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Author Archives: Heather Cernoch

Foreclosure Prevention Fund to Assist 21,000 North Carolina Borrowers

The North Carolina Housing Finance Agency's new Foreclosure Prevention Fund is now available statewide through participating HUD-approved counseling agencies. Financed by the Department of Treasury's Hardest Hit Fund, the federal grant money will be used to financially assist homeowners struggling to pay their mortgages due to job loss or other temporary hardships. The agency expects the program to enable 21,000 North Carolina residents to keep their homes.

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First Guaranty Founder Publishes Book on Housing Meltdown

When Kenneth Clark, founder and chairman of First Guaranty Mortgage Corporation in McLean, Virginia, noticed that books about the housing crisis were not written for people in the ""real world,"" he wrote his own. ""The Story Behind the Mortgage and Housing Meltdown: The Legacy of Greed"" was written for mainstream readers and explores the events that brought about the crisis. Clark says if the average American can understand the reasons it all happened, it will minimize the chances of a recurrence.

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Prism Title and Closing Services Expands to Florida

Prism Title and Closing Services has expanded its services to include Florida, adding a sixth state to its service area, which also includes Ohio, Kentucky, Indiana, Michigan, and Minnesota. The company says the move was prompted by feedback from its bank clients who said that due to the marked increase in REO properties in Florida, their current vendors were having difficulty keeping up with the volume.

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Wingspan Deploys IndiSoft’s RxOffice Loss Mitigation Module

Wingspan Portfolio Advisors, a specialty and component mortgage servicer focusing on highly delinquent loans, recently started using the loss mitigation module from technology developer IndiSoft's RxOffice platform. IndiSoft says Wingspan will use the system to help borrowers avoid foreclosure through either repayment alternatives or short sales to maximize the value of severely delinquent loans for investors.

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Quicken Loans Named No. 1 Workplace in Michigan

Detroit-headquartered Quicken Loans Inc., one of the nation's largest online lenders, and Quizzle LLC, a spin-off of Quicken Loans that provides free online financial tools, were ranked No. 1 in the Detroit Free Press' ""Top Workplaces in Michigan 2010"" list. Quicken Loans is not only hitting high marks as an employer, but also on the customer side. Last month, J.D. Power and Associates ranked the company highest in the nation in customer satisfaction among mortgage originators.

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Field Asset Services Expands Executive Team

Field Asset Services (FAS), an Austin-based provider of field services to the REO industry, recently added three members to its executive team. Karen Glasgow was hired as SVP of client operations, Loetta Arrington was promoted to SVP of business development, and Terry Sadowski was appointed chief marketing officer.

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eBrokerHouse Releases Rapid Trustee Sale Software in California

The real estate software firm eBrokerHouse recently released its Rapid Trustee Sale (RTS) tracking and management software platform for Los Angeles County and Orange County auctions. The system allows agents and investors to track opening bids in real time and have access to every county auction that the software services. The company is planning to expand RTS' coverage to other counties throughout California as well as Arizona.

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MortgageMatch.com Connects First-Time Homebuyers with Loan Tools

Move, Inc., an online real estate company that operates the official Web site for the National Association of Realtors (NAR), is targeting first-time homebuyers with its new site, MortgageMatch.com. The company developed the site to enable buyers to search for homes, evaluate financing options, and apply for loans online. According to NAR's latest profile study of homebuyers and sellers, 34 percent of Realtors report that difficulty in obtaining mortgage financing is the most important factor limiting their clients.

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Mortgage Harmony Corp. Adds to Advisory Board and Staff

Mortgage Harmony Corp., a provider of residential mortgage products headquartered in Tysons Corner, Virginia, has appointment David G. Kittle, CMB, to its advisory board and Marlisa Senchak as SVP of product management and strategic outreach. Kittle was the 2009 chairman of the Mortgage Bankers Association (MBA) and is currently senior director of industry relations for IMARC.

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Terranova Assists Strained Community Banks with Distressed Assets

The Terranova Group has launched a program to purchase troubled assets from the portfolios of community banks while raising capital to support the banks' stability and recovery. After conducting an analysis of a bank's REO portfolio and nonperforming assets, Terranova will advise and execute a disposition strategy in which the troubled assets are acquired from the bank's portfolio.

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