July 2012

TheMReport — News and strategies for the evolving mortgage marketplace.

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LOCAL EDITION ANALYTICS Mortgage Insurers Report $7.1B in New Primary Insurance ACCORDING TO STATISTICS FROM MICA, LEVELS OF NEWLY ORIGINATED MORTGAGE INSURANCE ARE ON THE RISE. DISTRICT OF COLUMBIA // Three mortgage insurers wrote $7.1 billion in newly originated pri- mary mortgage insurance in April, up from $3.7 billion last year, ac- cording to the Mortgage Insurance Companies of America (MICA). MICA said that the companies—including Genworth Mortgage Insurance Corp.; Mortgage Guaranty Insurance Corp.; and Radian Guaranty, Inc.—fielded new primary insurance up from $6.7 billion in March. Some 30,575 borrowers used defaults and 20,678 cures in April. Private mortgage insur- ance applications hovered at 33,013 that month. nual cash distribution of 7 percent, with monthly distributions of $0.0583 per share ($0.7 per annum). Based in Vancouver, British Columbia; and Toronto, Trez Capital Mortgage manages a seek investments to qualified real estate investors and developers with a primary focus on short- term bridge financing needs. Trez announced an initial an- In doing so, the company will results of a third-party scalabil- ity test of its loan origination system, NetOxygen, at levels of 10,000 to 20,000 users. "Our testing found that WGS' NetOxygen provides full loan management and origination functionality with fast processing times, even at high user loads," said Kevin Tolly, president of Tolly Group, which conducted the test. "The architecture allows to demonstrate its scalability at levels which exceed the needs of the nation's largest lenders," said Narayan Bharadwaj, business head for WGS. The tests were conducted to validate NetOxygen's ability to support large multi-channel, multi-product implementations, emphasize the full end-to-end loan origination functionality from lead management to post closing, and demonstrate key transaction volumes to empha- size scalability. Wipro Gallagher Solutions is based in Tennessee and offers a variety of pricing models, including variable cost and outcome-based; business process outsourcing services; and rules-based workflow-enabled processes across the user's enterprise. private mortgage insurance to buy or refinance their homes in April. The insurers reported 22,569 Is the Market's Greatest Obstacle Shrinking Inventory? Trez Capital Mortgage Launches Initial Public Offering RAISING AN ESTIMATED $100 MILLION, TREZ ROLLS OUT ITS IPO AT $10 PER SHARE. CANADA // Trez Capital Mortgage Investment Corporation, one of the largest non-bank mort- gage lenders in Canada, has gone public with an initial offering of 10 million Class A shares. The initial offering brought in Partnership will serve as man- ager and portfolio advisor for Trez Capital Mortgage. In a press release announcing mortgage investment portfolio valued at more than $700 million and has financed several large commercial properties in the Western United States. $100 million, with an initial price per share of $10. Trez Capital Limited NetOxygen Boasts High Levels of Scalability and Stability the initial public offering, Trez stated its objective to "acquire and maintain a diversified portfolio of mortgages on real property in Canada that preserves capital and generates attractive returns." 68 | THE M REPORT WIPRO REVEALS STRONG STATISTICAL RESULTS FROM TESTS FOR ITS LOAN ORIGINATION SYSTEM. TENNESSEE // Lending solu- tions provider Wipro Gallagher Solutions (WGS) announced the for scaling both horizontally and vertically." The test database simulated ON THE WEST COAST, STATISTICS FROM CAR INDICATE DROPPING LEVELS OF INVENTORY COULD ENDANGER HOUSING RECOVERY. CALIFORNIA // Things are looking up in California. Pending home sales are the size of a typical large lender and was pre-populated with more than half a million loans. At 20,000 user load levels, more than 34,000 price-related transactions occurred during peak hours and more than 17,000 documents packages were cre- ated. On average, the response time remained flat throughout peak at both 10,000 and 20,000 user loads. "We conducted a third- party review of our NetOxygen platform to provide a level of assurance to clients and prospec- tive clients on the validity and integrity of our platform and continuing to rise on an annual basis; median prices are rising; and equity sales are starting to make up a larger portion of total sales, according to the California Association of Realtors (CAR). California's pending home sales have been rising year-over-year for the past 12 months, according to CAR's recently released Pending Home Sales Index. However, despite the year- over-year gains, April's pend- ing home sales demonstrated a decline from March. Pending home sales include contract signings but not clos- ings. The index is based on 2008 contract signings with an index score of 100 equaling the average amount of contracts signed per month in 2008. The pending home sales index for March was revised to 138.9, SECONDARY MARKET ANALYTICS SERVICING ORIGINATION

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