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Credit Firms Remain Stable. Credit ratings for most consumer finance companies are stable despite overall weaker credit quality, according to a new report out from New York-based Moody's Investors Service. Delinquencies have been rising since the cyclically low charge-off levels of 1994, and should begin to recover, Moody's reports. Credit losses will continue to increase during 1997, but if the credit cycle follows historical patterns, delinquencies should begin to moderate or decline in the second half of the year, Moody's says. Tempering Moody's generally stable ratings picture are the need for consumer finance companies to deal with a generally higher level of credit losses throughout the credit cycle, and to cope with the potential weakening of pricing power as a result of increased competition. (Michael Foley, Moody's, 212/553-1653.) Equifax Expands Market. Atlanta, Ga.-based Equifax increased its ownership of Chile's DICOM, a credit and financial information from 50 percent to complete ownership. DICOM's revenues now will be included in Equifax's International operations. Equifax and DICOM already have begun planning ventures in the Dominican Republic, Ecuador and Venezuela. General Manger Marco Antonio Alvarez Mwesa will maintain his position. The firm will be identified as "an Equifax company" and a new board of directors constituted. Financial terms of the transaction were not disclosed. (Norman Black, Equifax, 404/888-5040.) Pilot Program Delegates Losses. San Francisco-based PMI Mortgage Insurance Co. (PMI) began a program to grant mortgage servicer authority to conduct short sales of properties within their pre-approved guidelines. The program is intended to help servicers mitigate losses in the event of borrower financial hardship. The program also was designed to save servicers time and streamline the claims filing process by eliminating the need to obtain short sale authorization after an offer to purchase is received. Under PMI's pre-approved short sale program, servicers are given guidelines they can use to obtain a sales contract on the subject property. (Ben Boyd, PMI, 800/288-1970.) Company Securitizes Loans. CFI ProServices Inc. and TIS Financial Services Inc. created Lori Mae (Loan Origination Management and Exchange Corp,) to securitize small business loans originated by community banks. The company will target about 9,000 community banks with assets less than $1 billion. Application analysis and closing loans will be written to a uniform set of pricing and underwriting guidelines and sold to Lori Mae, with the bank maintaining a modest position of ownership and retaining all servicing and customer contact. The banks will use CFI's application, analyzer and closing software for the loans. Each company owns 50 percent of the stock. Services will be generally available by 1998. (Laura Martin, CFI, 503/274-7280.) FTC Settles Lending Charges. A consent order with Progressive Mortgage Corp. of Cleveland, Ohio and its president, Sanford Cramer, settles charges over their mortgage lending services. The Washington-based Federal Trade Commission (FTC) alleged that both failed to include premiums for mortgage insurance in calculating the finance charge and the annual percentage rate (APR) for mortgage loans. They are also accused of failing to accurately disclose the payment schedule and total of payments in their Truth in Lending Act disclosure statements. The consent order bars both respondents from misrepresenting any term or condition of financing. Cramer also is barred from misrepresenting the APR and finance charge of consumer loans. (John Mendenhall, FTC, 216/522-4210.)