would be reflected in the foreclosure total for that month).  For this reason and others, the number of foreclosure filings has seesawed, and a single month’s increase or decline doesn’t necessarily indicate a new trend. The drop in the number of foreclosures re-selling has created stiff competition between first-time buyers and investors, who continue to represent a huge portion of the market. In June, a popular form of financing for first-time home buyers – government-insured FHA loans – accounted for 54.5 percent of all home purchase loans. That was up from 51.7 percent in May but down slightly from 55.7 percent a year earlier.  Absentee buyers purchased 37.5 percent of all Las Vegas–area homes sold in June, paying a median $113,000, which was up from a median of $110,000 in May and $105,000 a year earlier. Absentee buyers bought 40.9 percent of the homes sold in May and 37.5 percent in June 2009. Absentee buyers are often investors, but can include second-home buyers and others who, for various reasons, indicate at the time of sale that the property tax bill will go to a different address. Buyers who appear to have used cash to purchase their homes accounted for 42.5 percent of all June sales, down from 46.7 percent in May but up from 42.1 percent a year earlier, based on an analysis of public property records. The median price paid in these seemingly all-cash deals in June was $105,000, the same as in May but up from $95,000 a year ago. Specifically, these all-cash deals were transactions where there was no indication of a purchase mortgage recorded at the time of sale. Some of these “cash” buyers could have used alternative financing arrangements outside of a typical, recorded purchase mortgage, and in some cases they might be taking out mortgages after their purchases. All-cash deals have become popular in many Western markets where prices have dropped sharply, luring investor buyers who can’t always qualify for traditional mortgages. Moreover, sellers favor the relative speed and certainty of all-cash transactions.  Last month 3.5 percent of all homes sold had been “flipped,” meaning they had previously been sold on the open market within the prior six months. In May the flipping rate was 4.8 percent, while a year ago it was 2.4 percent. The region’s flipping rate peaked in September 2004 at 8.9 percent. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Thu, 05 Aug 2010 13:54:03 EST FFB6A392242C4A5491569067B2695939 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=C6121EF8AF974D37AF57F7E8F09044D8 In this article: Sterling National Corp. RESPA Escrow solution Total Escrow Solutions Sterling National Corp., a specialty insurance and technology-enabled solutions provider for the residential mortgage servicing and insurance industries, rolled out Sterling Total Escrow SolutionsSM. A complete escrow solution, it allows small lenders to quickly order escrow administration services for new loans and generate the Initial Escrow Disclosure Statement online via TotalEscrowServicing.com. “From the very beginning, Sterling National has been in the solutions business. We saw that the new RESPA escrow requirements were going to create great challenges to small lenders. The regulations could have conceivably driven them out of the business of originating higher-priced mortgage loans,” said product line executive John Tomko . “For community banks and credit unions to turn away these customers would have represented not only a loss of revenue, but a diminished relationship with their customers.” Sterling Total Escrow Solutions is a comprehensive escrow administration solution for small lenders such as community banks and credit unions who have been struggling to comply with new RESPA provisions. Utilizing a loan wizard and single sign-on security technology, loan personnel are walked step-by-step through the process to enter borrowers’ loan and property information to retrieve real-time tax line information in the system’s 134-million-parcel-strong database. From there, loan personnel have the ability to amend tax lines and enter insurance information to generate the Initial Escrow Analysis Disclosure Statement. Sterling Total Escrow Solutions includes escrow disbursement scheduling for real estate tax payments and property insurance payments as well as the generation of the Annual Escrow Analysis Statement. “Having studied this market, we understand that community banks and credit unions need the support of an escrow expert to help them be successful under these new regulations,” Tomko said. “The beauty is that our decade-long experience in tax servicing and 30 years of insurance tracking compliance are embedded in this solution. Now lenders won’t have to choose between investing valuable time learning the ins and outs of escrow regulation or exiting the origination business.” More information about Sterling Total Escrow Solutions is available at www.TotalEscrowServicing.com. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Thu, 05 Aug 2010 13:51:47 EST C6121EF8AF974D37AF57F7E8F09044D8 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=D93F7EEB4514491EA89307AECED4C10E In this article: Realtor Association of Greater Miami and the Beaches Realtor Association of Miami-Dade County National Association of Realtors Florida Realtor groups The Realtor Association of Greater Miami and the Beaches (RAMB) and the Realtor Association of Miami-Dade County (RAMDC) have merged into one association. The organization’s new name will be the Miami Association of Realtors (MIAMI) once the name is approved by the National Association of Realtors (NAR). This is the largest merger in the history of NAR, bringing together 23,000 Realtors in South Florida and forming the largest Realtor association in the nation. Jack H. Levine , president of Levine Realty Inc., will serve as the first chairman of the board of the new MIAMI association. Levine considers this historic merger a milestone that will benefit the 11,500 members of each organization, the local real estate industry and business community, and the buying and selling public. “Together, we are uniquely positioned to provide South Florida Realtors with the most comprehensive and leading-edge real estate marketing tools and services available that will enhance how MIAMI members serve their clients,” Levine said. “In addition, consumers will now have access to more combined tools and resources in South Florida than almost any other market. This unprecedented development further strengthens the South Florida real estate market’s position as a world-class destination and expands international opportunities, which will result in even more demand for local real estate.” Serving with Levine will be Residential President Oliver Ruiz , Commercial President Ron Kohn , Broward County President Terri Bersach and Presidents-elect Martha Pomares , Ralph De Martino , Patricia Delinois , Betty Gonzalez , John Dohm and Natascha Tello . RAMB Chief Executive Officer Teresa King Kinney will serve as the CEO of the merged association. The merger became effective on Aug. 2. A merger celebration and installation event, which will also highlight the association’s 90th anniversary, is planned for October 15 at Jungle Island in Miami . “It is a great honor to help lead this new merged association, which combines the rich histories, large memberships and powerful programs of two very successful organizations, providing unlimited new opportunities for the future,” Kinney said. “We remain committed to excellence, innovation and serving our more than 23,000 members, who represent every specialty of real estate, including residential, commercial and international.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 03 Aug 2010 13:51:03 EST D93F7EEB4514491EA89307AECED4C10E http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=5BCF562CA0EF4996AE340FF246E9D7B9 In this article: RealtyTrac Foreclosures Metro area foreclosure rates Midyear foreclosure report RealtyTrac released its Midyear 2010 Metropolitan Foreclosure Market Report, which shows 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity even while foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates. Four states — Florida , California , Nevada and Arizona — accounted for all top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one. “While we’re seeing early signs that foreclosure activity may have peaked in some of the hardest-hit markets, foreclosures continued to rise in three-quarters of the nation’s metropolitan areas in the first half of the year,” said James J. Saccacio , chief executive officer of RealtyTrac. “The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth. If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas.”     Top 10 metro foreclosure rates Las Vegas continued to post the nation’s highest metro foreclosure rate in the first half of the year, with 6.6 percent of its housing units (one in 15) receiving a foreclosure filing — more than five times the national average. A total of 53,525 Las Vegas properties received a foreclosure filing during the six-month period, a decrease of nearly 15 percent from the previous six months and a decrease of nearly 9 percent from the first half of 2009. Foreclosure activity in the Cape Coral-Fort Myers, Fla., metro area decreased nearly 22 percent from the previous six months and was down nearly 30 percent from the first half of 2009, but the metro area still documented the nation’s second-highest metro foreclosure rate — 4.98 percent of its housing units (one in 20) received a foreclosure filing during the six-month period. Other Florida cities in the top 10 were Orlando-Kissimmee at No. 8 (4.15 percent of housing units) and Miami-Fort Lauderdale-Pompano Beach at No. 10 (3.89 percent).    With 4.59 percent of its housing units (one in 22) receiving a foreclosure filing, Modesto , Calif. , posted the nation’s third-highest metro foreclosure rate. Other California cities in the top 10 were Merced at No. 4 (4.47 percent of housing units); Riverside-San Bernardino-Ontario at No. 5 (4.37 percent); Stockton at No. 6 (4.37 percent); and Vallejo-Fairfield at No. 9 (3.91 percent). The Phoenix-Mesa-Scottsdale metro area in Arizona posted the nation’s seventh highest metro foreclosure rate, with 4.28 percent of its housing units (one in 23) receiving a foreclosure filing in the first half of 2010. Metros with highest foreclosure totals More properties received a foreclosure filing in the Miami-Fort Lauderdale-Pompano Beach metro area during the first half of 2010 than any other metro area with a population of 200,000 or more. A total of 94,466 properties in the Miami area received a foreclosure filing during the six-month period, a decrease of 8 percent from the previous six months, but up nearly 11 percent from the first six months of 2009. A total of 93,263 properties in the Los Angeles-Long Beach-Santa Ana metro area received a foreclosure filing in the first half of 2010, the second highest total of any metro area nationwide and 2.11 percent of all housing units (one in 47) — ranking No. 35 in terms of foreclosure rate. A total of 78,022 properties in the Chicago-Naperville-Joliet metro area received a foreclosure filing in the first half of 2010, the third-highest total and 2.07 percent of all housing units (one in 48) — ranking No. 37 in terms of foreclosure rate. Other metro areas with the 10 highest foreclosure totals were Phoenix-Mesa-Scottsdale (73,352), Riverside-San Bernardino-Ontario (63,717), Las Vegas-Paradise (53,525), Atlanta-Sandy Springs-Marietta (52,381), Detroit-Warren-Livonia (47,563), New York-Northern New Jersey-Long Island (44,522), and Orlando-Kissimmee (37,352). Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Tue, 03 Aug 2010 13:45:23 EST 5BCF562CA0EF4996AE340FF246E9D7B9 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=5A443C400C054E51A2AD43B1C899F58B Freddie Mac released the results of its Primary Mortgage Market Survey, in which the 30-year and 15-year fixed-rate mortgages reached record lows for the survey. In this article: Freddie Mac Primary Mortgage Market Survey Long-term Mortages Rates Frank Nothaft The 30-year fixed-rate mortgage (FRM) averaged 4.54 percent with an average 0.7 point for the week ending July 29, down from the prior week when it averaged 4.56 percent. Last year at this time, the 30-year FRM averaged 5.25 percent. The 15-year FRM averaged a record low of 4 percent with an average 0.7 point, down from the previous week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.76 percent for the week, with an average 0.7 point, down from the prior week when it averaged 3.79 percent. A year ago, the five-year ARM averaged 4.75 percent. The one-year Treasury-indexed ARM averaged 3.64 percent for the week with an average 0.7 point, down from the previous week when it averaged 3.70 percent. At this time last year, the one-year ARM averaged 4.80 percent. “For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports. The number of local markets experiencing annual increases in home prices appears to be growing. For instance, 13 metropolitan areas in the S&P/Case-Shiller 20-city index experienced price appreciation over the 12-months ending in May, compared to 11 in April and 10 in March,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “However, existing home sales in June slowed to an annualized pace of 4.37 million units, the fewest since March. Moreover, although new home sales jumped by almost 24 percent to 330,000 dwellings, it represented the second slowest rate since 1963,” he added. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Tue, 03 Aug 2010 13:43:31 EST 5A443C400C054E51A2AD43B1C899F58B http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=56AF9BD23A3B4BE7BB86AF904A81690A In this article: Mortgage Bankers Association Weekly Mortgage Applications Survey Refinances Purchases The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending July 23, in which the Market Composite Index, a measure of mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 4.2 percent compared with the previous week. The Refinance Index decreased 5.9 percent from the previous week. The seasonally adjusted Purchase Index increased 2 percent from one week earlier and is the highest Purchase Index observed in the survey since the end of June. The unadjusted Purchase Index increased 2.4 percent compared with the previous week and was 34.3 percent lower than the same week one year ago.   The four week moving average for the seasonally adjusted Market Index was up 1.6 percent. The four week moving average is flat for the seasonally adjusted Purchase Index, while this average is up 2 percent for the Refinance Index. The refinance share of mortgage activity decreased to 78 percent of total applications from 79.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.7 percent from 5.2 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69 percent from 4.59 percent, with points decreasing to 0.88 from 1.04 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also increased from the previous week. The average contract interest rate for 15-year fixed-rate mortgages increased to 4.12 percent from 4.05 percent, with points decreasing to 0.83 from 0.88 (including the origination fee) for 80 percent LTV loans. The effective rate also increased from the prior week. The average contract interest rate for one-year ARMs decreased to 7.15 percent from 7.17 percent, with points decreasing to 0.23 from 0.24 (including the origination fee) for 80 percent LTV loans. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 30 Jul 2010 13:29:22 EST 56AF9BD23A3B4BE7BB86AF904A81690A http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=14419F759AAC46528D71F1E17498F3C2 In this article: California Department of Real Estate Real estate licenses Revoked licenses Jeff Davi The California Department of Real Estate (DRE), the state department that issues real estate licenses and enforces the state’s real estate law, revoked a record number of licenses in the fiscal year ended June 30. The DRE also accepted a record number of license surrenders from licensees facing disciplinary action. Overall, more than 886 licensees had their license either revoked or suspended or they surrendered their licenses while facing accusations. Disciplinary actions taken by the DRE have risen 60 percent over the past three years. Over the past two fiscal years, the DRE took 1,712 actions, which represent a 36 percent increase over the 1,258 actions taken in fiscal years 2007 and 2008. The DRE said the trend is likely to continue. The department currently has about 5,400 open investigations, as the downturn in the real estate market uncovered a number of abusive practices proliferating in the state. “Until recently, loan modification scams were the most problematic, but now we are uncovering schemes that center on short sales,” said DRE Commissioner Jeff Davi . “The DRE will continue to vigorously pursue and revoke the licensees of errant operators and get them out of the real estate business.” The DRE maintains a searchable licensing database on its Web site that shows if a person or company has a valid real estate license and whether the license has ever been disciplined or revoked. In addition, the DRE posts a monthly composite of all of the disciplinary actions taken by the department. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Fri, 30 Jul 2010 13:27:12 EST 14419F759AAC46528D71F1E17498F3C2 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=9BA31D4CA223419DBE0397F3BE4BD083 In this article: Williams Title Business development Vanessa Guzman Sandy Plavin Williams Title Guaranty and Escrow Agency Ltd., a Colorado-based title and escrow services agency offering sale and mortgage services for residential and commercial real estate, added two new employees to its staff. Vanessa Guzman is manager of business development, and Sandy Plavin is Williams Title’s new business development specialist. Their positions became official on July 1. Guzman is a long-time, Denver-area real estate expert. She has held numerous positions within the real estate community and the Hispanic business communities, including the Colorado Association of Hispanic Real Estate Professionals, Denver Board of Realtors and the Circle of Latina Leadership. Plaven has been in the title insurance industry for 30 years. She is known for her extensive title insurance knowledge, her title insurance experience and her ability to negotiate and facilitate real estate transactions.   “Williams Title understands the current climate of the real estate industry in a detailed and very local way," Guzman said. "It is a company that is a perfect fit for me because real estate is local, and Williams Title is dedicated to hands-on, detailed community-oriented service. I look forward to bringing my particular background to the Williams Title community and to getting to know the vast audience of Williams Title services.” “I particularly look forward to visiting with Williams Title customers," Plavin said, "and to developing relationships with potential select new clientele of Williams Title caliber." “Williams Title is dedicated to gathering the best talent in key corners of the industry," said Williams Title COO Michelle McCollum . "Vanessa and Sandy understand that we work every day to brainstorm and develop custom-made avenues for each of our clients' individual needs. Vanessa and Sandy are well versed in our unique title insurance operations, and we are very fortunate to have them on our team.            Williams Title has offices in Cherry Creek in Denver and in Centennial, Colo.      For more information, contact Michelle McCollum at 720-313-4013 or visit www.williamstitle.com . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 30 Jul 2010 13:25:29 EST 9BA31D4CA223419DBE0397F3BE4BD083 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=846A71752A5A482695DC250DD1D0027F In this article: Obama administration Fannie Mae Freddie Mac Housing finance reform The Obama administration expanded opportunities for public engagement on the future of the nation’s housing finance system — including Fannie Mae and Freddie Mac — that will include a major conference in Washington , D.C. , where input may be shared on the housing finance reform proposal that must be submitted to Congress by January 2011. "The future of our housing finance system is critical not only to our economic recovery, but also to millions of American homeowners in every corner of our country," said Treasury Secretary Tim Geithner . "Now is the time to build on the foundation we laid with the historic Wall Street Reform legislation President Obama signed last week and aggressively move forward to improve our nation's housing finance system. The Obama administration is committed to delivering a comprehensive reform proposal that protects taxpayers, institutes tough oversight, restores the long-term health of our housing market and strengthens our nation's economic recovery." In the months ahead, the administration will continue to gather input from a broad cross-section of stakeholders through a variety of events. On Aug. 17, it will hold a conference on the future of housing finance at the U.S. Treasury Department in Washington , D.C. The event will bring together leading academic experts, consumer and community organizations, industry groups, market participants and other stakeholders for an open discussion about housing finance reform. The administration has already begun developing proposals for reforming housing finance. Secretaries Geithner and Shaun Donovan delivered testimony before Congress on the ongoing work in this area and the broad principles that would guide those efforts. In April 2010, Treasury and the U.S. Department of Housing and Urban Development issued a set of questions for public comment on the future of the housing finance system, which received more than 300 responses from a broad cross-section of consumer groups, industry groups, market participants, members of the public, think tanks and other stakeholders. These responses will help provide additional input and perspective as the administration moves forward to develop its comprehensive reform proposal. To view responses to the questions for public comment, please go here or here . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Fri, 30 Jul 2010 13:23:40 EST 846A71752A5A482695DC250DD1D0027F http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=B442661667DE41D9B827B969FD30D9BB In this article: Lender Processing Services Quarterly earnings Lee A. Kennedy Jeff Carbiener Lender Processing Services Inc., a provider of integrated technology and services to the mortgage and real estate industries, reported consolidated revenues of $599.1 million for the second quarter of 2010, a decrease of 2.3 percent compared to the second quarter of 2009; however, net earnings of $80.4 million or increased from $75.2 million in the prior year quarter. Adjusted net earnings for the second quarter were $84 million compared to $79.8 million in Q2 2009.  “LPS had a strong quarter despite very difficult conditions in both the origination and default markets and a sustained challenging macro-economic environment. LPS, with its comprehensive end-to-end solutions for the mortgage and real estate industries, remains well positioned for a solid 2010 and to continue to grow profitably in 2011 and beyond,” said Lee A. Kennedy , executive chairman of LPS. “Our Mortgage Processing business delivered another strong quarter, and while our Loan Facilitation and Default Services businesses were both impacted by sluggish industry trends, we continued to expand market share in both areas,” added Jeff Carbiener , president and CEO of LPS. Operating income of $148.4 million in the quarter increased from $143.7 million in the second quarter of 2009 and operating margins improved by 140 basis points to 24.8 percent. Technology, Data and Analytics (TD&A) Revenues for the segment were $185.2 million compared to $171.9 million in the second quarter of 2009, while operating income of $64.8 million compared to $55.1 million in the prior year period. Mortgage Processing revenues of $102.4 million were 14.3 percent above the second quarter of 2009, primarily due to higher activity-based fees as well as professional services and license revenues. Other TD&A revenues of $82.9 million compared to $82.3 million in the same period last year. Overall operating income for TD&A grew 17.6 percent primarily due to higher contributions from Mortgage Processing somewhat offset by lower contributions from LPS’s Desktop business due to investments in key implementations for top-tier financial institutions and also from our Data & Analytics businesses. Loan Transaction Services (LTS) Revenues for the segment were $415.5 million compared to $448.0 million in the second quarter of 2009 and operating income was $101.6 million compared to $109.6 million in the prior year quarter.  While Loan Facilitation Services revenues of $140.5 million declined 5.4 percent year-over-year, they compared favorably to the Mortgage Bankers Association’s estimate of overall originations being lower by 20 percent year-over-year.  This positive variance was primarily due to market share gains in LPS’s settlement services and appraisal offerings. Default Services revenues of $275.0 million declined 8.2 percent compared to the second quarter of 2009 due to a decline in industry foreclosure starts of 16 percent for the same period, per LPS’s Mortgage Monitor report, which were driven by a broader industry slowdown. Overall operating income for LTS was lower mainly due to lower contributions from Default Services partly offset by higher income in Loan Facilitation services. Corporate and other Net corporate expenses in the second quarter of 2010 were $18 million compared to $21 million in the prior year quarter primarily due to lower incentive compensation costs.   “Second quarter and first half of 2010 results were solid given the challenges in our specific markets and the broader economic environment. LPS, with its market-leading presence, remains well-positioned to grow revenue and earnings in the second half of 2010 as well as in 2011,” Carbiener said. “Based on trends in the first half of 2010 and the outlook for the remainder of the year for the origination and default markets, we now expect full-year 2010 revenues to grow 3 to 6 percent compared to 2009.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Thu, 29 Jul 2010 14:03:52 EST B442661667DE41D9B827B969FD30D9BB http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=8A0F2403EF9F4C25BA34D818B7C2E45E In this article: Advertising Council U.S. Department of Housing and Urban Development HAMP Public service announcement The Advertising Council, in partnership with the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development (HUD), is launching a national public service advertising (PSA) campaign designed to encourage homeowners who are struggling with their monthly mortgage payments to learn about the Making Home Affordable Program. While more than 1 million homeowners have already received assistance from the program, the national campaign encourages other struggling homeowners who may be eligible for assistance to reach out for the help they need through free resources made available by the federal government. The PSAs direct homeowners to visit MakingHomeAffordable.gov or call 1-888-995-HOPE (4673) to see if they may be eligible for assistance to make their mortgage payments more affordable and to understand options they may have to avoid foreclosure. "Even though the economy is getting stronger, many Americans are still facing the fear and uncertainty of losing their home to foreclosure," said Treasury Secretary Tim Geithner . "The administration's loan modification programs have given more than 1 million responsible homeowners a chance to stay in their homes, and we want to do all we can to help make sure that struggling homeowners know about these free resources for help." "We are proud to partner with the Treasury and HUD on this critical campaign to educate Americans about free resources available to help them prevent foreclosures," said Peggy Conlon , president and CEO of the Ad Council. "We hope Americans who are struggling will be empowered by these compelling PSAs and take simple actions to help them stay in their homes." The Ad Council will distribute the new PSAs to more than 33,000 media outlets nationwide. The campaign includes television, radio, print, out-of-home and Web advertising. The PSAs will air in advertising space donated by the media. Since HAMP was launched in February 2009, more than 1.5 million homeowners have been offered help under the program, and almost 1.3 million homeowners have started a trial plan. As of June, servicers had completed more than 340,000 permanent modifications under the program. To view the PSAs, visit http://www.makinghomeaffordable.gov/psa/about.html . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Thu, 29 Jul 2010 13:51:04 EST 8A0F2403EF9F4C25BA34D818B7C2E45E http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=CC70BA4CB9274F26833B307FCC1E6BBA In this article: First American National Default Title Services First American Title Insurance Co. Cathe Cole-Sherburn Milt Baker First American National Default Title Services, a division of First American Title Insurance Co., made two executive level personnel changes. Cathe Cole-Sherburn joined the company as senior vice president of the Trustee Servicing Solutions division (formerly LoanStar Trustee Services). Also, Milt Baker was appointed senior vice president of the Western States Trustee Sale Guarantee division. In her new role, Cole-Sherburn will have direct responsibility for all operations including technology and business development.  Cole-Sherburn has more than 28 years of experience managing various default-related businesses and has been instrumental in setting up a number of out-of-state offices, as well as obtaining Freddie Mac and Fannie Mae counsel designations. Before joining First American, she was most recently with Mortgage Lender Services and prior to that she worked for Northwest Trustee Services.   Cole-Sherburn is based in the Corona , Calif. , office and can be reached at (951) 893-4664 or ccole-sherburn@firstam.com . In his new role, Baker will direct business development and customer relations in the Western United States . Baker joined First American in 2000 as a sales executive in the Lenders Advantage division and over the past 10 years has held a variety of senior-level sales positions in both the Lenders Advantage and National Default Title Services divisions. Prior to joining First American, he held a range of sales management positions at regional and national title companies.  Baker has more than 25 years of experience forging strong relationships and strategic partnerships with real estate, title, banking and mortgage professionals. He is a member of the United Trustees Association and the Association of Real Estate Owned Managers. Baker can be reached at milbaker@firstam.com or at 714-250-4462. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Thu, 29 Jul 2010 13:49:27 EST CC70BA4CB9274F26833B307FCC1E6BBA http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=D884047A3004417B823111B6EEB51E03 In this article: First American Outsourcing and Technology Solutions The First American Corp. Real estate owned property REO management First American Outsourcing and Technology Solutions, a member of The First American Corp. family of in companies, now offers what it is calling the industry’s first combined service package that provides a fixed cost for asset management and disposition as well as property preservation on real estate owned (REO) property. Under the new pricing structure, First American will offer a flat fee for managing and selling REO assets as well as traditional field service functions needed to prepare and maintain the properties. Depending on the mix and price of assets in the portfolio, the fixed price on the referral fee enables servicers to reduce their field service expenses even further. “Our new program gives default managers a more accurate way to budget, plan and strategically allocate their resources,” said Kevin Wall , vice president of operations at First American Outsourcing and Technology Solutions. “For a typical mix of properties in multiple markets, this new pricing structure will enable servicers to greatly reduce their overall REO expenses and improve their operational capacity.” Under the new program, First American will provide an array of traditional field services such as preparation and ongoing maintenance, along with value-added offerings such as securing the property within 24 hours of referral and vacant property registration with the local municipality. These services may be performed for a period of up to six months, depending on the client’s needs. “The time between foreclosure and remarketing is critical,” said Mark Velazquez , senior director of operations for First American Outsourcing and Technology Solutions. “Many newly foreclosed properties are vandalized or damaged while waiting for field services, which results in additional costs to the investor. By securing the property within 24 hours and immediately initiating property preservation, we minimize those additional expenses. In addition to delivering all of the standard repair and maintenance activities, we also serve as the main point of contact for a range of property management services. This enables our clients to reduce vendor management workloads and property preservation costs.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 27 Jul 2010 14:00:23 EST D884047A3004417B823111B6EEB51E03 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=451F25B33D7247A89A129C4D123C10AD In this article: EnTitle Insurance Co. Michael Holden Agency division Michael Waiwood EnTitle Insurance Co., a national title insurance underwriter, will expand agency operations and begin accepting agency applications to become a policy-issuing agent for the company. To provide consistent service to new and existing agents, EnTitle hired Michael Holden as national agency director. Holden has 21 years experience in title insurance and has worked as both an agent and executive with a regional underwriter. “So many national underwriters are cancelling agents or withdrawing from states entirely that the landscape is in real need of a stable, highly rated national underwriter. EnTitle Insurance is uniquely positioned to fill that role with licenses in 33 states, including the West, Midwest , Gulf and Eastern states,” Holden said. “Mr. Holden is a great addition for our company as he fills several roles to allow us to expand our agent base. His knowledge and expertise will allow us to grow consistent with our values and better serve our existing agent pool,” said Michael Waiwood , president of EnTitle Insurance Co. Founded in 1978 as Guardian National Title Insurance Co., EnTitle changed its name in 2008 to better reflect its mission for the next 30 years and beyond. EnTitle Insurance serves both agents and consumers around the country with a focus on delivering the highest level of customer service. EnTitle continues to maintain a Financial Stability Rating of A′ (A-Prime), Unsurpassed, from Demotech Inc., an actuarial consulting and financial analysis firm located in Columbus, Ohio. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 27 Jul 2010 13:57:21 EST 451F25B33D7247A89A129C4D123C10AD http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=E4C45398A8CC4233AFBDC93439ADBC69   In this article: TSS Software Corporation TitleSphere Barbara Miller Cloud computing TSS Software Corporation launched TitleSphere, a 100 percent Web-based solution for use by title agents, mortgage lenders and closing attorneys nationwide. This announcement marks the release of TitleSphere’s inaugural solution, which includes complete Good Faith Estimate and HUD-1 preparation, alongside document, contact and calendar management. Users only require a computer with a reliable Internet connection to work from anywhere at any time. Additional benefits include flexible and affordable subscription-based pricing, reduced IT and network operating costs, high-level data security and storage, real-time updates and technical support. The introduction of cloud computing along with SaaS pricing offers an efficient and affordable way to adapt to ever-changing regulations and scalability that the current real estate market demands. TSS President and COO Barbara Miller said, “TitleSphere is an ideal delivery and pricing model for the new HUD-1.”  While the business decision to move to a Web-based solution should be made carefully, TSS said that TitleSphere users can rely on the same professional, real-time technical support that the company has provided since 1993.    “A cloud solution requires as much personal relationship management from the vendor as a desktop solution,” Miller said. “Too many vendors hide behind their sites and opt for a heavy dose of anonymity; our TitleSphere users have direct access to e-mail addresses, phone numbers and physical address information.” Visit TitleSphere.com or call 443-321-5600 to sign up for a 30-day trial. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.         Tue, 27 Jul 2010 13:29:18 EST E4C45398A8CC4233AFBDC93439ADBC69 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=F741B41EB10844AB8859FCBC74BC9255   In this article: U.S. Commerce Department New-home sales Bob Jones National Association of Home Builders Coming off an historic low in May, sales of newly built, single-family homes rose 23.6 percent to a seasonally adjusted annual rate of 330,000 units in June, according to the latest data from the U.S. Commerce Department.      “Today’s numbers are an encouraging sign that new-home sales are coming back from an expected slow period that followed the expiration of the homebuyer tax credit program,” said Bob Jones , chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. "While we still have quite a way to go on the path to recovery, it's good to see that we are headed in the right direction.”   “It's worth noting that some of the new-home sales in June were due to move-up buyers who were able to sell their previous home to a tax-credit-eligible buyer while that program was active,” said NAHB Chief Economist David Crowe . “Also, while sales activity is still far from robust, it has picked up some momentum as positive factors such as historic low mortgage rates, great selection and attractive prices help draw potential homebuyers back to the market. We anticipate that this momentum will continue along with a gradually improving economy, although other factors such as a critical lack of production financing remain a drag on housing’s recovery.”   Sales of new homes rose strongly in three out of four regions in June. The largest percentage increase was the Northeast’s 46.4 percent gain, followed by a 33.1 percent gain in the South and a 20.5 percent gain in the Midwest . The West was the only region where new-home sales did not improve in June, instead falling 6.6 percent to a new record low.    Meanwhile, the nationwide inventory of new homes for sale declined to 210,000 in June, the thinnest it has been since September of 1968. This amounts to a 7.6 months’ supply at the current sales pace.   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Tue, 27 Jul 2010 13:27:37 EST F741B41EB10844AB8859FCBC74BC9255 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=9ACA5BFAA3654343BA2DD99542ADE6BC   In this article: Agents National Title Insurance Co. Sue Reddy Indiana area manager Midwest Agents National Title Insurance Co. and Sue Reddy forged a new relationship focused on serving the agents of Indiana .   Reddy was hired as the Indiana area manager and risk management representative focused on supporting the independent title agents as well as prospecting new title agency relationships. Agents National is a growing regional title underwriter located in the Midwest . The company utilizes its network of independent title agents to produce title insurance commitments, conduct closings, and issue policies. Reddy has 35 years of title insurance experience, 25 of which has been dedicated to agency work. She also has been involved over the years with various Indiana Land Title Association committees. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Tue, 27 Jul 2010 13:25:55 EST 9ACA5BFAA3654343BA2DD99542ADE6BC http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=9AC7E0DB15DB4DF9B1141B3EB8C6B787 In this article: Bank of America HAMP Loan modifications Proprietary modifications Through the first half of 2010, Bank of America completed mortgage modifications providing homeownership retention solutions to about 160,000 homeowners who face difficulties in making their monthly payments due to economic conditions. That brings the bank’s total of modified home loans to 650,000 since January 2008. Bank of America continues to lead all servicers with more than 72,000 permanent Home Affordable Modification Program (HAMP) modifications completed through June, up from 63,000 reported by the U.S. Treasury the month in May. “Although our total HAMP modifications slowed this month compared to previous periods, we had a particularly strong month in completing proprietary modifications outside of HAMP,” said Rebecca Mairone , default servicing executive for Bank of America Home Loans. “This included solid performance in providing alternative solutions through our second look program to homeowners who did not qualify for a permanent HAMP modification.” The bank completed nearly 17,000 non-HAMP modifications in June, bringing the total for the year to nearly 88,000. Since January 2008, close to 580,000 proprietary modifications have been completed for Bank of America Home Loans customers. "We continue to work through our remaining inventory of ongoing active HAMP trial modifications to complete underwriting reviews and make determinations on customers' eligibility for permanent solutions. Simultaneously, since mid-April, we have been implementing a revised government policy requiring full documentation and underwriting of new trial modification plans," Mairone noted. "During this transition period, we anticipate a slower rate of growth in the number of completed HAMP modifications." Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Mon, 26 Jul 2010 09:55:06 EST 9AC7E0DB15DB4DF9B1141B3EB8C6B787 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=4E948DD68F7044339AD3AB0000A6F6BB In this article: October Research Corp. The Title Report Online video Chris Casa October Research Corp. launched an online video initiative designed to inform and educate visitors within its suite of industry Web sites. Each of the company’s media products, The Title Report , The Legal Description , Valuation Review and RESPA News , will soon feature video interviews with industry experts, innovators and thought leaders in the title insurance, property appraisal, mortgage and real estate industries. “We are pleased to expand into video in order to enhance the market presence of our media products and better meet the information needs of our readers, subscribers and advertisers,” said company COO Chris Casa . “Online video offers immediate access to cutting-edge information and opinions with a deeper level of engagement. We believe our video initiative will deliver an enriched relationship with our audience.” The Title Report , the leading publication for the title insurance industry, will be the first to offer an industry video-cast, which will feature October Research editor Kelly McCarel interviewing well-known RESPA legal authority Phil Schulman of K&L Gates. The video will launch August 2 and will be sponsored by LPS SoftPro. “LPS SoftPro is excited to be the founding sponsor of this video series and proudly supports October Research’s efforts to provide informative and educational content to the industry,” said Tim Conley , LPS SoftPro’s vice president of sales and marketing. “We anticipate this new delivery medium to be very well received.”n     October Research Corp., www.octoberresearch.com , is the nation’s leading provider of market intelligence, news and regulatory information in the title insurance, property appraisal, mortgage and real estate industries.   For more information, contact Chris Casa, COO, at 330-659-6101, ext. 6715.   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Mon, 26 Jul 2010 09:42:50 EST 4E948DD68F7044339AD3AB0000A6F6BB http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=BBA43627B9E5494891BE815878AFCDAD In this article: Ingeo Systems Rekon Technologies Bank of Oklahoma E-recording Ingeo Systems Inc., a provider of electronic document recording technology, and Rekon Technologies, a preparation and management software vendor in the mortgage loan servicing industry, signed a contract with Bank of Oklahoma, a $23 billion regional financial services company based in Tulsa , Okla. , to submit lien releases electronically into Ingeo’s nationwide network of e-recording counties. The use of e-recording technology from Ingeo and Rekon provides Bank of Oklahoma with savings in time and costs and ensures the highest levels of security and accuracy, the companies stated in a release. “Bank of Oklahoma has seen a significant savings in processing time with e-recording. The automation allows documents to be recorded timely, eliminating the possibility of late filings,” said Ben Cowen Sr. , vice president at Bank of Oklahoma. “We are pleased to offer Bank of Oklahoma the ability to automate and streamline their business process so they can better achieve their goals,” said Aurora Marsh , Rekon Technologies’ CEO. The Rekon software gives Bank of Oklahoma the technological advantage to automate the creation, management, recording and tracking of lien release and assignment documents in over 3,600 counties nationwide across all 50 states. We have seen clients process over 6,500 loan documents per day with over 99 percent successfully recorded within statutory guidelines with the Rekon system.” “By adding electronic recording to this successful business model, documents can be processed and recorded within 48 hours of payoff or settlement compared to weeks in the paper world,” explained Marsh. With the Rekon-Ingeo integration, Bank of Oklahoma adds electronic recording to the existing nationwide paper process supported by the Rekon software. The integrated ability to transmit these documents to the electronically enabled county network directly from the Rekon software eliminates redundant systems and improves turnaround times. Karl Klessig , Ingeo’s CEO, explained that by using the Ingeo-Rekon integration, Bank of Oklahoma is bringing the many benefits of e-recording to its customer base. “Now, Bank of Oklahoma can submit documents into Ingeo’s nationwide network of e-recording enabled counties,” he said. The company’s county network has by far the highest population coverage of any provider in the industry. We have eight of the top 10 most populous counties in the country.” “The other two are in New York , where e-recording is not currently allowed. Our average population coverage in the states where we do business is currently more that 51 percent and we expect that number to be close to 75 percent by year end,” he added. This agreement also brings Bank of Oklahoma into a large network on the submitting side. “Many of the top mortgage lenders in the country are working with Ingeo and Rekon on the electronic recording of mortgage documents,” Klessig said. “In fact, Ingeo counts among its submitting customers eight of the top 10 mortgage lenders in the nation plus a majority of the top 30. This is in addition to many regional and local submitters.” Ingeo and Rekon expect to provide Bank of Oklahoma with an ever-increasing network of counties to record into as they continue their rapid expansion of their county coverage. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Mon, 26 Jul 2010 09:39:31 EST BBA43627B9E5494891BE815878AFCDAD http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=7CF925904C744B1EA6EA60BE5341980B In this article: Single-family housing starts U.S. Commerce Department National Association of Home Builders Bob Jones Single-family housing starts were virtually unchanged from the previous month at a seasonally adjusted annual rate of 454,000 units in June, according to newly released figures by the U.S. Commerce Department. Meanwhile, a 21.5 percent decline on the more volatile multifamily side weighed down the overall housing production number, which fell 5 percent to a 549,000-unit rate.   “As our most recent member surveys have indicated, builders remain very cautious in light of the sluggish pace of the economic recovery and the hesitancy they are seeing among potential home buyers,” noted Bob Jones , chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. “However, today's report is actually somewhat encouraging, because it indicates that single-family production is stabilizing following an expected lull that occurred with the end of the home buyer tax credit program." "The government's figures suggest that single-family housing production may be finding a bottom following the tax credits," agreed NAHB Vice President and Senior Economist Bernard Markstein . "Over the next several months, we expect to see some improvement in both housing starts and sales activity as buyers come forward to take advantage of the very attractive home prices, historically low mortgage rates and excellent selection that characterize today's new-home marketplace. However, builders continue to confront significant challenges in obtaining financing for viable new projects, and this problem remains a formidable obstacle to economic growth." Nearly all of the 5 percent decline in housing production was on the multifamily side this June, which fell 21.5 percent to a seasonally adjusted annual rate of 95,000 units. Meanwhile, single-family starts hardly budged, with a 0.7 percent decline to 454,000 units. All four regions posted declines in overall housing production, with an 11.3 percent reduction in the Northeast, a 6.9 percent decline in the Midwest , a 2.4 percent decline in the South, and a 5.9 percent decline in the West. Meanwhile, nationwide permit issuance, an indicator of future building activity, rose 2.1 percent to a seasonally adjusted annual rate of 586,000 units in June. While single-family permits fell 3.4 percent to 421,000 units for the month, that decline was due entirely to a drop-off in the South, with every other region holding steady or better on the single-family side. Multifamily permits rose 19.6 percent to a seasonally adjusted annual rate of 165,000 units in June.   Combined single- and multifamily permit issuance was up 32.3 percent in the Northeast, down 10.8 percent in the Midwest , down 3.1 percent in the South, and up 9.7 percent in the West in June. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 23 Jul 2010 10:01:29 EST 7CF925904C744B1EA6EA60BE5341980B http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=22FBD2893B8A4BCBBFCFE7C73B3B4368 In this article: Mortgage Bankers Association Weekly Mortgage Applications Survey Refis Purchases The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 16, in which the Market Composite Index, a measure of mortgage loan application volume, increased 7.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the index increased 19.5 percent compared with the previous week, which included the July Fourth holiday. The Refinance Index increased 8.6 percent from the previous week and was the highest Refinance Index observed in the survey since the week ending May 15, 2009. The increase in total refinance applications was driven by a 10.7 percent increase in conventional refinance applications, while government refinance applications decreased by 4.2 percent. The seasonally adjusted Purchase Index increased 3.4 percent from one week earlier, driven by an 8 percent increase in government purchase applications. Conventional purchase applications were essentially flat, increasing just 0.3 percent from the prior week. The unadjusted Purchase Index increased 15.3 percent compared with the previous week and was 35.7 percent lower than the same week one year ago. “As rates on 30- and 15-year fixed-rate mortgages declined to the lowest levels recorded in the survey, refinance activity increased last week. The refinance index is up almost 30 percent over the past 4 weeks, but is still well below the peak seen last spring,” said Michael Fratantoni , MBA’s Vice President of Research and Economics. “Refinance borrowers, aiming for the lowest possible rate, are getting conventional loans. The strength in purchase applications comes from government loans, likely indicating that prospective buyers are drawn by the lower down-payment requirements.”   The four-week moving average for the seasonally adjusted Market Index is up 4.9 percent. The four-week moving average is down 1.3 percent for the seasonally adjusted Purchase Index, while this average is up 6.5 percent for the Refinance Index. The refinance share of mortgage activity increased to 79.4 percent of total applications from 78.7 percent the previous week. This was the highest refinance share observed in the survey since April 2009. The adjustable-rate mortgage (ARM) share of activity decreased to 5.2 percent from 5.5 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.59 percent from 4.69 percent, with points increasing to 1.04 from 0.96 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This was the lowest 30-year contract rate ever recorded in the survey. The effective rate also decreased from the prior week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.05 percent from 4.12 percent, with points decreasing to 0.88 from 1.04 (including the origination fee) for 80 percent LTV loans. This was the lowest 15-year contract rate ever recorded in the survey. The effective rate also decreased from the previous week. The average contract interest rate for one-year ARMs decreased to 7.17 percent from 7.20 percent, with points increasing to 0.24 from 0.22 (including the origination fee) for 80 percent LTV loans. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 23 Jul 2010 09:11:50 EST 22FBD2893B8A4BCBBFCFE7C73B3B4368 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=0FBB5FF9F2D449E8A4F21B461D629616 In this article: HUD Lending practices New York Times article Fair Housing Act After the topic garnered national attention this week, the U.S. Department of Housing and Urban Development (HUD) announced it will launch multiple investigations into the lending practices of certain mortgage lenders to determine if they illegally denied families mortgages because the mother is pregnant or a family member is experiencing a short-term disability. The action followed a report published in the New York Times outlining the lending practices of some lenders that possibly violate the Fair Housing Act. “Denying a mortgage to people just because they’re having a baby is flat wrong,” said Vice President Joe Biden , chair of the White House Task Force on Middle Class Families. “Mothers on maternity leave have jobs, they have income and they shouldn’t have to lose their deal to close on a house because they had a baby. I applaud HUD for taking action on this practice that could potentially affect untold numbers of families.” HUD Secretary Shaun Donovan said, "Lenders have every right to ascertain the incomes of families to determine whether they are eligible for a mortgage loan, but they have no right to use a pregnancy or a short-term disability as a cause to deny that family a mortgage they would otherwise qualify for. Having a child should be a time for a family to celebrate and must not be a cause for unfair lending practices.” HUD enforces the Fair Housing Act, which prohibits discrimination in lending based on sex, familial status (pregnancy or children in the family) or disability. The act protects consumers from being discriminated against based on a borrower’s maternity leave, if the borrower can demonstrate that she intends to return to work and can otherwise continue to meet the income requirements to qualify for the loan. “This report is profoundly disturbing and requires immediate action,” said John Trasviña , HUD’s assistant secretary for Fair Housing and Equal Opportunity, the office that will be directing these investigations. “Lenders must not carry out due diligence responsibilities in ways that have the practical effect of discriminating against recent or expectant mothers.” HUD’s Federal Housing Administration (FHA) requires approved lenders to review a borrower’s income to determine whether they can reasonably be expected to continue paying their mortgage for the first three years of the loan. FHA-insured lenders cannot, however, inquire about future maternity leave. If a borrower is on maternity or short-term disability leave at the time of closing, lenders must document the borrower’s intent to return to work, that the borrower has the right to return to work and that the borrower qualifies for the loan taking into account any reduction of income due to their leave. Meanwhile, HUD is currently reviewing Fannie Mae and Freddie Mac’s underwriting guidelines to determine if they satisfy the Fair Housing Act, including income verification of persons taking parental or disability leave. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 23 Jul 2010 09:09:57 EST 0FBB5FF9F2D449E8A4F21B461D629616 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=8B579611573549AC9240F7FE84B43D13 DJSP Enterprises Inc. announced that Richard D. Powers accepted the position of president and chief operating officer effective July 12. In this article: DJSP Enterprises Richard D. Powers Mortgage banking veteran Timios Inc. As the president and COO of DJSP Enterprises, Powers will be responsible for the day-to-day operations, improving and expanding existing business lines and implementing the company's cyclical strategy to provide services to the mortgage industry for the life of a loan. In April, DJSP Enterprises signed a definitive agreement to acquire national title insurance and settlement services company Timios Inc., which is a licensed title insurance and escrow agent operating in 38 states. Powers brings more than 25 years of mortgage banking and financial services experience to the DJSP management team. Prior to joining DJSP, he served as the head of Real Estate Services for Altisource Portfolio Solutions SA. In that capacity, he oversaw a variety of business units primarily focused on the default management space, including an appraisal management company, a real estate brokerage unit, a field services company and the creation of a proprietary REO Internet auction platform. Powers previously served as general manager of Ditech and GMAC Mortgage Direct/GMAC ResCap, overseeing marketing, sales, finance, operations and strategic planning functions. Under Powers's leadership, Ditech enjoyed a rapid return to profitability, enhanced marketing efficiency and a complete revamping of the brand's image. In addition, in June of 2007 he also assumed responsibilities for GMAC Mortgage's direct lending unit in Cherry Hill , N.J. Prior to joining GMAC/ResCap, he worked at Metrocities Mortgage Corp. as president of the company's western division, managing loan production and operations. He was also an executive member of its board of directors. "Rick is exactly the right leader for DJSP Enterprises," said David J. Stern , chairman and CEO of DJSP Enterprises. "His extensive industry experience and vision complement our efforts in defining a leadership position in the default services sector and beyond. His strong management experience will help shape DJSP as we continue to establish ourselves as a provider of services to the mortgage industry for the life of the loan. Rick brings the expertise needed to drive efficiency, scale our business for success and deliver value to both our customers and shareholders." "I am thrilled to join DJSP at this stage its growth," Powers said. "I look forward to leading DJSP in building operational excellence, which will take us to the next level of achievement. Working closely with the existing management team we will build on DJSP’s impressive current capabilities as we expand both the depth and breadth of our service offerings with an eye towards achieving best in class results in customer service and business efficiencies." Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 23 Jul 2010 09:06:17 EST 8B579611573549AC9240F7FE84B43D13 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=81CF78CC66454E0485514581052F0570 In this article: First American National Default Title Services First American Title Insurance Co. Trustee Servicing Solutions Wes Mee First American National Default Title Services, a division of First American Title Insurance Co., selected the name “Trustee Servicing Solutions” as the new corporate name for its trustee services division, formerly known as LoanStar Trustee Services. "The name Trustee Servicing Solutions more accurately reflects the broader range of products and services we offer to our customers. The name change is also reflective of our commitment to provide our business partners with a variety of solutions for their foreclosure processing needs,” said Wes Mee , president of First American National Default Title Services. Trustee Servicing Solutions established an office in Southern California and will transition selected functions from its Dallas operations to California . Performing functions in two locations will provide a high degree of flexibility in meeting client needs in a multi-state environment, the company stated. Trustee Servicing Solutions is a leading provider of foreclosure trustee services, managing non-judicial foreclosure cases. Its trustee services cover the states of California , Nevada , Arizona , Washington , Oregon and Texas and follow Government Sponsored Enterprise (GSE) guidelines in performing foreclosures. Trustee Servicing Solutions’ services include direct source entry and review, foreclosure processing, loss mitigation solicitation, and title exam and curative resolution. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Wed, 21 Jul 2010 09:40:29 EST 81CF78CC66454E0485514581052F0570 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=895829081450439BAA6A46DC3C77DD59 In this article: Stewart National Title Services David Martyn Supreme Court Swearing-in ceremony David Martyn , vice president, associate senior underwriter and manager of the Stewart National Title Services office in Detroit , was sworn in to practice before the U.S. Supreme Court. The swearing-in ceremony, which took place on June 21, was held at the U.S. Supreme Court building in Washington , D.C. , and was attended by all nine justices. Following the ceremony, Chief Justice Roberts attended the reception held for the newly admitted bar members. "I consider it a great honor and privilege to be included among this esteemed group of fellow attorneys and appreciate the support and emphasis Stewart places on continuing professional development," Martyn said. In addition to being admitted to the U.S. Supreme Court Bar, Martyn was previously admitted to practice before the 11th U.S. Circuit Court of Appeals and U.S. District Courts for the Middle and Northern Districts of Georgia . Paul Sands , executive vice president and director for Stewart National Title Services remarked, "We at Stewart are very proud of David and this important accomplishment. He does an outstanding job as an associate senior underwriter, focusing on national commercial transactions, and in his other areas of responsibility. His achievement underscores the high level of expertise represented by our legal personnel throughout Stewart." Martyn is a member of the State Bar of Michigan and the State Bar of Georgia. He received his Bachelor of Arts degree from Cleveland State University and his juris doctorate from Emory University . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Wed, 21 Jul 2010 09:38:34 EST 895829081450439BAA6A46DC3C77DD59 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=44D154AA92FF4AD9847BF50A2C2C6D70 Wells Fargo & Co. reported net income of $3.06 billion for the second quarter of 2010 compared to $2.55 billion in the first quarter and $3.17 billion in Q2 2009. In this article: Wells Fargo Quarterly earnings Mortgage originations John Stumpf For the six months ended June 30, the company’s net income was $5.6 billion compared with $6.2 billion one year ago. “Over the course of the quarter, our 278,000 team members focused steadfastly on serving customers, generating strong earnings performance across our diverse lines of business and increasing market share across many of our businesses,” said Chairman and CEO John Stumpf . “We also made strong progress in the successful integration of Wachovia. We have completed approximately half of the integration process, as we prepare to convert our eastern markets to Wells Fargo beginning in the fall. Wells Fargo Home Mortgage (Home Mortgage) Home Mortgage applications were $143 billion, up from $125 billion in the prior quarter; The Home Mortgage application pipeline was at $68 billion at quarter end, up 15 percent from $59 billion as of March 31; Home Mortgage originations were $81 billion, up from $76 billion in prior quarter; and The owned residential mortgage servicing portfolio was $1.8 trillion. Loans 90 days or more past due and still accruing Loans 90 days or more past due and still accruing also improved in the quarter, totaling $19.4 billion as of June 30 compared with $21.8 billion on March 31. For the same periods, the totals included $14.4 billion and $15.9 billion, respectively, in advances pursuant to the company’s servicing agreement to GNMA mortgage pools and similar loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs. Growth across the franchise: Net income of $3.06 billion, up 20 percent, or $515 million, from the prior quarter; Net income applicable to common stock was up 21 percent from the prior quarter to a record $2.88 billion; Mortgage application pipeline of $68 billion at June 30, 2010, up 15 percent from March 31; Diluted earnings per common share were $0.55; Revenue of $21.4 billion, same as first quarter; pre-tax pre-provision profit (revenue net of expenses) of $8.6 billion (expenses included $498 million of merger integration costs and $137 million of Wells Fargo Financial severance costs); All business segments contributed to earnings, with community banking up 21 percent and wholesale banking up 18 percent from the prior quarter; and Wells Fargo supplied $150 billion in credit during the quarter, up from $128 billion in first quarter, including mortgage originations and consumer and commercial loans and lines of credit. To read the quarterly results in full, go here .   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Wed, 21 Jul 2010 09:36:49 EST 44D154AA92FF4AD9847BF50A2C2C6D70 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=C30A4D07B0024AD6A2BD8FAF14DF59B0 In this article: RamQuest Inc. Mark Holley Agency relations Mark McElroy RamQuest Inc. named Mark Holley vice president of national accounts and agency relations. In this position, Holley will lead RamQuest’s strategic initiatives and business development efforts at the national account level as well as manage the company’s underwriter relationships. “Mark brings a broad level of industry experience to this position,” said Mark McElroy , president and CEO of RamQuest. “He has a long history of success and impressive industry relationships that have already proved invaluable in helping RamQuest achieve a strong position in recent years. These same skills will help raise RamQuest’s profile and take us to an even higher level of growth in the future.” Since joining RamQuest in 1991, Holley has served in a number of roles, most recently as a regional vice president with a focus on business development and customer relationships in the central region of the United States . Prior to joining RamQuest, Holley served as part of the management team at DataStar USA and also worked with numerous Fortune 1000 companies designing, implementing and maintaining network infrastructure.   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Mon, 19 Jul 2010 09:52:20 EST C30A4D07B0024AD6A2BD8FAF14DF59B0 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=58963D5DFF8C48A6BDBA13BFA5097ACC In this article: Ellie Mae Encompass360 Pricing policy Origination fees Ellie Mae, an enterprise mortgage origination technology provider for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders, created a pricing structure available to customers of Encompass360 Mortgage Management Solution Banker Edition. In addition to its hosted and licensed models, Encompass360 Banker Edition is available as a “success-based pricing” model. With this model, customers do not have to purchase the technology. Instead, they pay a fee — which may be passed to the borrower, to the extent permissible by law, as part of the lender’s origination, document preparation and processing fees — for each closed loan. “Encompass360’s success-based pricing gives us the same access to all the bells and whistles — like loan officer Web sites to communicate with borrowers, closing tools and automated loan origination compliance checks — all without a long-term investment," said Encompass360 customer Joe Cuttone , owner and CEO of American Fidelity Mortgage Services. “We're a medium-sized company with a system that rivals any solution in the industry — and that includes the technologies used by the big players. It really makes economic sense for us.”  All success-based pricing customers have the exact same, fully integrated access to Encompass360’s comprehensive set of features that licensed-pricing customers have, including private-labeled borrower-facing Web sites, electronic disclosures and eSigning, electronic document management technologies, Encompass Closer document preparation services, and Encompass Compliance Service automated compliance technologies.  Customers opting for success-based pricing may order an unlimited number of disclosures and closing documents may be drawn as many times as is needed, all for no extra charge. There are no or minimal upfront fees for new Banker Edition customers to get started using Encompass360 Success-Based Pricing.  Nominal monthly fees are required if closed loan minimums for such month are not met and the per-closed loan fee may be based, in part, upon the number of originators per customer company. “Encompass360 and its Success-Based Pricing have made our accounting processes much easier,” said Eddy Perez , president of Equity Loans. “We get the economy of a per-transaction fee structure combined with the convenience of all-in-one pricing for a series of related services. We used to pay separate fees for origination, doc and processing services.  With Success-Based Pricing, because monthly minimums are met, we simply pay one fee per loan with no payments accrued until the transaction closes.”  “Some of our customers asked for the type of flexibility and business control that comes with this type of pricing, so we are providing it to them,” said Jonathan Corr , chief strategy officer for Ellie Mae. “Ellie Mae has always had a strong commitment to helping customers do more and better business. This is a win-win pricing model where our customers’ success becomes our success. We’re giving our customers one more way to do business in a way that makes most sense for them, while they’re still getting a footprint of capabilities that span the full spectrum of the mortgage loan origination cycle.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Mon, 19 Jul 2010 09:49:52 EST 58963D5DFF8C48A6BDBA13BFA5097ACC http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=DE2067F65C2A4CB285F0F4881FE5D905 In this article: Federal Housing Administration FHA risk FHA down-payment Public comment Federal Housing Administration (FHA) Commissioner David Stevens unveiled three specific policy changes to strengthen the FHA's capital reserves while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The U.S. Department of Housing and Urban Development published a notice , seeking public comment on three specific measures to reduce financial risk and preserve affordable mortgage financing for responsible consumers. In addition to earlier steps taken to manage its risks and to boost reserves, FHA is proposing to update the combination of credit and down payment requirements for new borrowers; reduce seller concessions from 6 to 3 percent; and tighten underwriting standards for manually underwritten mortgage loans. "These are the latest in a series of changes to allow the FHA to manage its risk better while continuing to support the nation's housing recovery," Stevens said. "By protecting FHA's capital reserves, we can continue providing affordable, responsible mortgage products and will remain the nation's largest source of home-purchase financing for underserved communities." For the next 30 days, HUD is seeking public comment on the following policy changes, each of which are designed to mitigate risk to the Mutual Mortgage Insurance Fund while promoting sustainable homeownership for FHA borrowers: 1. Update the combination of credit and down payment requirements for new borrowers. New borrowers seeking FHA-insured financing will be required to have a minimum FICO score of 580 to qualify for FHA's flagship 3.5 percent down-payment program. New borrowers with credit scores of less than a 580 will be required to make a cash investment of at least 10 percent. Borrowers with credit scores of less than 500 will no longer qualify for an FHA-insured mortgage. 2. Reduce allowable seller concessions from 6 to 3 percent. Allowing sellers to contribute up to 6 percent of the home's sales price to offset a buyer's costs exposes the FHA to excess risk by potentially driving up the cost of the home beyond its appraised value. Reducing seller concessions to 3 percent will bring FHA into conformity with industry standards. 3. Tighten underwriting standards for manually underwritten loans. When using compensating factors in the underwriting process, lenders will be required to consider those factors which are the best predictive indicators of loan performance, such as the borrower's credit history, loan-to-value (LTV) percentage, debt-to income ratio and cash reserves. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Mon, 19 Jul 2010 09:47:14 EST DE2067F65C2A4CB285F0F4881FE5D905 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=B8294F1F0C2F40C68B25347C54BE6666 Fidelity National Financial Inc. (FNF) will release second quarter 2010 earnings after the close of regular market trading on July 21. A conference call will follow at noon EST on July 22. In this article: FNF Fidelity National Financial Inc. Quarterly results Earnings calls Those wishing to participate via the Webcast should access the call through FNF's investor relations Web site at www.fnf.com . Those wishing to participate via the telephone may dial-in at 800-230-1096 ( USA ) or 612-332-0718 (international). The conference call replay will be available via Webcast through FNF's investor relations Web site at www.fnf.com . The telephone replay will be available from 2 p.m. ESTon July 22 through July 29 by dialing 800-475-6701 ( USA ) or 320-365-3844 (international). The access code will be 164269. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 16 Jul 2010 09:39:59 EST B8294F1F0C2F40C68B25347C54BE6666 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=A4CE57D437C04D9E8CE09CC8A7750204 In this article: eLynx Loan closings Regional housing stats expediteSM Data compiled from eLynx’s settlement agent activity on its expediteSM network for electronic document collaboration and distribution indicate that Nevada is currently leading the nation in the rate of loan closings, showing an increase of 59 percent between May and June. The company regularly reports on the nation’s “hot and cold” markets, measured by loan closing activity through expedite, for Mortgage Banking magazine, but recently began analyzing its data to reveal regional and national loan origination trends. A close second is Idaho , with a 58.8 percent increase over May in loan closings. Overall, the Western region has seen the most growth in loan closings, with a 30.4 percent positive change between May and June. Closings are up in all regions, with only two states and the District of Columbia suffering a decline. Loan volume is up nationwide, with the Southeast following the Western region at a 20.2 percent change. The Southwest saw a 17.1 percent increase, the Northeast 16.6 percent and the Midwest 14.5 percent. “The market is clearly still reacting to government stimulus, but it's very interesting to see where the government's actions and other market factors are having the most impact,” said Sharon Matthews , eLynx president and CEO. “We have found that our broad industry footprint allows us to provide mortgage professionals across the industry valuable information not available elsewhere that will help them to further understand the markets in which they are working.” eLynx is currently developing a loan volume index that will help the industry predict which markets will recover most quickly as the U.S. housing industry pulls out of the downturn and then where growth or decline in volume is likely in the future. This data was compiled using expedite, a suite of integrated on-demand services that facilitates paperless business processes between enterprises, their customers and partners. More than 100,000 settlement agents nationwide are registered on the eLynx expedite network. More than 45 million mortgage loans have been processed through expedite. Regions: By the numbers Midwest : 14.5% Northeast: 16.6% Southeast: 20.2% Southwest: 17.1% West: 30.4%   Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 16 Jul 2010 09:38:29 EST A4CE57D437C04D9E8CE09CC8A7750204 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=B3F3CCA52B314781B3B28F78EE7EECCF In this article: PRIA County recorders Board of directors Carol Foglesong During its June 24-27 annual conference in Chicago , the Property Records Industry Association ( PRIA ) elected six board members in three categories for two-year terms on the board of directors. Carol Foglesong , assistant comptroller of Orange County, Fla., and Danny Crank , recorder of Butler County, Ohio, were elected directors in the recorder category; Joan McCalmant , recorder of Linn County, Iowa, and Diane Swoboda Peterson , deputy recorder in Woodbury County, Iowa, were elected in the at-large category; and David Ewan , vice president of New Jersey Title Insurance Co., and Kelly Romeo , director of education and technology at the American Land Title Association, were elected in the business category.   Officers continuing a second year are President Richard Bramhall , senior vice president – chief title officer of Bank of America; Vice President Kay Wrucke , recorder for Martin County, Minn.; Secretary McCalmant and Treasurer Ewan. Directors continuing for the second year of a two-year term include Kathi Guay , register of deeds from Merrimack County, N.H.; Diana Bradrick , chief deputy recorder/county clerk from San Diego County, Calif.; Marc Aronson , president of the Pennsylvania Association of Notaries; Darity Wesley , CEO of Privacy Solutions Inc.; and Erik Blomquist , vice president of technology and strategic partnerships for Simplifile LLC. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Fri, 16 Jul 2010 09:37:02 EST B3F3CCA52B314781B3B28F78EE7EECCF http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=8C0768963E994EDF80C40C0A15EAE451   In this article: TitleVest Web-based tool New York City Tax forms New York City-based TitleVest Agency Inc., a provider of title insurance and related real estate services, has been issued a U.S. patent for its ACRISasap technology. ACRISasap, available at www.titlevest.com, is a Web-based tool that reportedly cuts the time to create NYC ACRIS E-Tax forms by 90 percent or more, the company stated. ACRIS E-Tax forms are required in connection with all conveyances of real property and cooperative apartments in New York City . “The patent award confirms what we have known for years: ACRISasap is a technical marvel,” said Bill Baron , TitleVest's founder and president. “It’s really a no-brainer for real estate attorneys. ACRISasap creates the required E-Tax forms in a fraction of the time and effort required by the city's ACRIS Web site," Baron said. The key benefits of ACRISasap as compared to the New York City Department of Finance's (DOF) "ACRIS" Web site are:    ACRISasap ™ NYC DOF ACRIS website Data input form 1 page 14 pages Time to complete 3-5 minutes* 30-60 minutes or more* Intuitive interface Yes No Auto-populates required fields on E-Tax forms, eliminating need for prior knowledge or experience Yes No Integrates with library of legal forms (e.g. contracts of sale, deeds, etc.) Yes No Ability to create multiple E-Tax forms from master template on related transactions (e.g. sponsor sales) Yes No Automatically creates required recording cover pages Yes ** No Email alert when E-Tax forms have been successfully filed with DOF Yes ** No * based on a recent survey of over 500 ACRISasap™ users. ** for cooperative apartment transactions Since launching ACRISasap in 2005, TitleVest said it has developed a loyal following of New York real estate attorneys and support staff, ranging from solo practitioners to the largest and most prominent New York law firms. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Wed, 14 Jul 2010 15:42:00 EST 8C0768963E994EDF80C40C0A15EAE451 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=53BB4719E9E046EFACD4B38C18B5EA9E In this article: Agents National Iowa bank Missouri underwriter Cash flow Agents National Title Insurance Co. was approved as a member of the Federal Home Loan Bank of Des Moines , Iowa . The Federal Home Loan Bank of Des Moines (FHLB Des Moines) is a federally chartered corporation that provides funding and liquidity for its membership, which includes eligible insurance companies. As a condition of membership, all FHLB Des Moines members must purchase and maintain membership capital stock based on a percentage of their total assets. Each member is also required to purchase and maintain activity-based capital stock to support certain business activities Agents National intends to use loans (called advances) from the FHLB Des Moines to manage cash flow and fund operational needs. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Wed, 14 Jul 2010 09:45:26 EST 53BB4719E9E046EFACD4B38C18B5EA9E http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=FBAC3796C3A042B48A7C8ABB3840730F In this article: Closing.com American Escrow Association Industry trade association Distribution Closing.com, an independent real estate information provider, and the American Escrow Association (AEA), the trade association representing real estate settlement agents in 10 western states, formed an association affiliation agreement between the two organizations. Under the terms of the agreement, Closing.com will provide benefits to the association including member discounts and sponsorship dollars. The AEA will help educate its members about Closing.com’s distribution network that reaches real estate professionals, lenders and consumers. Closing.com is the real estate industry’s largest database of escrow and title companies, as well as other real estate closing service providers. Consumers and real estate professionals are able to use the site’s closing cost calculator to determine actual closing costs for a specific property, including local taxes and recording fees, as well as a breakdown of seller- and buyer-paid costs as determined by local customs and practices. “AEA is the premier industry association representing escrow companies and this partnership benefits not only our respective organizations, but the millions of consumers and real estate professionals who access Closing.com,” said Anthony Farwell , CEO of ClosingCorp, parent to Closing.com. “While regulators and legislators mandate greater transparency in the closing process, the industry has sought more efficient distribution channels to reach both their clients and their clients’ agents, and Closing.com fulfills both objectives.” AEA President Julie Best said, "The American Escrow Association is excited to begin its partnership with Closing.com. We know that this valuable member benefit will provide our constituents with an avenue to advertise their respective businesses while having an additional access point to our association. Our board believes that our budding relationship with ClosingCorp and Closing.com will be beneficial to us all." Closing.com has forged partnerships with real estate Web sites such as Zillow, Trulia and ZipRealty along with nearly 200 other Web sites that use the ClosingCorp’s SmartClosing Calculator. Last year, ClosingCorp launched a new service, the SmartGFE, which allows lenders to gain instant access to settlement service fees and other closing costs to more accurately populate the 2010 Good Faith Estimate form mandated by the Department of Housing and Urban Development. Lenders also are able to easily create a list of service providers through the SmartGFE, required as part of HUD’s new RESPA Rules. The SmartGFE allows lenders to search, select and manage settlement service providers while also obtaining a compliance guarantee from Closing.com. “The Closing.com service provider network is the most comprehensive in the industry and it is our ability to work closely with key industry associations like AEA that allows us to be more responsive to both our service provider partners and the professionals and consumers who access our closing cost estimating products,” Farwell said. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Wed, 14 Jul 2010 09:39:50 EST FBAC3796C3A042B48A7C8ABB3840730F http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=10EDD66A98854AF0A550707F36EEB725 In this article: MRG Document Technologies IBERIABANK Mortgage Co. Mortgage compliance software Electronic documents MRG Document Technologies (MRG), a provider of mortgage document preparation software and compliance technology to banks, credit unions and other lenders nationwide, announced that Little Rock, Ark.-based IBERIABANK Mortgage Co. has selected MRG’s Miracle Online platform for its mortgage document preparation needs. IBERIABANK Mortgage, a subsidiary of Lafayette, La.-based IBERIABANK Corp. with assets totaling $10.4 billion, chose MRG’s Miracle Online platform for mortgage document creation to meet full legal compliance in all upfront disclosure packages, as well as mortgage loan closing packages. Serving customers in Alabama, Arkansas, Florida, Georgia, Idaho, Illinois, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee and Texas, IBERIABANK Mortgage benefits from MRG’s ability to electronically deliver compliant mortgage document packages securely to multiple locations at any time. “Our branches cross a wide geographic area, making it necessary to have electronic document delivery functions in place,” said David Bryles , executive vice president and chief operating officer of IBERIABANK Mortgage. “MRG’s Miracle Online enables us to quickly and efficiently electronically send closing packages to our customers and leaves no doubt about the compliance of each document. When our loan officers spend less time on the nuances of regulatory compliance, they are able to increase volume and close more loans.” Miracle Online is a browser-based mortgage document preparation and delivery system that provides lenders with documents and disclosures vetted by an in-house team of compliance attorneys and experts. With the automatic integration of new federal and state regulations, institutions such as IBERIABANK Mortgage are able to operate in multiple states knowing they are in compliance with the latest laws and regulations in each. “For lending institutions with an extensive reach like IBERIABANK Mortgage, it can become difficult to monitor mortgage regulatory compliance,” said Laura LaRaia , an attorney and director of customer service with MRG. “MRG’s compliance experts take that responsibility out of the loan officers’ hands and develop an automated process for the bank, saving time and money while reducing the risk associated with non-compliance.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Mon, 12 Jul 2010 09:44:25 EST 10EDD66A98854AF0A550707F36EEB725 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=B5E6DAD5A2C34BA79E4B710977054123 In this article: First American Title Insurance Co. Kevin Twellman Nick Verde Commercial division First American Title Insurance Co. hired Kevin Twellman and Nick Verde in its National Commercial Services Division in St. Louis as part of the company’s business development team. As escrow and title officer, Twellman’s responsibilities will include closing complex local and national transactions, facilitating multi-site and multi-state projects and providing expertise on tax credit transactions and construction loans. He comes to First American following more than 13 years with another large national title underwriter, where he served as assistant vice president and manager of construction disbursing services from 1997 to 2003, and as vice president and manager of commercial services for the last six years. During his tenure there, Twellman was responsible for underwriting and closing such projects as Busch Stadium, the Old Post Office and the new headquarters for Centene Corp. Verde, who has been named national account manager, will oversee the division’s existing client relationships, as well as develop local and national commercial real estate business with new clients located in Missouri . His prior experience includes serving as general counsel at CreveCor Mortgage Inc. from 2002 to 2006 and at an area title agency from 1997 to 2002. Prior to that, Verde served as associate counsel and manager in the downtown St. Louis office of a large national title insurance underwriter for five years. A native of Missouri , Verde holds a bachelor’s degree in political science from Millsaps College in Jackson , Miss. , and a juris doctor from St. Louis University . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Mon, 12 Jul 2010 09:42:40 EST B5E6DAD5A2C34BA79E4B710977054123 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=0D8A730361484C1E91B5A4493638E929 Old Republic International Corp. will hold a conference call at 3 p.m. EST on Thursday, July 22, to discuss second quarter results. The call can be accessed live on Old Republic 's Web site at www.oldrepublic.c In this article: Quarterly results Old Republic International Corp. Earnings calls om . Investors may access a replay of the call by dialing 877-870-5176, passcode 4059801, which will be available through July 29. The replay will also be available on Old Republic International's Web site through August 22. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Mon, 12 Jul 2010 09:41:12 EST 0D8A730361484C1E91B5A4493638E929 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=8E69B8BE4E0A42848B57A87CE1BC9A81   More than 300 real estate settlement services professionals traveled to Cleveland June 14-16 to attend the 6th annual National Settlement Services Summit and 4th annual National Compliance Summits. The events — held at the Key Center Marriott Hotel — featured 15 powerful educational sessions, more than 40 speakers, and over 30 sponsors.   “We are extremely pleased with the attendance at this year’s conference, as well as the unique balance of underwriters and title agents ,” said Barb Casa, publisher and CEO of October Research Corporation, producer of the conferences. “We played host to title agents, company presidents, appraisers, technology providers and attorneys from 38 states.”   October Research Corporation is publisher of The Title Report , The Legal Description, RESPA News and Valuation Review .   During this year’s event, the company announced the establishment of the Joe Casa Awards for Leadership, Innovation and Philanthropy, named after its late founder. The first awards will be presented at next year’s conference.   Highlights of the conference included keynote addresses by Joe Murin , chairman of Washington, D.C.-based The Collingwood Group and former head of Ginnie Mae, and Phil Schulman , nationally recognized RESPA attorney and partner at Washington, D.C.-based K&L Gates.   Murin spoke about liquidity in the market, prospects for economic recovery, and the role of settlement services providers in the changing landscape.   “This time around, things will be very different,” he said. “That means each and every one of us who wants to truly be in the business of supporting the mortgage industry is going to have to be serious about the way in which we conduct business. We need to understand that transparency will hold us all accountable for the integrity of our work, the quality of our products and the efficiencies of our process. Without that commitment and dedication, I might suggest to you another line of work,” he said.   On the second day of the conference — The National Compliance Summit — Schulman spoke about the shifting focus in Washington from laissez-faire governing of the real estate and settlement services industry to one of risk management. He gave several examples, pointing out how current efforts in Washington , such as RESPA reform, proposed TILA reform and the Consumer Financial Protection Agency will affect the settlement services industry.   For more coverage of the conference sessions, visit www.thetitlereport.com , www.thelegaldescription.com , www.respanews.com or www.valuationreview.com . October Research Corporation is the nation's leading provider of market information, business news and regulatory information for professionals in the real estate settlement services industry. For more information, contact Chris Casa, COO, at 330-659-6101 ext. 6715, chriscasa@octoberresearch.com . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Mon, 12 Jul 2010 09:36:40 EST 8E69B8BE4E0A42848B57A87CE1BC9A81 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=2B543DE6704A4334ABCC2692DE81E665   In this article: Freddie Mac Primary Mortgage Market Survey Long-term Mortages Rates Frank Nothaft Freddie Mac released the results of its Primary Mortgage Market Survey, in which the 30-year fixed-rate mortgage (FRM) averaged 4.58 percent with an average 0.7 point for the week ending July 1, down from the previous week when it averaged 4.69 percent. Last year at this time, the 30-year FRM averaged 5.32 percent. The 15-year FRM this week averaged 4.04 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.77 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.79 percent for the week, with an average 0.7 point, down from the prior week when it averaged 3.84 percent. A year ago, the five-year ARM averaged 4.88 percent. The one-year Treasury-indexed ARM averaged 3.80 percent for the week with an average 0.7 point, up from the previous week when it averaged 3.77 percent. At this time last year, the 1-year ARM averaged 4.94 percent. “Interest rates on fixed-rate mortgages and the five-year hybrid ARM fell once again to all-time record lows this week in a period where the economy struggles to gain momentum and inflation remains very low,” said Frank Nothaft , Freddie Mac vice president and chief economist. “Growth estimates for first quarter GDP were revised down by a half percentage point over the past two months to 2.7 percent, according to the Bureau of Economic Analysis. Annual inflation, as measured by the 12-month change in the core CPI, held at 0.9 percent in April and May, which is the slowest pace in over 44 years, as reported by the Bureau of Labor Statistics. “Meanwhile, house prices are improving due in part to the homebuyer tax credit. The S&P/Case-Shiller 20-city home price index grew 0.4 percent between March and April and was up 3.9 percent from April 2009, representing the largest annual gain since October 2006. Moreover, 17 of the metropolitan areas experienced monthly gains in April, compared to 10 in March and six in February.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Fri, 09 Jul 2010 09:31:19 EST 2B543DE6704A4334ABCC2692DE81E665 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=56238D9D0375421D83DEC46EE6F6BCCF In this article: MDA DataQuick California Data SB 133 MDA DataQuick, a division of MDA Lending Solutions and a provider of property data to real estate and mortgage professionals, forged a partnership with the San Diego Association of Realtors (SDAR). MDA DataQuick will provide property data to the association’s more than 12,000 members. “Property data is critical information Realtors use every day,” said Mark Marquez , 2010 SDAR president. “By partnering directly with MDA DataQuick, our Realtor members have access to the most up-to-date property information as they work.” Prior to the partnership, most San Diego Realtors received property data from title companies. The passage of California ’s SB 133 , which went into effect in January 2009, restricts title companies from providing products and services to real estate professionals. As a result, SDAR sought other reliable data resources for its members. “As San Diego natives, we at MDA DataQuick are committed to the local real estate community,” said John Walsh , president of MDA DataQuick. “By providing SDAR members with top-quality data at a reasonable price, we hope to aid in the recovery of the Southern California real estate market, something that our data already implies is underway.” In response to the regulatory changes restricting title companies, earlier this year MDA DataQuick developed DataQuick Direct, offering the Realtor Direct and Mortgage Broker Direct packages. The Realtor Direct package includes PropertyFinder 2G, which offers a nationwide database of detailed property and ownership information and advanced reporting technology. The package also includes the optional service, ForeclosureFinder, MDA DataQuick’s new Web-based foreclosure tracking tool. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Fri, 09 Jul 2010 09:30:57 EST 56238D9D0375421D83DEC46EE6F6BCCF http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=C9E9CC7883C94078806F73F96DB4F08A In this article: HOPE NOW Loan modifications HAMP Servicers HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors announced that loan modification data collected through May showed significant industry progress on delinquent loans. Since HOPE NOW initiated survey data reporting in July 2007, more than 3.2 million homeowners have saved their homes via permanent loan modifications. This total reflects the combination of proprietary loan modifications plus those completed under the Home Affordable Modification Program (HAMP). Additionally, mortgage servicers have offered distressed borrowers more than 9.5 million workout solutions since 2007. These include repayment plans, forbearance and other foreclosure prevention options. For the month of May, the industry completed about 159,000 total loan modifications, which includes 112,000 proprietary loan modifications and 47,000 HAMP modifications. So far in 2010, servicers have completed 800,536 permanent loan modifications. Seventy-seven percent of proprietary (non-HAMP) modifications include lower principal and interest payments, which means the programs are being designed for longer-term sustainability and homeownership. Highlights of the May data: • 60 days-plus delinquencies totaled 3.77 million loans (7 percent of total loans); • Foreclosure starts totaled 205,479; • Foreclosure sales totaled 98,963; • Total loan modifications were 159,812; • 77.5 percent of proprietary modifications had lowered principal & interest payments; and • There were 402,920 total workout solutions. Faith Schwartz , senior advisor for HOPE NOW, issued the following said, “The latest results continue to support the industry’s unprecedented efforts to assist borrowers across the country using myriad foreclosure prevention programs. “The industry has made great strides and is organized around significant efforts, starting with Making Home Affordable and propriety modification solutions that remain a dominant solution to prevent foreclosure. The industry has also implemented many other retention efforts that go a long way to help borrowers. With 3.7 million borrowers that remain 60 or more days past due on their mortgages, it is incumbent that the industry, government and non-profit segments continue to collaborate until the housing market has stabilized.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Wed, 07 Jul 2010 08:47:09 EST C9E9CC7883C94078806F73F96DB4F08A http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=A9A9EFDCA8E14A2BBADFF79C0FD7EFE0 In this article: Real estate confidence Point2 Technologies Confidence Index Realtors U.S. real estate broker and agent forward-looking confidence edged higher in Point2 Technologies’ monthly Real Estate Confidence Index (RECI) survey in June, rising 0.70 percent to 5.76 on the RECI scale of one to 10, versus the previous month. Relatively strong long-term optimism sent the index’s 12-18 month optimism/pessimism variable higher by three percent and was the key catalyst behind the upside. Current sentiment, one of the three key index components that tracks survey respondent views of existing market conditions, dropped by 1.92 percent, to 5.12 on the one-to-10 RECI scale (10 being “good” and one being “bad”). The short-term (3-6 months) optimism/pessimism variable rose marginally, by 0.53 percent, to 5.64. Closing at 5.76 on the RECI scale, the national index remained virtually flat in the June survey, versus one year ago (-0.17%). Since the RECI was launched in June 2009, broker and agent sentiment has held the index between the 5.59 low recorded in October 2009 and the high of 6.03 hit in November that year. The RECI peaked just ahead of the expiry of the first federal government tax credit incentive. Notably, the lack of a clear directional improvement in broker and agent outlook over the past 12 months indicates that while government incentive programs have helped to spur market activity, a self sustaining recovery remained a challenge, Point2 reported. Feedback offered by 2,574 real estate brokers and agents who participated in the June survey from across every U.S. state sent mixed signals regarding the outlook for the market, even though the longer term view remained relatively strong. In most states, respondents frequently referred to healthy sales activity and optimism, with some citing low interest rates as the primary driver. In some pockets around the country, shorter time-on-market was also reported, which indicates a relatively more fluid sales and financing environment in the respective regions. Concerns over employment and job insecurity, lending obstacles and more foreclosures coming to market were, however, persistent. Brokers and agents nationwide expect these issues will apply downward pressure on home values for the foreseeable future, and, in cases, the next several years. Uncertainty over the future of the market following the lapse of government incentives was also repeatedly discussed and captured in the June RECI report. The concern highlights growing reliance on government intervention in many parts of the country. Sudden slowdowns in sales activity right after the April 30 expiration of the tax credit was felt and reported by sales professionals in a number of states. The June RECI Report, including respondent commentaries presented for each state individually, and a heat map highlighting RECI and market conditions in each state, can be accessed at www.RealEstateConfidenceIndex.com . Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Wed, 07 Jul 2010 08:43:11 EST A9A9EFDCA8E14A2BBADFF79C0FD7EFE0 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=58361D9122634BAAA0A90CF52AAE88A1 In this article: Dick Reass RynohLive Fraud prevention technology Escrow fraud Every industry has its share of fraud, defalcation and honest administrative errors that cost millions of dollars every year and can even put companies out of business. To help eliminate these problems, Dick Reass , owner of Virginia Beach, Va.-based insurance company Reliant Title, developed a Web-based automated system known as RynohLive. Launched in 2005, RynohLive was originally designed for the settlement industry, including law firms and title companies, and can now be used by any industry. Features of RynohLive: Real time Web-based application – interfaces with client’s existing accounting software; Helps eliminate fraud, embezzlement, accounting errors and financial losses through daily automated 3-way reconciliation; Advanced alerting and daily management e-mail reporting identify account irregularities and potentially critical issues;   Features automated Positive Pay, with or without payee match, and real-time teller capability – no need to change banks; Keeps companies continuously audit ready; Unlimited training and ongoing support; Client data is protected with advanced encryption in transit and within the Rynoh database; SAS-70 Level II data center ensures compliance to existing accounting and data security standards; and  Affordable – $2500 per year for a typical installation – can save the user millions. “We have saved several businesses from going out of business,” Reass said. “In the past year, the RynohLive system has actually sent people to jail and saved millions of dollars. Everyone has heard stories about the loyal and faithful bookkeeper/accountant who wrote themselves a few checks now and then and defrauded the company of hundreds/ thousands/millions of dollars. Most of these stories are not urban legends; they’re true. A recent Phoenix-Hecht study noted that ‘frequent reconcilement is often your last line of defense to prevent fraud.’” Since the industry standard is monthly reconciliation, many firms have only a dozen chances a year to discover fraud. Sometimes fraud is detected by a “red flag” that alerts agency management. Fraud investigator Rafael Toldeo Jr. recalled a case involving a trusted manager in a multi-office title company who personally handled 50 to 60 closings a month for a major builder. “She added $100 to each HUD statement for prepaid taxes. She also did the monthly reconciliation and eventually stole nearly $500,000,” he said. The red flag in her case was that she was never absent from work and never took a vacation. She knew the theft might be noticed if anyone else looked at the accounts. “If they’d had RynohLive,” said Reass, “she would have been caught the first time she tried it.” Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.   Wed, 30 Jun 2010 12:51:25 EST 58361D9122634BAAA0A90CF52AAE88A1 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=CC7CAA82CF374EB48E6B2FADC3FFDC2F In this article: Mortgage Bankers Association Weekly Mortgage Applications Survey Refis Purchase activity The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending June 25, in which the Market Composite Index, a measure of mortgage loan application volume, increased 8.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 8.3 percent compared with the previous week. The Refinance Index increased 12.6 percent from the previous week and is the highest Refinance Index observed in the survey since the week ending May 22, 2009. The seasonally adjusted Purchase Index decreased 3.3 percent from one week earlier. The unadjusted Purchase Index decreased 3.8 percent compared with the previous week and was 36.0 percent lower than the same week one year ago. “Amid continuing financial market volatility, mortgage rates dropped again last week, with rates on 15-year loans reaching a record low for the MBA survey. Refinance applications jumped in response, but remain at about half the level seen in the spring of 2009,” said Michael Fratantoni , MBA’s vice president of research and economics.  “Purchase applications declined for the seventh time in the last eight weeks, keeping the purchase index near 13-year lows.”   The four-week moving average for the seasonally adjusted Market Index was up 1.5 percent. The four-week moving average was down 0.8 percent for the seasonally adjusted Purchase Index, while this average was up 2.1 percent for the Refinance Index. The refinance share of mortgage activity increased to 76.8 percent of total applications from 73.8 percent the previous week, which is the highest refinance share observed in the survey since April 2009. The adjustable-rate mortgage (ARM) share of activity decreased to 4.7 percent from 4.9 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.67 percent from 4.75 percent, with points decreasing to 0.96 from 1.07 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This is the lowest 30-year contract rate recorded in the survey since the week ending April 24, 2009. The effective rate also decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.06 percent from 4.19 percent, with points decreasing to 0.97 from 1.00 (including the origination fee) for 80 percent LTV loans. This is the lowest 15-year contract rate ever recorded in the survey.  The effective rate also decreased from last week. The average contract interest rate for one-year ARMs was unchanged at 7.05 percent, with points remaining constant at 0.27 (including the origination fee) for 80 percent LTV loans. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.     Wed, 30 Jun 2010 11:04:49 EST CC7CAA82CF374EB48E6B2FADC3FFDC2F http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=95FCD7F87EAB4E04B2F9BF1DC3D4E2F7 In this article: Texas Land Title Association J. Christopher Phillips Title Resources Guaranty Co. Awards The Texas Land Title Association (TLTA), one of the state’s oldest trade associations, awarded J. Christopher Phillips , president of Title Resources Guaranty Co., with the Title Person of the Year Award during its Annual Conference and Business Meeting. The award recognizes significant and longtime contributions to the title industry and the association. It is the highest honor bestowed by TLTA. “We are honored to present Chris with this prestigious award,” said Leslie Midgley , executive vice president of TLTA. “Chris has been a constant champion for our association and the title industry in Texas . The contributions he has made as part of our association leadership are too many to name and we are privileged to have him among our ranks.” With more than 35 years of experience, Phillips began his career at a rural title agency in Colorado and later joined the agency staff of a national underwriter focusing on developing a regional network of independent agents. In 1985, he joined Title Resources, and after serving as senior vice president and agency operations manager for several years, he was appointed as president in January 2009. Phillips was recognized as an Outstanding Young Title Person in 1992, awarded the Peggy Hayes Teaching Excellence Award in 2004 and currently serves on the TLTA Board of Directors, representing the underwriter section. He holds a bachelor’s degree in business from the University of Colorado and currently resides in Plano , Texas , with his wife and daughter. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Wed, 30 Jun 2010 11:01:23 EST 95FCD7F87EAB4E04B2F9BF1DC3D4E2F7 http://www.thetitlereport.com/ME2/Audiences/dirmod.asp?sid=8DEFBE0F07E5467499E3D34AB784520D&nm=Daily&type=news&mod=News&mid=1264522F87E648A787659798A5710AA1&AudID=79E26C8E55214F01B2E53D08594FE264&tier=3&nid=02A9B69037E145B8ADB90A654EBB915C In this article: M&I Bank FNC Solutions Title order distribution Mortgage tech company Wisconsin-based Marshall & Ilsley Bank (M&I Bank) selected FNC solutions to electronically distribute and receive various components of its mortgage business, including title, appraisal and flood orders. Mortgage technology company FNC is creator of the Collateral Management System (CMS) — a compliance and workflow solution used by some of the nation’s largest mortgage lenders. “The FNC solution will further enable M&I Bank to increase operation efficiencies in our mortgage operations area, while continuing to provide our customers with the outstanding customer service they have come to expect,” said Julie Joseforsky , senior vice president and director of retail lending at M&I Bank. “M&I Bank’s customer-based approach, internal growth and strategic acquisitions have made it a nationally recognized leader in the financial services industry,” said Marti Ryan , FNC sales executive. “We are proud to have the opportunity to partner with M&I and help streamline their lending processes.” FNC’s CMS will also enable M&I Bank to increase productivity while utilizing its current resources, ensure continued compliance with regulatory guidelines and automate the review of every loan in its portfolio. Built into the CMS, the GAAR (generally accepted appraisal rules) compliance and risk series automatically reviews appraisals and instantly flags any violations that may be indicators of risk. The CMS and GAAR work in tandem to document the entire loan process, ensure appraiser independence and compliance to USPAP standards and highlight indicators of appraisal or appraiser violations. Additionally, the CMS will automate many of the company’s manual processes, including ordering appraisals and the subsequent tracking, receipt, analysis and reporting processes related to those appraisals. Reprints of this story are available. Click here for more information on our Reprints Program.   COMMENT BOX DISCLAIMER: October Research Corp. is not responsible for the comments posted on its Web sites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments. Wed, 30 Jun 2010 10:59:42 EST 02A9B69037E145B8ADB90A654EBB915C