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Byte Software Announces AppraiserLoft Integration in BytePro

Mortgage technology provider Byte Software has partnered with AppraiserLoft to provide compliant and warranted valuation products to Byte Software customers. The companies explained that the integrated solution allows Byte Software's clients to quickly and seamlessly order AppraiserLoft services directly from within the BytePro loan origination software.

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Mortgage Investors Say Big Banks Need to Modify Second Mortgages

In response to the notable first quarter profits reported by Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, the Association of Mortgage Investors (AMI) released a statement saying these four banks need to stop shifting their mortgage losses to investors in first-lien mortgages and confront their conflicts of interest. While the big banks have aggressively modified first mortgage debt, AMI says they have done little to nothing on second liens. As a result, homeowners remain deeply in debt with second mortgages that exceed the current value of their home.

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Community Banks Weathering Recession Better Than Big Banks: Study

Regulators have repeatedly warned that failures of small and mid-sized banks are expected to escalate. While many have gotten a handle on problems arising from the housing crisis, top officials say losses from commercial real estate loans now threaten to topple nearly 3,000 of the nation's community banks. It's true that bank failures and government seizures continue at a pace not seen since the savings and loan crisis, but a new study shows that community banks appear better positioned to weather further economic deterioration than their larger competitors.

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Existing-Home Sales Jump 6.8% in March

Sales of previously-owned homes rose higher than expected in March, reversing a three-month slide. The National Association of Realtors (NAR) said Thursday that existing-home sales jumped 6.8 percent to a 5.35 million-unit annual sales rate. Forty-four percent of last month's sales were attributed to first-time buyers racing to make the window for the homebuyer tax credit, but NAR still sees the March numbers as a signal of what will be a strong spring season and a broad home sales recovery.

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CMBS Loan Defaults to Exceed 11% by Year-End: Fitch

While some are already touting improvements in the commercial real estate sector, Fitch Ratings is expecting widespread deterioration in commercial mortgage performance to rear its ugly head. In a special report issued Wednesday, the ratings agency warned that loan defaults will continue to escalate for U.S. commercial mortgage-backed securities (CMBS). Fitch is projecting the default rate to rise another 4.4 percent in 2010, pushing the overall rate past 11 percent by the end of the year.

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IndiSoft Modifies RxOffice to Address New HAMP Requirements

IndiSoft, LLC has enhanced its RxOffice platform to meet the new Home Affordable Modification Program (HAMP) request and income documentation requirements announced by the Treasury. Beginning June 1, HAMP servicers will be required to verify a borrower's income and gather all the necessary paperwork prior to initiating a trial mod period. Officials say this change will speed the pace of permanent mod conversions.

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FDIC Closes Sales of Failed Banks’ Loans

The FDIC has completed sales of $2 billion in notes backed by real estate loans seized from two big bank failures - Corus Bank in Chicago and Franklin Bank in Houston, Texas. According to the FDIC, the structured note sales - the first from the agency since the early 1990s - will increase recoveries for the two bank closings and return substantial funds to the deposit insurance fund, which has taken repeated hits with the elevated number of bank failures over the past two years.

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Freddie Mac Offers Mortgage Assistance to Flood Victims

Freddie Mac said Wednesday that its full menu of mortgage relief options is being extended to families whose homes were damaged or destroyed by the recent floods in Rhode Island, Massachusetts, New Jersey, and West Virginia. Specifically, the mortgage giant is giving servicers the discretion to reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac-owned mortgages.

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Ginnie Mae Guarantees More Than $22 Billion in MBS in March

The Government National Mortgage Association (Ginnie Mae) announced Tuesday that it guaranteed $22.7 billion in mortgage-backed securities (MBS) in March. Total single-family issuance for March was more than $22 billion. Ginnie Mae II single-family pools lead the way with nearly $14 billion in issuance, while Ginnie Mae I single-family pools totaled nearly $8 billion. In addition, Ginnie Mae's multifamily MBS issuance was nearly $828 million.

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FHLBank Pittsburgh Donates $500,000 to State HFA’s Foreclsoure Fight

The Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) recently announced that it is contributing $500,000 to the Pennsylvania Housing Finance Agency (PHFA) to assist the agency in its foreclosure prevention efforts. This grant will allow PHFA to reach more homeowners under its Homeowners' Equity Recovery Opportunity (HERO) program, which aims to help borrowers not eligible for a traditional mortgage refinance product, due to credit issues or owing more on their home that its current appraised value.

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