Tag Archives: Company News

An executive shake-up is underway at PHH Corp. The company's president and CEO, Jerome Selitto, recently announced his resignation, and simultaneously, PHH moved to appoint Glen Messina to the position. Messina, who has acted as PHH├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós chief operating officer since July 20ll, has previously been the chief financial officer and CEO for the mortgage division of General Electric Co. The personnel swap follows negative ratings and estimates for PHH; the company's stock has dropped by 25 percent during the past month and is down 45 percent from numbers seen six months ago.

One Army veteran is enjoying a happy start to 2012, thanks to an important gift bestowed by GMAC Mortgage, LLC.The company recently donated a newly renovated home to a First Sergeant who was wounded overseas while serving the country in 2005. GMAC confirmed that the recipient of the property is 1st Sgt.

Investment advisory firm American Realty Capital is welcoming a new senior vice president to start the new year, with the announcement that Andrew Winer will join the company as its leader of strategic debt initiatives. In joining the company, Winer will handle advisory services for multiple ARC partners, as well as facilitating the development of corporate lines of credit for the company's investment programs.

It's a match for Titan Lenders Corp. and PHH Mortgage Corporation. The two companies recently announced the initiation of a strategic partnership, and through the collaboration, PHH Mortgage will gain access to Titan's fulfillment outsourcing services.

Fitch Ratings revealed some bad news for the U.S. recently, releasing updated statistics that indicate the country's AAA sovereign debt rating could be in jeopardy as early as 2013. The agency stated in its report that, should policymakers fail to make strides in curbing the federal deficit, the nation will lose its current rating. The company is now forecasting a possible downgrade if the fiscal picture in the country grows more precarious over the next 12 to 18 months.

Consumer sentiment is on the uptick, at least according to a new index released by Thomson Reuters/University of Michigan. During the month of December, U.S. consumers showed a 2.2-point increase in positive economic sentiment, representing the highest recording since June of this year. The index's mid-month evaluation of consumers' attitudes rang in at 69.9, and the current figure demonstrates the fourth consecutive month of growth.

Sun National Bank is updating is commercial lending team, with the addition of two new executives. Targeting support and growth for its middle market and commercial real estate business, Sun National has hired Anthony W. LaMarca and Joseph C. Tkac. LaMarca is joining Sun National as the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós senior vice president and wholesale regional manager for its south New Jersey and Philadelphia markets.

Texas-based Supreme Lending is expanding its reach, with the recent announcement that the company added branches in Alabama. The five new locations, which are spread throughout the Southern state, are part of Supreme's growth strategy plan for 2012. Currently, Supreme's Alabama branches close nearly $500 million mortgages per year. Supreme's decision to extend its service area builds on the company's proprietary technologies and its in-house operations for underwriting, closing, and funding loans.

In accordance with the government's updated Home Affordable Refinance Program (HARP 2.0), United Wholesale Mortgage has announced its successful implementation of the December 1 enhancements to the initiative. The federal program, which is designed to help facilitate refinancing for distressed homeowners, is expected to increase the number of participants who are eligible for assistance.

InHouse Inc. is working to abbreviate the time it takes lenders and appraisers to deliver the correct documentation to the government-sponsored enterprises. The company recently announced that it now offers users a faster, easier method of integration and compliance with the Uniform Collateral Data Portal. Providing technology services for banks, lenders, credit unions, and other mortgage originators, InHouse will help the companies it works with adapt to the UCDP in a matter of weeks.