Walter "Terry" Klein, formerly president and chief executive officer of First Nationwide Mortgage Corp., has joined Ocwen Technology Xchange as its executive vice president and national sales manager.Mr. Klein has also served as chairman and CEO for both Sears Mortgage Corp. and PNC Mortgage. In his new role, Mr. Klein will be responsible for leading OTX's sales initiatives for OTX products such as REALTrans, REALServicing, and REALSynergy. Arthur Ringwald, OTX's president and CEO, said Mr. Klein's servicing experience "rounds out the mortgage origination, default management, and special servicing experiences of the OTX senior management team." OTX can be found on the Web at http://www.otx.com.
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OceanFirst's own press release points out the federal government has obtained $120 million in relief in similar cases since 2021.
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The Federal Reserve chair said he supports the revised proposal outlined by Vice Chair for Supervision Michael Barr and said the new proposal would get a vote by the full Board of Governors early next year.
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Short-term rate cuts often don't immediately translate to lower financing costs for 30-year home loans, and there are some unique circumstances this time.
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The government agency also finalized a rule that will bring virtual home buyer counseling services to consumers.
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The move signals the end of the Federal Reserve's battle against runaway inflation in the wake of the COVID-19 pandemic. Fed officials expressed divergent views on further action this year.
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The industry leader is the third wholesale competitor to allow larger mortgages months ahead of the government's official announcement.
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