VRM Mortgage Services, a leading real estate solutions provider based in the North Texas metroplex, announced the appointment of Ed Hunter as VP of business development.
Read More »Wisconsin Bank Closes, 2013 Failure List Reaches 14
The Wisconsin Department of Financial Institutions closed Banks of Wisconsin (Kenosha), FDIC announced Friday. As receiver, the agency entered into a purchase and assumption agreement with North Shore Bank, FSB (Brookfield, Wisconsin) to assume all of Banks of Wisconsin's $127.6 million in deposits and $97.4 million in assets. The remaining assets (approximately $36.6 million) will be retained by FDIC for later disposition.
Read More »Commentary: Shrinking Bottom Line
The recent slip in financial corporation profits comes at a particularly critical time for the financial sector, as housing is in the midst of a nascent recovery.
Read More »Mortgage Contracting Services Partners with Pruvan to Expand Mobile Services
Mortgage Contracting Services (MCS), a national property preservation and inspection company, announced it is teaming up with Pruvan, a Round Rock, Texas-based company that offers a photo app for field-based businesses.
Read More »Freddie Mac Elects New Director for Board
Freddie Mac announced that Richard C. Hartnack, formerly vice chairman and head of consumer and small business banking at U.S. Bancorp, has been elected as a director on the company's board.
Read More »Report: Reverse Mortgage Trends Show Troubling Picture
While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says trends show trouble in the market that may cost taxpayers billions of dollars. According to a 2012 MetLife survey, two-thirds of borrowers are now using reverse mortgages to pay down debt. Pamela Villarreal, a senior fellow at NCPA, expects the "troubling trend will increase as more baby boomers enter retirement."
Read More »Personal Spending, Income Drop in April
Restrained by drops in farm income and sequester-driven cuts in government programs, personal income slipped $5.6 billion in April, while personal consumption spending dropped $20.5 billion, the Bureau of Economic Analysis reported Friday.
Read More »360 Mortgage Welcomes 3 New Account Executives
360 Mortgage Group, an Austin-headquartered mortgage banker focusing on third-party origination, announced the hiring of three new wholesale account executives who possess a combined total of more than 65 years of mortgage experience.
Read More »FDIC-Insured Banks Report Record Q1 Profit
Overall, the commercial banks and savings institutions covered by the FDIC reported an aggregate net income yielding of $40.3 billion this quarter, an impressive $5.5 billion (or 15.8 percent) rise from last year's $34.8 billion. This statistic marks the 15th consecutive quarter that has reported an overall earnings increase. The average return on assets (ROA) also increased to a positive 1.12 percent, up from last year's 1.00 percent and likewise represents the highest quarterly ROA since 2007.
Read More »NTC: Regulatory Challenges Offer Opportunity
While banks and lending institutions are nervous about the waves of compliance challenges coming in, NTC says the smartest companies are using regulatory changes as a springboard to grow.
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