Secondary Market

LRES, a California-based provider of commercial and residential valuations and asset management, welcomed Scott Pickell as its new VP of operations.

Houston-based Envoy Mortgage announced it has selected Financial Industry Computer Systems, Inc. (FICS), to manage its loan servicing department with the help of the Mortgage Servicer platform.

After falling in April and May, the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) resumed its upward trend in June, NAHB reported. According to the association, the number of U.S. housing markets showing sustained growth in housing permits, home prices, and employment rose to 263 in June, five more than May's total. The index grew for several months to a record high of 274 in March before falling to 273 in April and then 258 in May.

The nation's economy grew at a "modest to moderate pace" from early April through the end of May, the Federal Reserve said Wednesday in its periodic Beige Book. The report cited growing strength in the housing and residential construction sector and the impact on the broader economy, with residential real estate and construction activity increasing "at a moderate to strong pace in all Districts." In addition, "overall bank lending improved modestly since the previous report."

In Michigan, United Shore Financial Services (USFS) announced the appointment of Mat Ishbia to CEO. Ishbia currently serves as president of USFS and its wholesale operation, United Wholesale Mortgage (UWM), which has become the fourth largest wholesale mortgage lender in the United States under his leadership.

Total Mortgage Services, LLC announced it has been approved as a Ginnie Mae issuer for the GNMA I and II single-family mortgage-backed securities (MBS) program.

Alliant National Title Insurance Company, a title insurance underwriter headquartered in Longmont, Colorado, announced the hiring of Tim Tillman as VP, Tallahassee and Northwest Florida agency manager.

The Mortgage Bankers Association (MBA) released the third paper in its series on secondary market reform.

Guardian Mortgage Company, an independent mortgage lender with offices in Texas and Michigan, is seeking help to raise relief funds for Oklahomans affected by the Moore tornado on May 19.

As National Homeownership Month kicks off, the NAHB is taking a look at the features today's young homebuyers want most.