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Industry Leaders LPS and KMC Information Systems Form Strategic Alliance

Integration of LPS Technologies and CaseAware Case Management System Will Improve Foreclosure Processing Efficiency and Transparency 

Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, and KMC Information Systems (KMCIS), the leading provider of case management and integration technology to law firms and trustees, have formed a strategic alliance that will more fully integrate select LPS technologies with KMCIS’ CaseAware® platform and create an end-to-end foreclosure processing solution for loan servicers.

 Click here to read the full release

RealtyTrac: Seriously underwater homes hit 2-year lowOpen in a New Window

“The decrease in underwater properties is promising but the estimated $1.4 trillion in negative equity means that the flood waters are not receding as quickly as they were before, corresponding to slowing home price appreciation,” said Daren Blomquist, vice president at RealtyTrac.

 

Home-value growth peaks; cooling market puts bubble fears to restOpen in a New Window

Appreciation in home values is slowing definitively after nearly two years of accelerating year-over-year growth, according to the third-quarter Zillow Real Estate Market Report.

 

Barclays joins chorus with Ocwen warningOpen in a New Window

Barclays tells clients that while it may take time to determine the true extent of the practices Lawsky alleges Ocwen took part in, investors in non-agency residential mortgage-backed securitizations “should be more wary of a worst-case scenario,” when it comes to Ocwen.

 

CoreLogic revenue rises $18.1 million in 3rd quarterOpen in a New Window

Citing growth in its data and analytics division and a shifting business plan, CoreLogic reported an increase in revenue from $349.4 million in the second quarter to $367.5 million in the third quarter.

 

HUD’s Castro and Sen. Heitkamp visit Indian CountryOpen in a New Window

HUD Secretary Julián Castro and U.S. Senator Heidi Heitkamp visited Belcourt to view housing challenges with black mold and overcrowding on the Turtle Mountain reservation, and toured Williston to examine the city’s rapidly expanding housing and infrastructure developments.

 

SEC approves risk retention rule, pending Fed approvalOpen in a New Window

The Securities and Exchange Commission approved the final version of the risk retention rule that would require banks to retain at least 5% of the risk on their books when securitizing loans. Now all that is left is approval from the Federal Reserve.

 

$1 billion in MSRs just became availableOpen in a New Window

The portfolio features 97% fixed-rate and 100% first-lien product, a weighted average original FICO score of 716, a weighted average original loan-to-value ratio of 86%, and a weighted average interest rate of 4.53%, MountainView said.

 

Fannie Mae names Brian Brooks EVP, general counsel and corporate secretaryOpen in a New Window

“Brian has an impressive background in business and law, and is deeply credentialed in financial services and housing finance,” said Timothy Mayopoulos, president and chief executive officer at Fannie Mae. “Brian is an outstanding complement to our leadership team as we focus on supporting the economic recovery, improving our company, and building a sustainable housing finance system.”

 

Warren calls for GAO investigation of nonbank servicersOpen in a New Window

Senator Elizabeth Warren, along with Congressman Elijah Cummings, sent a letter this week to the U.S. Government Accountability Office, requesting an investigation into the risks posed to consumers by the “unprecedented” growth in nonbank mortgage servicing.

 

PropertyRadar: California real estate market stuck in low gearOpen in a New Window

California single-family home and condominium sales fell 5.6% to 32,017 units from 33,931 in August, PropertyRadar reports, blamed largely on high prices, falling demand and tight lending.

 

Ocwen Financial taking a beating in the ratings, on the StreetOpen in a New Window

Ocwen Financial is enduring a second day that looks like a UFC-level beat down on Wall Street as ratings agencies and investors turn on the firm after the New York Department of Financial Services dealt the nonbank firm yet another blow on Tuesday.

 

Less risk, more optimism in VegasOpen in a New Window

As thousands of mortgage bankers and service providers gather in a place that grooves on the promise of quick riches and instant pleasure, they are all asking the same question: what is going to happen to me in today's lending market?

 

Mortgage applications surge 11.6% on lower ratesOpen in a New Window

Mortgage applications increased 11.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending October 17, 2014.

 

Mortgage TrueView launches new HMDA scoring toolOpen in a New Window

“For the first time, lenders have the ability to understand their own HMDA data in order to both stay compliant and increase loan volume for unintentionally underserved market segments,” the company said in a statement.

 

Zillow: Mortgage rates remain at 16-month lowOpen in a New Window

Current rate borrowers were quoted an average interest rate of 3.81% on Zillow’s Mortgage Marketplace in the week that ended Tuesday, which equaled the previous week’s figure of 3.81%.

 

JPMorgan’s latest jumbo RMBS receives AAA ratings from Fitch, KBRAOpen in a New Window

Fitch Ratings and Kroll Bond Rating Agency both issued presale reports to JPMMT 2014-5 and awarded AAA ratings to the majority of the tranches of the deal.

 

Capital Economics: Recovery in home sales marches onOpen in a New Window

The increase in existing home sales in September took sales activity to a 12-month high, and with falling mortgage interest rates and what some see as an improving labor market, Capital Economics is getting bullish on housing.

 

MBA’s Stevens: Final risk retention rule works for mortgage bankersOpen in a New Window

The president and CEO of the Mortgage Bankers Association says he believes the final QRM definition issued today by the Federal Deposit Insurance Corporation will be a positive for the industry.

 

MBA forecasts 7% origination jump in 2015Open in a New Window

The MBA is projecting overall economic growth of 2.9% in 2015 and 2.4% in 2016, driven by strong consumer spending and business fixed investment as consumers spend on durable goods and businesses invest in equipment.

 

Steve Stapleton joins HomeBridge as SVPOpen in a New Window

HomeBridge Financial Services named Steve Stapleton as senior vice president to help oversee the lender’s latest emphasis on growth throughout the central states region.

 

Fitch: Two-year run of home price growth is overOpen in a New Window

“The cooling of the US housing market comes as no surprise after several years of unsustainable growth rates,” said Fitch Director Sean Nelson. “It’s also worth noting that nearly all major cities are experiencing the same home price flattening at the same time. “

 

Sterne Agee: Tweaks to put-back rules won’t bait lenders to low FICO loansOpen in a New Window

The planned tweaks in mortgage put-back rules won’t draw major mortgage companies into offering loans to lower FICO borrowers, according to a client note from Sterne Agee, even though new Federal Housing Finance Agency plans to develop 95-97% LTV loans are a positive.

 

DFS Superintendent Lawsky accuses Ocwen of backdating borrower lettersOpen in a New Window

New York Department of Financial Services Superintendent Benjamin Lawsky alleges that Ocwen Financial has been backdating potentially hundreds of thousands of letters to borrowers “likely causing them significant harm.”

 

S&P/Experian: Mortgage default rates increase two months straightOpen in a New Window

“Default rates for bank cards reversed an increase seen in the first half of 2014 while defaults on first mortgages and auto loans appear to have bottomed out over the summer,” says David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices.

 

Joint agency rule on risk retention goes to Fed, SEC for final adoptionOpen in a New Window

The Federal Deposit Insurance Corporation on Tuesday issued the final version of the rule that would require banks to retain at least 5% of the risk on their books when securitizing loans.

 

September existing-home sales jump to highest annual paceOpen in a New Window

Despite last month’s slight retreat, existing-home sales jumped back up to their highest annual pace of the year. And on top of that, all major regions except for the Midwest experienced gains in September.

 

MBA Hall of Honor gives back to military veteransOpen in a New Window

The MBA conference offers a variety of interesting, smart and funny (Michael Lewis!) speakers, but my favorite presentation so far has been the Hall of Honors, where the MBA recognizes companies in our industry who give assistance to military veterans and their families.

 

Empower today's consumers with mobile appsOpen in a New Window

Borrowers can scan their supporting documents, or take pictures of them with a smartphone or tablet, and the mobile app will extract the data from those sources — which means neither the borrower nor the lender has to manually key in that information.

 

Allstate Appraisal and Bradford Technologies launch valuation toolOpen in a New Window

"The market needs alternatives that provide the strength and accuracy of an appraiser-driven valuation but without the time and expense of a full appraisal,” said Steven Albert, president of Allstate Appraisal. “The Valuation Express report provides the right balance of quality and expertise of the local appraiser at the price points lenders require."

 

IMA selling $46.1 million whole loan and REO portfolioOpen in a New Window

There are 210 loans total in the portfolio, with an average loan size of $216,367. The loans carry a weighted average seasoning of 75.2 months and a weighted average interest rate of 3.89%.
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