Reverse Mortgage Solutions Inc. promoted chief operating officer Marc Helm to president. Helm, a founding partner of the Spring, Texas-based firm, replaces Ken Austin, who is leaving the company to pursue personal interests, a company statement said. Helm joined RMS after a career of 30 years in the mortgage-servicing sector. He is a former senior officer at Washington Mutual, where he was responsible for helping WaMu integrate all loan servicing acquisitions into its system. In addition, RMS hired Michael Clendennen as chief financial officer and Michael Kent as senior vice president of portfolio retention. Clendennen has served the past eight years as vice president and controller at Allied Home Mortgage Capital Corp., Houston. Kent has over 28 years of experience with regional and national lending institutions, including several senior management and executive positions. For the past eight years, he has owned and operated mortgage and real estate sales companies in Los Gatos, Calif.
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Fewer consumers applied for government-backed loans last week, with average interest rates for Federal Housing Administration loans stuck in the high 6% range.
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Broward County in Florida has the highest property tax increase since 2019, at 56.80%.
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Cases involving accusations of redlining, kickbacks, underpaid employees and more swept across the mortgage industry in recent months.
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Fees falling outside of tolerances cost the industry more than $1 million per 1,000 loans, according to an ICE Mortgage Technology study from earlier this year.
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Submit your production volume from last year to be considered among the top in your field. The deadline for submissions is Feb. 28, so don't dally!
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The Consumer Financial Protection Bureau released a proposed version of the consent order on Jan. 17 and the company involved said it was finalized that day.
January 21