Tag Archives: Processing

Income at financial institutions insured by the FDIC rose during the second quarter, according to a report released Thursday by the agency. Total net income at FDIC-insured institutions increased 22.6 percent year-over-year to $42.2 billion in the second quarter. "Asset quality continues to recover, loan balances are trending up, fewer institutions are unprofitable, the number of problem banks is down, and the number of failures is significantly below levels of a year ago," said FDIC chairman Martin J. Gruenberg.

Consumers kept their cash--and credit cards--in their wallets in July as personal spending rose just 0.1 percent, while income increased 0.2 percent, the Bureau of Economic Analysis (BEA) reported Friday. Economists had expected income to grow 0.2 percent but thought spending would increase 0.3 percent.

Three prominent mortgage field service companies will fall under the ownership of one new holding company. The company, formed by Concentric Equity Partners (CEP) and TDR Capital (TDR), will own Mortgage Contracting Services, LLC (MCS), Asset Management Specialists, Inc., (AMS) and Vacant Property Specialists, LLC (VPS).

Trulia's Housing Barometer dialed up to 64 percent "back to normal" in July, the company reported.

Second quarter growth was calculated at a seasonally adjusted annual 2.5 percent rate, a sharp increase from the 1.7 percent initially reported for gross domestic product (GDP), the broadest measure of the nation's economy, a month ago.

Southwest Bank's own Tom Tallent has been elected as secretary/treasurer of the Texas Mortgage Bankers Association (TMBA) for the 2013-2014 term, the company announced.

Wipro Gallagher Solutions (WGS), a Wipro Technologies company headquartered in Tennessee, announced its integration with the Xerox Mortgage Services BlitzDocs network to provide lenders with improved communications and enhanced document imaging.

Responding to higher mortgage rates and higher prices, the National Association of Realtors' (NAR) Pending Home Sales Index (PHSI) slipped 1.3 percent in July--the steepest decline this year--to 109.5, the group reported Wednesday. Economists had expected the index for July would drop to 109.8, which would have been a 1.0 percent decline from June's 110.9. Despite the month-over-month decline, July's PHSI is up 6.7 percent over the same month last year.

While the national homeownership rate sat at a disappointing 65 percent as of the end of 2013's second quarter, data collected and published by the National Association of Realtors (NAR) shows local market conditions have created a huge gap between state homeownership figures. In a blog for the association, Ken Fears, NAR's manager of regional economics and housing finance policy, notes that the dispersion ranges equally around the national average, with a gap of 22.4 percentage points between the top and bottom states.

Churchill Mortgage, a Tennessee-based provider of conventional and government-insured residential mortgages across 30 states, named Cara Costa as its newest VP of operations.