Entries by Progress In Lending

Understanding The News: Some Good Market News

*Some Good Market News*
**New Data Emerges**

***Veros Real Estate Solutions has released its VeroFORECAST real estate market forecast for the 12-month period from March 1, 2012 to March 1, 2013. The quarterly report shows that the recovery in the housing market is forecast to accelerate. The national home price index (HPI) forecast improved significantly from last quarter’s 1.3 percent depreciation to this quarter’s slight depreciation of 0.85 percent. Here’s the scoop:

Technology Spotlight: The Prescription For Success

*The Prescription For Success*
**First Bank Mortgage Profiled**

***First Bank Mortgage of Augusta, GA, a division of First Bank of Georgia, has selected Ellie Mae’s Encompass360 loan origination system (LOS) as its mortgage management solution. In 2011, First Bank Mortgage originated more than $400 million in mortgages through its retail branches and 60 correspondent lenders. So, if the bank was doing so well why did it switch its LOS. Here’s the story:

Understanding The News: The Impact Of Shadow Inventory

*The Impact of Shadow Inventory*
**New Data Emerges**

***It seems unlikely that the mortgage industry can fully recover until we work through all of the shadow inventory. And new data shows that may take more time. CoreLogic, a provider of information, analytics and business services, reported today that the current residential shadow inventory as of January 2012 was 1.6 million units (6-months’ supply), approximately the same level reported in October of last year. On a year-over-year basis, shadow inventory was down from January 2011, when it stood at 1.8 million units, or 8-months’ supply. Currently, the flow of new seriously delinquent (90 days or more) loans into the shadow inventory has been offset by the roughly equal flow of distressed sales (short and real estate owned). Here’s the full industry findings:

Understanding The News: Who Says That Technology Doesn’t Pay Off?

*Who Says That Technology Doesn’t Pay Off?*
**Website Gets Major Kudos**

***Arguably the biggest problem that the mortgage industry faces is the foreclosure crisis. There has to be a better, faster, easier way to workout troubled loans and foreclose on loans that can’t be worked out. That’s where technology can play a role and it has. The National Mortgage Settlement (Settlement) announced last week and filed in federal district court by the Department of Justice, the 49 state attorneys general, and the five largest mortgage servicers, mentions Hope LoanPort (HLP) as a model for a neutral, national Web-based portal to facilitate compliance with the Settlement. HLP is a non-profit 501(c)(3) based in Washington, D.C. Here’s the scoop on why this matters:

Understanding The News: More Process Automation

*More Process Automation*
**Seamless MI Integration**

***Mortgage Guaranty Insurance Corp. (MGIC), the nation’s largest private mortgage insurer, now has the availability of mortgage insurance rate quotes to lenders through the product and pricing engine piece of MarksmanLMP, from Mortech, Inc. The integration marks the first of a series of interfaces, with eligibility and MI-ordering forthcoming. Here’s the full story:

Understanding The News: HARP Is For Everyone

*HARP 2.0 Is For Everyone*
**Help For Smaller Banks**

***PROGRESS in Lending has learned that String Real Estate Information Services, a consultancy and back-office service provider to the U.S. home finance industry, has added capacity in preparation to help smaller mortgage lenders capitalize on the government’s recently announced Home Affordable Refinance Program (HARP 2). As many as 6 million homeowners may qualify to refinance existing mortgages under the program but experts say smaller institutions could benefit the most. Here’s the whole story:

On The Move: Lenders One Names New CEO

*Lenders One Names New CEO*
**A New Chief Executive Takes Charge**

***Lenders One, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, has named Jeffrey R. McGuiness as its new CEO. McGuiness assumes this position after former CEO and co-founder, Scott Stern, announced last month he would leave the company to pursue other entrepreneurial opportunities.

Understanding The News: New Research Shows Mixed Results

*New Research Shows Mixed Results*
**By Tony Garritano**

***CoreLogic, a provider of information, analytics and business services, today released its January Home Price Index (HPI) report. The report shows national home prices, including distressed sales, declined on a year-over-year basis by 3.1 percent in January 2012 and by 1.0 percent compared to December 2011, the sixth consecutive monthly decline. Nonetheless, there is some good news, too. Here’s the full story:

Understanding The News: A New Tool For LOs Emerges

*A New Tool For LOs Emerges*
**Fixing The Transparency Issue**

***PROGRESS in Lending has learned that Mortech, Inc., a mortgage technology software company specializing in solutions for mortgage bankers and secondary market teams, has released a new technology allowing loan officers the ability to exchange real-time mortgage application data directly with their borrowers. The secure consumer-facing portal, called Connect, is available completely free to users of Mortech’s MarksmanLMPplatform. The tool increases overall transparency. Here’s how: