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Author Archives: Esther Cho

Southwest Bank SVP Elected Secretary/Treasurer for TMBA

Tom Tallent of Southwest Bank was elected secretary/treasurer of the Texas Mortgage Bankers Association (TMBA). Tallent is currently SVP and credit manager for Southwest Bank's mortgage warehouse lending team, where he manages program credit and operational risk.

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Report: Mortgage Industry Nets Nearly 3K Jobs Losses in Q2

According to Mortgage Daily's Mortgage Employment Index, the number of mortgage layoffs surpassed the number of newly added jobs by nearly 3,000 in the second quarter. From April to June of this year, the mortgage industry experienced 9,950 job losses, while newly filled positions totaled 6,969, leading to a net 2,981 layoffs. The second quarter statistics are a significant letdown when compared to the first quarter of this year, when mortgage companies added a net 5,129 jobs, with layoffs at just 2,930, Mortgage Daily reported.

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Fannie Mae Recognizes Top Performing Servicers with STAR Results

Known as the Servicer Total Achievement and Rewards, or STAR, the program was created to establish servicing standards and acknowledge Fannie Mae servicers that stand out for their performance, customer service, and foreclosure prevention efforts, according to a release. Servicers recognized for the first half of 2013 in peer group one were Green Tree Servicing, Nationstar Mortgage, Ocwen Financial, PHH Mortgage, PNC Financial Services Group, Seterus, and Wells Fargo. In peer group two, Fannie Mae gave a nod to Fifth Third Bank and Regions Bank.

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Detroit Begins Large Blight Elimination Program

As Detroit geared up for the kick-off of the Blight Elimination Program, Mary Miller, Treasury's undersecretary for domestic finance, offered words of encouragement attendees at the event Monday. The effort to do away with residential blight is the largest in Michigan's history, according to a release from the Michigan governor's office.

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Davidson Fink Attorneys Selected for Super Lawyers List

Davidson Fink LLP announced seven attorneys representing the firm earned a place on the Super Lawyers list for 2013. On the list this year were S. Gerald Davidson, Robert G. Greene, Gregory J. Mott, David L. Rasmussen, Heather C.M. Rogers and Jill K. Schultz, and Scott A. Sydelnik, who also earned the Super Lawyers Rising Star designation.

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Delinquency Rate Back on Downward Course After Seasonal Increase

The delinquency rate, which includes loans 30 days or more past due, slipped to 6.41 percent in July after increasing to 6.7 percent in June, LPS reported Monday. The decrease represents a monthly and yearly decline of 3.96 percent 8.76 percent, respectively. Foreclosure inventory also fell in July, dropping 2.82 percent, down from 3.46 percent in June. Compared to a year ago, the decrease is much steeper, at 30.76 percent. According to LPS, the foreclosure inventory rate is at the lowest level since February 2009.

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Home Prices in Texas, Colorado Hit New Highs in June

As national home prices recover, Texas and Colorado are already busy setting new highs, data from Lender Processing Services, Inc. (LPS) revealed. In June, national home prices rose 8.4 percent year-over-year to $229,000, according to LPS' Home Price Index (HPI). When compared to the 2005 peak of $270,000, prices are still down 15.2 percent. However, Colorado and Texas moved ahead of the national trend and hit new highs of $256,000 and $182,000, respectively.

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EverBank to Provide $37M to Borrowers in Foreclosure Review Deal

EverBank came to an agreement with federal regulators to provide $37 million in relief payments to certain borrowers, leading to an end to the Independent Foreclosure Review process for the bank, the Office of the Comptroller of the Currency (OCC) said Friday. The payment should cover 32,000 eligible mortgage customers whose homes were in any stage of foreclosure in 2009 and 2010, and checks should range from $1,050 to $125,000.

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Fannie Mae Update Addresses Short Sale Credit Reporting Issue

Earlier this year, reports surfaced of short sales that were erroneously reported as foreclosures on consumer credit reports. According to reports, the standardized computer software the credit industry was relying on lacked a specific code for short sales. In an updated notice, Fannie Mae addressed the reporting issue, stating it ""has been made aware that there are often inconsistencies in the credit data"" for short sales and deeds-in-lieu.

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