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New American Touts HARP 2.0 for Maryland Homeowners

In Maryland, New American Funding is working to help borrowers who may qualify for refinancing under HARP 2.0. The third-party lender allows struggling homeowners to avoid broker fees through their mortgage banking services, should the borrower meet the HARP 2.0 requirements. Current statistics show that 23 percent of Maryland's homeowners are considered underwater, owing more on their home than it is worth. Maryland's high number of underwater borrowers makes it the seventh-ranked state nationally, based on the percentage of struggling homeowners.

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Fitch Releases Report on Regional Trends, Forecasts

Fitch Ratings has released its commentary on the current rends in regional home pricing, noting that significant variability persists among each area surveyed. In its recent report, Fitch also called for the nation's housing recovery to continue at an irregular and anemic pace for the duration of 2012. Citing tighter credit standards and static levels of household income, Fitch's analysis revealed that all regions are experiencing lower prices for new home sales. According to data from Fitch, the West has been hardest hit by flagging home prices.

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NAMB Joins Coalition Submitting CFPB Petition on QM Rule

The National Association of Mortgage Brokers has joined the coalition of professional entities petitioning the Consumer Financial Protection Bureau for greater clarification of the Qualified Mortgage rules within the Dodd-Frank Act. Comprised of various trade associations and housing interest groups with ties to the mortgage industry, the coalition recently submitted a letter to CFPB director Richard Cordray. As it stands now, QM legislation could be especially damaging to low- to moderate-income buyers.

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House Lawmakers Launch Dodd-Frank Burden Tracker

Lawmakers seated on the House Financial Services Committee recently unveiled a new online resource for members of the public to track burdens created by the Dodd-Frank Act. The so-called Dodd-Frank Burden Tracker includes a spreadsheet with rules by agency, page length, date of proposal, and more. The committee ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô comprised by conservative Republicans ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô billed the tracker as a means to transparency for some 185 of 400 rules, which currently take up more than 5,000 pages, according to information from a statement.

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Genpact Launches New MOS Platform

The mortgage industry is gaining a new technology tool targeting streamlined loan processing for originators and lenders. Launching the Quantum Mortgage Operation System, Genpact Limited is now offering a platform for real estate and banking professionals. Genpact, a technology company specializing in business processing and management solutions, will provide automation for major elements of the mortgage origination cycle through Quantum. In an official statement, Genpact noted that the platform's use of data eliminates the silos between origination, closing and secondary marketing, enabling lenders to work on each loan file simultaneously.

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New Corporate Director Appointed at ISGN

In Florida, ISGN Corporation has announced the appointment of a new director of corporate technology strategy. ISGN, an end-to-end technology solutions and services provider for the mortgage industry, recently hired Tim Anderson to the leadership role.

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Provident Bank Appoints New Commercial Banking Leader

In Rockland County, New York, Provident Bank is welcoming a new leader for its commercial banking team. The company, a subsidiary of Provident New York Bancorp, recently announced Marianne McGoldrick as the firm's senior managing director of commercial banking. In her new role for Provident Bank, McGoldrick will handle team leadership for building and cultivating commercial relationships. Prior to joining the company, McGoldrick served as the vice president and senior relationship manager for HSBC's middle market portfolio in the Hudson Valley region.

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Zillow Adds Agent Hub to Online Offerings

Rolling out a new online platform for real estate agents, Zillow, Inc., recently announced the launch of Agent Hub. Zillow's tool will give users a place to find and manage information from the website in one location. Additionally, the CRM platform automatically saves leads and connections accrued via Zillow, allowing agents to make individual notations and track high-priority contacts. Other benefits provided through Agent Hub include an analytics dashboard for monitoring listings and agent profiles and metrics.

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Cleveland Fed Forecasts Uncertainty for Nation’s Fiscal Future


The Federal Reserve Bank of Cleveland has released its spring Forefront report addressing the budget shortfalls throughout the U.S. Examining the risk that weakening public finances have on specific regions of the country, the Cleveland Fed is forecasting an uncertain future for the country's financial stability. The pension funds, which would deliver a shock to the broader financial system upon failure, appear more stable than previous reports have suggested. The bank evaluated bank capital requirements and tax system tradeoffs.

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Tradeweb Reaches Benchmark for TBA-MBS Trades

Touting its unique platform, Tradeweb Markets LLC has announced that the company recently reached a new benchmark, with more than $1 trillion in mortgage securities risk offset through the use of its trading technology. Tradeweb credits the company's new round-robin functionality of its programs for its success in the to-be announced-mortgage-backed securities (TBA-MBS) market.

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