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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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Sen. Elizabeth Warren Floats Two-Tiered Banking System Concept

Posted by Patrick Barnard on June 14, 2013

During a hearing of the Senate committee on Banking, Housing and Urban Affairs on Thursday, Sen. Elizabeth Warren, D-Mass., reportedly floated the idea of a two-tiered bank regulatory system that would have small community banks operate under a different set [Read More]

Zillow: Housing Inventory Has Increased Nationwide Since January

Posted by Patrick Barnard on June 14, 2013

Despite the fact that the number of for-sale listings nationwide was down 12.2% in early June, compared to early June 2012, inventory has improved since the beginning of the year, according to Zillow. The real estate data and services provider [Read More]

Experian: Mortgage Origination Volume Up 16% In First Quarter

Posted by Patrick Barnard on June 14, 2013

In what might be interpreted as a sign the economy is improving, a report from Experian shows that there was a 16% year-over-year increase in mortgage origination volume and a 20% increase in bankcard limits in the first quarter of [Read More]

CFPB Adds Regulatory Implementation Page To Website

Posted by Patrick Barnard on June 14, 2013

In an effort to ensure the mortgage industry is ready to comply with new borrower protection laws, the Consumer Financial Protection Bureau (CFPB) has added a new Regulatory Implementation page to its website. This new resource consolidates all of the [Read More]

RealtyTrac: U.S. Foreclosure Rate Increased 2% In May

Posted by Patrick Barnard on June 13, 2013

After hitting a 74-month low in April, foreclosure activity increased 2% in May, according to RealtyTrac's U.S. Foreclosure Market Report. Altogether, 148,054 U.S. properties saw foreclosure actions – including default notices, scheduled auctions and bank repossessions – in the month [Read More]

Reverse Mortgage Stabilization Act Aims To Stem FHA’s Losses

Posted by Patrick Barnard on June 13, 2013

Legislation passed in the House of Representatives Wednesday would limit the size of initial lump sum payments that lenders offer reverse mortgage borrowers and require escrow accounts to cover taxes and insurance. The Reverse Mortgage Stabilization Act of 2013, the [Read More]

LoanDepot To Hire Up To 1,000 Workers For New Texas Office

Posted by Patrick Barnard on June 13, 2013

Anticipating a rebound in the housing market over the next several years, California-based, post-crisis home mortgage company LoanDepot.com has opened a new office in Plano, Texas this week. The company, which launched in 2010, said that over the next three [Read More]

JPMorgan Chase To Cut 1,800 More Jobs In Mortgage Unit

Posted by Patrick Barnard on June 13, 2013

With delinquencies and foreclosures waning, JPMorgan Chase is reportedly cutting 1,800 more jobs in its mortgage servicing unit, many of them call center workers charged with soliciting payments from past-due borrowers. Most of the layoffs will occur at JPMorgan Chase [Read More]

Fannie And Freddie Still On Shaky Ground, FHFA Says

Posted by Patrick Barnard on June 13, 2013

Although government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac have returned to profitability, prompting many in the mortgage industry to question whether they need to remain in conservatorship, the Federal Housing Finance Agency (FHFA) said in its annual Report to [Read More]

Allied Partners, Brickman Buy New York’s Brill Building For $185.5M

Posted by Patrick Barnard on June 13, 2013

Real estate investor Eric Hadar of Allied Partners and private equity firm Brickman have reportedly purchased New York's iconic Brill Building in a deal valued at about $250 million. The historic landmark, located on Broadway, has been a ‘nerve center’ [Read More]

Former President Of U.S. Mortgage Pleads Guilty To Defrauding Wells Fargo

Posted by Patrick Barnard on June 12, 2013

Earl Gross, former president and CEO of U.S. Mortgage, pleaded guilty Tuesday to one count of bank fraud for his alleged role in defrauding Wells Fargo Bank of more than $8 million in a complex mortgage scheme. According to court [Read More]

CoreLogic: Underwater Mortgages Fall As Home Prices Rise

Posted by Patrick Barnard on June 12, 2013

Due mostly to rising home prices, the percentage of U.S. residential mortgages that were in negative equity or ‘underwater’ at the end of the first quarter fell to 19.8%, or 9.7 million, according to CoreLogic's first quarter home equity report. [Read More]

Platinum Data Hires Bill King As SVP Of Valuation Solutions

Posted by Patrick Barnard on June 12, 2013

Bill King has joined collateral valuation and risk assessment solutions provider Platinum Data Solutions as senior vice president, valuation solutions. King, who has more than 30 years of experience in the mortgage and valuation industries, was previously director of valuation [Read More]

Study Shows Minorities Face ‘Subtle’ Housing Discrimination

Posted by Patrick Barnard on June 12, 2013

Real estate agents and rental housing providers recommend and show fewer available homes and apartments to minority families, according to a study released Tuesday by the U.S. Department of Housing and Urban Development (HUD) and the Urban Institute. The report, [Read More]

ResCap Gets Court Approval To Repay Creditors

Posted by Patrick Barnard on June 12, 2013

A U.S. bankruptcy judge has ruled that defunct mortgage company Residential Capital LLC (ResCap) may proceed with repaying more than $1.9 billion in debt – including $1.1 billion to parent Ally Financial – which it borrowed before filing for Chapter [Read More]

JEM Real Estate Using The Mortgage Office For Loan Servicing

Posted by Patrick Barnard on June 12, 2013

Ohio-based JEM Real Estate Partners has selected Applied Business Software Inc.'s The Mortgage Office loan servicing software to manage its growing loan portfolio. With this flexible loan servicing solution, JEM Real Estate will be able to manage its portfolio of [Read More]

MBA: Mortgage Application Volume Up 5%

Posted by Patrick Barnard on June 12, 2013

Due in part to increased activity over Memorial Day weekend, which has traditionally been a busy time for home shopping, mortgage application volume increased 5%, on an adjusted basis, for the week ending June 7, compared to the week prior, [Read More]

FHFA: Refinance Frenzy Continued Through March

Posted by Patrick Barnard on June 12, 2013

The Federal Housing Finance Agency's (FHFA) March 2013 Refinance Report shows that, despite a slight increase in mortgage rates, refinance levels remained high. About 462,000 loans were refinanced in March, with nearly 100,000 completed through the Home Affordable Refinance Program [Read More]

360 Mortgage Adds Three Wholesale Account Executives

Posted by Patrick Barnard on June 11, 2013

360 Mortgage Group, a private mortgage bank specializing in third-party origination, has hired three new wholesale account executives with a combined 65 years of mortgage industry experience. Spencer Davis, previously a wholesale account executive at U.S. Bank Home Mortgage, brings [Read More]

Situs Adds Four Senior Executives To Its Management Team

Posted by Patrick Barnard on June 11, 2013

Commercial real estate advisory services provider Situs has added two directors and two vice presidents to its senior management team. Industry veterans Roger Johnson and Edward Robertson have been named directors of Situs' Bank & Loan Advisory Group. Johnson has [Read More]