Patrick Barnard on EmailPatrick Barnard on Rss
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.
Page 253

BofA Ships More Mortgage-Related Jobs Overseas

Posted by Patrick Barnard on June 28, 2013

Seeking to reduce operational costs in its appraisal division, Bank of America Corp. (BofA) has reportedly opened a unit in India to review home-valuation reports. Workers in the new facility in Bangalore follow checklists to determine if appraisals are complete, [Read More]

FHFA Nominee Watt Gets Grilled By Senate Banking Committee

Posted by Patrick Barnard on June 28, 2013

Congressman Mel Watt, D-N.C., President Obama's nominee to head the Federal Housing Finance Agency (FHFA), reportedly told members of the Senate Banking Committee on Thursday that he supports plans to liquidate government-sponsored enterprises Fannie Mae and Freddie Mac and would [Read More]

Stein: Fed Could Start Wind-Down Of Stimulus Come September

Posted by Patrick Barnard on June 28, 2013

In a speech to the Council on Foreign Relations on Friday, Federal Reserve Gov. Jeremy Stein echoed statements made last week by Chairman Ben Bernanke that the Fed would start tapering its bond-buying starting in the fourth quarter. However, Stein [Read More]

CoreLogic Partners With WSI To Track Weather Events

Posted by Patrick Barnard on June 28, 2013

CoreLogic is partnering with Weather Services International (WSI) to track the risk of weather-related events to residential and commercial properties across the U.S., starting with the number of cloud-to-ground lightning strikes. By integrating WSI hazard data with its RiskMeter Online [Read More]

Chris Nielsen Joins Redfin As CFO

Posted by Patrick Barnard on June 27, 2013

Chris Nielsen, former chief financial officer and chief operating officer of online footwear retailer Zappos.com, has joined real estate brokerage Redfin as chief financial officer. While at Zappos, Nielsen oversaw the company's financial and fulfillment operations. Prior to Zappos, he [Read More]

Jones Lang LaSalle Acquires Quadrant Realty Finance

Posted by Patrick Barnard on June 27, 2013

In keeping with its strategy to grow through acquisition, Chicago-based Jones Lang LaSalle (JLL), a multinational financial and professional services company specializing in real estate, has acquired Dallas-based Quadrant Realty Finance (QRF), a firm specializing in debt and equity origination. [Read More]

NAR: Rising Mortgage Rates Boosted Pending Home Sales In May

Posted by Patrick Barnard on June 27, 2013

Pending home sales increased 6.7%, month over month, in May to reach the highest level since late 2006, according to the National Association of Realtors' (NAR) Pending Home Sales Index. That is an increase of 12.1% from May 2012. The [Read More]

Former LPS Exec Gets Five Years For Mortgage Fraud Scheme

Posted by Patrick Barnard on June 27, 2013

It is one of the few criminal prosecutions of a top mortgage executive stemming from the recent housing crisis: Lorraine Brown, former chief executive of Lender Processing Services Inc.'s (LPS) DocX unit before it was shuttered in 2010, was sentenced [Read More]

Freddie Mac: Spike In Interest Rates Won’t Slow Recovery

Posted by Patrick Barnard on June 27, 2013

Fixed mortgage rates shot up from 3.93% last week to 4.46% this week, the largest weekly increase since 1987, according to Freddie Mac's Primary Mortgage Market Survey. Rates reached their highest level since July 2011, but that will not slow [Read More]

LPS: Foreclosure Inventory On The Decline

Posted by Patrick Barnard on June 26, 2013

As the rate of foreclosure in the U.S. continues to drop, so is the inventory of foreclosed homes. According to Lender Processing Services' (LPS) ‘first look’ report for May 2013, the total U.S. foreclosure presale inventory rate hit 3.05% in [Read More]

Study: People With Poor Math Skills More Likely To Default On Their Mortgage

Posted by Patrick Barnard on June 26, 2013

People who stink at math are more likely to default on their mortgage, a study published in Proceedings of the National Academy of Sciences finds. The report, ‘Numeric Ability Predicts Mortgage Default,’ by Kristopher Gerardi of the Federal Reserve Bank [Read More]

Report: Tight Credit Is Slowing Housing Recovery

Posted by Patrick Barnard on June 26, 2013

Tight credit, particularly for young people, is hindering the housing recovery, according to research published at the Joint Center For Housing Studies at Harvard University. According to the State of the Nation's Housing 2013 report, the recession has significantly boosted [Read More]

S&P/Case-Shiller: Home Prices Jumped 1.7% In April

Posted by Patrick Barnard on June 26, 2013

U.S. home prices increased an average of 1.7%, seasonally adjusted, in April compared to March in the top 20 metropolitan markets, according to the April 2013 S&P/Case-Shiller Home Price Index. Similarly, home prices increased 1.8%, seasonally adjusted, for the top [Read More]

United Shore Financial Services Selects Mark Hammond As Co-Chairman

Posted by Patrick Barnard on June 26, 2013

Mark Hammond, formerly with Flagstar Bank, has joined United Shore Financial Services as co-chairman. Hammond served in multiple executive management roles at Flagstar Bank, including CEO, president and vice chairman. He helped grow the company from a de novo bank [Read More]

Fed’s Announcement On Tapering Spurs 3% Dip In Mortgage Applications

Posted by Patrick Barnard on June 26, 2013

Interest rates spiked following the Federal Reserve's announcement last Wednesday that it would start tapering its stimulus program at the end of this year. As a result of that rate spike, mortgage applications fell 3% last week, as indicated by [Read More]

Appraisal Nation Using Global DMS’ eTrac Platform

Posted by Patrick Barnard on June 25, 2013

Lansdale, Pa.-based Appraisal Nation has reportedly realized a tenfold increase in the number of appraisals it is able to process since implementing Global DMS' eTrac platform about a year ago. With Global DMS' eTrac solution, Appraisal Nation has streamlined the [Read More]

New Home Sales Increased 2.1% In May Despite Rising Prices

Posted by Patrick Barnard on June 25, 2013

Separate reports from the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) confirm what many people already know: The U.S. housing market is rebounding. A joint report from HUD and the U.S. Census Bureau [Read More]

Plans To Liquidate Fannie And Freddie Gaining Support

Written by Patrick Barnard on June 25, 2013

Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac would be replaced with a single government guarantor known as the Federal Mortgage Insurance Corp. (FMIC) under legislation proposed by a bipartisan group of U.S. senators and introduced in the U.S. Senate [Read More]

Brillion Asset Solutions Using IndiSoft’s RxOffice Valuation Portal

Posted by Patrick Barnard on June 25, 2013

Newport Beach, Calif.-based Brillion Asset Solutions Inc., a commercial valuation services provider, is using IndiSoft's RxOffice Valuation Portal to connect its real estate agents and clients, including banks, credit unions, real estate investment trusts, private equity funds and hedge funds. [Read More]

Evolve Bank & Trust Grows Business With AMB System From Advantage Systems

Posted by Patrick Barnard on June 25, 2013

Memphis, Tenn.-based Evolve Bank & Trust has been able to handle a 25% increase in loan volume, without having to add new staff, since deploying the Accounting for Mortgage Bankers (AMB) system from Advantage Systems. The Web-based, real-time reporting solution [Read More]