Daily Mortgage Briefing from http://www.nationalmortgagenews.com/

Last updated: May 10, 2006

You can get free mortgage headlines e-mailed to you daily. Click here for more information Fannie: New Errors on $28B in Assets

Fannie Mae, which is working through a $10.8 billion earnings restatement scandal, has found yet more accounting errors and will have to repatriate $28.5 billion in assets to its balance sheet.

Click here for more... Snow Downplays ARM Reset Impact

Rising mortgage interest rates are natural at this stage of the economic cycle, and the impact on homeowners with adjustable-rate mortgages -- including interest-only and payment-option ARMs -- should be "relatively small," according to Treasury Secretary John Snow.

Click here for more... Tick-Tock on GSE Reform

The clock is ticking on legislation to regulate Fannie Mae and Freddie Mac, the Mortgage Bankers Association warned Monday at its National Secondary Market Conference in Chicago.

Click here for more... Task Force to Mull Loan Risk/Benefit Doc

The next president of the Mortgage Bankers Association is forming a special task force to look into the benefits of a simple, easy-to-understand tool that spells out the strengths and weakness of the loan the borrower has chosen.

Click here for more... Thornburg to Launch Wholesale Channel

Thornburg Mortgage, Santa Fe, N.M., is on the verge of rolling out a wholesale channel, according to a Thornburg executive at the MBA National Secondary Market Conference in Chicago.

Click here for more... Survey: Fixed-Rate Loan % Rose in 2nd Half

Fixed-rate loans were the most popular products in the second half of 2005, according to the Mortgage Bankers Association Mortgage Originations Survey.

Click here for more... Impac Unveils Market Analysis Tool

Impac Mortgage Holdings Inc, a mortgage real estate investment trust based in Newport Beach, Calif., has launched iMAP (Impac Market Analysis Platform), a Web-based market research tool that provides mortgage brokers and correspondent lenders with analysis of a state or metropolitan market.

Click here for more... Visionet Enhances QC, AU Functionality

Visionet Systems, Cranbury, N.J., has announced the launch of version 3.0 of VisiLoanReview, a Web-based program providing electronic quality control reviews and automated underwriting to the investor community.

Click here for more... Beanstalk, Interthinx Integrate to Fight Fraud

Interthinx, a Calabasas, Calif.-based provider of automated fraud protection and decision support tools for the mortgage industry, has integrated its DISSCO tool with the Beanstalk Networks' OpenClose MTG platform.

Click here for more... Wachovia's Acquisition Policies Lauded

Wachovia Corp., which is buying Golden West Financial Corp., is "very good" at integrating acquisitions, an American Mortgage Network executive told a news conference held by the Mortgage Bankers Association at its secondary mortgage market conference in Chicago.

Click here for more... FHLBank Council Urges Revamp of Cap Rule

The Council of Federal Home Loan Banks is urging federal regulators to withdraw a proposed capital rule that it says could have "negative ramifications" for the FHLBanks, their members, and their communities.

Click here for more... NAR Sees 7% Mortgage Rate in 3Q

Mortgage rates are rising faster than expected, and the 30-year fixed mortgage rate will likely hit 7% in the third quarter, according to a new forecast by David Lereah, chief economist for the National Association of Realtors.

Click here for more... VirPack Enhances Loan Delivery to GMAC-RFC

Vienna, Va.-based VirPack has announced the enhancement of its VirPack Direct electronic-image loan delivery system to support correspondent delivery to Minneapolis-based GMAC Residential Funding Corp.

Click here for more... DocuTech, Advantage Form Alliance

DocuTech Corp., an Idaho Falls, Idaho-based provider of compliance services and documentation technology, has announced an alliance with Advantage Credit designed to offer an added layer of security for mortgage closing documents.

Click here for more... Mortgage, Call-Capture Firms Join Forces

Taylor, Bean & Whitaker Mortgage Corp., Ocala, Fla., has announced a joint venture with 24/7 Call Capture Inc. that it says will allow loan officers and real estate agents to "capture and control the purchase, builder, and for-sale-by-owner markets."

Click here for more... HomeView Names COO

Serene Rosenberg has been named chief operating officer of HomeView Lending Inc., an Orange County, Calif.-based lender serving the nonprime, alternative-A, and option adjustable-rate mortgage markets.

Click here for more... Opteum Names SVP/General Counsel

J. Christopher Clifton has been named senior vice president, general counsel, and chief compliance officer of Opteum Inc., a Vero Beach, Fla.-based real estate investment trust.

Click here for more... Moody's: Canadian Retail RE Falls Short

Canada's commercial real estate property sectors have continued to fare better than their U.S. counterparts with one exception, according to a new Moody's Investors Service report.

Click here for more... Freddie et al. Join NeighborWorks Coalition

Freddie Mac, American General Financial Services Inc., and ABN Amro Mortgage Group Inc. have joined the coalition headed by the NeighborWorks Center for Foreclosure Solutions to help avert home foreclosures.

Click here for more...