MMag Mortgage Banking May 31, 2008

• ERIC RICE FLIPS THE SCRIPT ON FORECLOSURE DOOM AND GLOOM
Former Foreclosure Hunter turned Loss Mitigation Expert Eric Rice Sheds Light on Distressed Homeowners -- Dyer Beech,Info, 05/23/2008

• MBA's Kittle Testifies on RESPA Reform
"Reforming the mortgage process is an important but difficult task. It is imperative that we get this right" -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 05/23/2008

• MBA's Brinkmann Testifies on the Impact of the Conforming Loan Limit
Jay Brinkmann, Vice President of Research and Economics for the Mortgage Bankers Association (MBA) testified today before the Committee on Financial Services. In his testimony, Mr. Brinkmann discussed the impact of the higher conforming loan limit and the efforts to improve jumbo loan pricing. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 05/23/2008

• Mortgage Applications Decrease In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 05/22/2008

• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 16, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 621.6, a decrease of 7.8 percent on a seasonally adjusted basis from 674.4 one week earlier. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia 05/21/2008

• MBA Releases Policy Paper Clarifying Roles of Mortgage Bankers and Brokers
The Mortgage Bankers Association (MBA) today released a new policy paper titled, "Mortgage Bankers and Mortgage Brokers: Distinct Businesses Warranting Distinct Regulation." The paper brings clarity about the roles and responsibilities of mortgage bankers and mortgage brokers to current legislative and regulatory discussions. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia 05/21/2008

• MBA's Quinn Applauds Senate Committee Passage of Housing Legislation
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today hailed the passage of The Federal Housing Finance Regulatory Reform Act of 2008, legislation to help prevent foreclosures and reform oversight of the Government Sponsored Enterprises (GSEs) - Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The bill passed the Senate Committee on Banking, Housing and Urban Affairs by a vote of 19-2. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 05/21/2008

• Maryland Association of Mortgage Brokers Co-Sponsors CMPS Institute Training
In an effort to increase the level of professionalism and financial competency amongst their membership, the Maryland Association of Mortgage Brokers (MAMB) is co-sponsoring the CMPS Live! training and certification event in New York City, July 28-30, 2008. -- CMPS Institute,Josephine Nicholas,Ann Arbor MI 05/21/2008

• First Integrity Mortgage 䥲oes Live� with Mortgage Builder Loan Origination System
Ease of use, fast implementation, professional features and personal support cited in regional mortgage bank decision -- Mortgage Builder Software Inc,Keven Smith,Southfield Michigan 05/21/2008

• Bankrate: Fixed Mortgage Rates Inch Higher
Fixed mortgage rates were modestly higher this week, with the average conforming 30-year fixed mortgage rate rising to 6.19 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. -- BankRate.com,Kayleen Keneally,North Palm Beach Florida 05/19/2008

• Mortgage Credit News - May 16, 2008
Mortgage and 10-year T-notes tried their tops all week long (6.25% and 3.92%, respectively), looking like they would break upward... and held. Rates have improved today, but a run into the fives will require a weakening economy. Name your poison. -- Boulder West Financial Services,Lou Barnes,Boulder Colorado 05/19/2008

• MBA's Quinn Highlights Servicer Efforts to Help Borrowers, Offers Policy Recommendations in Remarks at Chicago Fed
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today spoke today at the Federal Reserve Bank of Chicago's 44th Annual Conference on Bank Structure and Competition. In his remarks, Mr. Quinn spotlighted the work mortgage servicers are doing to help at-risk borrowers and said that the proper legislative and regulatory approach would allow servicers to help more borrowers, while stabilizing the market and preventing a reoccurrence of the events that resulted in the current difficulties. Mr. Quinn cautioned that the wrong approach has the potential to exacerbate the current troubles and deprive future borrowers the opportunity to become homeowners. -- Mortgage Bankers Association of America,Aleis Stokes,Chicago IL 05/19/2008

• CampusMBA Announces Level II of Commercial CMS Designation
CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA), today launched Level II of its Commercial Certified Mortgage Servicer (CMS) designation during MBA's Commercial/Multifamily Servicing and Technology Conference in Chicago. Level I of the designation, as well as the designation itself, was launched one year ago at the same conference. -- Mortgage Bankers Association of America,John Ferber,Chicago IL 05/19/2008

• Fighting Fraud with Frank
The simple phone call � it can unravel even the most sophisticated fraud scheme in less than 3 minutes, and it is amazingly cheap. Insurance companies use them to detect potential discrepancies on applications for auto insurance. Credit card companies have used them for years to verify confirmed and unconfirmed claims of fraud. Online merchants have relied on them to verify that they are not sending merchandise to a fraudster. And now, I believe the mortgage industry can leverage this technique to reduce billions in fraud loss exposure every year. -- BasePoint Analytics,Info, 05/16/2008

• ISGN Re-Brands Acquired Companies
MortgageHub, Dynatek, Inuva, Tradewinds and Cocamar to operate under ISGN name -- ISGN,James Gellasch,BENSALEM pa 05/16/2008

• CCH White Paper Details Subprime Crisis, Wider Effects
CCH, part of Wolters Kluwer Law & Business, has published a white paper, http://business.cch.com/bankingfinance/focus/news/Subprime_WP_rev.pdf The Subprime Lending Crisis: Causes and Effects of the Mortgage Meltdown, by CCH Banking Law Analyst Katalina M. Bianco, JD. Wolters Kluwer Law & Business is a leading provider of research information and software solutions in key specialty areas for legal and business professionals. -- CCH, a Wolters Kluwer business,Neil Allen,Riverwoods IL 05/14/2008

• Solidifi Expands Collateral Valuation Services to the U.S. Mortgage Market and Opens Local Head Office
Solidifi's technology to enable independent and fully transparent collateral valuation marketplace with integrated risk management capabilities -- Solidifi Inc.,Mike Kraemer, Chicago il 05/14/2008

• MBA's Quinn Calls for Quick Conference on Flood Insurance Bill
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today welcomed Senate passage of S. 2284, The Flood Insurance Reform and Modernization Act of 2008, and called on House and Senate leadership to quickly begin negotiations to reconcile the two chambers' bills so that a bill can advance to the President's desk this summer. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 05/14/2008

• Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 9, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 674.4, an increase of 2.9 percent on a seasonally adjusted basis from 655.4 one week earlier. On an unadjusted basis, the Index increased 2.9 percent compared with the previous week and was down 1.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 05/14/2008

• NorthMarq Capital Eliminates Paper Statements with FICS� Solutions
Financial Industry Computer Systems, Inc. (FICS�), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced at MBA's Commercial/Multifamily Servicing and Technology Conference that Minneapolis-based NorthMarq Capital, Inc. (NorthMarq) is successfully utilizing its commercial mortgage loan servicing system, Commercial Servicer�, its electronic imaging and document management system, Radstar and its consumer based web application system, LoanStat� to eliminate paper-based monthly statements to its borrowers. -- FICS - Financial Industry Computer Systems, Inc.,Kelly Graham,Chicago IL 05/14/2008

• Statewide Coalition Testifies on Support of Governor Paterson`s Bill to Address New York State Foreclosure Crisis
At a New York State Senate Banks Committee hearing today, members of New Yorkers for Responsible Lending (NYRL) stated their strong support for Governor Paterson`s legislation to address New York`s foreclosure crisis. -- New Yorkers For Responsible Lending,Josh Zinner,New York NY 05/13/2008

• Commercial/Multifamily Originations Volume Hit Record in 2007 Despite Mid-year Slowdown
The commercial/multifamily originations market grew 19 percent in 2007, with mortgage bankers closing $507.7 billion in commercial/multifamily loans according the Mortgage Bankers Association's 2007 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation. Increases were seen across most property types and most investor groups, and were led by increases in loans for office buildings and loans intended for commercial mortgage-backed security (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits. Intermediated loan volume grew 15 percent between 2006 and 2007 -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 05/13/2008

• Flagstar Bank Taps CampusMBA To Deliver Key FHA Business Initiative
CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA), today announced it has launched a strategic educational offering focusing on Federal Housing Administration (FHA) loan guidance for Troy, Mich.-based Flagstar Bank. The largest publicly held savings bank headquartered in the Midwest with more than 165 banking centers in Michigan, Indiana and Georgia, Flagstar enlisted CampusMBA to provide assistance in meeting one of its key initiatives-- increase and successfully manage its surging FHA business. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 05/13/2008

• In Efforts to Help Homeowners Avoid Foreclosure, I Short Sale, Inc. Makes Loan Modifications a Priority
I Short Sale, Inc. (ishortsale.com), a leading nationwide short sale and loss mitigation advisory firm, has expanded its loan modification department with the addition of several experienced loan modification specialists and support staff. -- IShortSale,Info,Woodland Hills ca 05/13/2008

• Guild Mortgage Company Acquires Liberty Financial Group and Expands Reach to High Credit-Quality Borrowers
Guild Mortgage Company recently completed the acquisition of Liberty Financial Group, a Bellevue, WA residential mortgage bank. Liberty annually originates close to $1 billion of prime home loans through its network of branches located predominately in Washington and Colorado. -- Guild Mortgage Company,Matthew Fine,San Diego California 05/13/2008