S.A. Ibrahim, a 27-year veteran of the banking and mortgage industries, has been named chief executive officer of Radian Group Inc., a Philadelphia-based mortgage insurer and provider of credit enhancement products and services.Mr. Ibrahim, 53, succeeds Frank Filipps, who is retiring from Radian. The appointment is effective May 5. Mr. Ibrahim was most recently president and chief executive officer of GreenPoint Mortgage, and he was previously GreenPoint's chief operating officer, leading the company through the acquisition of Headlands Mortgage, Radian said. Mr. Ibrahim was also employed by American Express and by the mortgage lending unit of Chemical Banking Corp., where he was CEO and COO.
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Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
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Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
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Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
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The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
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Fannie Mae's latest economic forecast no longer expects mortgage rates to go below 6% next year, and that is affecting its views on loan origination volume.
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Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
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