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Author Archives: Staff Writer

The 20 Percent Downpayment: A Thing of the Past?

Recent data hints that the 20 percent downpayment may not be entirely necessary anymore. First-time homebuyers are increasingly pursuing different vehicles to obtain their dream of being a homeowner. They also account for almost half the total homes purchased in the first quarter of 2017, a number which continues to rise.

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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. She will be responsible for the oversight and management of the REO Division. Her experience boasts a broad understanding of mortgage servicing, operations, and vendor and asset management.

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Weekly Update: Mortgage Rates Drop, Applications on the Rise

Two weekly reports show that mortgage rates are down—the lowest they’ve been in seven months, and mortgage application volume is up. Seasonally adjusted, purchase index is on the rise while unadjusted remains down over 10 percent. 10-year treasury yield also fell this week.

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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. According to sources, Zames is leaving to start his own business. “I have been in this business almost 25 years. I spent the vast majority of my time running businesses, driving things forward, facing off against clients, taking business risk. But at its core … I want to get back to running the railroad…”

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Housing Budget Appears in Front of House Appropriations Subcommittee

Department of Housing and Urban Development Secretary Ben Carson was met with strong words Thursday morning when he appeared with the U.S. House of Representatives Subcommittee on Appropriations to defend the proposed budget for the fiscal year. He remained poised, articulate, and open as the subcommittee members took turns voicing their specific concerns. Secretary Carson went on to say that the playbook had to be changed, as there was only so much money to go around.

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DIMONT Promotes Tom Stover to Chief Solutions Officer

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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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Independent Mortgage Banks Show Production and Profits Down

The 2017 Quarterly Mortgage Bankers Performance Report for Q1 was released on Tuesday and reported that independent mortgage banks were having a rough start in the first quarter of 2017. Per loan, gains and production costs are down, resulting in lower net profits. Q1 was also a record breaking quarter for two statistics since its inception in 2008.

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Critical Loan Defects Should Continue to Drop

Critical defects are down compared with Q1 of 2016, according to ACES Risk Management (ARMCO) in its Q4 Mortgage QC Industry Trends. The report details a breakdown of the final quarter of 2016, including defect rates and findings for each Fannie Mae loan category. It also predicts, with the continued understanding of TRID and its impact, critical loan defects should continue to trend downwards in 2017.

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