CoreLogic Credco, recently introduced Instant Merge LQ and ENCORE LQ as part of its complete suite of compliant Fannie Mae Loan Quality Initiative (LQI) solutions. The company said it created these products to help lenders satisfy requirements under the new Fannie Mae LQI, which was designed to help lenders avoid loan buy-backs.

REO properties continue to flood the market, but the process to submit an offer on one can be extremely confusing. According to industry statistics, more than half of all offers submitted on REO properties never get a response. And many never even get a glance from a decision maker because the system is so clogged and disorganized. In an effort to resolve all this confusion, Woodward Asset Capital created OfferSubmisssion.com, a new technology system aiming to streamline the REO sales process and make sure every offer is viewed and responded to within one day

Banker's Toolbox and van Wagenen Financial Services have teamed up to offer commercial real estate (CRE) loan stress testing software to their real estate customers. Through this partnership, van Wagenen is offering Banker's Toolbox's Crest software as a way for CRE lenders to further mitigate risk by evaluating the impact of market changes on their CRE portfolios.

Guggenheim Partners, LLC, a New York-based financial services firm with more than $100 billion in assets under supervision, is expanding its commercial real estate finance platform. The company recently announced that it has formed a new commercial real estate entity Pillar Multifamily, LLC. And this new entity has acquired certain assets and assumed certain liabilities of Bulls Capital Partners, LLC, a Fannie Mae Delegated Underwriting and Servicing multifamily lender.

Citing mismanaged loan servicing among other accusations, American Residential Equities (ARE) has filed suit against GMAC Mortgage Corporation, a big player in the residential mortgage servicing industry. The complaint accuses GMAC of failing to properly service a number of mortgages and REO properties owned by Miami-based ARE. Additionally, the suit claims ARE was pressured by GMAC into offering preferential treatment and a loan modification to the brother of Georgia State Rep. Joe Heckstall.

Still lingering near record lows, mortgage rates for the week ending June 17, 2010 were fairly level with last week's averages, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac, 30-year fixed-rate mortgages averaged 4.75 percent this week, and 15-year fixed-rate mortgages averaged 4.2 percent--both up slightly from last week. Bankrate, though, said 30-year fixed-rate mortgages averaged 4.88 percent this week, unchanged from last week, and 15-year fixed-rate mortgages averaged 4.32, a slight dip from last week.

PSM Holdings, Inc., a mortgage brokerage and banking company based in Roswell, New Mexico, recently announced that it has signed a letter of intent (LOI) to acquire CBB, Inc., an Oklahoma-based management company that operates a regional mortgage banking firm in the Southwest. While the transaction is subject to further negotiations and execution of a definitive agreement between the parties, closing is expected to take place in July 2010.

Economic weakness continues to negatively impact commercial mortgage performance. As a result, delinquency rates increased for all commercial and multifamily mortgage investor groups in the first quarter of this year, the Mortgage Bankers Association (MBA) reported Wednesday. MBA's data show that the percentage of past due loans held in commercial mortgage-backed securities (CMBS) hit 7.24 percent in Q1. It's the highest rate recorded by the trade group since it began tracking the sector in 1997.

Freddie Mac and the American Bankers Association have extended their eight-year-old alliance -- a move the companies say will enable community banks to compete in the purchase money mortgage market, thus fueling the nation's housing recovery. The companies said their alliance provides ABA's community bank members with access to critical mortgage products, technology, and exclusive staff training on many Freddie Mac products and solutions.

Bolstered by a rebound in purchase applications and a surge in refinance applications, total mortgage loan application volume soared 17.7 percent for the week ending June 11, 2010, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the purchase index broke its streak of declines and inched up 7.3 percent from the week prior. In addition, MBA said the refinance index shot up 21.1 percent from the previous week.