Denver-based Allonhill, an independent third-party review firm specializing in mortgage due diligence and credit risk management, recently named veteran underwriter Ross Gammill as director of the firm's new commercial due diligence offering. Gammill comes to his new position with more than seven years' experience in the financial services industry, most recently serving as as underwriter for Bridger Commercial Funding.

Mortgage Pricing Systems (MPS), a developer of sophisticated pricing solution for mortgage lenders, recently announced that it has integrated its flagship mortgage product and pricing system - LEAP! - into Calyx Point, a loan origination application for mortgage brokers and bankers offered by Calyx Software, a provider of loan marketing, originating, and processing software. With this integration, MPS can now provide instantaneous loan pricing to Point users.

S&P Valuation and Risk Strategies and Fiserv, Inc. have joined forces to further industry implementation of the American Securitization Forum's (ASF) Loan Identification Number Code (LINC) initiative. Fiserv is the first technology provider to integrate ASF LINC in its loan servicing platform. By doing so, the company hopes to provide increased disclosure and transparency to the mortgage and asset-backed securities marketplace.

In a letter to New York Attorney General Andrew Cuomo, Edward J. DeMarco, acting director of the Federal Housing Finance Agency (FHFA), said Fannie Mae and Freddie Mac will deploy a complaint process for violations of the Home Valuation Code of Conduct. This process will be implemented in lieu of funding for the Independent Valuation Protection Institute, which was called to be established and funded by Fannie Mae and Freddie Mac under the cooperation agreements between Attorney General Cuomo's office, the Office of Federal Housing Enterprise Oversight (now FHFA), and the government-sponsored enterprises.

In just one quarter, homeowners have gone from being overly cynical about their own home's value to being overly confident. According to the Q1 Homeowner Confidence Survey conducted by Zillow, 50 percent of homeowners nationwide believe the value of their own home declined in the past year. But in reality, 65 percent of U.S. homes have dropped in value in the last 12 months. Zillow's chief economist says it is clear that there's a lag between market realities and public perceptions of home values.

The Subcommittee on Economic Opportunity held a hearing Thursday in order to review the current status of the U.S. Department of Veterans Affairs (VA) Home Loan Guarantee Program. According to Stephanie Herseth Sandlin, chairwoman of the subcommittee, VA's loan guarantee program has been an important benefit for more than 65 years that has allowed thousands of veterans the opportunity to own a home. And although this program has proven to be successful, she said there are still ""several issues of concern"" that need to be addressed.

Mortgage rates continued to inch down for the week ending May 20, 2010, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac's Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 4.84 percent this week. The GSE says this is the lowest rates have been since December 2009. Bankrate's analysis put the 30-year mortgage rate at 4.96 percent, and attributed the week-to-week drop to ""global economic angst.""

Mount Laurel, New Jersey-based PHH Corporation, an outsource provider of mortgage and vehicle fleet management services, recently appointed mortgage industry veteran Luke S. Hayden as president of its subsidiary, PHH Mortgage. Hayden joins PHH Mortgage from his position as CEO of Mortgage Renaissance Investment Trust, and he also previously led the restructuring of GMAC Mortgage's capital markets activities.

In an effort to make it easier and more efficient for mortgage lenders to apply for and manage their licenses, Maine has signed on to use the Nationwide Mortgage Licensing System (NMLS), Will Lund, superintendant from the Bureau of Consumer Credit Protection announced Tuesday. According to the Bureau, this change will also protect Maine consumers by increasing oversight of the mortgage activities of loan originators in other states.

As REO sales continue to increase -- according to the latest market report released by Zillow, REO sales made up 22.2 percent of U.S. home sales in March -- it is vital that lenders receive assistance in completing these transactions. In an effort to provide this assistance, MRG Document Technologies has launched an REO document package creation capability within its Miracle Online mortgage document preparation system.