- Summit Financial Group, Inc. to Sell or Terminate Its Mortgage Banking Segment
Summit Financial Group, Inc. (NASDAQ: SMMF) today announced that it intends either to sell or terminate substantially all business activities of Summit Mortgage, its residential mortgage loan origination unit (previously reported as its Mortgage Banking segment). - Equity Inns Closes $95 Million Mortgage Debt Offering
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate investment trust (REIT), today announced that the Company has completed a $95 million offering of Senior Mortgage Debt. The Company used eight hotels as collateral for the loan. The 10-year loan bears interest at a fixed rate of 5.865% per annum. The net proceeds of the offering were primarily used to repay outstanding borrowings under the Company’s line of credit. - TransUnion Teams Up with Filogix to Provide the Mortgage Industry Options In Predicting Risk
TransUnion has formed a distribution agreement with Filogix Limited Partnership to deliver credit reporting services to the mortgage origination industry, providing them with a valuable option in managing their credit risk portfolios. The announcement was made today at the annual CIMBL Canadian Mortgage Conference and Expo in Montreal. - Opteum Inc. to File Form 12b-25; Estimates Year-to-Date Net Loss Through September 30
Opteum Inc. (NYSE:OPX) (“Opteum” or the “Company”), a real estate investment trust (“REIT”) that operates an integrated mortgage-related securities investment portfolio and mortgage origination platform, today announced that it intends to file a Form 12b-25 Notification of Late Filing to the Securities and Exchange Commission on Monday, November 13, 2006. - Civic Leader Walter B. Williams of HomeStreet Bank Dies at 85
Walter B. Williams, long-time Seattle banker, attorney and former Washington state legislator, passed away yesterday. He was 85.
“My father leaves a legacy of integrity, service and leadership,” said Williams’ son Bruce W. Williams. Added civic leader Jim Ellis: “Walter Williams’ life reads like an anatomy of citizenship. We are lucky he lived his stewardship years with us.” - Fitch Rates $780.2MM J.P. Morgan Mortgage Acquisition Corp, Series 2006-HE3
Fitch has rated the J.P. Morgan Mortgage Acquisition Corp, asset-backed pass-through certificates, series 2006-HE3, as follows:
-- $606.4 million, classes A-1 through A-5 'AAA';
-- $36.9 million class M-1 'AA+';
-- $40.6 million class M-2 'AA';
-- $14.8 million class M-3 'AA-';
-- $18.5 million class M-4 'A+'; - MCAP Selects SS&C for Loan Origination and Mortgage Servicing Technology
SS&C Technologies, Inc. (www.ssctech.com), a global provider of financial services software and outsourcing solutions, today announced the MCAP Financial Corporation, a Canadian mortgage company, has chosen SS&C’s commercial loan management system, LMS Loan Suite™, for roll out to seven offices across Canada. - Fitch: Pursuit of Option One Alternatives Unlikely To Affect H&R Block In Near-Term
H&R Block's (HRB) intention to pursue strategic alternatives for its mortgage subsidiary, Option One, will not have any near-term rating implications for the parent company or its debt-issuing subsidiary, Block Financial Corporation (Block), according to Fitch Ratings. - Fitch Affirms Five Classes of Pacific Bay CDO, Limited
Fitch affirms five classes of rated notes issued by Pacific Bay CDO, Limited (Pacific Bay). The following rating actions are effective immediately:
-- $236,716,758 class A-1 first priority senior secured floating rate notes affirmed at 'AAA';
-- $64,000,000 class A-2 second priority senior secured floating rate notes affirmed at 'AAA';
-- $36,000,000 class B third priority senior secured floating rate notes affirmed at 'AA'; - Fitch Affirms Five Classes of Neptune CDO II, Limited.
Fitch affirms five classes of rated notes issued by Neptune CDO II, Limited (Neptune II). The following rating actions are effective immediately:
--$198,000,000 class A-1 senior secured floating-rate notes due 2045 affirmed at 'AAA';
--$52,000,000 class A-2 senior secured floating-rate notes due 2045 affirmed at 'AAA'; - ResMAE Mortgage Corporation Offers 50/30 Product As Lower Payment Alternative
ResMAE Mortgage Corporation has successfully been providing homeowners with alternatives to high-risk loans, as evidenced by the release of its 50/30 loan product. Amortized over 50 years and due in 30 years, this product provides homeowners with a lower monthly payment without the potential major increases in payment or principal balance associated with other loan products like Option ARMs. - Fitch Rates Greenwich Capital Commercial Mortgage Trust 2006-RR1
Fitch assigns the following ratings to Greenwich Capital Commercial Mortgage Trust 2006-RR1:
--$429,619,000 class A-1 certificates 'AAA';
--$122,276,000 class A-2 certificates 'AAA';
--$16,524,000 class B certificates 'AA+';
--$9,914,000 class C certificates 'AA';
--$4,957,000 class D certificates 'AA-';
--$13,219,000 class E certificates 'A+';
--$5,783,000 class F certificates 'A';
--$14,872,000 class G certificates 'A-'; - Fitch Rates MECA's $456MM Mortgage Equity Conversion Asset Trust, Series 2006-SFG3
Fitch rates Mortgage Equity Conversion Asset Corp. (MECA) Mortgage Equity Conversion Asset Trust, Series 2006-SFG3 as follows:
--$456,000,000 class A notes 'AAA'.
The notes represent beneficial ownership interest in the trust. The trust consists of a mortgage pool of home equity conversion mortgages (HECM) that are insured by the Federal Housing Administration (FHA) and secured by one- to four-family, first lien, residential properties with a cut-off date balance of $255,732,951. - LAT Money Center Introduces Nationwide Program That Offers Mortgage Financing to Undocumented Worker
LAT Money Centers, a Hispanic-owned financial services company, has introduced the industry’s first nationwide financing program for undocumented workers that want to buy homes. This lending program will offer loans to potential homeowners using Individual Taxpayer Identification Numbers (ITIN) and Matricula Consular IDs in lieu of social security numbers. - Fitch Rates CWMBS $520.20MM Mtge P-T Ctfs Series 2006-17
Fitch rates CWMBS, Inc.'s (CWMBS) Mortgage Pass-Through Certificates, CHL Mortgage Pass-Through Trust 2006-17as follows:
--$501,447,893 million classes A-1 through A-11, X, PO, and A-R certificates (senior certificates) 'AAA'; - Fitch Rates Bear Stearns Commercial Mortgage Securities Trust 2006-TOP24
Bear Stearns Commercial Mortgage Securities Trust 2006-TOP24, commercial mortgage pass-through certificates are rated by Fitch as follows:
--$59,200,000 class A-1 'AAA';
--$173,230,000 Class A-2 'AAA';
--$91,660,000 class A-3 'AAA'
--$81,000,000 class A-AB 'AAA' - Fitch Designates 60 U.S. CMBS Deals as Under 'SMARTView' Analysis
Fitch Ratings has designated the following U.S. CMBS transactions as 'Under Analysis':
--Asset Securitization 1996 MD VI;
--BACM 2002-2;
--BALL 2003-BBA2;
--BALL 2004-BBA4;
--BALL 2005-MIB1;
--BS 2002-PBW1;
--BS 2003-TOP 10;
--BSCMSI 2004-BBA5; - Fitch Affirms MSCI, Series 2005-HQ5
Fitch affirms Morgan Stanley Capital I Trust's (MSCI) commercial mortgage pass-through certificates, series 2005-HQ5 as follows:
-- $104.9 million class A-1 at 'AAA';
-- $160.9 million class A-2 at 'AAA';
-- $159.4 million class A-3 at 'AAA';
-- $66.4 million class A-AB at 'AAA';
-- $711.3 million class A-4 at 'AAA';
-- $112.4 million class A-J at 'AAA'; - Reliant Executes $250 Million CAD Engagement Letter
Reliant Home Warranty Corporation (OTCBB:RHWC) President & CEO Boyd Soussana announced today Reliant, through its Canadian subsidiary Reliant Home Mortgage Canada Inc., has completed the review and execution of an agreement letter from a leading Canadian Financial Services organization securing an ongoing $250 Million CAD mortgage warehouse and securitization program. - Fitch Affirms 96 & Upgrades 15 RMBS Classes from 20 Banc of America Securitizations
Fitch has taken rating actions on the following Banc of America mortgage pass-through certificates:
Series 2001-4 Group 1:
-- Class 1-B-1 affirmed at 'AAA';
-- Class 1-B-2 affirmed at 'AAA';
-- Class 1-B-3 affirmed at 'AAA';
-- Class 1-B-4 affirmed at 'AAA'; - Fitch Rates TimberStar Trust I, Series 2006-1
TimberStar Trust I, series 2006-1, commercial mortgage pass-through certificates, which closed Oct. 30, 2006, are rated by Fitch Ratings as follows:
--$400,000,000 class A 'AAA';
--$80,000,000 class B 'AA';
--$80,000,000 class C 'A';
--$80,000,000 class D 'BBB';
--$30,000,000 class E 'BBB-'; - Fitch Rates SARM Trust $485.7MM Mortgage Pass-Through Ctfs, Series 2006-10
Fitch rates Structured Adjustable Rate Mortgage Loan Trust's (SARM) $487.2 million mortgage pass-through certificates, series 2006-10, which closed today, Oct. 31, 2006, as follows:
--$463 million classes 1-A1, 1-A2, 1-AX, 2-A1, 2-A2, 3-A1 through 3-A4, 3-AF, 3-AF1, 3-AX and R 'AAA';
--$10.8 million classes B1-I and B1-II, 'AA';
--$4.5 million classes B2-I and B2-II 'A';
--$3.4 million classes B3-I and B3-II, 'BBB';
--$2.2 million classes B4-I and B4-II 'BB'; - Fitch Rates $420.8MM SABR LLC Trust, Series 2006-NC3
Fitch rates Securitized Asset-Backed Receivables LLC Trust $420.8 million mortgage pass-through certificates, series 2006-NC3, as follows:
--$338,427,000 classes A-2A through A-2C and privately offered class A-1 'AAA';
--$19,348,000 class M-1 'AA+';
--$18,492,000 class M-2 'AA+';
--$6,022,000 class M-3 'AA';
--$13,976,000 class M-4 'AA-';
--$4,515,000 class M-5 'A+';
--$4,515,000 class B-1 'A'; - Neverfail Customer, Market Street Mortgage, to Keynote at Storage Networking World Fall 2006
The Neverfail Group (Neverfail), a leading global software company providing high-availability and disaster recovery solutions, today announced Charlie Pelton, vice president and chief information officer of Market Street Mortgage, one of the nation’s leading retail originators of residential loans, will serve as a keynote presenter and panelist at Computerworld’s Storage Networking World Fall 2006. - Fitch Rates $1.30B SASCO Mortgage P-T Ctfs, Series 2006-BC3
Fitch rates Structured Asset Securities Corp. (SASCO) $1.30 billion mortgage pass-through certificates, series 2006-BC3 as follows:
--$1.064 billion classes A1 - A4 'AAA';
--$51.5 million class M1 'AA+';
--$40.3 million class M2 'AA';
--$25.7 million class M3 'AA-';
--$23.1 million class M4 'A+';
--$21.1 million class M5 'A'; - LoanAgentsLive.com Says Record Number of Homeowners in Jeopardy of Losing Homes
According to LoanAgentsLive.com, thousands of homeowners who purchased property early in the new millennium now face tougher times as their low introductory rate mortgages adjust. Some industry experts have speculated that more than 30 percent of homeowners who financed their homes with Adjustable Rate Mortgages (ARM's) in the early 2000s will soon face increased mortgage payments that they won’t be able to pay. - Fitch Rates Canadian Imperial Bank of Commerce 2006-1 Residential Mortgage Credit Derivative
Fitch rates the Canadian Imperial Bank of Commerce 2006-1 Residential Mortgage Linked Credit Derivative Transaction as indicated below. The ratings are based upon the credit quality of the reference portfolio and the sound legal structure of the transaction. The ratings address the likelihood that the floating-rate payer will have to make a protection payment under the terms of the credit default swap. - Fitch Rates MASTR $439MM Series 2006-3
Mortgage Asset Securities Transactions (MASTR) Asset Securitization Trust 2006-3 (which closed on Oct. 27, 2006) mortgage pass-through certificates are rated by Fitch as follows:
--$426.8 million classes 1-A-1 to 1-A-11, 2-A-1 to 2-A-5, 3-A-1, A-LR, A-UR, 15-PO, 30-PO,15-A-X and 30-A-X certificates 'AAA' (senior certificates);
--$6.1 million class B-1 'AA';
--$2.6 million class B-2 'A+';
--$880,000 class B-3 'A'; - Fitch Rates BAFC $333.89MM P-T Ctfs Series 2006-7
Fitch rates Banc of America Funding Corporation (BAFC) mortgage pass-through certificates, series 2006-7, as follows:
--$321,859,299 classes 1-A-1 through 1-A-12, 1-A-R, 30-IO, and 30-PO (senior certificates) 'AAA';
--$8,026,000 class 1-B-1 'AA';
--$1,839,000 class 1-B-2 'A';
--$1,003,000 class 1-B-3 'BBB';
--$669,000 class 1-B-4 'BB'; - CORRECTING and REPLACING Vestin Realty Mortgage I, Inc. Reports Quarterly and Year-to-Date Results
First graph first sentence of release dated Oct. 26, 2006 should read: Vestin Realty Mortgage I, Inc. (Nasdaq:VRTA) a real estate investment trust (“REIT”) announced net income for the quarter ended September 30, 2006 of $1.0 million, or $0.14 per weighted average common share. - Fitch Rates BOAMS $761.399M Series 2006-B
Banc of America Mortgage Securities, Inc. (BoAMS), series 2006-B, mortgage pass-through certificates, are rated by Fitch Ratings as follows:
--$730,865,100 classes 1-A-1, 1-A-R, 2-A-1, 2-A-2, 3-A-1 and 4-A-1 through 4-A-4 (senior certificates) 'AAA';
--$18,703,000 class B-1 'AA';
--$5,343,000 class B-2 'A';
--$3,053,000 class B-3 'BBB'; - Fitch Rates $751.7MM Lehman Mortgage Trust Mtge P-T Ctfs, Series 2006-7
Fitch rates Lehman Mortgage Trust (LMT) $751.7 million mortgage pass-through certificates, series 2006-7, as follows:
-- $702.3 million classes 1-A1 through 1-A10, 2-A1 through 2-A11, 3-A1 through 3-A7, 4-A1, 4-A2, 5-A1 through 5-A8, AP, AX, and R 'AAA';
-- $17 million class M 'AA+';
-- $10.2 million class B1 'AA'; - Fitch Rates BNC Mortgage Loan Trust 2006-2 $790.4MM Series 2006-2
BNC Mortgage Loan Trust 2006-2 $790.4 million mortgage pass-through certificates, series 2006-2, are rated by Fitch as follows:
--$637.4 million classes A1-A5 'AAA';
--$36.1 million class M1 'AA+';
--$31.2 million class M2 'AA';
--$13.6 million class M3 'AA-'; - Fitch Rates FHAMS $216.38MM Mtge P-T Ctfs, Series 2006-FA7
Fitch rates First Horizon Alternative Mortgage Securities Trust (FHAMS) mortgage pass-through certificates, Series 2006-FA7 as follows:
--$206.72 million classes A-1 through A-9, A-PO and A-R certificates (senior certificates) 'AAA';
--$4.67 million class B-1 'AA';
--$1.95 million class B-2 'A';
--$1.41 million class B-3 'BBB';
--$0.98 million privately offered class B-4 'BB'; - Fitch Rates IndyMac MBS RAST $378.98 Million Series 2006-A13
Fitch rates IndyMac MBS, Inc. Residential Asset Securitization Trust (RAST) 2006-A13, residential mortgage pass-through certificates, as follows:
--$378.98 million classes A-1, PO, A-X, and A-R 'AAA' (senior certificates). - Fitch Rates CWALT $741.98MM Mtge P-T Ctfs Series 2006-36T2
Fitch rates CWALT, Inc.'s (CWALT) Mortgage Pass-Through Certificates, Alternative Loan Trust 2006-36T2 as follows:
--$702,131,793 classes 1-A-1 through 1-A-16, 2-A-1 through 2-A-8, 1-X, 2-X, PO, and A-R certificates (senior certificates) 'AAA';
--$16,762,700 class M-1 'AA';
--$1,862,400 class M-2 'AA';
--$8,194,700 class B-1 'A';
--$5,959,700 class B-2 'BBB';
--$3,724,900 class B-3 'BB'; - Luminent Mortgage Capital, Inc. Announces First Annual Analyst Day in New York
Luminent Mortgage Capital, Inc. (NYSE:LUM) today announced it will be hosting its first annual Analyst Day meeting in New York. The event is scheduled for Wednesday, November 15, 2006, to be held at the New York Stock Exchange, 11 Wall Street, from 1:00 p.m. until 4:00 p.m. EST. Analyst Day events will include presentations by Gail P. Seneca, Luminent’s Chairman of the Board and Chief Executive Officer, and other members of the Luminent’s senior management team. - Fiserv Inc. Acquires Equity Interest in Urban Settlement Services LLC
Fiserv Inc. (Nasdaq:FISV) announced today that it has acquired an equity interest in Urban Settlement Services LLC, a vendor management company that provides title search, real estate appraisal and closing products and services supporting the home mortgage industry. - Fitch Rates Wells Fargo P-T Ctfs $325.6MM Series 2006-17
Wells Fargo mortgage pass-through certificates, series 2006-17, are rated by Fitch Ratings as follows:
-- $320,282,681 classes A-1 through A-4, A-PO, and A-R 'AAA' (senior certificates);
-- $3,585,000 class B-1 'AA';
-- $652,000 class B-2 'A';
-- $489,000 class B-3 'BBB'; - Fitch Affirms 7 Classes from Meritage Mortgage Loan Trust 2003-1
Fitch Ratings has affirmed the following Meritage Mortgage Loan Trust certificates, series 2003-1:
-- Class M-1 at 'AA';
-- Class M-2 at 'A+';
-- Class M-3 at 'A';
-- Class M-4 at 'A-';
-- Class M-5 at 'BBB+'; - Fitch Rates CWALT $623.42MM Mtge P-T Ctfs Ser 2006-35CB
Fitch rates CWALT, Inc.'s (CWALT) Mortgage Pass-Through Certificates, Alternative Loan Trust 2006-35CB as follows:
--$599.9 million classes A-1, X, PO, and A-R certificates (senior certificates) 'AAA';
--$10.9 million class M certificates 'AA';
--$4.6 million class B-1 certificates 'A'
--$3.4 million class B-2 certificates 'BBB'; - Fitch Rates $1.2B RASC Home Equity Mortgage Asset-Backed P-T Ctfs, Series 2006-KS9
Fitch rates Residential Asset Securities Corporation (RASC), series 2006-KS9 as follows:
--$376.5 million class A-I-1; 'AAA';
--$164.8 million class A-I-2'AAA';
--$153.9 million class A-I-3 'AAA';
--$119.7 million class A-I-4 'AAA';
--$153.3 million class A-II 'AAA';
--$47.5 million class M-1S 'AA+'; - Fitch Rates CMSI $561.5MM REMIC P-T Ctfs Series 2006-5
Fitch rates Citicorp Mortgage Securities, Inc.'s (CMSI) REMIC pass-through certificates, series 2006-5, as follows:
--$545,721,778 classes IA-1 through IA-14, IA-IO, IIA-1, IIA-IO, IIIA-1, IIIA-IO, and A-PO certificates (senior certificates) 'AAA';
--$9,558,000 class B-1 'AA';
--$2,812,000 class B-2 'A';
--$1,687,000 class B-3 'BBB';
--$843,000 class B-4 'BB'; - Fitch Rates Chase Mortgage Finance Trust 2006-S3
Chase Mortgage Finance Trust's $800 million mortgage pass-through certificates, series 2006-S3S, are rated by Fitch as follows:
--Classes 1-A1 through 1A-7, 1-AX, 2-A1 through 2-A3, 2-AX, A-P and A-R (senior certificates) 'AAA';
--$10 million class A-M 'AA+';
--$14.4 million class M-1 'AA';
--$4 million class B-1 'A'; - Fitch Upgrades New Century's Residential Servicer Rating To 'RPS3+'
Fitch upgrades the residential primary servicer rating for New Century Mortgage Corporation (NCMC) to 'RPS3+' from 'RPS3' for subprime product. The primary servicer rating is based on NCMC's competent management team, established servicing platform, capable default technology, and enhanced cross-functional training programs. - Partnership Reduces Reverse Mortgage Costs for Senior Citizens
A new partnership between industry leader Reverse Mortgage of America, a division of Seattle Mortgage Company, and several of its document preparation partners will reduce origination costs for senior citizens seeking a reverse mortgage. - Veros Launches Collateral Integrity Analysis Report to Defeat Mortgage Fraud and Assess Mortgage
Veros introduces Collateral Integrity Analysis, the most accurate predictive indicator of mortgage fraud and market risk available in the industry. The Collateral Integrity Analysis (CIA) report utilizes the latest technology to analyze, detect and accurately identify high-risk properties, market areas, and transactions while minimizing costly false positives. - Leading Reverse Mortgage Lender Offers New Jumbo Loan Product
Reverse Mortgage of America, a leader in the reverse mortgage industry, today announces the release of The Independence PlanSM, a jumbo loan in the reverse mortgage product line. - For more information, visit
Fitch has assigned an 'AA+' insurer financial strength (IFS) rating to PMI Guaranty Co. (PMI Guaranty), a startup surety company wholly owned by The PMI Group, Inc. (TPG) (see full list of ratings below). PMI Guaranty plans to insure residential mortgage backed securities (RMBS), enabling TPG to broaden its array of RMBS credit enhancement products. - Chase Names David Lowman CEO of Global Mortgage
Chase today appointed David Lowman Chief Executive Officer of the Global Mortgage business of JPMorgan Chase & Co. (NYSE: JPM) and a member of the Executive Committee. - GMAC-RFC Introduces Co-Branded Servicing
GMAC-RFC announced today that it is partnering with First Savings Mortgage Corp. to roll out a co-branded servicing initiative offering mortgage lenders the ability to maintain a marketing presence in front of their homeowners throughout the life of their loans without the investment in servicing rights or servicing platform. - Fitch Rates WaMu Mortgage Pass-Through Certificates $1.6B Series 2006-AR14
Fitch rates WaMu mortgage pass-through certificates, series 2006-AR14 classes as follows:
Group 1:
--$1,264,397,100 classes 1-A-1 through 1-A-7 and R (senior certificates) 'AAA'.
The classes 1-B-1 through 1-B-6 certificates are not rated by Fitch. - Mortgage Banking Services Direct’s David Lykken to Speak at MBA’s Annual Convention
David Lykken, president and founder of Mortgage Banking Services Direct (MBSD), a management consulting company specializing in the areas of mortgage banking, warehouse lines of credit, mortgage broker licensing and technology for the lending industry, speaks from a consultant’s perspective at MBA’s 93rd Annual Convention & Expo in Chicago on Oct. 24 about the major industry trends impacting the wholesale market. - Fitch Affirms 4 Classes from Fairbanks Mortgage Loan Trust 1999-1
Fitch Ratings has affirmed the following Fairbanks Mortgage Loan Trust issue, series 1999-1:
--Class A at 'AAA';
--Class M-1 at 'AA';
--Class M-2 at 'A';
--Class B at 'BBB'.
The collateral consists of fixed- and adjustable-rate mortgage loans. The majority of the loans come from RTC 1992-8, which had reached its 10% cleanup call. The weighted average loan-to-value ratio (LTV) was 97.90%. - Prudential Closes $35 Million Loan for Piedmont Mall
Prudential Mortgage Capital Company announced today that it recently originated a $35 million loan for Piedmont Mall in Danville, Virginia, on behalf of its conduit. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU). - Fitch Upgrades American Home Mortgage's Primary Servicer Rating To 'RPS3+'
Fitch Ratings has upgraded American Home Mortgage Servicing Inc.'s (AHMS) residential primary servicer ratings for prime, Alt-A and home equity/home equity lines of credit (HELOC) products to 'RPS3+' from 'RPS3'. The ratings are based on AHMS' experienced management team, effective loan administration processes and capable default management practices. The ratings also reflect AHMS' reliable training programs and continued commitment to technological enhancements. - Blue Financial Announces Plans to Double Phoenix Work Force in Next 6 Months: Blue Financial
Blue Financial, The Licensed Arizona Banker, best known in the Phoenix, Arizona marketplace for their catchy television commercials, “Got the No-Cash Blues? Call 877-7-ARIZONA”, has announced its plans to double its work force in Phoenix, Arizona in the next 180 days. Blue Financial, serving the Arizona Marketplace since 2002, is located on the 11th floor of the prestigious Talley Office Complex, located at the corner of 44th Street and Thomas. - Fitch Ratings Affirms GE 2004-C2
Fitch affirms GE Commercial Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2004-C2, commercial mortgage pass-through certificates as follows:
--$50.4 million class A-1 at 'AAA';
--$125.8 million class A-2 at 'AAA';
--$73.4 million class A-3 at 'AAA';
--$574.5 million class A-4 at 'AAA'; - Capstead Mortgage Corporation Announces Third Quarter 2006 Results
Capstead Mortgage Corporation (NYSE:CMO) today reported a loss from continuing operations of $1,493,000 for the quarter ended September 30, 2006 compared to income from continuing operations of $275,000 for the second quarter of 2006. - Stewart Transaction Solutions Inc. Unveils eMortgage Solution
Stewart Transaction Solutions Inc. will unveil its eMortgage solution at the 93rd Annual Mortgage Banker Association (MBA) Convention and Expo in Chicago, Ill., on October 22-25, 2006. - Donations Still Needed to Help Widowed Mother of Nine Pay Off Pre-Existing Mortgage
With just two days left for ABC’s “Extreme Makeover: Home Edition” team and volunteers to finish the build and move new furniture and belongings into the Pauni family’s new home, donations are still needed to pay for the family’s previous mortgage and help provide a new beginning. - Fitch Upgrades Wachovia Bank Commercial Mortgage Trust, Series 2005-Whale 5
Fitch upgrades Wachovia Bank Commercial Mortgage Trust, Series 2005-WHALE 5, commercial mortgage pass-through certificates as follows:
--$ 40.6 million Class C to 'AAA' from 'AA+';
--$ 37.7 million Class D to 'AAA' from 'AA';
--$ 14.7 million Class E to 'AAA' from 'AA-'; - Allegheny Energy Announces $100 Million Bond Issuance by The Potomac Edison Company
Allegheny Energy, Inc. (NYSE:AYE) today announced that its subsidiary, The Potomac Edison Company, will issue $100 million (aggregate principal amount) of first mortgage bonds. The bonds will carry a coupon of 5.80 percent and mature on October 15, 2016. - Fitch Affirms 6 & Downgrades 1 RMBS Class from AMRESCO 1998-3
Fitch Ratings has taken the following rating actions on AMRESCO Residential Securities Corporation's mortgage loan pass-through certificates, series 1998-3:
Group 1
--Class A-5, A-6 affirmed at 'AAA';
--Class B-1F downgraded to 'C' from 'BB'/assigned 'DR4' Distressed Recovery (DR) rating.
Group 2
--Class A-7 affirmed at 'AAA'; - ditech.com Offers Free Year of Mortgage Payments in $25,000
ditech.com, one of the nation's most well-known direct mortgage lenders, is offering homeowners the opportunity to win a year's worth of mortgage payments (up to $25,000) in its 2006 ditech.com Home Mortgage Sweepstakes. - Mortgage Builder Software Comes to the Rescue of Second Federal Savings & Loan
Mortgage Builder Software, Inc., a leading provider of end-to-end mortgage banking software solutions, has announced the installation of its loan origination technology at Second Federal Savings & Loan in Cicero, Ill. Second Federal has 2,000 loan customers and $ 260 million in assets. - JPMorgan Chase Investor Conference Call This Morning
JPMorgan Chase is currently experiencing technical difficulties with its investor website. The company is hosting a conference call as scheduled this morning at 9:00 a.m. (Eastern Time) to review third-quarter financial results. Investors can call (800) 810-0924 (domestic) / (913) 981-4900 (international). - Seattle Mortgage Subsidiary Takes Advantage of Mortgage Cadence Doc Prep Solution
Mortgage Cadence, leading provider of enterprise lending solutions (ELS), announces that Reverse Mortgage of America (RMOA), a subsidiary of Seattle Mortgage, is utilizing the Mortgage Cadence Finale document preparation solution for the production of initial disclosures and closing packages to their reverse mortgage clients. Based in Bellevue, Washington, RMOA is the third largest producer and servicer of reverse mortgages in the industry. - Fitch Upgrades Freehold Raceway Mall Trust, Series 2001-FRM
Fitch Ratings upgrades Freehold Raceway Mall Trust's commercial mortgage pass-through certificates, series 2001-FRM as follows:
--$16.0 million class C to 'AAA' from 'AA+';
--$20.6 million class D to 'AA' from 'A+';
--$20.6 million class E to 'A' from 'BBB' and - BasePoint Releases PatternWatch™
BasePoint Analytics, a leading provider of scientific fraud analytics and consulting services, today announced the availability of PatternWatch, a new service that uses BasePoint’s advanced link analysis software and fraud detection expertise to analyze historical data and current pipeline or funded loans, identifying patterns to reveal hidden. - Nationstar Mortgage Expands Its Retail Operations with New Call Center in Cincinnati
Approximately eighty (80) new sales jobs will be available to Cincinnati residents when Nationstar Mortgage LLC, which already employs more than 2,200 employees nationwide, opens a new centralized call center in October. - Texas Capital Bank Sells Residential Mortgage Lending Division to Transnational Financial Network
Texas Capital Bank announced today the sale of its residential mortgage lending division (RML) to Transnational Financial Network, Inc. (AMEX:TFN), a wholesale residential mortgage lender. The professionals in the RML division provide home loans from 27 offices in 18 states. - Fitch Ratings Affirms RMF Series 1995-1
Fitch Ratings affirms Red Mountain Funding's (RMF) commercial mortgage pass-through certificates, series 1995-1, as follows:
--Interest-only class I-3 at 'AAA';
--$1.6 million class E at 'B'.
Fitch also maintains the 'C/DR6' rating on the $1.3 million class F certificates. - Bear Stearns to Acquire ECC Capital’s Mortgage Origination Unit
The Bear Stearns Companies Inc. (NYSE: BSC) has agreed to acquire ECC Capital Corporation’s (NYSE: ECR) mortgage banking platform, the two companies announced today. - Fitch Webcast Tomorrow: New U.S. RMBS Criteria & Loan Default Model, ResiLogic
Extensive research by Fitch Ratings' U.S. RMBS group uncovered a strong tie-in between mortgage defaults and combined loan-to value ratios (CLTVs), FICO scores and market sector, along with underwriting standards. - Fitch Affirms CMAC Series 1998-C2
Fitch Ratings affirms the following classes of Commercial Mortgage Acceptance Corp. (CMAC), commercial mortgage pass-through certificates, series 1998-C2:
-- $506.1 million class A-2 at 'AAA';
-- $671.1 million class A-3 at 'AAA';
-- Interest-only class X at 'AAA'; - Fitch Affirms Bank of America's Commercial Mortgage Servicer Ratings
Fitch Ratings affirms Bank of America's (BofA) commercial mortgage primary servicer rating of 'CPS2', its master servicer rating of 'CMS2' and its special servicer rating of 'CSS3+'. - FirstClose™ Announces the Addition of Guaranteed Automated Valuation Models (Insured AVMs)
FirstClose, a service of First Lenders Data, Inc. (FLDI), an Austin, Texas-based provider of bundled mortgage settlement services, announced today that it is offering guaranteed AVMs to its mortgage lending customers. All AVMs in the existing FirstClose cascading AVM system are capable of becoming insured, including; HVE, Value Point 4, HPA, Pass, CASA, Vero Value, Vero Value Lite, Value Wizard, and other top AVMs. - Mortgage Builder LOS Completes Integration with Clayton Compliance Software
Mortgage Builder Software, Inc., a leading provider of end-to-end mortgage banking software solutions, announced a strategic interface with Clayton Compliance Services. This integration provides a direct link between Mortgage Builder's loan origination system (LOS) and Clayton's Compliance Software Suite, allowing for seamless data flow between the two systems. - Rod Colombi Rejoins Option One Mortgage Corporation
Rod Colombi has been named executive vice president, corporate development, at Option One Mortgage Corporation. In this new role, which reports to President and Chief Executive Officer Bob Dubrish, he will work with the executive team to develop and execute the company’s strategic plans. - Fitch Assigns 'BBB+' to Indianapolis Power & Light Company $158.8MM FMBs
Fitch Ratings has assigned a 'BBB+' rating to Indianapolis Power & Light Company's (IPL) new $158.8 million issue of first mortgage bonds, 6.05% series, due 2036. Proceeds of the offering, together with other available cash, will be used to redeem the first mortgage bonds, 7.05% series due 2024 in the principal amount of $100 million and to repay the maturing first mortgage bonds, 8.00% series, due 2006 in the principal amount of $58.8 million. The Rating Outlook is Stable. - Reliant Receives $250 Million CAD Engagement Letter
Reliant Home Warranty Corporation (OTCBB:RHWC) President & CEO Boyd Soussana announced today Reliant, through its Canadian subsidiary Reliant Home Mortgage Canada Inc., has received an engagement letter from a Canadian Financial Services company, who will assist us in securing an ongoing $250 Million CAD mortgage warehouse and securitization commercial paper program. - CORRECTING and REPLACING National Law Firm Established to Assist Mortgage Banking Industry
The corrected release reads:
NATIONAL LAW FIRM ESTABLISHED TO ASSIST MORTGAGE BANKING INDUSTRY; THE AMERICAN MORTGAGE LAW GROUP SPECIALIZES IN NEEDS OF LENDERS, INVESTORS, SERVICERS - Fitch Rates AMSI's $1.9B Asset-Backed P-T Ctfs, Series ARSI 2006-M3
Fitch rates Ameriquest Mortgage Securities Inc., (AMSI) asset-backed pass-through certificates, series ARSI 2006-M3. The ratings were assigned on Sept. 27, 2006 as follows: - Advectis Builds BlitzDocs® Connector for Citigroup
Advectis®, Inc., provider of the most widely used solution for electronic mortgage document collaboration, announced that it has released BlitzDocs Connector for New York-based Citigroup. Citigroup has also become a BlitzDocs Networked Investor. - Fitch Ratings Affirms BSCMSI 2004-PWR4
Fitch has affirmed Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4 as follows:
--$85.7 million class A-1 at 'AAA';
--$106 million class A-2 at 'AAA';
--$630.9 million class A-3 at 'AAA';
--Interest-only class X at 'AAA'; - FirstClose™ Announces the Addition of Inexpensive, Highly Qualified and Customized Mortgage Leads
FirstClose, a service of First Lenders Data, Inc. (FLDI), an Austin, Texas-based provider of bundled mortgage settlement services, announced today that it is offering inexpensive, yet highly qualified and customized mortgage leads to its mortgage lending customers. - Vestin Realty Mortgage II, Inc. Announces Sale of Windrush Apartments
Vestin Realty Mortgage II, Inc. (Nasdaq:VRTB) announced today that escrow closed on September 28, 2006 on an all-cash sale of the 278 unit Windrush apartment complex in Ft. Worth, Texas owned by the Company’s wholly owned subsidiary TRS II, Inc. The sales price was $8 million, which was approximately equal to the Company’s book basis in the property. - CORRECTING and REPLACING SNH Buys Three Properties for $31.2 Million
Fourth graph should read: SNH has funded this transaction by drawing under its revolving bank credit facility and by assuming a pre-existing mortgage on the Savannah, GA property for approximately $12.8 million (sted $19 million.) - Thornburg Mortgage Announces Earnings Conference Call
Thornburg Mortgage, Inc. (NYSE:TMA) today announced it will release results for the third quarter on Monday, October 16, 2006, after market hours.
Larry Goldstone, president and chief operating officer of the company, will host a conference call on Tuesday, October 17, 2006, at 10:30 a.m. Eastern to discuss third quarter results as well as provide a general update on the company. - Fiserv Lending Solutions and Mortgagebot® Launch Direct Credit Interface
Fiserv Lending Solutions, a unit of Fiserv Inc. (Nasdaq:FISV), and Mortgagebot LLC have announced establishment of a direct interface between WebStar, Fiserv’s credit reporting platform, and Mortgagebot’s online mortgage origination system. With this interface, clients using MortgageBot’s PowerSite Pro® will be able to pull credit reports from Fiserv’s WebStar platform directly into its system. PowerSite Pro is a Web-based point-of-sale system for professional loan officers. - Vestin Mortgage, Inc. Announces Resolution of SEC Investigation
Vestin Mortgage, Inc. today announced that a settlement has been reached resolving an investigation by the Securities and Exchange Commission (SEC). Vestin Mortgage manages Vestin Reality Mortgage I, Inc. (Nasdaq: VRTA) and Vestin Realty Mortgage II, Inc. (Nasdaq: VRTB), and Vestin Fund III, LLC. - Fitch Rates $1.37B Structured Asset Securities Mtge P-T Ctfs, Series 2006-WF3
Structured Asset Securities Corp. $1.37 billion mortgage pass-through certificates, series 2006-WF3, are rated by Fitch Ratings as follows:
--$1.087 billion classes A-1 through A-5 'AAA';
--$60.5 million class M1 'AA+';
--$62.6 million class M2 'AA';
--$20.4 million class M3 'AA-';
--$28.1 million class M4 'A+';
--$21.1 million class M5 'A'; - Fitch Rates SARM Trust $656MM Mortgage P-T Ctfs, 2006-9
Structured Adjustable Rate Mortgage Loan Trust's (SARM) $656 million mortgage pass-through certificates, series 2006-9, which closed Sept. 29, 2006, are rated by Fitch Ratings as follows:
--$625.8 million classes 1-A1, 1-A2, 1-AX, 1-PAX, 2-A1, 2-A2, 2-A3, 2-A1X, 3-A1, 3-A2, II-AX, II-PAX, 4-A1, 4-A2, and R 'AAA';
--$14.1 million classes B1-I, B1-II, and B2-II 'AA';
--$2.9 million class B3-II 'A+';
--$3.1 million classes B2-I and B4-II 'A';
--$1.7 million class B5-II 'BBB+'; - Fitch Rates $1.317B Bear Stearns ARM Trust, Series 2006-4
Fitch rates Bear Stearns ARM Trust Mortgage-Backed Notes, Series 2006-4 as follows:
--$1,247,757,150 classes I-A-1 and I-A-2, II-A-1 through II-A-3, III-A-1 and II-A-2, IV-A-1 through IV-A-4 'AAA';
--$1,124,185,000 (notional amount) classes II-X-1, II-X-3, III-X, and IV-X ('senior notes') 'AAA';
--$43,457,000 class B-1 'AA'; - Fitch Rates BAFC's $641.7MM P-T Ctfs Series 2006-H
Banc of America Funding Corporation's (BAFC) mortgage pass-through certificates, series 2006-H, are rated by Fitch as follows:
--$614,717,100 classes 1-A-1, 1-A-2, 1-A-R, 2-A-1, 2-A-2, 2-A-3, 2-A-4, 3-A-1, 3-A-2, 3-A-3, 3-A-4, 4-A-1, 4-A-2 4-A-3 and 4-A-4 (senior certificates) 'AAA';
--$16,084,000 class B-1 'AA';
--$4,825,000 class B-2 'A';
--$2,895,000 class B-3 'BBB';
--$1,930,000 class B-4 'BB';
--$1,609,000 class B-5 'B'. - Fitch Rates CSMC's Mtge P-T Certificates, Series 2006-8
Fitch rates Credit Suisse Mortgage Securities Corp. Mortgage Pass-Through Certificates, Series 2006-8, as follows:
--$542.98 million classes 1-A-1, 2-A-1, 3-A-1 through 3-A-26, 4-A-1, 5-A-1, A-P, A-R, AR-L, and PP (senior certificates) 'AAA';
--$6.699 million class B-1 certificates 'AA'.
--$2.790 million class B-2 certificates 'A'.
--$1.953 million class B-3 certificates 'BBB'. - Fitch Rates PHHMC Mortgage Pass-Through Certificates Series 2006-3
PHH Mortgage Capital LLC (PHHMC) mortgage pass-through certificates, series 2006-3, are rated by Fitch as follows:
--$102,763,958 classes A-1 through A-5, R-I, R-II (publicly offered senior certificates) and A-6 through A-8 (privately offered senior certificates)'AAA';
--$4,646,243 privately offered class B-1 'AA';
--$819,925 privately offered class B-2 'A';
--$437,293 privately offered class B-3 'BBB';
--$273,308 privately offered class B-4 'BB'; - Fitch Upgrades 3 Classes of Chase CMSC Series 1997-2
Fitch Ratings upgrades Chase Commercial Mortgage Securities Corp.'s (CMSC) commercial mortgage pass-through certificates, series 1997-2 as follows:
-- $48.8 million class F to 'A+' from 'BBB+';
-- $6.1 million class G to 'A-' from 'BBB';
-- $12.2 million class H to 'BB+' from 'BB-'. - Homecomings Financial Goes Paperless
Mortgage brokers are now one step closer to a completely paperless mortgage process with new technology offered by Homecomings FinancialSM, a leading wholesale funding lender dedicated to streamlining the mortgage process from origination through closing. Homecomings Financial has selected BlitzDocs® as its web-based imaging solution, which is now supporting more than 60% of the wholesaler’s loan applications.
|
