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Author Archives: Brittany Dunn

IndiSoft Appoints Industry Veteran as COO

IndiSoft LLC, a Columbia, Maryland-based technology firm that focuses on systems for the default services industry, has named industry veteran Karun Khanna as COO. In his new position, Khanna will plan and direct all aspects of IndiSoft's business objectives, operational policies, and initiatives. He will spearhead the company's development of its platform to ensure growth, while also determining and achieving short- and long-term financial and operational goals.

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Mortgage Rates Slide Down Even Further, Hit New Record Lows

Mortgage rates seem to be hitting new record lows on a weekly basis. And this week wasn't any exception, as reports released Thursday by Freddie Mac and Bankrate showed yet another decline in rates for the week ending August 4, 2010. According to Freddie Mac, 30-year fixed-rate mortgages averaged 4.49 percent, and 15-year fixed-rate mortgages fell to a record low of 3.95 percent. Bankrate reported the same trend of ever-declining rates. The tracking company said 30-year fixed-rate mortgages came in at 4.66 percent, and 15-year fixed-rate mortgages averaged 4.11 percent.

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American Capital Taps Freddie Mac Exec as SVP of Mortgage Investments

Christopher Kuehl was recently named SVP of mortgage investments at Bethesda, Maryland-based American Capital Agency Management, LLC, the external manager of American Capital Agency Corp. (AGNC), a REIT that invests in agency pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. government agency. Kuehl joined American Capital from Freddie Mac, where he most recently served as VP, head of agency and nonagency mortgage investments.

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CoreLogic, Houston Association of Realtors Extend Partnership

The analytics firm CoreLogic has renewed and expanded its longstanding data licensing agreement with the Houston Association of Realtors (HAR). According to CoreLogic, the agreement extends the permitted use of HAR's listing data beyond automated valuation models (AVMs) to other risk management solutions.

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Weekly Mortgage Application Volume Inches Up 1.3%: MBA

Bolstered by a slight increase in both purchase and refinance activity, total mortgage loan application volume edged up 1.3 percent for the week ending July 30, 2010, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the purchase index jumped 1.5 percent from the week prior, and the refinance index inched up 1.3 percent.

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Commercial Real Estate Recovery Dependent on Re-priced Assets: Report

Stabilization for commercial real estate has become increasingly dependent on the re-pricing and deleveraging of property positions, according to an industry report released by two research firms this week. They say the commercial real estate recovery is now less contingent on access to capital, given that liquidity has returned to many markets. In fact, it is in some cases scarily reminiscent of the pre-credit crisis environment, with equity sitting on the sidelines in abundance. And lenders, they say, have the ability to re-price assets at a level that will clear the market.

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Prospect Mortgage Appoints New District Manager

Jeremy Daugherty has joined Prospect Mortgage as the new district manager for the company's southern Nevada region. He comes to this position with 20 years' experience in the customer service management industry and nine years' experience in the mortgage industry. As district manager, Daugherty will be responsible for building sales, and he will use his strong mortgage origination and management background to provide an unparalleled level of customer service.

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Suspicious Activity Related to Mortgage Fraud on the Rise: FinCEN

Despite a continued crackdown, mortgage fraud is still a major cause of concern within the industry. In fact, according to the 2009 mortgage loan fraud study just released by the Financial Crimes Enforcement Network (FinCEN), the number of mortgage fraud suspicious activity reports (SARs) filed last year edged up 4 percent compared to the previous 12 months. Mortgage SARs were most prevalent in the Los Angeles and Miami metro areas, both of which reported more than 10,000 filings in 2009.

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Pending Home Sales Dip 2.6% in June

After tumbling 30 percent in May in the wake of the expiration of the homebuyer tax credit, pending home sales continued to edge down in June, hitting the lowest level recorded in more than a year, the National Association of Realtors (NAR) reported Tuesday. NAR's pending sales index is a forward-looking indicator based on contracts signed during the month. It declined 2.6 percent from May to June, and is 18.6 percent below year-ago levels. The trade group says the weak numbers imply closing activity will languish at least through August.

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Freddie Mac Appoints Chief Administrative Officer

Freddie Mac announced Monday that it has appointed Jerry Weiss to the newly created position of chief administrative officer. In this new position, Weiss will manage external relations and human resources for Freddie Mac. In addition, he will continue to serve as the company's chief compliance officer and oversee the compliance, economics and strategy, regulatory affairs, and mission divisions.

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