MGIC, Fannie Mae agree to a 'first'Mortgage Guaranty...


July 14, 1996

MGIC, Fannie Mae agree to a 'first'

Mortgage Guaranty Insurance Corp. (MGIC), the nation's BTC leading provider of private mortgage insurance, and the Federal National Mortgage Association (Fannie Mae), the nation's largest source of home mortgage funds, announced last week that MGIC's contract underwriting affiliate will offer mortgage lenders access to Fannie Mae's Desktop Underwriter computer program.

Under the agreement, the first of its kind nationwide, mortgage applications approved by MGIC's contract underwriting affiliate using Desktop Underwriter will have Fannie Mae's approval for purchase or securitization.

MGIC Investor Services Corporation (MISC), an affiliate of MGIC, has contractual agreements with hundreds of mortgage origina- tors and wholesalers that transfer to MISC the responsibility of underwriting borrowers' loan applications.

HFS expects earnings to jump to 3a share

HFS Inc. said last week it expects to report that second-quarter earnings from operations rose to about 34 cents a share from 19 cents a year earlier.

The increase "reflects the benefits associated with our entry into the residential real estate industry through the acquisition of Century 21, Coldwell Banker and Electronic Realty Associates," said Henry Silverman, chairman and CEO. The company also said it expects to take a 3-cents-a-share charge related to the spin-off of some Coldwell Banker Corp. franchises it acquired when it bought the company for $740 million in May.

Pub Date: 7/14/96

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