Technology

Fidelity Mortgage, Inc. has new ownership. PSM Holdings, Inc., recently announced the completion of its acquisition, which fuses Fidelity with United Community Mortgage Corporation, a wholly owned subsidiary of Prime Source Mortgage, Inc., via its parent company, PSMH.

Those in the market for a home in Arizona will soon have an enhanced version of the popular multiple listing service (MLS) to assist them when perusing real estate options. The Arizona Association of Realtors (AAR) recently moved to build out a statewide version of MLS via the acquisition of the state├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós most comprehensive existing MLS.

In opposition to the recently recorded declines, the Fiserv Case-Shiller Indexes predicts stable numbers around the country by 2012. Notable stats from the 380 markets that the survey examined include a forecasted rise in housing affordability to pre-crisis levels and an increase in home pricing strength near the start of 2012. The Fiserv Case-Shiller Home Price Insights, available now, indicate that housing affordability could rise, since current pricing is about 5 percent above data from 2000.

EarlyCheck has arrived, according to a recent announcement from Wipro Gallagher Solutions. The company will roll out its new component via the NetOxygen loan origination system, and EarlyCheck will target compliance.

American International Group is heading to court with Bank of America. AIG filed a lawsuit Monday against the bank, targeting BAC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós alleged misrepresentation of mortgage-backed securities. AIG├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós claims focus on BAC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Merrill Lynch and Countrywide Financial components, and the entity is seeking over $10 billion in compensation in what could be the largest mortgage-security lawsuit ever filed by an individual investor. The suit alleges that the bank fraudulently represented the quality of mortgage-backed securities purchased by AIG.

Boosting its mortgage sales and leadership development programs, XINNIX announced the addition of Bruce Grant as a new trainer within the department. With more than 26 years in the industry, Grant is set to join XINNIX in a role that encompasses instructing new and existing loan officers on business development, leadership skills, and executive communications.

The South Florida mortgage banking community is immersed in scandal, as a result of four indictments released this week by the U.S. Attorney├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Office in Miami, Florida. The separate filings target 27 individuals who are accused of diverse fraud schemes waged against lenders and homeowners in the region. Charges encompass more than $30 million in faulty mortgage loans, plus mail fraud, insurance fraud, and arson. Twenty-five of the 27 indicted individuals are in custody, and each could ultimately face up to 20 years in jail.

The government sponsored enterprises are feeling the heat from Bank of America. A recent filing from BAC targets Fannie Mae and Freddie Mac, stating that the criteria by which the GSEs are ultimately willing to resolve claims have become more rigid over time. By the numbers, BAC sold an estimated $1.1 trillion in mortgage loans to Fannie and Freddie between 2004 and 2008, and during the second quarter of this year, approximately $121 billion of the GSE-owned loans were in default or more than 180 days in arrears.

CoreLogic was the bearer of some positive housing market news recently, with its announcement that home pricing is on the rise for the third consecutive month. Data from CoreLogic indicates that the results from its Home Price Index for June demonstrate a 0.7 percent increase in the market, building on similar statistical improvements recorded in May and April. CoreLogic notes that pricing is still depressed by 6.8 percent compared to last year's numbers.

BancorpSouth, Inc., is bolstering its audit committee with the addition of Warren A. Hood, Jr. The bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Board of Directors approved Hood as its replacement for former board member, R. Madison Murphy, who recently resigned from the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós directorship and was a member of the audit committee. Hood is the CEO and chairman of the board for his own enterprise, Hood Companies, Inc., which is comprised of three separate corporations. Current operations within Hood Companies include the manufacturing and distribution of building materials, consumer packaging products, and industrial packaging needs.