Tag Archives: Company News

The Federal Reserve Bank of Cleveland has released its spring Forefront report addressing the budget shortfalls throughout the U.S. Examining the risk that weakening public finances have on specific regions of the country, the Cleveland Fed is forecasting an uncertain future for the country's financial stability. The pension funds, which would deliver a shock to the broader financial system upon failure, appear more stable than previous reports have suggested. The bank evaluated bank capital requirements and tax system tradeoffs.

Touting its unique platform, Tradeweb Markets LLC has announced that the company recently reached a new benchmark, with more than $1 trillion in mortgage securities risk offset through the use of its trading technology. Tradeweb credits the company's new round-robin functionality of its programs for its success in the to-be announced-mortgage-backed securities (TBA-MBS) market.

Capitol Hill staffers are getting a chance to learn more about the Certified Financial Planner Board of Standards, Inc. The company recently announced that it will hold a free clinic for Congressional employees on Tuesday, April 17. The financial planning initiative from CFP is part of the 2012 Financial Literacy Day, which was organized by Jump$tart Coalition for Personal Financial Literacy. Through the clinic, CFP will offer one-on-one personal finance consultation for participants. Attendees for the CFP event will gain advice on mortgages, debt management, and more.

The Mortgage Litigation Index for the final quarter of last year jumped to a record high according to recently released statistics. Findings from the index revealed that a rise in legal activity for the areas of criminal, servicing, and mortgage fraud served as the catalyst behind swelling litigation numbers. The total number of mortgage litigation cases during the fourth-quarter of 2011 increased to 244, representing just over a 10 percent uptick quarter-to-quarter. On a year-over-year basis, the case load rose dramatically from 151 during the fourth-quarter of 2010.

In Idaho, DocuTech has added two new team members within its mortgage document compliance division. The company recently hired Sandra Griebe to head up DocuTech's integration team, along with appointing Gregg Holsapple as vice president of product management. Griebe joins DocuTech as the company's director of integrations for its mortgage document compliance software. In her new role, Griebe will be responsible for managing and improving integration operations with national technology partners, ensuring that users benefit from simple access methods and product offerings.

A new study from FICO revealed that banking professionals are raising their expectations for loan repayments and credit availability. The survey, which was conducted by the Professional Risk Managers' International Association (PRMIA) on behalf of FICO, showed a reversal in sentiments among U.

Massachusetts-based lender Mortgage Master, Inc., has hired a new leader for its sales division. The company recently announced the appointment of Donald Henig as Mortgage Master's national sales director.

V.I.P. Mortgage is increasing its footprint in Tucson, Arizona. The company recently announced that it conducted in excess of $113 million in mortgage loans during 2011, and V.I.P. also noted that it is continuing to add home loan specialists within its Tucson branch, hiring nearly a dozen personnel last year alone. The company has merged two of its loan groups in the city, combining V.I.P. teams led by Rob Purvis and Jim Kaiser. Currently, V.I.P. has a total of 35 employees in Tucson.

Mortgage Contracting Services (MCS) has been selected by Gateway Mortgage Group as the company's partner for property inspection and preservation needs. Targeting enhanced efficiency for the property-related management of its servicing portfolio, Gateway chose Florida-based MCS for streamlined support.

In Michigan, United Wholesale Mortgage is adding a new mortgage loan product to its portfolio, recently announcing that the company would begin offering loans from the U.S. Department of Agriculture. UWM seeks to enhance its existing government platform of Federal Housing Administration and Veterans Affairs loan programs through the extension of USDA loans. The USDA products from UWM will be comprised of 30-year fixed rate, 0 percent down mortgages with finance closing costs, competitively low rates, and financed appliances with minimal restrictions.