Tag Archives: Company News

As the deadline for implementation of the uniform loan delivery dataset arrived on Monday, Wipro Gallagher Solutions announced its adoption of ULDD standards. The company noted that clients using its loan origination systems will now be able to seamlessly interface with the GSEs, as per ULDD's objectives.

The Asian Real Estate Association has named Ivan Choi as its chair-elect. Choi will assume the leadership post following the AREAA's national convention in September, where he will be officially installed as the organization's chairman of the board.

A major player in the ongoing Countrywide settlement dropped its suit against the defunct mortgage unit on Monday. According to news services, Walnut Place, otherwise known as Baupost Group, withdrew objections to a proposed $8.5 billion settlement currently under way with Bank of America, which bought Countrywide in 2008. Several reports held that a tentative deal had been reached by institutional investors last year to settle allegations of systematic misrepresentation.

A weakened second quarter may indicate a slowdown in economic activity for the rest of the year, Fannie Mae reported Monday. According to a report from the GSE, its Economic & Strategic Research Group may have been too optimistic in its original 2012 GDP growth projection of 2.2 percent. Its revised growth rate estimate is 2.0 percent. Despite the downgrade in anticipated economic growth, Fannie Mae found a silver lining in the housing market. Year-over-year, home sales increased by 9 percent, and single-family housing starts are nearly 20 percent higher (although still below healthy norms).

California-based CoreLogic has struck a deal with the Austin Board of Realtors (ABoR). The company recently announced the multiyear agreement, following the group's decision to engage CoreLogic's Matrix platform.

A new report reveals that loans insured by the Federal Housing Administration and Department of Veterans Affairs are disproportionately prevalent in neighborhood's of color. The study, which is the sixth edition of the Paying More for the American Dream series, found that government-backed loans comprised nearly 67 percent of home purchase loans in communities of color. Statistics from the report indicate that borrowers of in neighborhoods of color received government-backed loans approximately twice as often as those in predominantly white areas.

Another Countrywide lawsuit has been finalized, with the announcement that Syncora Guarantee Inc. has settled its claims with the company and its affiliates. Syncora, a subsidiary of Syncora Holdings Ltd., received $375 million from Countrywide to conclude its litigation against the company. In exchange for the payout, Syncora has agreed to release all claims against Countrywide and Bank of America. An official release about the lawsuit noted that Syncora's filing stemmed from insured second-liens.

The Pennsylvania Department of Banking has released its most recent quarterly data on enforcement actions taken by the organization. Second-quarter findings show that the department grappled with 92 incidences during the period. The report, which was complied by the Pennsylvania Department of Banking's Bureau of Compliance and Licensing, revealed that 90 of the 92 actions from the the group resulted in orders against companies for statutory violations. Survey statistics also demonstrated that 43 of the 90 orders for violations stemmed from mortgage-related issues.

In California, BluFi Lending is continuing its expansion. The direct home loan lender recently announced the opening of a new branch in Walnut Creek, which represents BluFi's third office in the state. The latest location will be led by manager Mario Vargas, who will head up a team of mortgage bankers, processors, and back office staff to service the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós clients in the region.

Taylor Capital Group, Inc., is set to capitalize on the nation's construction industry. The company recently announced that its subsidiary Cole Taylor Bank has launched a new equipment financing division for the commercial sector.