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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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Home Prices Show Renewed Weakness, Dropping 3.2% in Q1

One of the industry's most-closely watched barometers has quelled recent optimism that residential real estate had found its footing on solid ground. The S&P/Case-Shiller Home Price Index released Tuesday revealed a 3.2 percent drop in property values during the January to March quarter of 2010, when compared to the level of home prices at the end of 2009. On a year-over-year basis, prices were up 2 percent, but market observers are calling the short-range results ""disappointing"" and a tell-tale sign that the housing market is not out of the woods.

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InHouse Connexions Launched to Manage Appraisal Vendors

Appraisal technology provider InHouse, Inc. has announced the launch of InHouse Connexions. The company says it's the industry's first technology for managing any combination of disparate appraisal vendors, including appraisal management companies (AMCs) and individual appraisers, from a single platform.

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Reform Legislation Includes Fattah’s Mortgage Relief for Unemployed

When the Senate passed the Wall Street reform package last week, it included a provision that uses $3 billion in Troubled Asset Relief Program (TARP) funds to reduce mortgage payments for those homeowners who have lost their job as a result of the nation's recession. The same measure already passed in the House's version of the financial reform bill and is modeled after a state program introduced by Rep. Chaka Fattah when he was a Pennsylvania state legislator.

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GSEs Implement Uniform Data Collection for Appraisals, Loan Delivery

The Federal Housing Finance Agency (FHFA) said Monday that it is implementing a ""major new initiative"" at Fannie Mae and Freddie Mac, meant to improve the quality of data collected by the GSEs for appraisals and loan delivery. According to FHFA, the nation's two largest mortgage financiers have been working closely with other industry players to develop uniform standards for collateral, borrower, and loan-level data. The new program is expected to streamline data submissions for appraisers, lenders, and servicers, and allow the GSEs to manage risk more effectively.

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