Tag Archives: Investors

Amherst Securities Group, LP, is welcoming a new leader for its fixed income securities division. The company recently announced the appointment of Dan Derby as vice president of the unit.

First time claims for unemployment insurance fell 6,000 for the week ended Aug 4 to 361,000, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 367,000 initial claims. The prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total was revised up to 367,000 from the originally reported 365,000.

New American Funding has a reason to celebrate the end of summer thanks to a recent honor bestowed on the company by _Top_ _Agent_ _Magazine_. The publication recently named New American├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós managing director, Patty Arvielo, to its annual roster of Top California Mortgage Vendors.

A new report from Bankrate.com shows significant declines in mortgage closing costs, pointing to a victory for the industry. According to the website's recent study, the average cost to close on a mortgage loan in the U.S. dropped by seven percent during the past year.

SunTrust PersonalBanking is under investigation by HUD regarding its FHA loan origination practices. HUD made its investigation known to the Atlanta-based bank in late April, and in a recent filing, the bank said, ├â┬ó├óÔÇÜ┬¼├àÔÇ£The Company is cooperating with the investigation.├â┬ó├óÔÇÜ┬¼├é┬Ø (At the time of this publication, SunTrust could not be reached for further comment.) According to the filing, HUD├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós investigation pertains ├â┬ó├óÔÇÜ┬¼├àÔÇ£generally to origination practices for FHA loans.├â┬ó├óÔÇÜ┬¼├é┬Ø Multiple news reports confirmed in June that HUD had issued subpoenas to SunTrust, MetLife, and U.S. Bancorp regarding FHA loan originations.

Stalled confidence in the economy and personal finances apparently hasn├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót brought down optimism in the housing market. Fannie Mae released its July 2012 National Housing Survey Tuesday, showing that consumer optimism regarding the slowly recovering housing market remained strong during the month. Survey respondents said they expect home prices to increase 1.7 percent in the next year, slightly down from the 2.0 percent survey high recorded in June, while 11 percent believe they will drop.

The former Brooklyn home of legendary artists and one-time couple Patti Smith and Robert Mapplethorpe is on the market for $1 million. Located in Clinton Hill, the property's price tag reflects Brooklyn's increasing popularity, but according to Zillow, the singer and photographer were lucky enough to snag the townhouse for just $80 per month back in the 60s.

Commercial banks eased standards for residential mortgage loans to meet a sharp increase in demand in the second quarter, the Federal Reserve reported Monday in its quarterly survey of bank lending standards. According to the quarterly survey, a net 52.5 percent of bank officers responding to the Senior Loan Officer Opinion Survey reported increased demand for traditional mortgage loans in the second quarter compared with a net 30.2 percent reporting stronger demand in the first quarter.

Shrinking inventory and shifts in sales composition have provided a foothold for housing prices to start climbing, according to Fiserv, Inc. The company released its Case-Shiller Home Price Insights Monday, showing that after six years of decline, home prices are finally starting to stabilize. Prices increased in 40 percent of the surveyed 384 metro areas in the first quarter of 2012, and the report showed that it's actually cheaper to buy than rent in many U.S. markets. Single-family home prices increased in 151 out of 384 metro areas in the first quarter of the year.

Universal Mortgage, Inc., has been acquired by Sterling Bancorp and its subsidiary, Sterling National Bank. Through the agreement between the New York-based companies, Universal's principals and their related teams will join Sterling's mortgage lending operations. Louis J. Cappelli, Sterling Bancorp's chairman and CEO stated, "We are acquiring a strong source of mortgage production that will complement our existing mortgage banking business and further enhance our significant level of non-interest income."