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Issue Number 92, October 29, 1999

Main Mortgage Stories
Mortgage Technology
US home sales seen rebounding for October

Analysis from Fannie Mae, Bear Stearns, and KeyCorp economists

CBSNews.com October 29

New-Home Sales Fall in September

The Commerce Department reported that sales of new homes fell 12.8% in September to the lowest level in almost 2 years

SFGate.com October 29

UK mortgage lenders agree to change

Comparisons and redemption penalty terms to be made easier for shoppers

Go.com October 29

Record 1999 Pace for Bay Area Home Sales

6,892 resale houses were sold in the San Francisco area last month, down 9% from 7,570 for the month
before, and up 10.6 percent from September last year

Individual.com October 28

U.S. 30-year mortgage rates inch up in latest week

Freddie Mac rate survey for the week ending Oct. 29

GO.com October 28

NatWest to cut mortgage charges after OFT push

Britain's Office of Fair Trading (OFT) said National Westminster Bank greed to reduce "ruinously high" redemption charges on home loans after its intervention

Individual.com October 28

Resource Bancshares Mortgage Group, Inc. Reports Results For the Third Quarter and the First Nine Months of 1999

Q3 1999 net loss was $1.7 million versus net income of $13.3 million for same period 1998; nine month net income was $12.8 million compared to $36.0 million for 1998

PRNewswire.com October 27

NAHB projects U.S. housing starts to fall in 2000

The National Association of Home Builders projected the pace of new U.S. home construction would slip 7.5 percent to 1.535 million units from an estimated 2.2 percent rise in 1999 to 1.659 million units

Individual.com October 27

MBA Weekly Application Survey

Mortgage loan apps for the week ending October 22 were down 59.2 % from the same week last year, but increased 3% from last week

MBAA.org October 27

Countrywide Home Loans Offers Zero Downpayment Mortgage

Requirements are income < 120% of area median income, 2 month's reserves, & qualify for mortgage insurance

PRNewswire.com October 27

Home sales in Massachusetts fall slightly amid dramatic price increase

Average price of sfr's rose 16.6% last month over the same time last year with the average cost of a home at $251,930; home sales were down 0.2%

BusinessWire.com October 26

Home Sales Up 12.8 Percent, Median Price Rose 9.2 Percent In September, C.A.R. Reports

California existing home sales

PRNewswire.com October 25

September Home Sales in Florida Rise Another 13 Percent, Says Florida Association of Realtors

PRNewswire.com October 25

Existing Home Sales Fall Again

Sales of existing single-family homes fell by 2.1 percent last month according to the National Association of Realtors

LasVegasSun.com October 25

PCi Services Unveils 1998 U.S. Mortgage Lending Activity

Norwest Corporation was the leading mortgage lender for Home Purchase Loans throughout the U.S. and Puerto Rico in 1998 overall, to minority borrowers and to borrowers located in low- and moderate-income neighborhoods

GO.com October 25


Mortgages in the UK & Australia are portable (homeowner sells one house and buys another, taking the mortgage with him) and borrowers are permitted to pay on a weekly or bi-weekly basis

ChicagoTribune.com October 24

First Family Rates a First-Class Mortgage

Clinton's 7.5% 3/1 arm @ 20% down terms are better

WashingtonPost.com October 23

U.S. Mortgage and Economy by David Beadle

Flood insurance can be avoided with Pre-FIRM exemption

NewsPage.com October 22

Irvine, Calif.-Based Title Insurer Hurt by Federal Reserve Rate Hikes

Fidelity National Financial said that Q3 profit dropped 32 percent, as rising rates put a freeze on refinancings

NewsPage.com October 22

Home sales likely to cool down

California real estate market to soften slightly

SFGate.com October 21

Mortgage Rates at Two-Month High

Freddie Mac weekly survey released Thursday

StarTribune.com October 21

Woolwich says to cut 330 jobs across group

Innovative UK mortgage bank said it would cut jobs by the end of the year

NewsPage.com October 21

E-Loan Inc. 3Q Oper Losses 33c A Share

Financial results for the quarter ended September 30

AOL.com October 29

Mortgage.com Third-Quarter Revenue up 28%

Purchase Money Loans Account for 80% of Revenue

PRNewswire.com October 29

LIONINC.COM Completes Internet Path From Consumer to Automated Underwriting

Service allows borrowers to input application and originator to pull up as file that can be submitted to automated u/w systems

NewsPage.com October 27

E-Loan eyes online mortgage growth

Executives comment on IPO, competition, quiet periods

CBSNews.com October 25

Homestore.com Reports 280% Increase in Third Quarter Revenue

Revenue growth was driven largely by expanding base of subscription revenue and an increase in
sponsorships, including the Norwest Mortgage, Inc. alliance agreement

PRNewswire.com October 25

iOwn Enters Mortgage Banking Arena

company can now act as both a mortgage broker and mortgage banker

PRNewswire.com October 25

RealEstate.com Research Shows Consumers Fear Real Estate Transactions

Buyers ranked lack of knowledge about financing options, uncertainty about loan rates and lack of information about closing costs and expensive surprise costs at the top of their list of problems

NewsPage.com October 22

E-loan Ltd. -UK- Announces Acquisition of Flexemortgage.com

E-LOAN, Inc. and eVentures appoint CEO of E-LOAN Ltd. in the United Kingdom

BusinessWire.com October 21

BCE Emergis Posts Record Revenues for 3rd Quarter 1999

Canadian company teams with e-Net to automate mortgage-lenders' operations by electronically connecting them with mortgage brokers, mortgage insurance companies, credit bureaus and other trading partners

StarTribune.com October 21

Mortgage.com targets service to lenders

Company to shift focus from consumer direct business to out sourcing by helping other lenders online

GO.com October 20

IndyMac Reports Third Quarter Earnings of $0.39 Per Share

Internet lending directly and indirectly fueling growth

BusinessWire.com October 20

Rock Financial Reports Third Quarter Financial Results

Rock reported a net loss of $4.3 million, compared to pro forma net income of $3.7 million for the same period in 1998

CBSNews.com October 20

MortageSelect.com to Offer Services on Homefair.com Pre-Approval Services Now Available Online

CBSNews.com October 19

HomeSpace Inc. Partners with Virtual Relocation.com to Provide Real Estate, Mortgage and Homeowner Services

HomeSpace offers mortgages from more than 60 national and regional lenders

CBSNews.com October 19

LION Inc./Lioninc.com Announces Record Revenues for Third Quarter

revenue for the third quarter ended September 30,1999 increased 127% to a record $1,174,000

CBSNews.com October 18

Pre-listing appraisals are latest marketing technique

Appraisal is done before house is listed, then placed on internet for prospective buyers to view

StarTribune.com October 16

HomeServices.Com Closes Initial Public Offering at $15.00 Per Share

Real estate services company sells 3,250,000 shares of common stock

NewsPage.com October 15

RealEstate.com and HOMES.COM Cease Acquisition Talks

PRNewswire.com October 14

LION, Inc. Appoints New CEO

New CEO, John A. McMillan has been associated with Nordstroms for 40 years

PRNewswire.com October 14

Deutsche Unveils Unique Internet Mortgages Trading Site

Wall Street bank to allow its clients to trade mortgage-backed securities, or MBS, over the Internet.for 15-year and 30-year Fannie Mae, Freddie Mac and Ginnie Mae passthroughs

WSJ.com October 14 (subscription_required)

Homestore.com agrees to buy Homebuyer's Fair

Realtor.com affiliate purchasing home site owned by 80% by parent of The Arizona Republic

AZCentral.com October 13