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AFR Appoints New National Sales Director

Mortgage lender American Financial Resources, Inc., has added a new national sales director. AFR recently announced the appointment of Paul Impagliazzo to the position, and he will now be responsible for the company's wholesale and correspondent lending divisions.

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New CIO for Mortgage Contracting Services

Mortgage Contracting Services has appointed a new chief information officer, with the announcement that Tod Phelps will join the firm. In his role for the company, Phelps will be responsible for developing new strategies for all information technology initiatives.

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Veros Approves SharperLending for UCDP Integration

Gaining industry approval, SharperLending LLC has announced that Veros Real Estate Solutions confirmed its appraisal firewall platform for integration with the Uniform Collateral Data Portal (UCDP). SharperLending released its appraisal firewall interface to the UCDP on December 10, and Veros has now declared the web-based program operationally ready for submissions.

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Fannie Mae CEO Michael Williams Announces Resignation

Fannie Mae CEO Michael Williams announced Tuesday that he will resign once the mortgage giant selects his successor. A 21-year veteran with Fannie Mae, he accepted an appointment to head up the mortgage company just as the FHFA placed it into conservatorship during the financial crisis. The announcement follows Ed Haldeman├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós decision last fall to step down as CEO of Freddie Mac, just after the two executives saw themselves and eight others in senior leadership positions embroiled in scandal over multimillion-dollar bonuses.

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Generation Mortgages Selects Tech Provider

Mortgage Cadence, LLC, has been selected by Generation Mortgage Company to replace the company's current lending system. Generation will begin using Mortgage Cadence's Orchestrator, Finale Document Services, and Opus systems to gain enhanced end-to-end support for its mortgage lending business.

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Vertical Capital Launches New Mortgage-Based Fund

Vertical Capital Markets Group has announced the debut of the mortgage-based Vertical Capital Income Fund. Targeting the development of a quality portfolio of mortgages for investors, Vertical's newly launched project seeks to capitalize on low-priced loans.

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MBS Cases Drive Q3 Mortgage Litigation: Study

A surge in suits involving mortgage-backed securities propelled litigation cases for mortgage servicers to 218 over the third quarter last year, according to a recent index. Mortgage-backed securities litigation rose by 36 cases over the third quarter, up from 26 seen from the last quarter and just 12 in the third quarter 2010. Foreclosure-related suits also went up from 67 in the second quarter to 90 in the third quarter, followed shortly by litigation from investors, which leapt from 50 to 82 over the same time frame.

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Fraudster Allegedly Bilks Three Churches With Bad Loans

Making our mortgage fraud blotter Monday, news outlets reported stories involving a Wisconsin man and his wife who allegedly raked in $10 million and another man from Chicago purportedly responsible for hundreds of thousands in advanced fees he bilked from churches. In one story, the churches handed over thousands in advance fees in exchange for capital for multimillion-dollar loans, while in another a married couple went through sham buyers to siphon $10 million in funds from lenders with bank-owned properties at their disposal.

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Americans Feel More Confident About Housing: Survey

Consumer sentiment climbed higher last month despite historically low conditions, with Americans by and large feeling more optimistic about housing, according to Fannie Mae. In conducting its December National Housing Survey, the GSE polled 1,000 respondents with questions about the economy and housing conditions at large. The big picture? More Americans expect a better New Year for their financial circumstances, higher home prices and mortgage rates, and steadily improving conditions for the housing market. Sixty-four percent reported wanting to buy their next home.

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HSBC Forms New Legal Panel for Borrowers

In international news, HSBC has announced the formation of a company panel devoted to extending legal aid to its mortgage borrowers. The panel, which will be made up of solicitors and licensed conveyancers, will target the provision of required legal services for those purchasing a home mortgage via HSBC.

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