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Director Swap at BancorpSouth

BancorpSouth, Inc., is bolstering its audit committee with the addition of Warren A. Hood, Jr. The bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Board of Directors approved Hood as its replacement for former board member, R. Madison Murphy, who recently resigned from the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós directorship and was a member of the audit committee. Hood is the CEO and chairman of the board for his own enterprise, Hood Companies, Inc., which is comprised of three separate corporations. Current operations within Hood Companies include the manufacturing and distribution of building materials, consumer packaging products, and industrial packaging needs.

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SunTrust Going Worldwide with United Way

SunTrust is going global with United Way Worldwide. Recently named as a Global Corporate Leadership partner for the philanthropic organization, SunTrust has committed a $2.88 million gift from its SunTrust Foundation to the cause. Additionally, SunTrust already contributed $8.4 million during 2010, $4 million of which was pledged by the company's employees, and logged more than 100,000 volunteer hours with United Way via SunTrust's Solid Gives Back initiative.

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Cleveland Fed Weighs in on Branch Closures

The Federal Reserve Bank of Cleveland has released its commentary on the broader economic effects of the recent closure of local bank branches, as lenders struggle to maintain bottom line viability in the marketplace. The brief, developed by Emre Ergungor and Stephanie Moulton, is titled, Do Bank Branches Matter Anymore?, and the authors├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó conclusions indicate that the general answer to that large and looming question is a resounding yes, with considerable social impact as a net loss in communities.

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MBA: Mortage Applications Up 7.1%

In a weekly survey released Wednesday, the Mortgage Bankers Association revealed a 7.1 percent swell in mortgage applications from one week earlier, partly in response to declining mortgage rates. According to the Market Composite Index, which measures total mortgage loan application volume, numbers went up 7.1 percent on a seasonally adjusted basis, increasing at nearly the same percent on an unadjusted basis. From the previous week, the Refinance Index shot up 7.8 percent, alongside updrafts in the Purchase Index.

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Economists Fear Housing Double-Dip Underway

Citing dips in home sales, purchases, and low job growth, some economists say housing is already in a double-dip recession, with reprieve still off for another two years - this despite a last-minute debt deal.

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FICS Makes Top 50, Again

Making the annual list of industry technology leaders for another consecutive year, Financial Industry Computer Systems, Inc., got named to the Top 50 Service Providers, compiled yearly by Mortgage Technology.

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ABS Signs U.S. Bancorp CDC

Applied Business Software recently announced that U.S. Bancorp CDC is utilizing its servicing management platform, The Mortgage Office. U.S. Bancorp CDC will use the platform to service its tax credit loans.

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Mortgage Rates Fall on Debt-Deal News

Market worries cooled Monday as news reports confirmed a tentative debt-ceiling deal by public officials Sunday, a last-minute agreement that would avert the next financial crisis predicted by economists. In response to the possible deal, mortgage rates stepped down from nominal highs from last week. According to Headline News, Bank of America reported that 30-year fixed-rate mortgages fell to 4.37 percent, down several basis-points from last week. Fellow mortgage giant Wells Fargo yielded 30-year loans at 4.50 percent.

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