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NAMFS Updates Online Remediation Platform

Adding to an innovative new remediation platform it launched in May, the National Association of Field Mortgage Services announced key additions that propose to enhance the speed and ease in field services.

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Moody’s to Review ‘Too Big’ Banks

Spooked by speculation that the federal government may withhold bailout funds from banks deemed too big to fail in another crisis, Moody's Investors Service placed the debt ratings for three leading banking institutions under review in June, according to NASDAQ.com. The ratings agency said that the reviews will assess deposit, senior debt, and senior subordinated debt ratings. If lowered, the new ratings would downgrade the banks' reputation as financially solvent institutions, diminishing their abilities to borrow large sums and meet bottom lines.

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MountainView Offers $188M Ginnie Mae Servicing Portfolio

MountainView Servicing Group, a subsidiary of MountainView Capital Holdings, announced Monday that it will serve as the exclusive advisor for a $188 million Ginnie Mae servicing portfolio. The portfolio is comprised entirely of fixed-rate mortgage loans, 98.1 percent of which are Federal Housing Administration (FHA) loans, with 99.9 percent retail origination and a weighted average interest rate of 5.95 percent.

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MBA Nominates E.J. Burke as 2012 Vice-Chair

On Monday the Mortgage Bankers Association (MBA) released a statement announcing the nomination of E.J. Burke, a senior executive and director at KeyBank Real Estate Capital and Corporate Banking Services, as its vice-chair. Burke has more than three decades of experience in the mortgage banking business, At KeyBank, he also served as head of real estate capital markets, presiding over its commercial mortgage division as managing director.

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Fiserv and Dollar Bank Consolidate Consumer Loans

Dollar Bank, one of the nation's largest mutual savings banks, is teaming up with Fiserv, Inc. to institute a single online platform that streamlines all of the bank's borrower loan information. Fiserv's online, real-time servicing solution consolidates borrower information for banks, credit unions, and investors. The company says by pooling all of Dollar Bank's consumer loans onto one servicing platform, the lender can realize additional cost savings and better serve its customers at the same time.

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PSM Holdings, Brookside Sign Merger

PSM Holdings, Inc. has agreed to merge its mortgage banking arm with Oklahoma's Brookside Mortgage, LLC, forming a new entity that the parent company will manage under a wholly owned subsidiary. The merger serves as the next step in a broader expansion strategy by PSM Holdings, which it began in 2010 by acquiring another Oklahoma-based mortgage banking company, CBB, Inc., and continued by acquiring UCMC in February this year.

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Obama Mulls Warren Substitute

Elizabeth Warren has hit another hurdle on the path to Consumer Financial Protection Bureau director, after a string of news reports revealed the administration is considering a former banker for the role. The buzz is that President Barack Obama and his advisers have begun to openly float Raj Date as a replacement nominee to fill the top position at the bureau. Date currently serves as a deputy under Warren and has ties to Capital One Financial and Deutsche Bank.

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Government Scorecard: Housing Markets Still Fragile

The Department of Treasury and HUD jointly released the Housing Scorecard for May on Thursday, finding that housing markets remain fragile with a seven-month stretch of declining home prices. The scorecard tracks monthly housing and economic data. The May edition called housing prices weak, noting only a minor boost for sales in April. Other industry reports echo the assessment with mortgage applications still falling, eroding home equity, and weak job growth -- all impacting the mortgage market.

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Risk Mitigation Hot Topic at Chicago Fed Conference

As the Dodd-Frank Act moves slowly to implementation, banking officials speaking at the recent Chicago Federal Reserve Bank's annual conference pointed to the need for continued monitoring of financial services markets to mitigate the risk of future economic crisis. Federal Reserve Chairman Ben Bernanke called for regulators to focus on two key types of risk: gaps in regulatory coverage and risks that vary with the economy, such as the buildup of lending leverage.

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FICO Earnings Fall Short

FICO, the decision management technology and makers of the ubiquitous credit scores announced the net income for its fiscal second quarter is down 40 percent to $7.7 million, or $0.19 per share due to an $8.1 million after-tax restructuring charge for workforce and facility reductions.

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