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Technology

MERS Taps Former Fannie Exec as Chief Risk Officer

MERSCORP, Inc., which operates the Mortgage Electronic Registration Systems (MERS) database, announced Tuesday that Bryan Kanefield has joined the company's executive leadership team in the newly created role of SVP and chief risk officer. Kanefield joins MERSCORP from Fannie Mae, where he was most recently a member of the senior leadership team responsible for building and managing key operational units of the Making Home Affordable program.

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New York Appellate Court Rules Against MERS

A New York appellate court has ruled against Mortgage Electronic Registration Systems, Inc. (MERS), increasing speculation about the role that possible re-foreclosures may play in a still-brittle market. It's the latest in a series of suits involving MERS, which was designed to allow the industry to fluidly and inexpensively transfer millions of mortgages from note-holding banks and institutions via an electronic system. MERS' own proposed rule prohibiting banks from foreclosing in its name - a central part of the controversy - remains in the works.

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PMI Program Rewards Servicers for Foreclosure Prevention

Mortgage insurer PMI has announced the launch of a new program to identify mortgage servicers who score high marks for keeping borrowers in their homes. These companies will benefit from certain advantages when doing business with PMI. The company has identified certain servicing best practices that play a central role in maximizing home retention and achieving positive results for borrowers, communities, and mortgage investors, alike, and PMI says servicers who follow these practices should be recognized.

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CoreLogic Chooses Mercury Network for Appraisal Management

Oklahoma-based a la mode announced this week that CoreLogic chose to connect its ValuEdge platform with Mercury Network for receipt of the Native XML appraisal data needed for compliance with Fannie Mae and Freddie Mac's jointly established Uniform Mortgage Data Program (UMDP). A custom plugin will connect CoreLogic with the Mercury Network of real estate appraisers. The plugin will run an extensive set of quality control rules against the report prior to delivery.

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Commerce Velocity Releases Loss Mitigation Borrower Portal

Commerce Velocity, a member of the Fidelity National Financial family of companies, recently released its Loss Mitigation Borrower Portal. The portal supports the federal requirement instituted by regulators under the consent orders issued to servicers in April for communicating with borrowers via a single point-of-contact (SPOC). It also provides borrowers with a place to review the status of a loan, upload financial documents.

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ISGN Appoints President of Sales and Marketing

ISGN Solutions Inc., a provider of technology solutions and services to the U.S. mortgage industry, has hired Scott Slifer as its new president of sales and marketing. Slifer brings over 22 years of financial services industry experience to the company, including 16 years in housing finance and technology. He was previously SVP of business development and marketing with Altisource Portfolio Solutions and also held positions at Citi, ABN AMRO, and Freddie Mac.

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Michigan AG Issues Criminal Subpoenas Against Mortgage Processors

Michigan Attorney General Bill Schuette issued criminal investigative subpoenas this week against several third-party firms that provide support to national mortgage servicers. The move is part of the Office of the Attorney General's investigation into questionable mortgage documentation filed with the state's Register of Deeds offices during the current foreclosure crisis. The primary target is the firm DocX. Three other firms affiliated with DocX have also been subpoenaed.

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CoreLogic Launches New Property Condition Report

CoreLogic, a provider of information, analytics, and business services, now helps regulated financial institutions meet the federal Interagency Appraisal and Evaluation Guidelines for lending decisions via its new property condition report. The company's new product, OnSite, covers 98.7 percent of parcels in the country, contains local market conditions, and complements automated valuation model (AVM) reports.

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MortgageKeeper Extends Help to 15% More Homeowners in May

MortgageKeeper Referral Services, the developer of a national database that connects financially strapped homeowners with qualified nonprofit and government agencies for assistance, has released its May Homeowner Needs Status Report. The company says more than 40,000 homeowner assistance referrals were issued last month - a 15 percent increase over April.

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Unpaid Homeowners Association Fees Signal Possible Mortgage Default

According to Sperlonga Data and Analytics, unpaid homeowners association (HOA) fees are a clear sign of potential mortgage default. Sperlonga has launched a new service, Loss Mitigation Association Surveillance (LMAS), which is designed to help mortgage servicers reduce risk after a loan modification by alerting lenders when a borrower is falling behind on HOA fees, which are historically difficult to track. With the new service, lenders can identify potential defaults or troubled modifications months before the borrower misses a mortgage payment.

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