Archive for September, 2010
Wipro Gallagher Solutions, a mortgage technology company based in Franklin, Tenn., is combining its end-to-end loan origination technology, NetOxygen Cirrus, with its loan processing services to offer lenders a complete fulfillment platform.
The platform's main selling points are its ability to remove stress from the lender, unify the loan origination and servicing processes, and increase productivity.
"Flexibility is the key component of the WGS solution. Our customers are able to utilize WGS for complete end-to-end fulfillment or for specific functions within the loan process," said Anil Raibagi, general manager and business head at WGS. "This new platform also provides our services on a variable pricing structure, enabling clients to gain the maximum skill sets."
The firm said the new offering was designed to be a part of a long-term strategic solution for mortgage lenders as opposed to a temporary way to cut costs. According to WGS, its fulfillment platform reduces costs by approximately 30%.
The WGS operational environment is designed on a per-file basis, which reduces lenders' cost through unused workforce and keeps the cost per loan constant, regardless of the volume put in per month.
Write to Christine Ricciardi.
The Florida Supreme Court said Tuesday it cannot freeze foreclosures in the state as requested by a Florida congressman and amid a tempest of allegations and admissions that flawed paperwork has been used to take people's homes.
U.S. Rep. Alan Grayson (D-Orlando) asked the court last week to halt foreclosures being handled by three large Florida law firms under investigation by the state attorney general's office over handling of foreclosure documents. A fourth law firm under investigation was not mentioned in Grayson's Sept. 20 letter, but is a concern, a Grayson spokesman said.
Clerk of Court Thomas D. Hall wrote Tuesday in a letter to Grayson that the court has no authority under the Florida constitution or court rules to intercede in, or investigate pending cases on the basis of allegations of fraud or wrongdoing.
As the release date for the new HECM Saver program approaches, investors are flying blind in figuring out how to value the new product before it’s released.
“The dealers are trying to get an idea about how it should be valued,” said Jeff Traister, head HMBS trader at Cantor Fitzgerald during a call with Reverse Fortunes on Monday.
Investors base the values on prepayment speeds and since there is no data on HECM Saver performance, lenders should expect conservative pricing. ”If you don’t know what the price is, there will be a lot of caveats involved to ensure you don’t crush yourself with unknowns,” he said. Any new product is priced conservatively initially, and therefore, Traister doesn’t expect the HECM Saver to see any pricing above par until investors get comfortable with the cash flows.
Swiss bank UBS appointed Paul Raphael head of the newly created business unit, Wealth Management for the Emerging Markets. Raphael begins tomorrow.
The new Wealth Management for Emerging Markets business area covers Latin America, Central and Eastern Europe, the Middle East, Africa and assets from Asian emerging markets booked in Switzerland. In the second quarter of this year, UBS reported a net profit of $2 billion attributable to shareholders and said that the emerging markets are key to this success.
Paul Raphael will be a member of the UBS Wealth Management Executive Committee and will report directly to the CEO of the wealth managment operations, Jürg Zeltner.
Raphael recently ran his own boutique investment firm and his 25-year career includes stint at Salomon Brothers, Merrill Lynch and Credit Suisse.
Commenting on Paul's appointment, CEO UBS Wealth Management Jürg Zeltner said: "The emerging markets are a key pillar of UBS's growth strategy, and we want to further strengthen our leading position in these regions. As these markets have very specific needs, UBS has decided to intensify the management focus on them."
Write to Jacob Gaffney.
