Tag Archives: Company News

New Jersey loan specialist, Shelley Solari, has been honored among the state├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós top mortgage professionals. New Jersey Monthly├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós New Jersey 2011 Mortgage Professionals list recently honored Solari for her service.

A new director is taking over at Municipal Mortgage & Equity, LLC. Frederick W. Puddester was recently announced as the company's new director and was also appointed to its audit committee.

In an endeavor to get ahead of mortgage-related woes from the financial crisis, mortgage giant Bank of America has offered to sell a chunk of its mortgage portfolio servicing rights to GSE Fannie Mae, according to the Wall Street Journal. The sale of bad loan rights to the government entity may shift new bulk onto federal balance sheets at a time when the GSE recently posted second-quarter losses and announced plans to petition the government for more taxpayer funds.

Putting capital earned from its recent initial public offering to good use, AG Mortgage Investment Trust, Inc., announced that it has achieved significant deployment of its new liquidity. The company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós IPO and simultaneous private placement were concurrently completed on July 6, and by utilizing the capital gained in that transaction as well as the underwriters├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó overallotment option, established and closed on July 20, AG has also been able to debut its initial portfolio.

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.