Tag Archives: Company News

The American Legal & Financial Network (ALFN) recently released a brief statement announcing the resignation of the organization's current president and CEO, William LeRoy. The Missouri-based group extended few details surrounding LeRoy's departure, but the ALFN did indicate that LeRoy's resignation would be effective immediately.

In Colorado, MountainView Servicing Group has announced the upcoming sale of an estimated $129 million in Ginnie Mae mortgage servicing rights. The servicing portfolio will go on the block on Tuesday, January 31, at noon (EST). MountainView's servicing portfolio auction encompasses 566 loans, and most of the loans - around 99 percent - are Federal Housing Administration fixed-rate mortgages.

As the new year chugs along, Central Pacific Financial Corp. (CPF) has added to its leadership with the announcement that Duane K. Kurisu will join the company's board of directors. With his appointment to CPF's board, Kurisu will now be serving as a director for both CPF and company subsidiary, Central Pacific Bank (CPB).

According to a recent report from the Center for Community Capital at the University of North Carolina, the new regulations surrounding qualified-residential mortgages will require creditworthy borrowers to take on a heavier financial burden when purchasing a mortgage, and many potential buyers may be pushed out of the mortgage market altogether. The controversial QRM rule, which is contained in the Dodd-Frank Act, has been the subject of lengthy debates since it was first proposed, and the regulatory move is largely unpopular both on Capitol Hill and Wall Street.

The Federal Housing Finance Agency (FHFA) reported a 1.0 percent rise in U.S. house prices between the timeframe of October to November. The previously reported 0.2 percent decrease in October was revised downward to reflect a 0.7 percent decrease, according to FHFA. Dr. Alex Villacorta of Clear Capital delivered insights on the recent findings, stating in part, "As this index is calculated using sale prices from only the conforming loan segment of the market, it has a tendency to understate both gains and losses than the broader market."

During the month of November alone, Fannie Mae and Freddie Mac handled approximately 36,000 mortgages versus October's 34,000 mortgages within the Home Affordable Refinance Program. President Obama's most recent proposition aims to assist more households in refinancing, and in the president's recent State of the Union address, he presented possible modifications to the Home Affordable Refinance Program stating that "responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief."

Ellie Mae, one of the top providers of automation solutions for the residential mortgage industry, announced today that David Robins would be joining their team as chief information officer (CIO). Robbins is the former chief technology officer (CTO) of NetApp, Inc.

The Collingwood Group launched a new risk management and compliance division, established with the January 2012 acquirement of GWN Consulting, LLC (GWN), a firm specializing in Federal Housing Administration (FHA) and Ginnie Mae risk management and quality control.

The Bankrate.com Financial Security Index made a leap in its recent release in January, from measuring a 95.8 in December to a 97.3, which is reported to be the highest score since June 2011, when the score was a reported 97.8. However, despite the seemingly positive outlook, consumers continue to feel uneasy with their financial security. Greg McBride, CFA, Bankrate.com's senior financial analyst, says, "Each of the components - job security, savings, debt, net worth and overall financial security - improved over the past months."

TMS Funding has added a new leader to its wholesale lending division. The company recently announced that Domenic Melillo has been hired as TMS Funding's vice president of wholesale lending.