Countrywide Financial Corp., Calabasas, Calif., has announced the promotions of seven executives.David Sambol, a senior managing director and chief of production, was promoted to executive managing director for loan originations and capital markets. Ann McCallion, chief administrative officer, was promoted to senior managing director of operations. Tom Boone, a senior managing director and chief of global processing, was promoted to senior managing director and chief administrative officer. Richard DeLeo, a managing director of loan administration, was promoted to senior managing director of loan administration. Susan Bow, executive vice president and senior deputy general counsel, was promoted to managing director, general counsel of corporate and securities, and corporate secretary. John Ardy, executive vice president for performance management, was promoted to managing director for corporate operations management. And Mark Elbaum, an executive vice president, was promoted to managing director and chief financial officer for the mortgage production segment.
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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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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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