Tag Archives: Company News

The government sponsored enterprises are feeling the heat from Bank of America. A recent filing from BAC targets Fannie Mae and Freddie Mac, stating that the criteria by which the GSEs are ultimately willing to resolve claims have become more rigid over time. By the numbers, BAC sold an estimated $1.1 trillion in mortgage loans to Fannie and Freddie between 2004 and 2008, and during the second quarter of this year, approximately $121 billion of the GSE-owned loans were in default or more than 180 days in arrears.

CoreLogic was the bearer of some positive housing market news recently, with its announcement that home pricing is on the rise for the third consecutive month. Data from CoreLogic indicates that the results from its Home Price Index for June demonstrate a 0.7 percent increase in the market, building on similar statistical improvements recorded in May and April. CoreLogic notes that pricing is still depressed by 6.8 percent compared to last year's numbers.

BancorpSouth, Inc., is bolstering its audit committee with the addition of Warren A. Hood, Jr. The bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Board of Directors approved Hood as its replacement for former board member, R. Madison Murphy, who recently resigned from the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós directorship and was a member of the audit committee. Hood is the CEO and chairman of the board for his own enterprise, Hood Companies, Inc., which is comprised of three separate corporations. Current operations within Hood Companies include the manufacturing and distribution of building materials, consumer packaging products, and industrial packaging needs.

SunTrust is going global with United Way Worldwide. Recently named as a Global Corporate Leadership partner for the philanthropic organization, SunTrust has committed a $2.88 million gift from its SunTrust Foundation to the cause. Additionally, SunTrust already contributed $8.4 million during 2010, $4 million of which was pledged by the company's employees, and logged more than 100,000 volunteer hours with United Way via SunTrust's Solid Gives Back initiative.

The Federal Reserve Bank of Cleveland has released its commentary on the broader economic effects of the recent closure of local bank branches, as lenders struggle to maintain bottom line viability in the marketplace. The brief, developed by Emre Ergungor and Stephanie Moulton, is titled, Do Bank Branches Matter Anymore?, and the authors├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó conclusions indicate that the general answer to that large and looming question is a resounding yes, with considerable social impact as a net loss in communities.

Making the annual list of industry technology leaders for another consecutive year, Financial Industry Computer Systems, Inc., got named to the Top 50 Service Providers, compiled yearly by Mortgage Technology.

Carrington Mortgage Services, LLC, is expanding via newly acquired assets from American Home Equity Corp. (AHE). Focused on growing its origination component, Carrington structured its purchase deal with AHE to enhance the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós wholesale retail channel.

Applied Business Software recently announced that U.S. Bancorp CDC is utilizing its servicing management platform, The Mortgage Office. U.S. Bancorp CDC will use the platform to service its tax credit loans.

According to results of a new survey by mortgage giant Freddie Mac, borrowers who were given the chance to refinance their mortgages showed a 77 percent success rate in maintaining or reducing their loan debt.

DecisionReady Solutions has found a new EVP, director of national sales and client relations in Matthew Lichtner. Recently hired into the role, Lichtner will oversee direct and indirect sales; marketing strategy; and market penetration among loan servicers, investors, and regulation agencies.