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Patrick Barnard
Patrick Barnard is a seasoned journalist with more than 20 years of experience in newspapers, magazines and online media. Prior to becoming editor for MortgageOrb.com, as well as Secondary Marketing Executive and Servicing Management magazines, he worked as a regional editor for AOL's Patch Media, covering daily news in lower Fairfield County, Conn. He also held editor roles with Technology Marketing Corp. and Penton Media. He started his career in journalism as a reporter for The Darien Times, a weekly newspaper servicing Darien, Conn., eventually rising to the rank of editor. He has also done freelance work for a number of publications. He can be reached at pbarnard@zackin.com.
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Will Extending HARP Do Much?

Posted by Patrick Barnard on September 15, 2017

The Federal Housing Finance Agency (FHFA) recently announced that it is, once again, extending the Home Affordable Refinance Program – this time for another 15 months through Dec. 31, 2018. The program, which was set to end on Sept. 30, has been [Read More]

New Trade Association Aims To Make Detroit A Major Hub For Fintech

Posted by Patrick Barnard on September 14, 2017

Nonprofit trade organization formed to grow and highlight the existing culture of technology-driven financial services in Detroit.

Mortgage Lender New American Funding Opens New Branch In San Jose

Posted by Patrick Barnard on September 14, 2017

Direct mortgage lender New American Funding reports that it has opened a new branch in downtown San Jose, Calif. The new branch in the heart of Silicon Valley occupies about 4,000 square feet of contemporary office space on the top [Read More]

Black Knight: Purchase Lending in Q2 Hit Highest Level Since 2007

Posted by Patrick Barnard on September 14, 2017

Purchase lending in the second quarter hit its highest level since 2007, according to Black Knight’s most recent Mortgage Monitor report. About $467 billion in first lien mortgages, including both purchases and refinances, were originated in during the second quarter, [Read More]

Freddie Mac: Mortgage Rates Hold Near Year-to-Date Low

Posted by Patrick Barnard on September 14, 2017

Mortgage rates held near last week’s year-to-date low, according to Freddie Mac’s Primary Mortgage Market Survey. During the week ended Sept. 14, the average rate for a 30-year fixed-rate mortgage (FRM), based on closings, was 3.78%. A year ago it [Read More]

Brian Montgomery Tapped to Serve Second Tour as FHA Commissioner

Posted by Patrick Barnard on September 13, 2017

The Trump administration on Tuesday announced its intention to nominate Brian Montgomery as commissioner of the Federal Housing Administration (FHA). Montgomery, who previously served as FHA commissioner under George W. Bush, currently works as vice president of the Collingwood Group, [Read More]

HUD Changes The Rules For HECMs, Again

Written by Patrick Barnard on September 13, 2017

Will these recent rule changes benefit borrowers? And will they help stem the losses in the MMIF?

Fiserv Launches Solution Supporting Final CECL Standards

Posted by Patrick Barnard on September 13, 2017

Fiserv, a provider of technology and services to the mortgage industry, has launched Prologue Credit Loss Manager, a software solution that provides support for the final Current Expected Credit Loss (CECL) standards from the Financial Accounting Standards Board. The CECL [Read More]

MBA: Mortgage Applications Jumped Nearly 10% Labor Day Week

Posted by Patrick Barnard on September 13, 2017

Applications for purchases increased 11% compared with the previous week, while applications for refinances increased 9%.

Factual Data Promotes Jay Giesen to President

Posted by Patrick Barnard on September 12, 2017

Jay Giesen has been promoted to president at Factual Data, a provider of credit and verification services to the mortgage industry. Giesen has been with the Colorado-based organization since January 2014, most recently serving as senior vice president. Prior to [Read More]

Scott Arnold Promoted to SVP of Finance and Administration at DIMONT

Posted by Patrick Barnard on September 12, 2017

Scott Arnold has been promoted to senior vice president of finance and administration at DIMONT, a provider of insurance claims adjusting and collateral loss mitigation services to the mortgage industry. Arnold joined DIMONT in October 2016 as vice president of [Read More]

CoreLogic: Mortgage Delinquency Rate Fell Again in June

Posted by Patrick Barnard on September 12, 2017

The mortgage delinquency rate fell to 4.5% in June, which is a decrease of 0.8 percentage points compared with June 2016, when it was 5.3%, according to CoreLogic’s Loan Performance Insights Report. In addition, the foreclosure inventory rate stood at [Read More]

MBA: Mortgage Credit Loosened in August

Posted by Patrick Barnard on September 11, 2017

Mortgage credit availability increased slightly in August compared with July, rising 0.7% to a score of 180.2 on the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI). The index was benchmarked to a score of 100 in March 2012. [Read More]

CoreLogic: 34% of Homes in Major Cities Are Overvalued

Posted by Patrick Barnard on September 11, 2017

U.S. home prices increased 0.9% in July compared with June and increased 6.7% compared with July 2016, according to CoreLogic. The Western states led the nation in home price growth in July, with Washington and Utah experiencing double-digit year-over-year increases. [Read More]

Jim Vaca: For Mortgage Servicers, Vendor Management Isn’t a Part-Time Job

Written by Patrick Barnard on September 11, 2017

PERSON OF THE WEEK: Jim Vaca is vice president of vendor management operations at Altisource, a provider of software and services to the mortgage servicing industry. MortgageOrb recently interviewed Vaca to get his take on how mortgage servicers should approach [Read More]

Lenders React to Freddie Mac Policy Change Affecting 1% Down Programs

Written by Patrick Barnard on August 16, 2017

Does Freddie want to see borrowers have more “skin in the game”?

Jeff Sandman: Appraiser Attrition Problem Will Take ‘Concerted Effort’

Written by Patrick Barnard on July 31, 2017

PERSON OF THE WEEK: The debate rages on: Is there really an “appraiser shortage” as some claim? And will technology and automation one day replace human appraisers? Jeff Sandman, co-founder of national appraisal management company Pendo Management Group, based in [Read More]

CoreLogic: Mortgage Application Fraud Risk Up Slightly In Q2

Posted by Patrick Barnard on July 28, 2017

The risk of fraud in mortgage applications increased in the second quarter, rising to a score of 133 on CoreLogic’s National Mortgage Application Fraud Risk Index. That’s up from a score of 132 in the first quarter and up sharply [Read More]

Embrace Home Loans Taps Patrick Mullen To Head Up Recruiting

Posted by Patrick Barnard on July 28, 2017

Mortgage industry veteran Patrick Mullen recently joined Embrace Home Loans as director of recruiting. Mullen has more than 20 years of experience in executive search and corporate talent acquisition. He has a strong background working with both national and local [Read More]

Freddie Mac: Average 30-Year Rate Fell Four Basis Points

Posted by Patrick Barnard on July 28, 2017

Mortgage rates dipped slightly this past week, with the average rate for a 30-year fixed-rate mortgage (FRM) falling to 3.92%, down from 3.96%, according to Freddie Mac’s Primary Mortgage Market Survey. The 10-year Treasury yield rose five basis points, according [Read More]