The transaction, which requires shareholder approval, is expected to close within 30 days. Terms were not disclosed.

In January, ISO acquired AppIntelligence, a Weldon Spring, Mo.–based provider of Web-based analytic tools that also identify and detect fraud in the residential mortgage industry. The two entities will be combined into a new division called ISO Mortgage Analytics .

“The strategic fit could not be better,” said Chris Guidette, ISO’s assistant vice president for corporate communications. “We already have one of the largest databases in fraud detection in the insurance industry—ISO ClaimSearch. We also have the tools that are used to really make this data useful.”

“This will be a comfortable situation for customers of both companies more because there will be no diminution in the support for the products of either company,” said Scott Stephenson, ISO’s executive vice president. “Customers who have already implemented a solution from either company will find their investments are protected and prospective customers will continue to have the same or enhanced choices available to them.”

Guidette said ISO’s acquisition strategy is guided by finding products that “uniquely suit” the company. “We are always looking to grow, by acquisition and by developing new products and services and to provide services to new industries and to enhance existing products and services,” he said.

ISO’s history dates back to the Civil War. Since 1971, the company, which has more than 2,700 employees, has provided analytic services (database and data aggregation), primarily to the casualty and insurance businesses. In recent years, ISO has expanded its services to banking and financial services, as well as flood protection. Sysdome was founded in 1998 and has more than 500 mortgage lenders as clients.
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“The survey findings tell us that there continues to be a gap between students’ perception vs. reality when it comes to credit and financial knowledge,” said Amer Sajed, senior vice president with Citi Credit-ED.

The survey conducted by Credit-ED, in conjunction with Harris Interactive, Rochester, N.Y., showed that the majority (90 percent) of college upperclassmen recognizes and value good credit as an important financial goal; however, their credit behavior does not show this. Of the respondents, 72 percent of upperclassmen have not requested a copy of their credit report.

Additionally, about one-third have missed or been late on a credit card payment. One-quarter, or 24 percent, have written a check that bounced. Furthermore, 52 percent believe that their spending habits now will not affect their credit report in the future. More than one-third said opening unnecessary, new credit cards would not affect their credit score.

After graduation, upperclassmen said they plan to spend their income on themselves for material purchases rather than saving for retirement, the survey said. About two in five, or 42 percent of respondents expect to be "financially secure" with little debt within three years of graduation, compared to one-third or 35 percent a year ago.

The survey also found about three out of five junior and seniors expect to have no credit card debt after graduation and a year after graduation. Of the respondents, 22 percent of upperclassmen plan to spend to save or invest money left over after expenses, compared to 30 percent last year.

On the whole, college upperclassmen are more optimistic about the U.S. economy this year than in 2004. College juniors and seniors are also optimistic of achieving financial independence even though they do not expect a higher salary and a slight decrease in debt compared to last year.
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According to AGH officials, Workforce Home Benefit will provide employees with home buying resources, including a matched homeownership savings account plan, flexible mortgage products with low downpayment requirements, homebuyer education and access to financial counseling, credit counseling and credit repair. Freddie Mac developed Workforce Home Benefit to help employers throughout the U.S. foster homeownership for their employees.

To be eligible for Workforce Home Benefit, one year of full-time employment with the hospital and/or a previous employer are required, AGH officials said. Some Benefit components have income restrictions and all applicants must complete a homeownership education seminar to qualify for any of the incentives.

Through collaboration with Action Housing of Pittsburgh, Workforce Home Benefit will offer a matched savings account option in which eligible employees can contribute to an account set up with the hospital's credit union earmarked specifically towards the cost of buying a home. Once an employee's specific savings goal is met, the employee will receive a state grant in the same amount up to $2,000 to assist with a downpayment or closing costs.

To help support Workforce Home Benefit, the Northside Leadership Conference will create a Downpayment Assistance Fund by soliciting grants from public and private gifting sources.

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RamQuest Software Inc., Plano, Texas, formed a strategic partnership with LandAmerica Financial Group Inc., Richmond, Va., and Old Republic National Title Insurance Co. , Minneapolis, combining the technological expertise of RamQuest with the LandAmerica and Old Republic Title om offering policies and the long-term direction of real estate settlement software.
 
The terms of the partnership include the purchase of minority equity interests in RamQuest by LandAmerica and Old Republic Title, with the current RamQuest management team retaining a significant equity interest. Key members of the RamQuest management team, including Mark McElroy, CEO, Neil Syken, COO, and Steven Terry, CFO, will remain with the company. No changes are anticipated in the general operations of the company.
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Thomas Donahue , president and CEO of the U.S. Chamber of Commerce, said TRIA needs to be extended now rather than later. "Why the urgency? Because companies that are now negotiating insurance policy renewals for next year and beyond, are finding that their terrorism insurance coverage will be severely limited or dropped all together. If TRIA is not extended, we got a problem. In other words, the consequences of not extending TRIA do not begin to surface after December 31, the expiration date, they have already begun to surface."

Kieran Quinn, chairman and CEO of Column Financial, Inc., Atlanta, and vice chair of the Mortgage Bankers Association's Commercial Real Estate/Multifamily Board of Governors (COMBOG), said the problem has already started as insurance renewals start to come in. He said if there is no legislation by July 31, exclusions would occur following that date on any insurance renewals in the market.

"The capital markets hate uncertainty," he said. "I don't think our economy can afford too many of these disruptions."

Quinn, also managing director at parent company Credit Suisse First Boston (CSFB), New York, said CMBS servicers will be asked to force place terrorism insurance despite costs. "That will most likely drive the debt service coverage down to levels that will make investment grade loans non-investment grade loans which will impair the value of these securities that our investors are holding."

He said without TRIA in August, Column Financial and CSFB, would "gerrymander language" to say that borrowers will need to convert to a certain sum of money above the amount they are normally paying on a policy to provide as much or the best terrorism insurance that they can obtain from their carriers. "When you start to get to September, and the loans get bigger…we slowed down last time," Quinn said. "It'll be just like 2002. Every loan was a fight. Every loan was a battle. It was very difficult."
  
Quinn noted that TRIA is crucial to the CMBS market because the CMBS market provides free access to capital.

"We attract capital from around the world. We need to keep that free flow of capital. We need this coverage everywhere," Quinn said. "This is not a New York City-D.C. issue, and this is not a trophy asset issue. This is an issue in every state in this country where you have a church, where you have a school, where you have a mall and where you have a neighborhood shopping center."
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Major tenants include GE Parallel, Progressive Insurance, Clarke American Checks, Wells Fargo and Phelps Dodge.

Eric Flyckt, senior vice president and branch manager of the San Diego loan origination office arranged the transaction through Merrill Lynch, New York.

Quads ML LLC, a Douglas Allred Company-related entity, received the funding. “GMACCM presented this opportunity to a number of investors for whom we are a correspondent including conduits and insurance companies. Merrill Lynch was selected due to their competitive pricing; lower tenant improvement/leasing commission reserve requirements; thorough prescreening of the deal prior to issuing a quote and GMACCM’s favorable past experience with the investor,” Flyckt said.

GMACCM's Miami loan origination office arranged $3.9 million in fixed-rate refinancing for a Hollywood, Fla., office building. One Sheridan Place is a 31,463 square foot, two-story office building on 1.84 acres.

Joseph Schrage, senior vice president of the Miami office arranged the transaction through Delaware Investment Advisors, Philadelphia. One Sheridan Place, Ltd. received the funding. “We provided a competitive loan amount to the borrower who is a repeat client of GMACCM and Delaware Investment Advisors,” Schrage said.
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And the conference, which takes place April 19-20 in Washington, D.C., also provides the opportunity to hear some of those lawmakers and policy makers. Scheduled to appear at this year’s conference:

• Sen. Richard Shelby, R-Ala., chairman of the Senate Banking Committee and a key player in the progress of a number of legislative efforts this year;
• Sen. Chuck Hagel, R-Neb., chair of the Senate Banking Securities and Investment subcommittee and author of a bill, S.190, that would comprehensively reform oversight of Fannie Mae and Freddie Mac;
• Treasury Secretary John Snow;
• HUD Secretary Alphonso Jackson, who recently signaled that the department was ready to move forward with a new effort to reform the Real Estate Settlement Procedures Act (RESPA);
• Sen. Evan Bayh, D-Ind., a key player in legislation related to the real estate finance industry;
• Political pundits Ann Coulter and Donna Brazile, who will provide a spirited lunchtime debate on the Washington political landscape.

The conference also includes the opportunity for participants to visit Capitol Hill and discuss issues of importance with their legislators. By doing so, participants demonstrate to the newly elected Congress the united force of MBA's members and its commitment to investing in America's communities.

All individuals from MBA member companies are encouraged to attend this important event. Registration fee is just $370 for MBA members. The preliminary registration deadline is April 5.

To register, call (800) 793-6222 or visit the registration page for more details. For sponsorship information, contact Paul Hilliar at (202) 557-2858 or philliar@mortgagebankers.org.
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The Mortgage Bankers Association has already begun to look carefully at the bill and has compiled a summary of H.R. 1295, including an overview of the bill's key provisions as well as a more detailed title-by-title outline of the legislation. While it appears to be a challenging bill for the industry to live up to, it is a welcome bipartisan addition to the important dialog surrounding abusive lending.

H.R. 1295 broadens the scope of loans covered by the Home Ownership Equity Protection Act by including home purchase mortgages and home equity lines of credit in addition to the refinances currently covered, and lowers the points and fees trigger to 5 percent of the loan amount for mortgages greater than $40,000 and 6 percent for loans less than $40,000.

The bill also expands the points and fees definition to include prepayment penalties that are incurred when the borrower refinances with the same lender, and discount points in excess of two bona fide points, as long as the loan is not 4 or more points greater than a comparable Treasury.

The legislation has been referred to the House Committee on Financial Services and hearings are expected sometime this year. MBA looks forward to working with the sponsors in the near future to perfect the bill.

For more information, please contact Mary Jo Sullivan at (202) 557-2859 (msullivan@mortgagebankers.org).

House Committee Passes Bankruptcy Reform Bill
On March 16, the House Committee on the Judiciary reported out S. 256, the MBA-supported bankruptcy reform bill, without amendment by a vote of 22-13. The bill passed the Senate on March 10 by a vote of 74-25.

S. 256 includes an MBA-backed provision that removes the $4 million cap on single asset bankruptcies, which will help reduce MBA commercial and multifamily members' vulnerability on assets valued more than $4 million. 

The full House is expected to consider the bill during the week of April 4.

For more information, please contact Burton Wood at (202) 557-2806 (bwood@mortgagebankers.org).

Bill to Extend Leasehold Depreciation Recovery Period Introduced
On March 15, Sens. Kent Conrad, D-N.D., and Jon Kyl, R-Ariz., introduced MBA-backed legislation, S. 621, which would permanently extend the 15-year recovery period for the depreciation of leasehold improvements. The current 15-year depreciation provision is set to expire at the end of this year.

For more information, please contact Burton Wood at (202) 557-2806 (bwood@mortgagebankers.org).

Weicher to Step Down at FHA
Federal Housing Administration (FHA) Commissioner John Weicher announced on March 11 that he will be leaving his current position. Noting that he had made a commitment to stay at FHA through congressional budget hearings, Weicher informed the staff that he will remain on board until April 30.

HUD has not made an official announcement regarding Weicher's successor, though there is much speculation as to who might be nominated. We do not expect the Administration to name an acting commissioner until closer to Weicher's departure date.

MBA is in touch with HUD and White House officials who are vetting potential candidates to replace Weicher.

For more information, please contact Tim Doyle at (202) 557-2860 (tdoyle@mortgagebankers.org).

Congressional Education Series Addresses TRIA
On Friday, MBA held the third Congressional Education Series Event of the year in the Senate. The luncheon, which drew more than 30 Capitol Hill staffers, featured a discussion of the Terrorism Risk Insurance Act (TRIA). Speakers included Deb McKinnon, MBA vice president of commercial/multifamily; Jeff DeBoer of the Real Estate Roundtable; and Debra Ballen of the American Insurance Association.

For more information, please contact Mary Goldsmith at (202) 557-2876 (mgoldsmith@mortgagebankers.org).

MBA Meets with SEC on Private Issuer Transaction Needs
On March 14, MBA staff met with the Securities and Exchange Commission’s Alan Beller, director of the corporate finance division; Paula Dubberly, the SEC's chief mortgage expert; and other SEC staff to discuss a proposed rule that could require provision of a prospectus to investors at an earlier point in the offering process, thus causing MBA members to incur additional hedging and other expenses. MBA Members from Wells Fargo and Chase Home Mortgage assisted in presenting MBA's position. 

The SEC should produce the final rule this summer, and MBA will meet with our coalition partners to determine whether next steps are necessary. MBA will also discuss the issue with other trade associations. 

For more information, please contact Kathy Gibbons at (202) 557-2870 (kgibbons@mortgagebankers.org). 

MBA Joins AGs to Discuss HMDA and Predatory Lending
Last week, attorneys general from across the United States convened in Washington for the National Association of Attorneys General spring meeting. The group discussed several issues of concern to the mortgage banking industry, including state predatory lending laws, the issue of a national predatory lending law pre-empting state laws, and potential actions by the attorneys general based upon the release of the 2004 Home Mortgage Disclosure Act new data. 

MBA was present to convey the industry's positions on these issues and offered the Association's resources to help educate attorneys general and their staff about the impact that their actions on HMDA and predatory lending could have on the industry.

In addition to attending the AGs’ meeting, MBA staff attended sessions held by the Democratic and Republican Attorneys General organizations. MBA has joined these two organizations in its continuing efforts to reach out to and develop relationships with state elected officials that would be beneficial to MBA's membership.

For more information, please contact Paul Richman at (202) 557-2899 (prichman@mortgagebankers.org).
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Meanwhile, the Senate Banking Committee announced the first two of a series of hearings on proposals to reform the government-sponsored enterprises. The hearing will take place in Washington, D.C. on April 6 and 7.

The first hearing will feature testimony from Federal Reserve Chairman Alan Greenspan. The second hearing’s scheduled witnesses include Treasury Secretary John Snow and HUD Secretary Alphonso Jackson.

Both hearings will take place in room 538 of the Dirksen Senate Office Building. Staff of the Mortgage Bankers Association’s government affairs department will attend the hearing, and MBA NewsLink will provide coverage.

Senate hearings can be heard live over the Internet at www.capitolhearings.org. House Financial Services Committee hearings can be viewed live over the Internet at www.financialservices.house.gov.

MBA's National Technology in Mortgage Banking Convention and Expo begins next week in Orlando, Fla. The convention runs from March 29-April 1. MBA NewsLink will provide extensive coverage. For more information, go to http://events.mortgagebankers.org/Tech2005/default.html.

Upcoming Reports/Events:

March 22: CampusMBA Audio Program: Processing Loans with CIA Technology
March 22: Producer Price Index, Labor Department
March 23: MBA Weekly Application Survey
March 24: New Residential Sales, Commerce Department
March 24: Freddie Mac Mortgage Survey
March 28: CampusMBA: Creating New Customers, Orlando
March 29-April 1: MBA National Technology in Mortgage Banking Conference & Expo, Orlando
March 29: Consumer Confidence, The Conference Board
March 30: MBA Weekly Application Survey
March 30: Gross Domestic Product, Commerce Department
March 31: MBA Commercial/Multifamily Regional Servicing Forum, Overland Park, Kan.
April 10-15: CampusMBA School of Mortgage Banking III, Oak Brook, Ill.
April 12: CampusMBA: Creating New Customers, Oak Brook, Ill.
April 13-14: CampusMBA: Detecting and Avoiding Mortgage Fraud, Birmingham, Ala.
April 19-20: MBA National Policy Conference, Washington, D.C.
May 1-4: MBA National Secondary Market Conference & Expo, San Francisco
May 4-6: Commercial Asset Administration & Technology Conference, Chicago
May 10: Campus MBA: Creating New Customers, Chicago
May 10-11: CampusMBA Default Best Practices Workshop, Chicago
May 11-12: CampusMBA Real Estate Appraisal for Mortgage Lenders, Dallas
May 15-18: MBA Legal Issues & Regulatory Compliance Conference, Phoenix
May 15-20: CampusMBA School of Mortgage Banking Course I, Philadelphia
May 17-18: CampusMBA: The Next Step in Combating Mortgage Fraud, Atlanta
June 2-3: FHA/VA/USDA Housing Finance Conference, Washington, D.C.
June 5-8: MBA Presidents Conference, Palm Beach, Fla.
June 8-10: MBA Subprime Lending & Alternative Products Conference, Washington, D.C.
June 12-17: CampusMBA School of Mortgage Banking Course II, Denver
June 15-17: CampusMBA eMortgage Workshop, San Francisco
July 10-15: CampusMBA Commercial School of Mortgage Banking, San Diego
July 17: CampusMBA: Essentials on Employment Law Compliance, San Francisco
July 17-22: Campus MBA School of Mortgage Banking Course I, Washington, D.C.
Aug. 14-19: CampusMBA School of Mortgage Banking Course III, Chicago
Aug. 24-25: CampusMBA: Detecting and Avoiding Mortgage Fraud, San Francisco
Sept. 11-13: MBA Document Custody Conference, Miami Beach, Fla.
Sept. 18-23: Campus MBA School of Mortgage Banking Course II, San Diego
Sept. 19-20: MBA Quality Assurance Conference, Chicago
Sept. 20-21: CampusMBA: Handling Fraud Files, San Diego
Oct. 23-26: MBA Annual Convention & Expo, Orlando
Nov. 10-11: MBA Residential Underwriting Conference, Coronado, Calif.
2006
Feb. 5-8: MBA Commercial Real Estate Finance/Multifamily Housing Convention & Expo, Orlando

Information about MBA Events can be found at the MBA Web site, www.mortgagebankers.org; and at the CampusMBA Web site, www.campusmba.org.
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