Government

ValuTrac, a software solutions company catering to the appraisal management and mortgage lending industry, hired Hank Pruett as VP of sales. Pruett has nearly 25 years of experience in appraisal management, title issues, and client relations and is knowledgeable in all types of appraisals, both residential and commercial.

The U.S. Treasury reported just under 23,000 permanent loan modifications completed under the Home Affordable Modification Program (HAMP) in November, bringing the total count to nearly 922,000. According to Treasury's data, homeowners have reduced their first-lien mortgage payments by a median of approximately $546 each month, or almost 40 percent of their median before-modification payment. Total estimated savings afforded by the program is $24.2 billion to date, Treasury reports.

CFPB Director Richard Cordray spoke to an audience in Phoenix, Arizona, to praise what he called the bureau's "back to basics" approach for the mortgage market.

Wingspan Portfolio Advisors, a diversified mortgage services company headquartered in Texas, named longtime industry expert Arleen Scavone to the newly created post of COO.

The Bureau of Labor Statistics (BLS) released Friday its Employment Situation Report, revealing job growth well below consensus forecasts. According to the government report, the U.S. economy added 74,000 jobs last month. Meanwhile, the unemployment rate dropped 0.3 percentage points to 6.7 percent, reflecting a precipitous drop in the labor force. BLS' report shows the labor force participation rate falling 0.2 percentage points to 62.8 percent.

With mere hours to go before major regulatory changes sweep the industry, servicers might be wise in taking one more look at how the new rules will affect them and what they can do to stay ahead.

Churchill Mortgage's West Coast presence continues to expand with the opening of a new office in Orange, California, the company announced.

The Mortgage Bankers Association's (MBA) sales team has added Barbara Hanson as director of education sales, the group announced.

The Federal Housing Finance Agency (FHFA) announced Wednesday that it has directed Fannie Mae and Freddie Mac to delay implementation of planned changes to their guarantee fee (g-fee) structure.

In the Dallas area, Matt Martin Real Estate Management LLC (MMREM) welcomed Jo Ann Kruse as COO of MMREM and its subsidiaries.