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Bolstered by Refinance Activity, Mortgage App. Volume Jumps 11.3%

Although purchase applications declined further, total mortgage loan application volume jumped 11.3 percent for the week ending May 21, 2010, due to a continued increase in refinance applications, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the purchase index fell 3.3 percent from one week earlier, but during the same period, the refinance index surged 17 percent.

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Freddie Mac Veteran Named VP of Multifamily Production and Sales

Freddie Mac recently announced the appointment of Mike McRoberts, an 18-year veteran of the company, as VP of multifamily production and sales. In his new position, McRoberts is responsible for the origination and purchase of conventional multifamily loans nationwide, the Program Plus Seller/Servicer network, and the four multifamily regional sales offices.

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Freddie Mac’s Delinquency Rate Falls for Second Consecutive Month

Mortgage giant Freddie Mae is finding itself on the downward side of the delinquency arrow - and when it comes to delinquencies, the downside is an angle the GSE didn't see for a long three-year stretch. According to Freddie's monthly summary report released Tuesday, the company's single-family delinquency rate fell to 4.06 percent in April, down 7 basis points from March. It was the second straight month that the GSE has reported a decline in delinquencies.

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HOPE LoanPort Adds Yet Another Counseling Agency to Its Roster

HOPE LoanPort's roster of participants seems to be ever-growing. Consumer Credit Counseling Services of Delaware Valley, with 19 offices in the Philadelphia metro area, is the latest to join the more than 200 counseling agencies and 10 major servicers already committed to the new Web portal.

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Global DMS Releases Secondary Market Edition of Its MARS Technology

Global DMS, a Lansdale, Pennsylvania-based provider of appraisal process management solutions, recently released MARS SME, the secondary market edition of its MARS MISMO Appraisal Review System technology. The company said this new sytem offers investors and asset managers a fast and easy way to value entire loan pools, all automatically within just a few minutes.

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U.S. Thrifts Turn $1.8B Profit Despite Mounting Foreclosures

The nation's thrift industry posted profits of $1.82 billion in the first quarter of 2010. The Office of Thrift Supervision says the data indicates thrifts are stabilizing despite rising delinquencies and foreclosures. By definition, the thrift business involves taking deposits and originating home mortgages. The industry's non-current loans and repossessed real estate assets made up 3.27 percent of total holdings in Q1. Sixty-five percent of these troubled assets were residential mortgages, 27 percent were commercial real estate loans.

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Wolters Kluwer, Avista Unite to Help Lenders Streamline Documentation

Minneapolis-based Wolters Kluwer Financial Services and Columbia, South Carolina-based Avista Solutions have formed a new partnership, under which the companies have integrated Wolters Kluwer Financial Services' Expere Integrated Enterprise (Expere IE) solution with the Avista Agile Loan Origination System. As a result of this integration, Avista Agile users will now have automatic and seamless electronic access to Wolters Kluwer Financial Services' VMP Mortgage Solutions compliance documents and disclosures through Expere IE.

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Solidifi Launches New Appraisal Warranty Insurance Programs

In order to provide mortgage lenders and their investors unprecedented assurances of appraisal quality and value accuracy, Solidifi U.S., a New York-based provider of full fee appraisal services, recently launched the Solidifi CoverageMAX and Solidifi CoveragePLUS insurance programs. Created in conjunction with Companion Specialty Insurance Group and Wells Fargo Special Risks, Inc., these appraisal warranty insurance programs aim to attend to the risk mitigation concerns of mortgage lenders and their investors.

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Valligent Offers Mortgage Investors Appraisal Review Certifications

Valligent has announced the introduction of V-Cert, which certifies that Valligent's desk reviews are completed in accordance with secondary market investor and rating agency requirements. The company says this new guarantee provides investors with confidence in the collateral value of the loans they purchase and shifts the collateral due diligence to the prior-to-funding stage.

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Rockefeller Foundation Gives $1 Million to NeighborWorks

NeighborWorks America announced Tuesday that it received $1 million from the Rockefeller Foundation in New York to support infrastructure development and technical upgrades for the organization's network of nonprofit housing counselors. NeighborWorks says the grant will help to strengthen and supplement its counseling capacity and increase the efficiency with which its community-based members are able to help homeowners avoid foreclosure.

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