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Nevada Foreclosure Mediation Program to Undergo Rule Changes

At a public hearing scheduled for Tuesday, March 16, 2010, the Nevada Supreme Court will consider amendments to the rules governing the state's Foreclosure Mediation Program (FMP). If the amendments are approved, this will be the third set of rule changes since the FMP was enacted on July 1, 2009.

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Exclusive Electronic Signature Service Available for Realtors

On Wednesday, the National Association of Realtors (NAR) and DocuSign unveiled the DocuSign Realtor Edition, an exclusive online eSignature service designed specifically for Realtors. The new Realtor Edition allows NAR members to electronically sign agreements with buyers and sellers, which saves Realtors time and provides client convenience.

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Credit Outlook Remains Negative for Most U.S. Banks: Fitch

Fitch Ratings warned Tuesday that the still-weak financial fundamentals of the nation's lenders have cemented its rating outlook for the U.S. banking sector as negative. The New York-based agency did note, though, that many of the factors that have been putting downward pressure on banks' ratings, including lending and liquidity, are easing. However, commercial real estate exposure, particularly for regional banks, as well as consumer mortgages are expected to weigh heavy on lenders' earnings into 2011.

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Mortgage Applications Inch Up: MBA

An increase in purchase activity for the week ending March 5, 2010 caused mortgage loan application volume to nudge up 0.5 percent on a seasonally-adjusted basis from the prior week, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the seasonally-adjusted Purchase Index increased 5.7 percent on a week-to-week basis, but the Refinance Index fell 1.5 percent.

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RebuildUS Sells the Foreclosed Homes Banks Can’t

Economists believe the nation's subprime mortgage meltdown and foreclosure crisis will continue to worsen unless innovative thinking reinvents the system. RebuildUS LLC says it's operating under precisely this premise by bypassing the banks and auctions to move Americans back into affordable homeownership through its newly-launched online foreclosure marketplace.

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Advantage Title Introduces GFE Rate Calculator

In response to the new regulations under the Real Estate Settlement Procedures Act (RESPA), Advantage Title, Inc. has launched GFEz--a RESPA-compliant Good Faith Estimate (GFE) rate calculator that delivers easy online calculation of title- and escrow-related fees.

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Legislated Risk Retention Is No Substitute for Good Underwriting: Report

Both the House bill for financial regulatory reform and the draft Senate bill currently being debated include across-the-board risk retention provisions for home mortgages. The idea is to ensure lenders have more ""skin in the game,"" to prevent the risky practices that ignited the housing crisis. But according to a new study by the Community Mortgage Banking Project, such mandated risk retention is ""no substitute"" for good underwriting and could significantly raise the cost of home mortgages.

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DartAppraisal.com Joins Forces With FirstClose

In an announcement Tuesday, Dartappraisal.com, a Troy, Michigan-based provider of nationwide residential real estate valuations, said it has integrated with FirstClose, a service of First Lenders Data Inc. (FLDI), an Austin, Texas-based technology solutions provider to mortgage lenders nationwide.

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