Housing Wire has learned that Cleveland-based Deep Green Financial Inc., an online home equity lender, has shut its doors. The company was founded in 2000 and originated more than $5 billion in home equity line facilities to more than 65,000 customers in 47 states. In 2004, DeepGreen received the Inman Innovator Award in the Mortgage [...]

Fidelity National Information Services, Inc. announced Wednesday that EMC Mortgage Corporation has signed a multi-year contract to outsource its tax processing to Fidelity National Tax Services, Inc, an FIS-affiliated service entity. FIS provides real estate tax services and data to mortgage lenders and servicers nationwide, through in-source and outsource solutions.

Mortgage application volume rose a seasonally-adjusted 3.2 percent last week, according to data released today by the Mortgage Bankers Association. Overall application volume was up 0.7 percent from one year ago, driven in part by an increase in refinancing activity. Refinance applications were up 4.9 percent, the MBA said, while government loan application volume also surged, [...]

GMAC Mortgage, LLC, the nation’s second largest subservicer, announced today it has added two mortgage banking veterans to its servicing operation. Connie Miller will serve as director of contract administration, and Louis Glinn will serve as director of analytics and controls. Miller and Glinn will report to GMAC Mortgage’s Wes Howland, who recently moved from [...]

BFC Financial Corporation, a Florida-based holding company, announced today that it will acquire Southeastern-U.S. home builder Levitt Corporation in a deal valued at $286 million. Levitt develops planned suburban as well as master-planned communities. BFC currently owns approximately 17 percent of Levitt, consisting of all of Levitt’s Class B Common Stock and approximately 11 percent of [...]

The Mortgage Bankers Association said yesterday that imposing a proposed suitability standard on mortgage lenders would have a chilling effect on consumers and on an already troubled housing market. Suitability standards would require mortgage lenders to subjectively evaluate whether a loan product is best suited for a borrower, which the trade organization said will limit [...]

Home values continue to erode in key markets across the United States, according to new data released today by Standard & Poor’s. The S&P/Case-Shiller Home Price Indices, comprised of the annual returns for both 10-City and 20-City composite indices, shows a continued steep decline in November 2006, with the with the 20-City composite yielding relatively [...]

Merrill Lynch said yesterday it will purchase upscale mortgage lender First Republic Bank in a transaction valued at $1.8 billion, a move that gives the financial services giant a presence in both the luxury and subprime sectors of the mortgage banking market. In December, Merrill Lynch purchased subprime specialist First Franklin Corp. from National City [...]

Gallagher Financial Systems, Inc. and Mavent Inc. said Tuesday that both companies have formed a strategic alliance to integrate the Mavent Expert System, an automated compliance solution, with NetOxygen, Gallagher’s LOS. The companies said in a joint statement that their combined services aim to provide NetOxygen customers with a real-time, interactive compliance solution that accelerates [...]

Moody’s Investors Service said last week it had downgraded the servicer ratings of Mortgage Lenders Network USA, Inc. to SQ4 from SQ3 as a primary servicer of prime, subprime and second lien loans. Additionally, the rating agency said it is keeping MLN’s servicer quality ratings on continued watch for a possible downgrade. Moody’s said its [...]