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Home | Author Archives: Staff Writer (page 5)

The Week Ahead: FOMC to Meet Wednesday

The Federal Open Market Committee and the Federal Reserve Board of Governors Board of Governors are set to meet Tuesday, June 13 and Wednesday, June 14, in Washington D.C.. It will be their fourth meeting of 2017. Janet Yellen, Chair of the Board of Governors, is scheduled to give press conference at 2:30 p.m. eastern time on Wednesday.

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New Buyers Unafraid to Jump into the Housing Market

With the increasing popularity of mortgage insurance, a 20 percent downpayment may not be status quo anymore for those looking to become homeowners. First-time homebuyers account for nearly half of total homes purchased in the first quarter of 2017, a number that is expected to rise. They are also exploring other options to obtain homes.

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Fannie Mae Sheds 3,400 Delinquent Loans in NPL Sale

After nearly a month of marketing, Fannie Mae has sold off more nonperforming loans totaling $581 million in unpaid principal balance. This is the company’s 10th nonperforming loan sale to date. In a continued effort to reduce the number of delinquent loans in its portfolio, the lender has unloaded about 3,400 notes.

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LoanCare Announces Adam Saab as COO

LoanCare announced that Adam Saab has assumed the role of EVP and COO. Saab had previously held the position of SVP at PNC Mortgage where he was responsible for core servicing for all mortgage and consumer products for the bank, as well as for the home lending integration as PNC combined the mortgage and home equity products onto the Black Knight MSP platform.

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Tiffany Malm-Ruiz to Oversee REO at USRES

U.S. Real Estate Services, Inc. (USRES) announced Monday that Tiffany Malm-Ruiz has joined the USRES Management team. Malm-Ruiz will be responsible for the oversight and management of the REO Division alongside Gene Shibata, REO Supervisor, and is in charge with REO client relations, compliance adherence benchmarking, procedural analysis/audit, policy review/analysis, and other managerial responsibilities. Her experience boasts a broad understanding of mortgage servicing, operations, and vendor and asset management.

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JPMorgan Chase to Undergo Leadership Changes

JPMorgan Chase COO Matthew Zames will be stepping down from his role after 13 years, the bank announced on Thursday. Zames had a crucial role in guiding the bank during the financial crisis and is credited with raising suspicion over Bernie Madoff a year before his eventual arrest. Zames has long been assumed as a potential successor to Dimon, and the news of his stepping down has led to much speculation of who else may be in the running . . .

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Favorable Conditions For SFR Investment in Many Cities

It could be a great time to invest in rental properties, according to a recent report that measures the ratio of wealth accumulated through home equity versus the ratio of wealth accumulated through renting. Eight cities listed in the 20-City Composite favor renting, while eight favor buying. Four major metro areas could sway in either direction at the end of Q2.

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CFPB Takes Legal Action Against Mortgage Servicer for Noncompliance

The Consumer Financial Protection Bureau announced Wednesday that they found a Chicago-based mortgage servicer in violation of federally mandated rules, and subsequently ordered restitution payments and system changes. The investigation found the mortgage servicer did not provide ample information about foreclosure relief options. Restitution requirements come in the form of a fine and procedural changes.

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DIMONT Promotes Tom Stover to Chief Solutions Officer

Tom Stover has recently been promoted to CSO at DIMONT, a provider of specialty insurance and loan administration services to the residential and commercial mortgage industries. Denis Brosnan, President and CEO of DIMONT, said, “Tom’s promotion is in recognition of his continuing contributions to DIMONT, and his proven ability to develop innovative solutions.”

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