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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Nonbanks with servicing portfolios saw earnings dip, while expenses for most shot up in anticipation of more origination volume.
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The Great Financial Crisis changed not only how Luxury Mortgage operated, but what its name stands for, shifting from the high-end of the market, founder David Adamo said.
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Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
November 21 -
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.
November 21 -
Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
November 21 -
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.
November 21