Tag Archives: Investors

Prospect Mortgage, LLC hired an industry veteran to lead the company's plans to grow its lending and loan servicing capabilities. Amy Brandt was selected as president of correspondent lending and servicing. In her new role, Brandt will help build Prospect's national correspondent lending platform and develop its loan servicing potential.

New private mortgage insurance hit a roadblock in September, according to Mortgage Insurance Companies of America's (MICA) monthly statistical report. MICA's member companies--Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc.--reported more than $398.6 billion in primary insurance in force for the month. That volume is up from August's $397.5 billion. While insurance in force increased, new insurance slowed down.

The state of the housing market continues to improve though recovery remains fragile, according to the October Housing Scorecard released Friday by the Obama administration. Along with the scorecard, the administration released special instructions for those administering the Making Home Affordable Program in areas affected by Hurricane Sandy. In areas directly impacted by Hurricane Sandy, servicers must offer at least three months forbearance to any homeowners eligible for Making Home Affordable who request forbearance.

Gateway Mortgage Group, a privately held mortgage company, is expanding into the Florida market with the opening of a new retail branch in Winter Park.

The housing market may close out the year with a whimper, according to data in Redfin's Real-Time Demand Pulse for November.

A lower supply of inventory and fewer distressed sales led to stronger home price gains across the country, the National Association of Realtors (NAR) revealed in a recent report. On a national level, the median price for existing single-family homes increased 7.6 percent to $186,100 in the third quarter of this year compared to last year, the strongest annual gain since first-quarter 2006. The median price for existing homes improved in 120 out of 149 areas since last year.

While admitting that creating mortgage lending regulations that prevent abuse without over-burdening community banks is "challenging," Federal Reserve governor Elizabeth A. Duke suggested Friday that policymakers "abandon efforts for a one-size-fits-all approach." Speaking before the Community Bankers Symposium in Chicago, Duke said the Federal Reserve has received a large volume of comments from community banks expressing concern over the proposed regulatory capital requirements.

Bank of America's Merrill Lynch unit lost in an attempt to throw out an action from the Federal Housing Finance Agency over mortgage-backed securities (MBS) sold to Fannie Mae and Freddie Mac. Merrill's motion to dismiss the case did not hold up under scrutiny from U.S. District Judge Denise Cote, who is overseeing claims filed by FHFA against Merrill and a number of other banks. Only days prior, Cote denied a similar motion filed by JPMorgan Chase.

360 Mortgage Group, a privately-owned mortgage bank, announced it is bringing on Kenny Deen to help expand the company's presence in Nevada. Deen is 360 Mortgage's newest account executive.

In a regulatory filing released Thursday, JPMorgan Chase revealed it has reached a settlement with the Securities and Exchange Commission (SEC) to resolve claims against itself and Bear Stearns. According to the filing, JPMorgan "has reached an agreement in principle" with the staff of the SEC to resolve claims under investigation. The SEC notified JPMorgan in January that it was considering pursuing claims after an examination of JPMorgan's and Bear Stearns' practices.