TheMReport — News and strategies for the evolving mortgage marketplace.
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LOCAL EDITION ORIGINATION cards and to cross-sell other financial products." With demand ramping up and more competitors entering the marketplace, direct mail volume may increase further, Davidson added. "As lenders such as Mortgage You've Got Mail! A UNIQUE INDUSTRY STUDY SHOWS RISING VOLUMES OF MORTGAGE-RELATED DIRECT MAIL, POTENTIALLY HERALDING GOOD NEWS FOR THE MARKETPLACE. LONDON // Mortgage direct mail may be down, but it's not dead and buried, U.K.- based marketing firm Mintel Comperemedia reported. A release from the company Investors Corporation, Quicken Loans, and Discover ramp up their refinancing activity, other lenders may be forced to re- spond to counter the threat, fu- eling an increase in competitive activity in the mortgage market," he said. ate unnecessary problems for our industry and the flow of business, which only hurts the customers we serve and our industry's recovery," DocMagic CEO Dominic Iannitti said at the time. The settlement comes after network was terminated by Ellie Mae, which then "subsequently took drastic steps to prevent its users from accessing DocMagic products through unfair and anti- competitive behavior," including the transferal of DocMagic users to Ellie Mae's own loan docu- ment service. "These kinds of actions cre- mous surveys, BOCM's em- ployees value the company's "personal touch . . . . which creates great team synergy." Another employee described BOCM's senior management as "experienced, caring, and willing to work with you to build your personal success." BOCM President and CEO According to several anony- months of negotiation between the two companies and will re- store their previous relationship. "This settlement ends the committing to keep mortgage rates low until mid-2015 and demand for home loans improv- ing, the environment is right for lenders to go full force with their direct marketing efforts, the company said. Another driving force behind showed 62 million acquisi- tion offers for mortgages were mailed to customers across the country in August, the highest monthly mail volume since May 2008. While the figure is still far below its peak—an aver- age 238 million in 2005—Mintel Comperemedia says the increase may provide a look at an opti- mistic future. With the Federal Reserve the increase in mortgage mail volumes is Discover's arrival on the origination scene follow- ing its purchase of Tree.com's Home Loan Center. Mintel Comperemedia SVP Andrew Davidson said the move is "in line with the company's strategy to reduce its reliance on credit Companies Come to Terms on Antitrust Settlement FOLLOWING A LENGTHY LEGAL BATTLE, ELLIE MAE AND DOCMAGIC JOINTLY ANNOUNCED AN AGREEMENT. CALIFORNIA // After a three- year battle, Ellie Mae and software developer DocMagic reached a settlement over an antitrust suit, the companies an- nounced jointly. DocMagic first filed against legal disputes and renews the former relationship between the two companies, with DocMagic agreeing to make its services available to lenders through the Ellie Mae Network," the companies said in a joint release. "This agreement will enable the companies to focus resources on innovation and on enhancing the experience available to our mutual customers." Bank of Commerce Mortgage Receives Regional Accolade THE MORTGAGE LENDER HAS EARNED A SPOT ON THIS YEAR'S ROSTER OF "TOP WORK PLACES" IN THE BAY AREA. Ellie Mae in August 2009, alleging "antitrust violations, intentional interference with contractual relationships, interference with prospective economic advantage, and unfair competition," accord- ing to a company release sent out at the time. DocMagic also claimed Ellie Mae misused its intellectual property in Ellie Mae's own Docs system. According to DocMagic, the company's access to the ePASS CALIFORNIA // According to employee surveys conducted by an independent third-party com- pany, San Ramon-based Bank of Commerce Mortgage (BOCM) is one of the Top Work Places in the Bay Area for 2012. Top Work Place rankings are ganization helps in our mission to provide highly competitive loan products," Simonich said. "Our exceptional staff fulfills the company's commitment to provide outstanding customer service and is the key to closing loans on time. This results in highly satisfied clients and, in turn, satisfied employees." Equifax Concludes Lawsuit with the FTC ACCUSED OF IMPROPERLY USING CONSUMER INFORMATION, EQUIFAX AND DIRECT LENDING SOURCE, INC., REACHED SETTLEMENTS WITH THE FTC. GEORGIA // Equifax and its customers reached separate settlements with the FTC, agree- ing to pay a total of $1.6 million for improper sale of consumer credit information. The FTC alleges Equifax sold more than 17,000 lists of people who met specific criteria, such as being late on their mortgage payments. Equifax is said to have sold the lists to Direct Lending Source, Inc., which in turn sold the lists to other third parties. The lists included informa- based on composite scores cal- culated from employee responses in several categories, including company leadership, values, eth- ics, and compensation. tion such as credit scores and detailed how many days past due consumers' mortgage pay- ments were. Equifax and Direct Lending Source allegedly violated the THE M REPORT | 45 Scott Simonich said the com- pany's personal touch is the key to its success. "Feedback from our entire or- ORIGINATION SERVICING ANALYTICS SECONDARY MARKET