Tampa, Florida-based Mortgage Contracting Services (MCS), a property preservation and inspection services provider, says increased demand for the company’s services has prompted the organization to begin outsourcing some of its accounting and support functions.

The Office of Federal Housing Enterprise and Oversight (OFHEO), which regulates Fannie Mae and Freddie Mac, said this week that two changes related to the GSEs’ capital requirements and loss severity calculations will be finalized once new guidelines are published in the Federal Register.

Fidelity National Information Services (FIS), Inc. could be facing a loss in business when Bank of America (BofA) and Countrywide Financial Corp. complete their merger later this year. In a recent filing with the Securities & Exchange Commission (SEC), FIS said its subsidiary Lender Processing Services (LPS), Inc.

U.S. Securities and Exchange Commission (SEC) Chairman Christopher Cox said during an open SEC meeting Wednesday that his agency is considering a package of proposals that would change the way ratings agencies are regulated, especially when it comes to the handling of structured products.

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 6, which shows the Market Composite Index—a tool that measures loan activity volume—increasing 10.

Cleveland, Ohio-based National City Corp. responded this week to media reports about a recent agreement the company made with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank of Cleveland.

Southfield, Michigan-based Mortgage Builder Software, a provider of loan origination software, has named Liz Resovsky to the newly-created position of vice president of operations. Resovsky previously served Mortgage Builder Software as the head of the customer support department—a function that she will continue to support as she takes on a new role within the company.

The Department of Housing and Urban Development) said Monday that the Bush Administration is re-opening the public comment period on a proposal that would end seller-funded downpayment assistance on loans insured by the Federal Housing Administration (FHA).

Lehman Brothers Holdings, Inc., a global financial services platform, announced Monday that the company intends to raise $6.0 billion through offerings of common stock and Non-Cumulative Mandatory Convertible Preferred Stock.

Federal Housing Administration (FHA) Commissioner Brian Montgomery told the National Press Club on Monday that high-priced housing markets and federally-mandated loan limits and high down payment requirements made it impossible in recent years for the FHA to benefit many of the markets that are now struggling with a slew of foreclosures.