Orb Staff

Darius Kingsley To Join Chase Bank As Co-General Counsel Of Mortgage

Posted by Orb Staff on May 30, 2013

Darius Kingsley, who served as chief of the Homeownership Preservation Office at the U.S. Treasury since 2011, has joined Chase Bank as co-general counsel of mortgage banking. Kingsley will share duties with Denise DesRosiers, who has been with the bank's [Read More]

AmeriFirst Home Mortgage Now Ninth Largest RD Lender In U.S.

Posted by Orb Staff on May 30, 2013

U.S. Department of Agriculture figures show that AmeriFirst is now the ninth largest rural development (RD) mortgage lender in the U.S. and the No. 1 rural development lender in Michigan. The company financed more than 1,200 RD mortgages in Michigan [Read More]

Van Wagenen Introduces New Real Estate Insurance Tracking Solution

Posted by Orb Staff on May 30, 2013

Van Wagenen Financial Services, specializing in collateral protection, has introduced new commercial real estate insurance tracking software that it claims reduces the amount of time and resources needed to manage risk on commercial property mortgage portfolios. The company says the [Read More]

Short Sales, Foreclosures Dive As Home Prices Rise, RealtyTrac Says

Posted by Orb Staff on May 30, 2013

On the heels of a report from Fitch Ratings released earlier this week showing that short sales of residential properties continued to rise during the past year, a report from RealtyTrac released Wednesday finds that short sales activity declined sharply [Read More]

Making Home Affordable Program Extended, QM Rules Modified

Posted by Orb Staff on May 30, 2013

Despite signs that the U.S. housing market is on the mend, millions of homeowners are still struggling to pay their mortgages. To provide them with more assistance and speed the recovery, the Obama administration on Wednesday extended the deadline to [Read More]

Mortgage Application Volume Drops As Rates Spike

Posted by Orb Staff on May 29, 2013

Mortgage applications fell almost 9% last week, on an unadjusted basis, compared to the week prior as interest rates jumped to their highest level in a year, the Mortgage Bankers Association (MBA) reported on Wednesday. On a seasonally adjusted basis, [Read More]

American Realty Capital Properties To Buy CapLease For About $2.2B

Posted by Orb Staff on May 29, 2013

About a month after its failed bid to acquire Cole Credit Property Trust III Inc., American Realty Capital Properties Inc. (ARCP) says it plans to acquire CapLease Inc. for approximately $2.2 billion. Providing the deal musters the usual regulatory approvals, [Read More]

Cy Brinn Joins VirPack As COO

Posted by Orb Staff on May 29, 2013

Cy Brinn, a veteran in the field of lending automation, is joining mortgage technology solution provider VirPack as chief operating officer. Brinn comes to VirPack from PCLender, a Lender Processing Systems business unit, where he helped the company realize a [Read More]

Home Prices Return To 2003 Levels, According To S&P/Case-Shiller Index

Posted by Orb Staff on May 29, 2013

U.S. house prices rose 10.2% from March 2012 to March 2013, the largest year-over-year increase in close to seven years, according to the S&P/Case-Shiller Home Price Index. The increase brings U.S. house prices back to their 2003 levels, according to [Read More]

CoreLogic: Foreclosure Inventory Down 24 Percent

Posted by Orb Staff on May 29, 2013

In yet another indication that the housing recovery is on track, CoreLogic reports that foreclosures held steady in April, with fewer foreclosed properties in the pipeline. Last month there were 52,000 completed foreclosures in the U.S. – about the same [Read More]

Wingspan Portfolio Advisors Takes Dimont & Associates Under Its Wing

Posted by Orb Staff on May 29, 2013

Dallas-based Wingspan Portfolio Advisors has acquired hazard insurance claims management company Dimont & Associates. The deal, which expands Wingspan's capabilities and adds about 2,000 employees, is the second largest transaction for the company in 2013. Details of the transaction were [Read More]

Scott Gordon: With Social Media, Bankers Are ‘Behind The Times’

Posted by Orb Staff on May 29, 2013

PERSON OF THE WEEK: Scott Gordon is president and CEO of lender Open Mortgage LLC and author of the new book ‘Social Media for Loan Officers.’ MortgageOrb talked to Gordon this week to get a bit more information about the [Read More]

Citigroup Settles FHFA Lawsuit

Posted by Orb Staff on May 29, 2013

Citigroup Inc. has reportedly settled a lawsuit brought by the Federal Housing Finance Agency (FHFA) for allegedly misleading government-sponsored enterprises Fannie Mae and Freddie Mac into buying $3.5 billion of mortgage-backed securities. Terms of the settlement were not disclosed. This [Read More]

Total Mortgage Services Now A Qualified Ginnie Mae Issuer

Posted by Orb Staff on May 29, 2013

Having mustered the rigorous screening process to determine its eligibility, Total Mortgage Services Inc. has been approved as a Government National Mortgage Association (Ginnie Mae) issuer for the GNMA I and II single-family mortgage-backed securities program, the company reports. Now [Read More]

StreetLinks To Launch AppraiserPlus Program

Posted by Orb Staff on May 28, 2013

StreetLinks Lender Solutions plans to launch a new program that will allow appraisers to work more efficiently by removing the traditional hurdles of micromanagement and post-completion appraiser payment cycles. StreetLinks' AppraiserPlus program, set to launch in August, is designed to [Read More]

Freddie Mac’s Mortgage Portfolio Increases 0.6 Percent In April

Posted by Orb Staff on May 28, 2013

Freddie Mac reports that its mortgage portfolio increased at an annualized rate of 0.6% in April. In its Monthly Volume Summary, the GSE says its single-family refinance-loan purchase and guarantee volume was $35.8 billion last month, representing 76% of total [Read More]

Bernanke Says It’s Premature To Put Brakes On Federal Stimulus

Posted by Orb Staff on May 28, 2013

Is it time to wean Fannie Mae and Freddie Mac from the Federal Reserve Bank? Or is it too soon to phase out the Fed's so-called ‘quantitative easing program,’ with its monthly purchase of $85 billion in government bonds, including [Read More]

U.S. Banks To Outsource More Mortgage Processes

Posted by Orb Staff on May 28, 2013

With an expanding regulatory framework driving greater complexity in back-office operations, some of which requires investment in additional staff, U.S. banks are increasingly outsourcing some of the onerous work involved in servicing mortgages to business process outsourcing (BPO) firms in [Read More]

To Avoid Foreclosure, U.S. Homeowners Increasingly Resorting To Short Sales

Posted by Orb Staff on May 28, 2013

A report from Fitch Ratings finds that short sales of residential properties continue to rise. According to the firm's RMBS Servicing Index – U.S.A. report, loan modifications have slowed in recent months, due to declines in mortgage delinquencies, while short [Read More]

Lloyds To Sell $8.7 Billion In Mortgage Bonds

Posted by Orb Staff on May 28, 2013

In an effort to raise capital by selling non-core assets, Lloyds Banking Group is reportedly looking to auction about $8.7 billion of U.S. mortgage securities. According to a report on 4-traders.com, citing an unnamed source, the firm, which is 39% [Read More]