TheMReport — News and strategies for the evolving mortgage marketplace.
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LOCAL EDITION ORIGINATION public finance; Jamie Ruiz Sacristan, president of the Mexican Banking Association; and Daniel Leal, CEO of the Mexican Mortgage Association. The event works to attract financial institutions, regulators, housing authorities, and vari- ous housing groups to Mexican Housing Day. The organization will soon raise its visibility with a planned, but currently un- scheduled, conference in Hong Kong, where HSBC will act as the presenting sponsor. FDIC Fails to Locate Acquiring Financial Institution CHICAGO BANK CLOSES WITH- OUT A FINANCIAL INSTITUTION TO ACQUIRE ITS ASSETS. ILLINOIS // Illinois financial institution New City Bank has closed its doors. The Federal Deposit Insurance Corporation (FDIC) announced the collapse of the Chicago-based bank and revealed that it has been unable to find a financial institution to take over the bank's operations. The Illinois Department of Financial and Professional Regulation's division of bank- ing shuttered New City Bank, appointing the FDIC as the receiver. Recent reports from the bank showed that the financial institution had $71.2 million in total assets and $72.4 million in total deposits as of the final day of 2011. The FDIC has approved the payout of insured depos- its for the financial institution. Additionally, the organization also noted that checks will be mailed directly to New City Bank's depositors for the amount of their insured money. Depositors of New City Bank with held funds in excess of $250,000 can visit the FDIC's online site to determine their insurance coverage. The FDIC says it will establish the full tally for uninsured deposits once it obtains full information from the relevant customers. 46 | THE M REPORT As receiver, the FDIC will retain all assets from New City Bank for disposition. The FDIC has instructed all of the bank's borrowers to continue making their loan payments as usual. Extending an estimate for costs to the Deposit Insurance Fund (DIF), the FDIC says the closing of New City Bank will likely require around $17.4 mil- lion from the DIF. Nationally, the bank's failure brings the U.S. total to 13 for 2012. mission to provide local mort- gage expertise to area residents as the chief catalyst behind the new mortgage branch. Currently, the bank has mortgage-specific locations in Northville and Clinton Township. Commenting on Main Street's decision to launch its Rochester- based mortgage banking office, the company's president and co-founder, Jeffrey Kopelman, said, "When we decided to move into the Rochester market, of products. Additionally, Main Street seeks to create initiatives that support both Michigan and the region of the state that the bank caters to. Mortech Launches Consumer-Facing Module TECHNOLOGY COMPANY IS TARGETING BORROWERS WITH A NEW COMMUNICATION PLATFORM. NEBRASKA // In Nebraska, Mortech, Inc., has announced the launch of a new technology that allows loan officers to exchange real-time data with mortgage borrowers. The new platform, dubbed Connect, will be offered as a free service to custom- ers already using Mortech's MarksmanLMP module. Mortech noted in a company statement that Connect is cur- rently without competition in the mortgage industry. Citing the software's combination of communication and operations benefits, Mortech says there is "no other solution on the mar- ket" like the new module. User advantages for Connect Main Street Adds New Mortgage Banking Location MIDWESTERN BANK OPENS A NEW LENDING-SPECIFIC OFFICE IN ITS HOME STATE. MICHIGAN // In Michigan, Main Street Bank is expanding its mort- gage banking operations. The finan- cial institution recently announced the opening of a new mortgage office in downtown Rochester. Based in Bingham Farms, Main Street cited its ongoing we assembled the largest, most experienced mortgage team of any community bank in the immediate area and one that was highly familiar with current market trends and area residents' current needs." Continuing his statements on Main Street's key objectives, Kopelman added, "Our attention to personal service sets us apart." Main Street was founded in 2005, and the financial institution serves small to midsize busi- nesses and individuals, with an emphasis on personalized bank- ing through a broad spectrum customers include enhanced infor- mation flow between borrowers and lenders, better efficiency for the collection and processing of mortgage applications, bi-direc- tional access and exchange of data, and the creation of a communica- tion channel between lenders and Realtors for status updates. Additionally, the Connect platform is outfitted with pre- populated data for all short form applications, borrower access to mortgage rates by lender, bor- rower access to mortgage interest rate calculators, and helpful mortgage-related tips for con- sumers' easy review. Commenting on Mortech's consumer-facing application portal, company president Don Kracl said, "Transparency and open communication are the keys to rebuilding trust with today's homebuyer. And that's exactly what the new Connect technology provides." SECONDARY MARKET ANALYTICS SERVICING ORIGINATION