GA-THE-FREELANCE-FOnce Forum will hold its Fourth Annual Portfolio Show. Up to 50 freelance graphic designers, illustrators, phs for marketing/communications projects to see aere is no charge to attend the show, and refreshMidtown at 1152 Spring Street on the corner ofelance Forum information Line at 404-705-2400 o- Business Wire's full file on the Internet NNIE-MAE 10-12 0001 02 .Business Editors WASHINGTON--(BUSINESS WIRE)--Oct. 12, 1999-- The U.S. Department of Veterans Affairs Veterans Affairs is a term of the business that deals with the relation between a government and its veteran communities, usually administered by the designated government agency. (VA), Fannie Maehe Desktop Underwriter VA process, with documentation relief and credit waivers, will be available for commercial use by lenders. The joint effort is part of Fannie Mae's "Open Access" initiative and will help to extend the efficiencies of automated underwriting to VA borrowers. The system, which will also be made available to pmiAURAsm licensees, will be available to lenders in mid-November. Ten lenders participated in the pilot, including: Cendant Mortgage; Corinthian Mortgage; Crossland Mortgage; GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance ; Guaranty Bank/Shelter Mortgage; HomeSide Lending; Irwin; Navy Federal Credit Union Navy Federal Credit Union (or Navy Federal) is a Federal credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). ; NatCity; and Prism Mortgage. Desktop Underwriter for government underwriting using pmiAURA for VA is designed to quickly check eligibility, documentation requirements, maximum loan limits, and perform other calculations. "The Department of Veterans Affairs, Fannie Mae Fannie Mae: see Federal National Mortgage Association. , and PMI See Private Mortgage Insurance. all share a common goal of giving more American families, including our veterans, the chance to own a home," said Keith Pedigo of VA. "We are happy to join Fannie Mae and PMI in making this system available. Our goal is to help more VA lenders help more veterans access VA-guaranteed loans. This kind of innovative technology can play an important role in our efforts to reach out to more of this nation's veterans and help them own their own homes." "Fannie Mae is pleased to have completed the data collection phase of this pilot. Once this system is available commercially, lenders will have the ability to offer their VA customers loan decisions in just minutes,' said Joe Biegel, Fannie Mae's vice president of single-family business. "Fannie Mae has long been committed to providing our lenders with an integrated and efficient solution for processing all their business in one location, for one fee." "PMI is dedicated to increasing homeownership opportunities and we are proud to work with Fannie Mae and our lending customers to enhance the efficiency of the mortgage marketplace," said Steve Smith, PMI's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Utilizing pmiAURA for underwriting VA loans through Fannie Mae's system is another example of PMI's leadership role in applying technology to the benefit of lenders and consumers." Automated underwriting has played an increasingly important role in the mortgage finance industry over the past few years, and the pmiAURA system has been widely used since 1993. Lenders have been using Desktop Underwriter since 1995 and currently nearly 1,000 lenders subscribe to the Desktop Underwriter to process as many 33,000 transactions a day. "Navy Federal is delighted to have been chosen to take part in this important pilot test," said Louis W. Jennings, executive vice president of Mortgage Operations. "We look forward to using this innovative technology to offer our members who choose VA financing the same efficiencies we can offer to our conventional borrowers." Fannie Mae is a New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Over the past 30 years, Fannie Mae has provided nearly $2.5 trillion of mortgage financing for over 30 million families. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com. Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE NYSE See: New York Stock Exchange as "Fannie Mae." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae." PMI Mortgage Insurance Co., with headquarters in San Francisco, is one of the largest private mortgage insurers in the United States. In addition, PMI Mortgage Insurance Co. provides mortgage guaranty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. in Hong Kong and, through a subsidiary, provides private mortgage insurance in Australia Australia has a sophisticated and well developed insurance market. Types of insurance Life insurance Life insurance products sold in Australia include Term life insurance, Disability Income insurance. and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . PMI together with its parent company, The PMI Group, Inc. (NYSE:PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ), and its corporate affiliates, is a leader in risk management technology, and provides various products and services for the home mortgage finance industry, as well as title insurance. Navy Federal Credit Union is the world's largest credit union, with more than $11 billion in assets and 1.8 million members. Since 1979, Navy Federal has provided more than 200,000 mortgage loans and currently offers mortgage lending services in all 50 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Headquartered in Vienna, Virginia, Navy Federal has 86 member service centers and 208 proprietary "No Surcharge" ATMs worldwide. |
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