Tag Archives: Attorneys & Title Companies

A new index from the Mortgage Bankers Association (MBA) and AllRegs shows credit availability opened up slightly from April to May.

Radian Group Inc. announced the appointment of Derek Brummer as EVP and chief risk officer. The position was previously co-managed by Brummer, who oversaw risk management for Radian Asset Assurance, and Scott Theobald, who oversaw risk management for Radian Guaranty Inc. Departing his former co-management post, Theobald will assume the newly created role of EVP for lender and structured products at Radian Guaranty.

MortgageFlex Systems, Inc., a provider of loan origination and servicing technology, announced its LoanQuest loan origination system (LOS) has been selected as the platform of choice for Indiana's FORUM Credit Union.

The growth rate on Freddie Mac's mortgage portfolio dipped back into negative numbers again in May, the GSE reported in its monthly volume summary.

Mortgage applications continued to fall last week following a sizable spike in interest rates, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey. The Refinance Index fell 5 percent from the previous week, dipping to its lowest level since November 2011. The refinance share of total mortgage activity also declined, falling to 67 percent--the lowest level since July 2011. Meanwhile, the seasonally adjusted Purchase Index actually rose, increasing 2 percent.

The Bureau of Economic Analysis (BEA) put GDP growth a 1.8 percent annual rate in the first quarter, a drop from the previous estimate of 2.4 percent. The downward revision to GDP came amidst positive news about the economy. Home prices, according to the Case-Shiller Index released Tuesday, rose at their fastest pace ever in April and consumer confidence, as reported by the Conference Board, increased for the third straight month. Residential fixed investment was reported as $399 billion, up slightly from the second report.

Butler & Hosch, P.A., a multistate law firm focused on the legal needs of the mortgage banking industry, purchased the majority of assets from three former subsidiaries of Prommis Solutions, which filed for bankruptcy in March.

Citing the overwhelming presence of the GSEs in today's mortgage marketplace, Sens. Bob Corker and Mark Warner unveiled a new piece of legislation designed to wind down the enterprises.

The Consumer Financial Protection Bureau (CFPB) announced Monday proposed revisions to its ability-to-repay rule, mortgage servicing rules, and rules regarding consumer protections. "Today's proposal revises and clarifies certain aspects of our rules to ease implementation and to pave the way for more effective consumer protections in the marketplace," said Richard Cordray, director of the CFPB. Monday's proposals also addressed the ban on financing credit insurance premiums.

The Texas Mortgage Bankers Association (TMBA) announced the election of Susan Stewart at president for 2013-2014. Stewart is the president and CEO of SWBC Mortgage Corporation, a full-service mortgage banking firm. During her time there, she has guided the company through multiple acquisitions and the approval processes to become Fannie Mae and Ginnie Mae seller servicers.