Guaranteed Rate has announced that it has named Jonathan Mullins as regional manager and senior vice president, based in the company’s Roswell, Ga.
Mortech, a Zillow business providing mortgage technology software solutions for mortgage bankers and secondary market teams, has announced the integration of mortgage pipeline hedging and risk management provider,
The Mortgage Bankers Association (MBA) has announced that they have sworn in a slate of newly elected Board of Directors.
New York State Attorney General Eric T. Schneiderman announced that his office is committing up to $40 million in additional funding to organizations that provide free, high-quality housing counseling and legal services to struggling homeowners around New York State through his Homeowner Protection Program (HOPP). The new funding, which will extend the program for an additional two years, brings the total commitment of funds by the Attorney General’s Office to $100 million over five years to help New York families stay in their homes.
Guaranteed Mortgage Quote LLC has developed a new mortgage application processing system that includes a guaranteed closing provision for borrowers, and has been granted U.S. Patent #7,788,148. The patent covers the business method allowing mortgage lenders to offer borrowers a written guarantee that their loan will close under the originally disclosed terms. And, if that turns out not to be the case, the borrower is eligible to receive a Guaranteed Mortgage Quote payment.
Norwood, Mass.-based Poli Mortgage Group Inc. has announced that it will leverage the AllRegs technology platform to publish, manage and maintain its lending libraries of underwriting guidelines. Poli Mortgage Group will now leverage the AllRegs technology platform and publishing expertise to manage and maintain its retail and wholesale lending library of mortgage underwriting guidelines. Users will benefit from a variety of productivity tools, including an electronic Table of Contents tree with links to content, guidelines and forms.
Loss severities for U.S. RMBS will continue their slow decline this year due in part to the increased use of short sales, according to Fitch Ratings in its latest mortgage market index. Fitch's Loss Severity Index improved to 64.2 percent for the first quarter of 2013, down from 67.5 percent in the first quarter of 2012. Drivers of the improved loss severity rate include increased short sale percentages, fewer servicer advances on missed payments, and increased home prices.
New Penn Financial LLC has lowered pricing and expanded guidelines on its Jumbo Advantage mortgage program, a portfolio product that is available through brokers and mortgage bankers, and is also offered directly to consumers. The enhanced jumbo loan, which is exclusive to New Penn, enables more customers seeking to purchase high-end homes or refinance an existing jumbo mortgage to qualify for financing and realize significant benefits.