Prime 's Blog

Warning: MGM International Mortgage Corporation

Prime Processors, Inc. (Prime Processors, Inc.) — Thu, 20 Dec 2007 20:04:13 -0600

The mortgage blogs are a buzz about a company called MGM International Mortgage Corporation. (www.aperfectmortgage.com)

The owner goes by the name Saj Habib. You can find posts about the activities of this company at:

forum.brokeroutpost.com/loans/forum/2/188810.htm

http://forum.brokeroutpost.com/loans/forum/2/177744.htm

http://www.brokeruniverse.com/grapevine/thread/?thread=476383

When dealing with "private" (aka. unknown) finance firms always do you due diligence before paying any kind of due diligence fees.

NON FHA-APPROVED MORTGAGE BROKER FEES IN FHA MORTGAGE TRANSACTIONS

Prime Processors, Inc. (Prime Processors, Inc.) — Wed, 31 Oct 2007 07:50:41 -0500

***POLICY ALERT - RESPA/FHA EXISTING POLICY REGARDING NON FHAAPPROVED MORTGAGE BROKER FEES IN FHA MORTGAGE TRANSACTIONS***
HUD just recently published a policy alert regarding this subject at: http://www.fha.gov/sf/lenders/notapprbr.pdf
I have been keeping track of these developments for sometime...you can find past threads on the subject here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=66
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=45
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=97
So, I have a couple questions for the ActiveRain community.
Would you be a party to one of these type transactions?
What kind of fee is "REASONABLE" in relation to the services provided?
What QC measures should be put in place to ensure a greater degree of consumer protection?

BEST RATE UPDATE - TUESDAY OCTOBER 30th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Tue, 30 Oct 2007 11:56:32 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59&whichpage=2

Watch the Video Highlights here:
http://www.closingprime.com/videos/tue30.wmv

Confoming
Provident   5.750 (-0.250)
Franklin American 5.875 (-0.281)
Vertice   5.875 (-0.203)
TBW   5.875 (-0.196)
National City  5.875 (-0.125)
Fifth Third  5.875 (-0.085)
Suntrust  6.000 (-0.516)
Flagstar   6.000 (-0.470)
M&T Bank  6.000 (-0.421)
Homecomings   6.000 (-0.410)
EverBank  6.000 (-0.370)
Citi    6.000 (-0.335)

FHA
Vertice   5.750 (-0.050)
Franklin American 5.875 (-0.345)
National City  5.875 (-0.250)
M&T Bank  5.875 (-0.250)
TBW   5.875 (-0.141)
Citi    5.875 (-0.138)
Suntrust  6.000 (-1.289)
Homecomings   6.000 (-0.867)
Flagstar   6.000 (-0.545)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.500
Suntrust Home Equity P+.090

BEST RATE UPDATE - MONDAY OCTOBER 29th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Mon, 29 Oct 2007 12:47:59 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59&whichpage=2

Watch the Video Highlights here:
http://www.closingprime.com/videos/mon29.wmv

Confoming
Provident   5.875 (-0.625)
Franklin American 5.875 (-0.093)
TBW   5.875 (-0.040)
National City  5.875 (-0.000)
Plaza   6.000 (-0.760)
Vertice   6.000 (-0.538)
Fifth Third  6.000 (-0.460)
Flagstar   6.000 (-0.332)
M&T Bank  6.000 (-0.318)
Homecomings   6.000 (-0.258)
EverBank  6.000 (-0.249)
Citi    6.000 (-0.209)
Suntrust  6.000 (-0.176)

FHA
National City  5.875 (-0.375)
M&T Bank  5.875 (-0.204)
Franklin American 5.875 (-0.199)
Vertice   5.875 (-0.181)
Citi    5.875 (-0.011)
Plaza   6.000 (-1.053)
Homecomings   6.000 (-1.026)
Suntrust  6.000 (-0.922)
TBW   6.000 (-0.642)
Flagstar   6.000 (-0.276)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.500
Suntrust Home Equity P+.090

BEST RATE REPORT - FRIDAY OCTOBER 26th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Fri, 26 Oct 2007 12:31:50 -0500

View the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59&whichpage=2

Watch the Video Highlights here:
*Warning. Todays video is rated TV MA for language and a certain hand gesture intended for a certain Bank.
http://www.closingprime.com/videos/fri26.wmv

Confoming
Provident   5.750 (-0.125)
TBW   5.875 (-0.133)
National City  5.875 (-0.125)
Franklin American 5.875 (-0.125)
WAMU   5.875 (-0.125)
Fifth Third  5.875 (-0.085)
Vertice   5.875 (-0.057)
Homecomings   6.000 (-0.399)
Flagstar   6.000 (-0.387)
M&T Bank  6.000 (-0.321)
EverBank  6.000 (-0.311)
Citi    6.000 (-0.286)
Suntrust  6.000 (-0.191)

FHA
M&T Bank  5.875 (-0.293)
Franklin American 5.875 (-0.263)
National City  5.875 (-0.250)
Vertice   5.875 (-0.244)
Citi    5.875 (-0.088)
Flagstar   5.875 (-0.064)
Homecomings   6.000 (-1.029)
Suntrust  6.000 (-0.936)
TBW   6.000 (-0.830)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.500
Suntrust Home Equity P+.090

Bank of America Wholesale Shutting its doors!

Prime Processors, Inc. (Prime Processors, Inc.) — Thu, 25 Oct 2007 12:57:06 -0500

Rumor is that effective Jan 1st 2008 Bofa wholesale will no longer exist. Told the new loan registrations will on be available for the next 30 days.

This rumor is looking legit. Confirmation expected later today. Will post confirmation when received.

3,000 employees laid off today.

The rumor is currently comming from Wholesale AE's who received the news this morning.

BEST RATES REPORT - THURSDAY OCTOBER 25th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Thu, 25 Oct 2007 12:17:47 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59&whichpage=2

Watch the Video Highlights here:
http://www.closingprime.com/videos/thur25.wmv

Confoming
Provident   5.750 (-0.125)
TBW   5.750 (-0.105)
Franklin American 5.750 (-0.087)
Fifth Third  5.875 (-0.460)
WAMU   5.875 (-0.375)
Vertice   5.875 (-0.340)
Flagstar   5.875 (-0.228)
Suntrust  5.875 (-0.219)
Bank of America 5.875 (-0.161)
Homecomings   5.875 (-0.157)
National City  5.875 (-0.125)
M&T Bank  5.875 (-0.108)
EverBank  5.875 (-0.096)
Citi    5.875 (-0.092)
Plaza   6.000 (-1.060)

FHA
Vertice   5.750 (-0.206)
National City  5.750 (-0.125)
Franklin American 5.875 (-0.638)
M&T Bank  5.875 (-0.566)
Citi    5.875 (-0.431)
Flagstar   5.875 (-0.316)
TBW   5.875 (-0.235)
Plaza   5.875 (-0.209)
Suntrust  6.000 (-1.436)
Homecomings   6.000 (-0.990)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.500
Suntrust Home Equity P+.090

DAILY BEST RATE REPORT - WEDNESDAY OCTOBER 24th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Wed, 24 Oct 2007 11:55:40 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

Watch the Video Highlights here:
http://www.closingprime.com/videos/wed24.wmv

Confoming
Franklin American 5.875 (-0.406)
Provident   5.875 (-0.375)
TBW   5.875 (-0.346)
Fifth Third  5.875 (-0.210)
WAMU   6.000 (-0.125)
National City  5.875 (-0.125)
Vertice   5.875 (-0.123)
Suntrust  6.000 (-0.605)
Flagstar   6.000 (-0.486)
EverBank  6.000 (-0.477)
M&T Bank  6.000 (-0.441)
Bank of America 6.000 (-0.396)
Homecomings   6.000 (-0.378)
Citi    6.000 (-0.378)

FHA
Franklin American 5.875 (-0.326)
Vertice   5.875 (-0.306)
Citi    5.875 (-0.162)
Flagstar   5.875 (-0.069)
National City  5.875 (-0.000)
M&T Bank  5.875 (-0.000)
Suntrust  6.000 (-1.186)
TBW   6.000 (-1.017)
Homecomings   6.000 (-0.789)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.500
Suntrust Home Equity P+.090

BEST RATE UPDATE - TUESDAY OCTOBER 23rd 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Tue, 23 Oct 2007 12:00:22 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?whichpage=1&TOPIC_ID=59

Watch the Video Highlights here:
http://www.closingprime.com/videos/tue23.wmv

Confoming
Provident   5.875 (-0.125)
Franklin American 5.875 (-0.118)
TBW   5.875 (-0.033)
WAMU   5.875 (-0.000)
Plaza   6.000 (-0.602)
Fifth Third  6.000 (-0.460)
Vertice   6.000 (-0.430)
Suntrust  6.000 (-0.277)
M&T Bank  6.000 (-0.227)
Bank of America 6.000 (-0.213)
Flagstar   6.000 (-0.192)
Citi    6.000 (-0.161)
EverBank  6.000 (-0.156)
Homecomings   6.000 (-0.137)
National City  5.980 (-0.125)

FHA
Vertice   5.875 (-0.150)
Franklin American 5.875 (-0.054)
National City  5.875 (-0.000)
Plaza   6.000 (-0.903)
M&T Bank  6.000 (-0.814)
Homecomings   6.000 (-0.737)
TBW   6.000 (-0.705)
Citi    6.000 (-0.406)
Flagstar   6.000 (-0.289)
Suntrust  6.125 (-0.857)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.500
Suntrust Home Equity P+.090

BEST RATE REPORT- MONDAY OCTOBER 22nd 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Mon, 22 Oct 2007 13:06:44 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

Watch the Video Highlights here:
http://www.closingprime.com/videos/mon22.wmv

Confoming
Provident   5.875 (-0.250)
TBW   5.875 (-0.127)
Franklin American 5.875 (-0.118)
WAMU   5.875 (-0.000)
Plaza   6.000 (-0.602)
Fifth Third  6.000 (-0.460)
Vertice   6.000 (-0.430)
Suntrust  6.000 (-0.292)
Flagstar   6.000 (-0.245)
EverBank  6.000 (-0.245)
Citi    6.000 (-0.239)
Bank of America 6.000 (-0.196)
National City  5.980 (-0.125)
Homecomings   6.000 (-0.114)

FHA
Vertice   5.875 (-0.150)
National City  5.875 (-0.125)
Franklin American 5.875 (-0.054)
Citi    5.875 (-0.017)
Plaza   6.000 (-0.903)
TBW   6.000 (-0.736)
Flagstar   6.000 (-0.492)
Homecomings   6.000 (-0.486)
Suntrust  6.125 (-0.920)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.500
Suntrust Home Equity P+.090

Stewart Expands eMortgage Offering with Electronic Disclosure Solution

Prime Processors, Inc. (Prime Processors, Inc.) — Fri, 19 Oct 2007 12:19:17 -0500

Stewart Expands eMortgage Offering with Electronic Disclosure Solution

Stewart announces the release of its electronic disclosure solution designed to automate the lender's initial disclosure process. Stewart's eDisclosure solution provides the ability for lenders to electronically transmit and display initial disclosure documents to their borrowers in a secure, online, consumer-friendly environment for electronic acceptance.

"The new electronic disclosure solution eliminates the need for lenders to print and mail their initial disclosure documents to the borrowers," said Jason Nadeau, senior vice president of eLender business for PropertyInfo Corp., a Stewart company. "In addition to automating the process of delivering the disclosures, lenders have the ability to utilize Stewart's subsidiary, Online Documents Inc., as the provider of the disclosure packages."

Lenders can leverage and simplify the eDisclosure process to its fullest by ordering compliant, warranted Initial Disclosures packages through Online Documents Inc.

Online Documents Inc. provides compliant three-day Initial Disclosure and Closing Document packages for all 50 states within minutes of a request - 24 hours per day, seven days per week. The company provides reporting on the status of the eDisclosure package and offers services to print and mail packages when not electronically viewed or accepted.

In addition to displaying initial disclosure documents to borrowers, Stewart's eMortgage suite now provides the lender with a complete paperless solution starting with electronic disclosures, closing electronically and ending with storage in Stewart's eMortgage Manager electronic vault along with MERS(R) eRegistration and electronic delivery to investors.

"Stewart's eMortgage solution is uniquely positioned in the market by being the most complete, end-to-end solution for a lender," Nadeau continued. "Recent market and regulatory changes have increased the immediacy to innovate and dramatically improve the process. I believe Stewart is the only organization that contains all the necessary components to lead in the eMortgage space."

Stewart's eMortgage solution provides the lender a complete solution including electronic disclosures, electronic-document sharing and collaboration through SureClose(R), creation of compliant SMARTDocs through Online Documents' eMortgageDocs(TM), borrower review of closing documents, electronic signing of non-notary documents, eClosing through Stewart's eClosingRoom(TM), eNotarization of notary documents, electronic vaulting, eDelivery and eRecording.

"Stewart is committed to providing our lender partners with significant improvements in the loan closing and settlement process," said Stewart Morris Jr., president and co-chief executive officer of Stewart Information Services Corp. and chairman of PropertyInfo Corp. "Our organization has been the leader in innovation around the closing experience and through our embrace of eMortgage innovations, we will greatly enhance consumers' closing experience. Ultimately, this is about serving the customer and driving more loans to our partners through an improved and differentiated closing experience."

Visit Stewart at Booth #1438 and Online Documents Inc. at Booth #1466 at the 94th Annual Mortgage Bankers Conference for more information. Presentations on "eMortgages: a better way to business" will take place in the Stewart booth at the following times:

-- Sunday, October 14, 2007 5:00 p.m.

-- Monday, October 15, 2007 10:15 a.m., 2:15 p.m., 4:30 p.m.

-- Tuesday, October 16, 2007 10:15 a.m., 2:15 p.m., 4:30 p.m.

About PropertyInfo Corporation

PropertyInfo Corporation delivers state-of-the-art real estate information solutions to the real estate, closing and mortgage industries. As a global provider of online transaction management and e-closing solutions, real estate information services, title/escrow production systems, hosting services, software development and online product distribution via its Web portal, PropertyInfo.com, PropertyInfo provides title and real estate professionals with the electronic data and integrated applications needed to increase their business efficiency and improve the quality of information used throughout the real estate transaction process. For more information, visit www.propertyinfo.com or e-mail smarttechnology@propertyinfo.com.

About Online Documents, Inc.

Established in 1988, Online Documents (www.onlinedocuments.com) provides compliant mortgage documents and related services to lenders, nationwide. Online offers Web-based and desktop installations (Online Express(TM) Web and Online Express(TM)) for local lenders and more comprehensive enterprise solutions, including MISMO data feeds (Integration Manager(TM)) for regional and national lenders. Online delivers Initial Disclosures and Closing Document packages via the web and to local print destinations within minutes of an order, 24/7. Additionally, Online provides Print and Mail Services for Initial Disclosures from its central processing center and offers unique support to Attorneys who prepare and draw documents for lender clients through its advanced Document Review Manager(TM) technology.

About Stewart

PropertyInfo Corporation and Online Documents Inc. are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE:STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.

SureClose(R) is a registered trademark of Stewart Title Co. MERS(R) is a registered trademark of Mortgage Electronic Registration Systems Inc.

SOURCE: Stewart Title

BEST RATE UPDATE - FRIDAY OCTOBER 19th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Fri, 19 Oct 2007 12:17:19 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

Watch the Video Highlights here;
http://www.closingprime.com/videos/fri19.wmv

Confoming
Provident   5.875 (-0.125)
Franklin American 5.875 (-0.059)
TBW   5.875 (-0.033)
Vertice   6.000 (-0.522)
WAMU   6.000 (-0.375)
Fifth Third  6.000 (-0.335)
National City  5.980 (-0.250)
M&T   6.000 (-0.200)
Flagstar   6.000 (-0.175)
Citi    6.000 (-0.018)
EverBank  6.000 (-0.123)
Bank of America 6.000 (-0.009)
Homecomings   6.125 (-0.533)
Suntrust  6.125 (-0.255)
Plaza    6.250 (-0.947)

FHA
Vertice   5.875 (-0.181)
Franklin American 5.875 (-0.093)
National City  6.000 (-0.750)
M&T   6.000 (-0.735)
Plaza    6.000 (-0.654)
TBW   6.000 (-0.642)
Homecomings   6.000 (-0.227)
Citi    6.000 (-0.222)
Flagstar   6.125 (-0.105)
Suntrust  6.250 (-1.390)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.500
Suntrust Home Equity P+.090

BEST RATE REPORT- THURSDAY OCTOBER 19th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Thu, 18 Oct 2007 12:52:05 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

Watch the Video Highlights here:
http://www.closingprime.com/videos/thur18.wmv

Confoming
Provident   6.000 (-0.625)
National City  5.980 (-0.000)
Franklin American 6.000 (-0.292)
TBW   6.000 (-0.141)
WAMU   6.000 (-0.125)
Fifth Third  6.000 (-0.085)
Vertice   6.000 (-0.055)
M&T   6.125 (-0.417)
EverBank  6.125 (-0.382)
Flagstar   6.125 (-0.345)
Homecomings   6.125 (-0.282)
Citi    6.125 (-0.200)
Plaza    6.250 (-0.947)
Suntrust  6.250 (-0.468)

FHA
National City  6.000 (-0.750)
Franklin American 6.000 (-0.705)
Plaza    6.000 (-0.654)
M&T   6.000 (-0.408)
Vertice   6.000 (-0.313)
TBW   6.000 (-0.254)
Citi    6.125 (-0.434)
Flagstar   6.125 (-0.105)
Suntrust  6.250 (-1.203)
Homecomings   6.250 (-0.297)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.375
Suntrust Home Equity P+.090

Find Florida Public Records Here

Prime Processors, Inc. (Prime Processors, Inc.) — Wed, 17 Oct 2007 13:16:46 -0500

https://www.myfloridacounty.com/serv/MyFloridaCounty/ORI/Order?thisPage=MyFloridaCounty.ORI.Order.state.Start

This one site covers the following counties:
Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Putnam, St. Johns, St. Lucie, Santa Rosa, Sarasota, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton and Washington.

Shameless Self-Promotion

Prime Processors, Inc. (Prime Processors, Inc.) — Wed, 17 Oct 2007 13:13:38 -0500

Prime Processors, Inc. Rolls Out 100% Paperless Application-to-Close eMortgage Process in Florida

For more information contact: John Tattan
614.316.7871
jtattan@closingprime.com

Prime Processors, Inc., working with AmTrust Bank and Stewart Lender Services, has introduced the first completely paperless eMortgage loan process in Florida. Beginning in July 2007 this process will be available through Prime Processors, Inc.

Using Amtrust Banks eSign platform to track Uniform Residential Loan Applications, RESPA disclosures, and other required documentation, the mortgage broker professional can cut the time it takes to originate a mortgage loan in half.

When Prime Processors service is used borrowers get the advantage of total transparency thanks to the consumer friendly interface offered by Stewarts SureClose platform. From Stewart's website: "With SureClose, home buyers and sellers have immediate access to their real estate transaction documents the minute they become available. And, you can provide a seamless online home buying and selling experience-from listing to close."

Our vision for paperless lending is now at your fingertips, enabling you to close loans more profitably, efficiently and error-free! Because we've converted all legal closing documents to a digital format, borrowers can now electronically sign (eSign) the closing documents with the simple click of a mouse.

Using Prime Processors, Inc. as the catalyst, brokers in Florida will benefit from their strategic business relationships. To quote Director of Operations, Patrick Lawson, "Unique innovations in the mortgage processing industry have fueled this joint venture and will continue set the standard for how borrowers interact with their mortgage professionals."

To learn more about working with Prime Processors, Inc. contact John Tattan at 614-316-7871

DAILY BEST RATE REPORT - WEDNESDAY OCTOBER 17th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Wed, 17 Oct 2007 11:27:38 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

Watch the Video Highlights here:
http://www.closingprime.com/videos/wed17.wmv

Confoming

Provident 6.000 (-0.375)

Franklin American 6.125 (-0.356)
WAMU   6.125 (-0.250)
Fifth Third  6.125 (-0.210)
TBW   6.125 (-0.182)
Vertice   6.125 (-0.123)
National City  6.125 (-0.000)
Homecomings   6.250 (-0.439)
Flagstar   6.250 (-0.434)
M&T   6.250 (-0.409)
Bank of America 6.250 (-0.372)
Citi    6.250 (-0.339)
EverBank  6.250 (-0.255)
Suntrust  6.250 (-0.093)

FHA
National City  6.000 (-0.250)
Franklin American 6.000 (-0.205)
M&T   6.125 (-0.285)
Vertice   6.125 (-0.266)
Suntrust  6.250 (-0.796)
TBW   6.250 (-0.551)
Citi    6.250 (-0.546)
Homecomings   6.250 (-0.177)
Flagstar   6.375 (-1.014)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.375
Suntrust Home Equity P+.090

DAILY BEST RATE REPORT- TUESDAY OCTOBER 16th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Tue, 16 Oct 2007 11:56:56 -0500

The Rate Sheets can be found here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

The Video Highlights can be found here:
http://www.closingprime.com/videos/tue16.wmv

Confoming

Provident   6.000 (-0.125)
Franklin American 6.125 (-0.356)
WAMU   6.125 (-0.250)
Fifth Third  6.125 (-0.210)
TBW   6.125 (-0.182)
Vertice   6.125 (-0.156)
National City  6.125 (-0.000)
Homecomings   6.250 (-0.511)
Flagstar   6.250 (-0.422)
M&T   6.250 (-0.413)
Bank of America 6.250 (-0.371)
Citi    6.250 (-0.352)
EverBank  6.250 (-0.206)
Suntrust  6.250 (-0.124)

FHA
Franklin American 6.000 (-0.295)
National City  6.000 (-0.250)
M&T   6.125 (-0.408)
Vertice   6.125 (-0.304)
Citi    6.125 (-0.006)
Suntrust  6.250 (-0.874)
TBW   6.250 (-0.614)
Homecomings   6.250 (-0.033)
Flagstar   6.375 (-1.174)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.375
Suntrust Home Equity P+.090

Florida Company Brings eNotarization Into Fold

Prime Processors, Inc. (Prime Processors, Inc.) — Tue, 16 Oct 2007 08:10:11 -0500

Florida Company Brings eNotarization Into Fold

A Florida-based residential and commercial mortgage-processing firm has begun following in the example of a number of Pennsylvania-based businesses, incorporating secure eNotarization into its workflow and encouraging its Notary Signing Agents to begin using their Electronic Notary Seals.

Prime Processors recently partnered with Stewart Transactions Solutions in Texas to use Stewart's eClosing Room, which utilizes the NNA's secure Electronic Notary Seal (ENS^TM) for notarizations. This system makes the entire mortgage process - including notarization - electronic.

"This will provide a tremendous opportunity for Notaries who work with us to increase their business, and will allow us to make our workflow more secure and efficient," said Patrick Lawson, Operations Manager for Prime Processors, which is offering training sessions for Signing Agents wishing to segue into the electronic marketplace.

Not only is this electronic process more secure, but the time it takes a Signing Agent to complete a transaction is reduced tremendously, Lawson said.

"During our numerous tests we ran several nightmare scenarios that Notaries might run into, such as having to deal with multiple borrowers at once, and the average total time it took to complete each signing was 17 minutes," he said.

That's less than half the time it normally takes to complete such assignments using paper-based functions, said Florida Signing Agent Liz Adams, who participated in Prime Processors' training session.

Source: NNA eNotarization Update - Issue #27 October 2007

Dead Man Walking - Wholesale Lending is Marching Towards Extinction

Prime Processors, Inc. (Prime Processors, Inc.) — Mon, 15 Oct 2007 13:28:57 -0500

Dead Man Walking - Wholesale Lending is Marching Towards Extinction

Published at October 15, 2007 in Mortgage Musings. Tags: countrywide, indymac, mortgage brokers, wholesale mortgage, wholesale mortgage lending.

There has been a whisper in the mortgage-lending winds, subtle at first, but growing louder everyday: wholesale lending by mortgage brokers is on its death bed. It hasn't been proclaimed, in fact the big players are adamantly voicing support for their affiliated brokers, but the actions of large banks belie their big talk. For all of the kudos and reassurances as an important business channel lavished on top of brokers by lending institutions, the rug is slowly and silently being pulled out from under the broker population.

This isn't a conspiracy theory - the facts are clear for all who choose to look past the PR spin put out by lenders; whose only motivation is to drain the last red cent out of this feeble business model before finally cutting off its oxygen with the heel of their mighty boot.

If you don't see the change, it is because you are blinded by both the slow, silent moves of the attack and your own hopeful optimism of a return to normalcy. But there will be no return; for the mortgage broker's days are numbered. The forces are aligning now, the outcome is certain, the only question that remains is the timing of the fatal blow.

But enough with the theatrics you say - tell us where this preposterous idea is coming from. It came from everywhere, at once, and it showed its cards with a careful examination of the mundane.

First, more than one employee, from more than one large lender, has confided in me that it is apparent that their employers are anxious to end wholesale. They cite the layoffs being more frequent and severe in the wholesale staff when compared to those in the retail channel. They point to the unfavorable program guideline and interest rate changes affecting only wholesale channel partners; changes somehow absent in internal retail-facing mortgage originator playbooks.

Second, employees are being moved around. The good ones that is. Good wholesale operations people are being moved inside to support retail origination; good managers are being brought in to run retail teams, good wholesale underwriters are being brought inside. The best of wholesale are being moved to retail, one-by-one, decimating the wholesale ranks and fortifying the the retail channel.

Want hard evidence? Keep reading.

Third, an email from Mike Perry, CEO of IndyMac to his employees highlights the success that IndyMac has had in minimizing the effect of layoffs on the company. On the surface, a seemingly positive email, it instead points to a clear strategic effort to let wholesale lending bleed to death. From his email:

"It is also important to note that, even with our staff reductions, we have still grown our workforce year-to-date from 8,775 to 9,394, as we have built our Retail Lending Group from under 100 people to roughly 2,000 today. In so doing, we have really re-made our workforce and "sharpened the point of our spear," with a major shift toward revenue-generating personnel,"

This is a blatant move towards blostering productivity to replace the inevitable elimination of their wholesale revenue channel.

Fourth, Countrywide's recently released statistical analysis of the previous 13 months' originations (PDF) show a massive reduction in wholesale volume, while retail channel origination suffers to a significantly lesser extent. A year ago (Sept. 06) Countrywide funded 78,388 loans via its retail lending channel. For the same month Countrywide funed 35,448 loans via wholesale.

In September ‘07 the retail lending group funded 56,520 units compared to the 15,844 loans funded via the wholesale channel. This amounts to a 27% drop off in retail production year-over-year; compared with a stagering 55.3% drop in wholesale production. That is almost a 2:1 drop in production in the wholesale channel v. retail conduit.

It is clear that Countrywide has (like IndyMac) chosen the horse to ride through the storm; and that horse is the retail lending channel.

Finally, Bank of America made clear on page 66 of their 94 page Q2 2007 Investor Factbook that the "Key Business Strategy" for their First Mortgage products is retail. (PDF)

"Bank of America is focused on increasing the volume of mortgages in direct-to-consumer channels, including Banking Center and Retail Sales channels."

It can't be any clearer than that. And while this may not be a surprise to those that have watched the scape-goating of mortgage brokers reach a fever-pitch by the mainstream media and lenders looking for an easy villan in the current housing mess; the momentum behind the elimination of the mortgage broker is gaining quickly.

Why the change? The answer is two-fold. First and foremost, investors that buy the securities will pay for the protection that a retail origination provides them in assuring a quality underlying asset in those securities. They will pay less for the risk involved in a loan origination made from a removed party. Studies have shown that wholesale originations perform worse than retail; and while you can argue all day that it is the same bank underwriting the loans, in the end investors will buy what they feel confident in - and that is retail originations. Banks won't waste time or effort to sell an unsellable product at a loss; and that is exactly what is happening with wholesale originations.

Second, the court of public opinion will demand a fall guy for this mess; and probably more than one. While everyone is pointing out Angelo Mozilo, watch for the mortgage brokers to take the brunt of legislative changes and regulatory action that will shut that channel down.

As a mortgage broker myself, I am convinced that the days of wholesale lending are numbered. That the public and politicians will demand, like they do in any crisis, that heads be served on a platter. Some fall-guy must be identified and publicly hung to restore the faith of the masses; the reasoning will go, and who better than the ill-capitalized, poorly defended mortgage broker?

Lest you start to think that I am a broker-sympathizer, let me reiterate my disdain for the majority of people in my industry. Let me refer you back to the, now more than, 600 articles outlining the absurdity and attrocity that is mortgage brokering and lending. Let me remind you that I have written extensively on the fraud perpetuated by mortgage brokers. Let me clearly state that there are terrible people occupying the mortgage broker role. However, let me also point out that there are equal evils in all levels of the mortgage lending pyramid; and that retail lenders are equally culpable in the massive scam that has been the mortgage industry. But it will be the mortgage brokers that bear this brunt, there is no doubt in my mind. Good or bad alike - they will be the ones sacrificed to the God of Public Opinion.

Surely, not the large banks and lending institutions who developed and sold the ridiculous products; paying mortgage brokers massive kick-backs to push them on to poorly-informed customers. Not them, for they have donated too much money and have hired layers of legal counsel that can stymie any chance at a quick and public trial and execution.

No, it will fall in to the laps of brokers, the small business owners, the 3 man mortgage shops. They will be strung up like the boogeyman (that some surely are) and eliminated from the lending framework. And when that is done the public will rest at ease, and the lenders will get back to making their millions and all will be right with the world...except it won't.

Source: http://blownmortgage.com/2007/10/15/dead-man-walking-wholesale-lending-is-marching-towards-extinction/

BEST RATE REPORT- MONDAY OCTOBER 15th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Mon, 15 Oct 2007 11:52:10 -0500

The Rate Sheets can be found here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

The Video Highlights can be found here:
http://www.closingprime.com/videos/mon15.wmv

Confoming

Provident   6.000 (-0.000)
Franklin American 6.125 (-0.045)
TBW   6.250 (-0.609)
Vertice   6.250 (-0.461)
Fifth Third  6.250 (-0.460)
Suntrust  6.250 (-0.326)
Flagstar   6.250 (-0.285)
Bank of America 6.250 (-0.272)
Homecomings   6.250 (-0.267)
National City  6.250 (-0.250)
Citi    6.250 (-0.205)
EverBank  6.250 (-0.141)
WAMU   6.250 (-0.125)

FHA
National City  6.000 (-0.125)
Franklin American 6.000 (-0.077)
Vertice   6.125 (-0.062)
Citi    6.125 (-0.006)
Suntrust  6.250 (-0.827)
TBW   6.250 (-0.326)
Homecomings   6.250 (-0.121)
Flagstar   6.375 (-0.990)

Home Equity
Chase Home Equity P-.950
Citi Home Equity P-.375
Suntrust Home Equity P+.090

10th Annual Buddy Walk

Prime Processors, Inc. (Prime Processors, Inc.) — Fri, 12 Oct 2007 18:09:41 -0500

10th Annual Buddy Walk
hosted by the
Down Syndrome Association of Central Florida

Come Rain or Shine!

Saturday, October 13, 2007
Lake Eola Park, Downtown Orlando
Registration & Team check-in 8 a.m.

FREE Parking at Landmark I & II
parking garages off Ridgewood Street

Join us for a one-mile walk around Lake Eola, lunch, entertainment
and prizes, prizes, prizes!

My office will be there with the Brevin Bunch, If you can make it please introduce yourselves.

Daily Best Rate Report - Friday October 12th 2007

Prime Processors, Inc. (Prime Processors, Inc.) — Fri, 12 Oct 2007 11:02:08 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

Watch the Video Highlights here:
http://www.closingprime.com/videos/fri13.wmv

Confoming

Provident   6.000 (-0.250)
Franklin American 6.125 (-0.271)
Plaza   6.125 (-0.253)
WAMU   6.125 (-0.250)
Fifth Third  6.125 (-0.210)
Vertice   6.125 (-0.156)
TBW   6.125 (-0.101)
M&T Bank  6.125 (-0.041)
Homecomings   6.250 (-0.438)
Flagstar   6.250 (-0.420)
National City  6.250 (-0.375)
Bank of America 6.250 (-0.364)
EverBank  6.250 (-0.333)
Citi    6.250 (-0.251)
Suntrust  6.250 (-0.044)

FHA

Plaza   6.000 (-0.350)
Franklin American 6.000 (-0.283)
National City  6.000 (-0.125)
M&T Bank  6.000 (-0.014)
Vertice   6.125 (-0.304)
Citi    6.125 (-0.006)
Suntrust  6.250 (-0.716)
TBW   6.250 (-0.389)
Homecomings   6.250 (-0.072)
Flagstar   6.375 (-1.220)

Home Equity

Chase Home Equity P-.800
Citi Home Equity P-.375
Suntrust Home Equity P+.090

e-Innovation takes Root in Texas Town

Prime Processors, Inc. (Prime Processors, Inc.) — Thu, 11 Oct 2007 12:50:33 -0500

Learn more about eMortgages at: http://www.closingprime.com/forum/forum.asp?FORUM_ID=7

e-Innovation Takes Root in Progressive Texas Town10:00a ET October 9, 2007 (Market Wire)

An innovative cast of individuals in a growing community of 27,000 just 50 miles south of Houston is quietly making history with same-day service in residential real estate closings and recordings.

A local real estate professional, lender and title agent all meet online via Stewart Title's (NYSE: STC) SureClose(R) to complete residential real estate closings -- allowing home buyers and sellers to receive their title policy, note and deed all on the same day as the purchase of their new home.

Stewart Title of Lake Jackson produces the title commitment and the closing documents using the AIM(R) title production system and SureClose. As the transaction manager, Stewart Title invites real estate agents such as Real Estate Plus broker/owner Donna Peiser, lenders such as Texas Dow Employees Credit Union (TDECU), and home buyers and sellers online to SureClose to see the status of the transaction.

"At Stewart Title we strive to provide the best possible closing experience by providing visibility of the process to all the parties, placing the accumulation of closing documents in a secure online-closing file and using our click-to-sign technology," said Stewart Morris Jr., president and chief executive officer, Stewart Title Co.

"We make the closing a celebration that is easy, fun and more understandable," added Morris.

In addition to SureClose, Stewart Title of Lake Jackson offers its customers the ability to close online using eClosingRoom(TM). Prior to the closing, buyers and sellers can go online at their convenience using their PC, and read and sign all their non-notarized closing documents in eClosingRoom. When they arrive at Stewart Title for the actual closing with the notary, e-signing the remaining documents takes about 17 minutes.

After closing, the closing package remains online and is submitted to the Brazoria County Clerk via Stewart's e-recording software.

"As long as I can close before 3 p.m., I can have the deed back before 5 p.m.," said Diane Ragsdale, branch manager, Stewart Title of Lake Jackson. "My customers are just blown away when I ask them at the closing table, 'Would you like your real estate agent to bring your deed by your home today, or would you like to come by and pick it up?'

"We are now able to offer same-day service, and our customers enjoy the process, too," said Ragsdale.

"We've been accepting e-recordings successfully for the past year," said Brazoria County Clerk Joyce Hudman. "For us, it has cut a four-step process down to one step. In addition, our filers know within 30 minutes whether their recording has been accepted or rejected and can make any corrections if necessary."

The crucial part of the equation was finding the lender who would be a part of the process. Stewart Title found that in TDECU, a financial entity with more than 100,000 members and nearly $1.2 billion in assets.

"I have an online mortgage application with a two-minute approval," said Loretta Williams, TDECU vice president of real estate lending. "Our members have the easiest access to their closing documents and can get with us prior to closing if they have any questions. People are busy and everything is moving toward electronic delivery.

"I am proud to be a major player in making mortgage loans in this area," said Williams. "We were proud to be chosen by Stewart to be their lender to partner on these totally electronic closings."

Donna Peiser operates her real estate business online through the use of SureClose. With SureClose, Peiser is able to provide her home buyers and sellers a new level of service with instant online access to status of the transaction.

Her office was one of the first in the area to use SureClose. "My buyers and sellers really like it and it makes it easier for me to get the deal done," said Peiser.

About Stewart

Stewart Title Co. and Stewart Title of Lake Jackson are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE: STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=588691 Embedded Video Available: http://www2.marketwire.com/mw/release_html_b1?release_id=307827

Contact: Ted C. Jones Director-Investor Relations (713) 625-8014 ted@stewart.com

SOURCE: Stewart Title

Countrywide eMortgages

Prime Processors, Inc. (Prime Processors, Inc.) — Thu, 11 Oct 2007 12:47:19 -0500

Learn more about eMortgages at: http://www.closingprime.com/forum/forum.asp?FORUM_ID=7

Countrywide Home Loans Partners with RealEC Technologies to Deliver Online Closing Platform9:29a ET October 10, 2007 (PR NewsWire)

RealEC Technologies Inc., the leading provider of collaborative network solutions to the mortgage industry, today announced it has entered into an agreement with Countrywide Home Loans, Inc., a division of Countrywide Financial Corporation, allowing Countrywide to use RealEC's Web-based closing platform for mortgage refinance and home equity lending transactions.

Through the new agreement, Countrywide has licensed RealEC's Web-enabled closing service and has integrated the service into its TS2 settlement services platform, which was built using the RealEC Collaborative Network Platform.

"RealEC is extremely excited, once again, to partner with Countrywide Home Loans to bring another innovative new industry utility to market," said Dan Sogorka, president of RealEC Technologies. "We believe that by deploying incremental pieces of an e-mortgage solution, all parties can gain significant process efficiencies and align business and technology paths with true electronic collaboration."

RealEC's Web-enabled closing service enables Countrywide to offer this new closing option as a convenience to its borrowers and have the resulting closing orders supported by its preferred title and closing providers nationwide. Countrywide's origination groups can place orders for the Web- enabled closing service with any title and closing service provider that is certified and available through the RealEC network. Those service orders then are fulfilled and completed through Countrywide's licensed version of the RealEC platform.

"Countrywide is committed to continually delivering innovative new services that offer more convenience and flexibility to our customers," said Richard Marron, executive vice president of strategic partnerships for Countrywide Home Loans. "The Web-enabled closing service delivered through RealEC's Collaborative Network Platform will deliver these important benefits to our customers while leveraging our existing investment in our core settlement services platform. We view this as an important step toward offering our customers an increasingly electronic mortgage-fulfillment process."

The service allows each title and closing provider supporting Countrywide to control the entire closing process, eliminating the need to coordinate with multiple third-party providers. As a result, the borrower may schedule the secure closing as early as possible during the application process. Also, since this closing session is Web-based, the borrower may participate from any geographic location.

About RealEC Technologies

Founded in 1998, RealEC Technologies provides supply chain management software, integration services, intelligent product decision tools, vendor sourcing tools and a robust B2B exchange for mortgage loan originators, real estate agents and settlement service providers. RealEC operates the RealEC Exchange(TM), the leading Electronic Partner Network (EPN) in the mortgage industry, and provides partner connectivity, automated vendor management, advanced data capture and document management services to more than 2,000 mortgage originators (including 17 of the top 20) and more than 13,000 service providers. RealEC's services enable lenders and their business partners to electronically connect, collaborate and automate their business processes to eliminate paper, manual processing and other sources of friction in the origination and servicing of mortgage loans. The company's products and services are designed to automate the origination, servicing, statusing and closing of real estate transactions and enable real estate transaction participants to significantly enhance their business by increasing operational efficiencies, improving customer service and generating new sources of revenue. RealEC Technologies has significant equity ownership from Fidelity National Information Services, Inc. (NYSE: FIS), Stewart Title Company (NYSE: STC), and LandAmerica Financial Group (NYSE: LFG). For more information, visit www.realec.com.

About Countrywide Financial Corporation

Founded in 1969, Countrywide Financial Corporation -- America's number one home loan lender as ranked for 2006 by Inside Mortgage Finance (Feb. 2, 2007) -- is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services residential loans. The company is headquartered in Calabasas, Calif., and has a workforce of more than 56,000 individuals and over 900 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com.

SOURCE RealEC Technologies Inc.

http://www.fidelityinfoservices.com

Thursday October 11th 2007 - DAILY BEST RATE UPDATE

Prime Processors, Inc. (Prime Processors, Inc.) — Thu, 11 Oct 2007 11:03:28 -0500

Find the Rate Sheets here:
http://www.closingprime.com/forum/topic.asp?TOPIC_ID=59

Watch the Video Highlights here:
http://www.closingprime.com/videos/thur11.wmv

Confoming

Provident   6.000 (-0.000)
Fifth Third  6.125 (-0.085)
Franklin American 6.125 (-0.053)
Vertice   6.125 (-0.002)
WAMU   6.125 (-0.000)
TBW   6.250 (-0.597)
Plaza   6.250 (-0.495)
Flagstar   6.250 (-0.390)
M&T Bank  6.250 (-0.284)
Homecomings   6.250 (-0.258)
National City  6.250 (-0.250)
Bank of America 6.250 (-0.248)
EverBank  6.250 (-0.201)
Citi    6.250 (-0.107)
Suntrust  6.375 (-0.599)

FHA

Franklin American 6.000 (-0.127)
National City  6.000 (-0.125)
Plaza   6.000 (-0.069)
M&T Bank  6.125 (-0.228)
Vertice   6.125 (-0.203)
Suntrust  6.250 (-0.622)
Citi    6.250 (-0.502)
TBW   6.250 (-0.345)
Homecomings   6.250 (-0.070)
Flagstar   6.375 (-0.865)

Home Equity

Chase Home Equity P-.950
Citi Home Equity P-.375
Suntrust Home Equity P+.090

In an attempt to get points for my posts I've made this video (http://www.closingprime.com/videos/readrates.wmv) on how to read rate sheets. Fingers crossed.

P.S. - To view text in videos you will need to view in "full screen" mode.