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Tag Archives: Investors

MCS Appoints Chief Technology Officer


Mortgage Contracting Services (MCS), a nationwide provider of property preservation, inspections, and property maintenance to the financial services industry, named Robert Colbeck as chief technology officer.

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Servicing Gains Offset Production Declines in Q3

Mortgage loan production suffered among independent mortgage bankers throughout the third quarter--but servicing revenues are helping to ease the pain for those with portfolios, Richey May revealed in its latest quarterly report. Overall, net income declined 60 basis points from the second quarter, though a 0.07 percent increase in the average value of servicing portfolios helped offset losses at those with servicing interests, Richey May reported.

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Spending Stalls for Home Construction in October

The Census Bureau released on Monday its construction spending numbers for both September and October, catching up on releases delayed by the partial government shutdown. In September, total construction spending was at a seasonally adjusted annual rate of $901.2 billion, down from August's $903.8 billion. Spending for total residential construction, however, perked up, rising to an annual rate of $334.5 billion. Spending on homebuilding in October was down from the previous month, falling to an estimated rate of $332.9 billion.

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FHFA, GSEs Overhaul Mortgage Insurance Master Policy

Moving forward on another of its performance goals for 2013, the Federal Housing Finance Agency (FHFA) announced Monday that Fannie Mae and Freddie Mac have completed a major overhaul of mortgage insurance master policy requirements. "Updating the mortgage insurance master policy requirements is a significant accomplishment for Fannie Mae and Freddie Mac," said FHFA acting director Ed DeMarco. "The new standards ... enhance the insurance protection provided to Fannie Mae and Freddie Mac, which ultimately benefits taxpayers."

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Consumer Sentiment Rebounds as Stagnant Outlook Emerges

The Index of Consumer Sentiment, a joint measure tracked by the University of Michigan and Thomson Reuters, rose to 75.1 for the final November tally, making up some of the ground lost in October, when it dropped to 73.2. Last year, the index was measured at 82.7. While November's improvement made up somewhat for October's shutdown-related losses, consumers still feel stung by the government's economic debate. Spontaneous negative references to the government's economic policies were made by 32 percent of Americans in November.

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