Mortgage Banking freelance writer Neil Morsedives into the manufactured housing world to explore the new interest by lenders in this market. A group of such lenders include those working in Fannie Mae’s Manufactured Housing Coalition. An article called “Manufacturing the Dream” explores this trend.

“Fannie Mae announced this year it will serve as the rallying point for a new group of responsible lenders eager to clean up manufactured housing, which has fallen on hard times in recent years," Morse writes. "This represents something of a change of heart for Fannie Mae, which had signaled intentions to pull back from its involvement because of losses it had incurred. Fannie Mae has reported an estimated $206 million in write-downs on securities backed by mobile homes–a figure that likely will continue to grow.”

To read more of “Manufacturing the Dream,” go to www.mortgagebankingmagazine.com
(Back To Top)

****
Orion Financial Group Inc., Southlake, Texas, developed customized programming for its DocPro! document management software enabling the company to return recorded lien release documents direct to its clients’ borrowers via mail. The service would be provided at no additional cost to Orion’s clients.

The documents, when returned to the client’s customer, include the servicing company’s cover letter, appropriate signatures and any special instructions or information. The company’s exclusive in-house mail system developed to streamline back-end processing contributes to the overall efficiency of this new service, and ensures that client documents are sent in a timely manner.

****
Electronic Appraiser, Boca Raton, Fla., signed a strategic alliance agreement with FNC Inc., Oxford, Miss., making it the 75th company to become part of FNC’s vendor network. The alliance would make Electronic Appraiser’s services available to lenders and appraisal management companies using FNC’s Collateral Management System(CMS).

FNC’s CMS makes mortgage origination more efficient and risk-averse through automated service ordering, delivery, tracking, quality control and pre-funding analysis. The CMS gives lenders greater confidence in loan decisions, and enables them to realize faster turn times and higher productivity, which translate into cost savings and higher borrower satisfaction. Electronic Appraiser could increase the benefits available by allowing clients to access Electronic Appraiser’s AVMLink and PhotoCheck services from within the CMS.

****
AppIntell Inc., Weldon Spring, Mo., announced an expanded strategic partnership with Ellie Mae, Dublin, Calif.  The company would expand compliance services offerings within Ellie Mae’s ePASS Web transaction platform so that originators using Genesis, Contour, Encompass and other loan origination systems connecting to the ePASS portal would have a direct interface with AppIntell’s class-leading High Cost Loan Filter (HCL) and PredProtect, their anti-predatory lending compliance solution.

To access HCL and PredProtect users could find links in the ePASS additional vendor services section.  As a result, they would be able to validate loans against every federal, state and local predatory lending law in the country efficiently and inexpensively.  The applications provide full APR and points/fees threshold calculations, plus additional jurisdiction-specific tests to determine compliance with applicable laws.  Loan-level and enterprise-level reports identify specific violations and provide users with needed information to help those correct loans prior to funding.

****
GMAC Mortgage Corp., Horsham, Pa., announced it added a business intelligence software option to its third-party servicing offering that would allow subservicing clients to securely access data about their servicing portfolios over the Internet.

Using software that interfaces with a data warehouse that would help owners and investors keep close watch on their portfolios, thereby enabling them to make key management decisions that may be time-sensitive. 
(Back To Top)

CWCapital provided $3.6 million in refinancing for Heritage Place, a 129-unit Section 8 housing complex in Coeur d'Alene, Idaho. The loan has a 30-year term, 30-year amortization, 1.46 DSC and 80 percent loan to value. The loan was originated by CWCapital's Bellevue, Wash., branch office.

The refinance took place to reduce the interest rate on a Section 8 rent-subsidized senior apartment property. Under such refinances, between 50 percent and 100 percent of the resulting debt service savings can be retained by the sponsor for property improvement costs and other mission related activities, said Tom Peters, CWCapital's western regional manager. 

The loan will enable Heritage Place to use the resulting debt service savings for construction of a new, affordable assisted living facility on an adjacent site. The project will generate nearly $37,000 per year in debt service savings.

The low income elderly of Heritage Place will benefit from this program for many years to come," said Mike Grabenstein, Heritage Place's Administrator.

"The HUD 202 prepayment program is critical to preserving affordable housing and we are pleased to be able to deliver this program to our borrowers," Peters said. "CWCapital is currently processing other Section 202 direct loans for prepayment. We are actively seeking opportunities to build on the success of the Heritage Place refinance."  
(Back To Top)

The goal remains the same as in our inaugural survey: to gather timely, complete and credible information on origination and servicing volumes using definitions that are applied consistently across the industry. For the midyear survey, we ask that you complete the first and second quarter time frames by August 13.
 
Based on your feedback, we have implemented several changes to our survey, including the addition of several new data items. The "Second Mortgages" section has been expanded to collect information on HELOCs and Home Equity Loans, while "Interest-Only" loans has been added to the "By Amortization Type" section.

By completing the survey in a timely fashion, you and your fellow survey contacts can make a considerable contribution to MBA's ability to attain and deliver reliable analysis on critical trends and activities in our industry. Evaluation of data will ultimately help companies such as yours gain greater perspective on origination and servicing volumes, and use that information to make sound business decisions.
 
Your participation in the survey also ensures that your company receives several detailed reports with analysis of the survey findings. Act now and you'll receive last year's executive summary.

Paperless Survey Completion Process
The survey is administered through a paperless process via the Internet, making completion simple, user friendly and efficient.
 
To participate in the survey, complete the following steps:
 
• Visit http://mymba.mortgagebankers.org
• Type in your user name and password to enter the survey site.
• Once logged in, select the 'Single Family Mortgage Activity Survey' link located in the yellow area to the left of the screen.

For More Information
Contact Mike Cevarr at (202) 557-2831, or send an e-mail to: mortgageactivitysurvey@mortgagebankers.org.
(Back To Top)

American Mortgage Planners, Laguna Niguel, Calif.
American Residential Equities, Miami
Amerifirst Funding, LLC, Charles Town, W.Va.
AmeriPath Mortgage Corp., Irvine, Calif.
AnalyzeSoft, Inc., San Diego
Ashore Funding, Inc., Cincinnati
BancFirst-Mortgage Lending Division, Oklahoma City
Bank2, Oklahoma City
Bankers Fidelity Mortgage Corp., Reston, Va.
Biscom, Inc., Chelmsford, Mass.
Blommer Peterman, S.C., Brookfield, Wis.
Bonanza Group Inc. dba Bonanza RE/Bonanza Mortgage, Hayward, Calif.
Buyers Fund, Provo, Utah
Callidus Software, San Jose, Calif.
Capital Advisory Services, Bangkok, Thailand
Cave Canem Consulting, Inc., Bedford, Texas
Choice Lending, Inc., Bellevue, Wash.
Citadel Federal Credit Union, Thorndale, Pa.
Credence Mortgage, Inc., Paoli, Pa.
DCS Mortgage, Inc., Carlsbad, Calif.
Evolution Funding Group, Salt Lake City, Utah
Envision Solutions, Inc., Tewksbury, Mass.
ERA Middle East, Cairo, Egypt
Exigen Group, San Francisco
Federal Funding Mortgage Corp., Bethesda, Md.
Fidelity Investments, Merrimack, N.H.
First Capital Financial Services Corp. dba Full Compass Lending, Appleton, Wis.
1st Principle Mortgage LLC, Arlington, Va.
First Priority Mortgage, Inc., Buffalo, N.Y.
First Trust National Mortgage, Reston, Va.
FISH Financial LLC, Bethlehem, Pa.
Foundation Financial Group LLC, Atlanta
FTN Financial, Germantown, Tenn.
Gerner & Kearns Co., L.P.A., Cincinnati
Global Home Loans & Finance, Inc., Melville, N.Y.
Gryphon Networks Corp., Norwood, Mass.
HomeOne Credit Corp., Houston
Hypo Real Estate Capital Corp., New York City
ICICI Infotech, Inc., Edison, N.J.
Iowa Finance Authority, Des Moines, Iowa
Invest Northern Ireland, Boston
J. Stanley Realty, Bowmansville, N.Y.
Jordan West Co., Englewood, Calif.
KeyMark, Inc., Greenville, S.C.
KeyPoint Credit Union, Sunnyvale, Calif.
Latham & Watkins LLP, New York City
Lord, Bissell & Brook, LLP, Chicago
Maverick Residential Mortgage, Inc., Frisco, Texas
Medalist Capital, Inc., Charlotte, N.C.
Michigan Mutual, Inc., Franklin, Mich.
Mentor 4, Inc., Hanover, Md.
Microsoft Corp., Downers Grove, Ill.
Mintel International Group, Ltd., Chicago
Morgan Funding Corp., Jersey City, N.J.
Mortgage Banking Insurance Group/JMB Insurance Agency, Inc., Chicago
Mortgage Center of America, Inc., Concord, Calif.
Mortgage Plus, Inc. dba Mortgage North, Traverse City, Mich.
Nation One Mortgage Company, Inc., Norwell, Mass.
National Homebuyers Fund, Sacramento, Calif.
National Signing Solutions, Chicago
Nations Business Capital, Jacksonville, Fla.
NBC Development Corp., San Antonio
New Equity Financial Corp., Louisville, Ky.
NexGen Lending, Inc., Lakewood, Colo.
Olympus Asset Management, Scarborough, Maine
PREMIER Lending Source, Inc., Jacksonville, Fla.
Presta Appraisal Group, Sausalito, Calif.
Quantum Corporate Funding, New York City
QC Solutions of Arkansas, Peel, Ark.
Quintek Services, Inc., Diamond Bar, Calif.
RATA Associates, LLC, Longwood, Fla.
REOTECH, LLC/Corporate Asset Management, LLC, St. Louis
Regent Financial Group, Inc., Omaha, Neb.
R.H. Lending, Inc. dba Residential Home Lending, Irving, Texas
Rockworth Capital Funding, LLC, Atlanta
RJB Walzak Consulting, Inc., Deerfield Beach, Fla.
Rosenberg & Associates, LLC, Bethesda, Md.
Rules Power, Inc., Burlington, Mass.
Security Search and Abstract Co., Inc., Bala Cynwyd, Pa.
Socius Search, LLC, Cleveland
Standfacts Credit Services, Chatsworth, Calif.
Stawiarski & Associates, P.C., Englewood, Colo.
STD Financial Services, Inc., Hollidaysburg, Pa.
Steward Financial, Inc., Carlsbad, Calif.
Tarragon Mortgage Company, LLC, Fort Lauderdale, Fla.
The Funding Source, LLC, Syracuse, N.Y.
The Hollister Group, LLC, Washington, D.C.
The Lockhart/Hutchens Company Inc., Houston
The Mortgage Group, Ltd., North Dartmouth, Mass.
Treasury Bank, Thousand Oaks, Calif.
Trinity Partners, Inc., Tucson, Ariz.
Triple Crown Mortgage, Inc., Lexington, Ky.
Trojan Lending, Inc., Montebello, Calif.
United Mortgage Lenders, Inc., Boca Raton, Fla.
United Residential Lending, LLC, Scottsdale, Ariz.
United Systems of Arkansas, Little Rock, Ark.
Vertical Lend dba Mortgage Warehouse, Melville, N.Y.
Victoria Capital Inc., Los Gatos, Calif.
Washington County Bank, N.A., St. Paul, Minn.
West Coast Mortgage, San Diego
(Back To Top)

NCCUSL, an organization that drafts non-partisan legislation to certain areas of state statutory law, requires its members to be lawyers or have qualifications to practice law. NCCUSL said the intent of URPERA is not to mandate counties or municipalities to use electronic recordation but authorize counties to accept and store e-Recordings. An electronic recording is one of the final steps in an e-mortgage

The resolution, which would be presented to states as a draft bill, would establish a state electronic recording commission to adopt standards for the receipt, recording and retrieval of electronic documents, authorize land records officials to begin setting up systems for searching and receiving electronic land records, and establish a state electronic recording commission charged with adopting standards for the receipt, recording and retrieval of electronic documents.

“With the electronic recording commission that is being established under this act, they are directed to consider the standards being set by national standard setting bodies such as PRIA, the Property Records Industry Association,” said David Biklen, a uniformed law commissioner from Hartford, Conn., and chairman of the drafting committee of NCCUSL. Biklen added that electronic recordation with document adherence to national standards would not only make the search, retrieval and recordation easier for states and municipalities, but cost beneficial as well.

“In the act, it specifically names PRIA as a body that the state electronic recording commission should look to for national standards,” said Carmelo Bramante , co-chair of the PRIA Technology Committee and official observer to the NCCUSL drafting committee.

Some individual recorders set up digital systems within the past few years to convert traditional paper-based land recording systems to electronic form. However, many states continue requirements for documents on paper and in-writing. Uniform state statutes for county clerks and recorders could expedite electronic recordation of real property records and accelerate e-recordings in a mortgage transaction, as well as clarify guidelines in the transaction.

Bramante said URPERA would clear up any uncertainties in states that were unclear as to whether they were able to perform electronic recordings. He said some states found guidance through the Uniform Electronic Transactions Act (UETA), but other states did not receive enough guidance from UETA.

“Clearly, with the combination of UETA and now URPERA, county recorders should be absolutely certain that they can accept electronic records that have electronic signatures as real estate documents that they can process,” Bramante said.

PRIA is part of an alliance with the Mortgage Bankers Association’s Mortgage Industry Standards Maintenance Organization (MISMO), a governing body that develops mortgage industry data standards. The commission could look to other states, other counties within the state, as well as PRIA, to ensure that state standards are based on national standards and other state standards to create uniformity.

“Through our alliance with MISMO, our electronic recording DTD [data type definition] is based on the closing DTD of MISMO," Bramante said. "The e-recording DTD is an extension of the closing DTD for county recorders to process and send back the data to the user.”

Bramante said PRIA kept the drafting committee informed about mortgage e-recordings based on its alliance with MISMO, and kept the lines of communication open with MISMO during the process.

“We explained the role of MBA MISMO, the role of PRIA, what makes the two organizations different but what makes the two organizations work together when developing and setting standards,” Bramante said. “We explained to them, particularly in the first couple of drafting sessions, what was going on in that space.”

The committee started  a first draft in 2002; two years and seven drafts later, the committee finished its revisions in June. While the first draft included 31 different sections, NCCUSL tightened the seventh and final draft to 10 sections. NCCUSL worked with various advisory groups, including PRIA and the Electronic Financial Services Council (EFSC).

“Uniformity and standards are important to the mortgage lending and title industries because they submit documents from a multi-state, multi-jurisdictional perspective,” Bramante said. “I think that both from the private sector members and county recorder members, everyone is satisfied with what has happened here.”

PRIA was on the URPERA drafting committee from an advisory standpoint. Its members include county recorders, mortgage lenders, title companies and underwriters.

“We were able to provide information from both sides of the transaction,” Bramante said.

Mark Monacelli , county recorder for St. Louis County and president of PRIA, said the first draft called for a number of changes in many areas, including more focus on the electronic aspect, such as in the definition of "electronic signature."

“We needed NCCUSL’s help in developing an act and they needed our help or expertise in educating and working with them on exactly what e-recording is and what is going on in the mortgage industry,” Monacelli said. “We worked with them to revamp the first draft to the seventh draft, which is much different today than it was then.”
(Back To Top)