News

Icon Residential Lenders recently bolstered the company's West Coast sales team with two notable promotions from within the organization and a new hire joining Icon from 360 Mortgage Group. Rhett Hubbard was promoted to area sales manager for Orange and San Diego counties, and Justin Smith will also take on an upgraded role as area sales manager for Los Angeles, Riverside, San Bernardino, and Ventura counties. New to Icon, Debbie Hood has been appointed as the area sales manager for the Pacific Northwest.

Short-term mortgages are getting a boost in the form of collaboration between myCUmortgage.com and CU Structured Finance LLC. The companies have teamed up to develop a line of credit funded by credit unions.

The National Credit Union Administration which is now controlled by Federal regulators, is threatening to sue several investment banks unless they refund more than $50 billion in securities that were purchased by the five wholesale credit unions that make up the organization.

Mortgage rates hit a two-month low, declining to 4.67 percent for 30-year fixed loans. That's down from 4.88 percent one week ago, according to Freddie Mac. The average 15-year loan was down to 3.97 percent.

The weekly data report tracking mortgage applications nationally showed a 0.7 percent drop in volume from last week's numbers, based on a seasonally adjusted composite index. On an unadjusted basis, the index decreased 0.5 percent, compared to the prior week ending March 11. The refinance index had increased by 0.9 percent since last week, making it the highest refinance survey since December 2010.

ISGN is partnering with LoanSifter to offer MORvision's first integrated loan product and pricing engine initiative. The collaboration will use Loansifter's real-time product and pricing engine.

Gladstone Commercial finishes 2010 with a fourth-quarter FFO of 3.0 million, a 10.1 percent decrease compared to the same period in 2009. The downward movement is attributed to $386,000 in due diligence fees incurred in acquiring a $12.3 million property in Orange City, Iowa, which the Company was required to expense under new accounting guidance rather than capitalize as it had in years past.

Linda Naylor is joining LenderLive as their new Executive VP of strategic implementation, and the company hopes to build on her 34 years of experience in the industry to maintain and enhance their overall company strategy. Naylor is charged with overseeing LenderLive's general implementation and enterprise critical initiatives.

As expected, Allstate has filed against Citigroup and Deutsche Bank AG Allstate is suing over accusations that the banks covered up risks on more than $385 million in mortgage securities purchased by the insurance company.