News

Ninety-seven percent of prime borrowers who originally had a conforming adjustable-rate mortgage (ARM) chose a new conforming fixed-rate mortgage (FRM) when they refinanced in the fourth quarter of 2008, according to a report released today by Freddie Mac analyzing refinancings funded by the GSE.

Brookfield, Wisconsin-based Fiserv, Inc. has added management of indirect and third-party loans to its loan servicing platform. The company explained that this single-platform capability broadens the spectrum of loans to be processed and provides online, real-time back-office transactions for financial institutions’ diverse portfolios.

Clearwater, Florida-based eMASON, Inc. has announced key product upgrades to its Clarifire application that the company says will provide increased flexibility and expanded capabilities. Clarifire now features certified Fannie Mae loss mitigation business rules for HomeSaver Advance and pre-foreclosure sale workout types, as well as a direct connection to Fannie Mae’s system of record, Home Saver Solutions Network (HSSN).

Bank of America’s chairman and CEO, Kenneth Lewis, has been issued a subpoena by New York State Attorney General Andrew Cuomo. According to a CNN:http://www.cnn.com/CRIME/ report, Cuomo is investigating whether Bank of America, which completed its acquisition of Merrill Lynch on January 1st, violated state law by withholding information from investors.

James B. Lockhart III, director of the Federal Housing Finance Agency (FHFA) overseeing GSEs Fannie Mae and Freddie Mac, recently spoke with members of the American Securitization Forum (ASF) about the role the secondary mortgage market must play in the nation’s housing recovery.

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) for the week ending February 19, 2009, showing that mortgage rates fell for all loan products this week. The GSE reported that the 30-year fixed-rate mortgage (FRM) this week averaged 5.

On Wednesday, the same day President Obama announced the government’s most aggressive effort yet to ignite a housing recovery, the Federal Reserve diminished its economic outlook for 2009 and warned that the U.

The response streaming in from leaders and regulators across the banking and mortgage industries is overwhelmingly positive for President Obama’s Homeowner Affordability and Stability Plan unveiled on Wednesday.

Livonia, Michigan-based ELK Software LLC, a short sale and loan modification software and services provider for the industry, has released version 1.5 of its Web-based Short Sale Commander technology. Among the system’s enhancements are upgrades that simplify data entry and allow users to run a completely paperless short sale business.

According to a report released today by Boston-based The Warren Group, foreclosure deeds in Massachusetts climbed during the month of January. Foreclosure petitions were also up from December, but actually declined 39 percent from a year earlier, the research company said.