American Mortgage News

One-Stop Solution Offers Screening and Compliance for Mortgage Loan Industry Notaries

Single system has automated eligibility, pricing and underwriting for the lender’s wholesale, retail and correspondent channels

IRVINE, Calif., February 16, 2007 - Portellus Inc., a leader in business-user driven change-management solutions, announced that Pinnacle Financial Corporation has gone into production with its enterprise rules management (ERM) system in only four months. The solution centralizes Pinnacle Financial’s product eligibility, pricing and automated underwriting into one rules engine, and enables straight-through-processing (STP) of loans for each of its lending channels in 40 locations.

BREA, Calif.--(BUSINESS WIRE)--ResMAE Mortgage Corporation (“ResMAE”) today announced it has signed an asset purchase agreement with Credit Suisse, pursuant to which Credit Suisse has agreed to acquire certain assets of ResMAE. Concurrent with the signing, ResMAE has voluntarily filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

Leading Mortgage Company Streamlines Communications with Presence and Instant Messaging Solution

DENVER & SAN FRANCISCO--(BUSINESS WIRE)--Jabber, Inc. today announced that Bryco Funding, Inc., one of the nation’s leading mortgage lenders specializing in personalized service, quick closings and ultimate lending flexibility, has chosen the Jabber Extensible Communications Platform™ (Jabber XCP™) to facilitate more effective internal communications.

KANSAS CITY, Mo.--(BUSINESS WIRE)--NovaStar Financial, Inc. (NYSE: NFI), a residential mortgage lender and portfolio investor, announced today that, through subsidiaries, it closed a $375 million CDO.

—Accurate & Predictive Scores with More Information Help Lenders Make Faster and More Profitable Decisions—

SANTA ANA, Calif.--(BUSINESS WIRE)--The Collateral Integrity Analysis product that Veros released in October of last year has proven more effective at managing enterprise collateral risk than many in the industry anticipated. The new tool utilizes the latest technology to scan, detect and identify high-risk properties and then provides lenders with easy to use reports and scores with low frequencies of costly false positives. Lenders are finding that the CIA report actually replaces up to four other products that lenders often purchase in an attempt to manage the collateral risk, including the risk of fraud, they face daily.

SAN DIEGO--(BUSINESS WIRE)--Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced today at the 2007 Mortgage Bankers Association Commercial Real Estate Finance (CREF)/Multifamily Housing Convention & Expo that users of its Commercial Servicer and Commercial Accountant systems can now download quarterly releases directly from the Internet.

Opteum Announces Tax Characterization of 2006 Dividends

VERO BEACH, Fla.--(BUSINESS WIRE)--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 the tax characterization to shareholders of dividends paid by the Company during 2006 is as follows: