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Author Archives: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

Raj Date Named CFPB Deputy Director

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB) has named Raj Date the agency's first deputy director. Date has been leading the day-to-day operations of the bureau since it launched in July. Cordray also named Kent Markus to the position of assistant director of the Office of Enforcement to fill the position Cordray vacated upon his director appointment.

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Home Prices Down in 2011, but Market Stability Forecast for 2012

While year-over-year home price measurements notched down in 2011, prices are expected to see a slight uptick in 2012, according to Clear Capital. Should the valuation company's predictions ring true, it would be the first time since 2006 that the change in annual home prices has landed in positive territory. Data released by Clear Capital Monday shows year-over-year, national home prices dropped 2.1 percent in 2011. For 2012, the company projects a slight gain of 0.2 percent.

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Collingwood Group Acquires GWN Consulting

The Collingwood Group announced this week that it has acquired GWN Consulting, LLC, a firm specializing in Federal Housing Administration (FHA) and Ginnie Mae risk management and quality control. GWN's business will operate as part of Collingwood's risk management and compliance division, and will be managed by Brian Montgomery, chairman of Washington, D.C.-based Collingwood. GWN's team of professionals have more than two centuries of combined direct HUD experience.

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Delinquencies Stubbornly High as Earlier Declines Come to an End

New data released by Lender Processing Services (LPS) shows mortgage delinquencies at the end of November 2011 were nearly 25 percent below their January 2010 peak. LPS says over that period, the number of noncurrent mortgages was slashed by nearly a quarter simply because fewer borrowers were falling behind on their payments - a trend which dominated 2010 and the first quarter of 2011. Unfortunately, the company says that trend has come to an end.

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Aklero Releases New MERS Data and Doc Validation Module

Aklero Risk Analytics Inc. provides mortgage quality control software and services to the industry via its automated data and document assurance platform. The company recently announced the release of a new DQx module for MERS data and document validation. The module is part of Q-Close, Aklero's loan quality management platform, and provides an automated method to validate the accuracy of data resident in the MERS electronic registry.

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Weltman, Weinberg & Reis Co. Welcomes New Partners in 2012

Weltman, Weinberg & Reis Co., L.P.A. (WWR) has elected five new partners for 2012 - Scott D. Fink, Amy Clum Holbrook, James G. Kozelek, John B. C. Porter, and Jennifer Monty Rieker - bringing the total number of WWR partners to 26. Fink focuses his practice on the area of bankruptcy. Holbrook is the managing attorney of WWR's legal action recovery group. Kozelek is part of the firm's commercial collections group. Porter is the managing attorney of WWR's credit union group. Rieker practices in the litigation and defense group.

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Unemployment Rate Falls to 8.5%

The nation's unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning. December marks the sixth consecutive month of 100,000-plus job gains and the first such stretch employers have been able to string together since 2006. Over the 2011 calendar year, nonfarm payroll employment rose by 1.6 million. Employment in the private sector rose by 1.9 million over the past 12 months, while government employment fell by 280,000.

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Fed Identifies Markets Primed for Bulk REO-to-Rental Programs

The Federal Reserve is throwing its support behind a large-scale REO-to-rental program to address the oversupply of vacant homes and prevent property values from falling further. The Fed notes that in contrast to the market for owner-occupied homes, rental housing is strengthening. Officials say a government-facilitated program has the potential to help the housing market and improve loss recoveries. They've identified specific markets with large concentrations of vacant REOs, where bulk sales to investors make sense.

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CFPB Launches Supervision Program for Nonbank Mortgage Companies

The Consumer Financial Protection Bureau (CFPB) now has the authority to oversee nonbank businesses, including mortgage servicers that are not part of a depository institution and companies providing loan modification and foreclosure relief services. This expanded authority came with the appointment of an agency director on Wednesday, and the bureau wasted no time. That very same day, the CFPB announced the official launch of its nonbank supervisory program.

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PHH Board Elects New President and CEO

PHH Corporation announced Wednesday that its board of directors has elected Glen Messina president and CEO. Messina, who has served as COO since joining the company in July 2011, will take his position at the helm of the mortgage outsourcer immediately, PHH said. Messina succeeds Jerome Selitto, the company's president and CEO since October 2009. PHH said Selitto has resigned from his post, effective immediately.

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