News

Adolfo Marzol has been appointed to the position of Senior Advisor to the Secretary of the Department of Housing and Urban Development. Following his appointment, he resigned from the Board of Directors of Essent Group Ltd.

Financial Freedom, a division of OneWest Bank agreed to a settlement of over $89 million on Tuesday, resolving allegations from the Department of Justice that the accusing the company of violating the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 in connection with its participation in a federally insured Home Equity Conversion Mortgages or ‘reverse mortgage’ program.

The drop in HARP refinance volume follows a spike in Q3 and Q4 2016. The FHFA reports that borrowers completed 13,425 refinances through the Home Affordability Refinance Program (HARP) in Q1 2017, bringing the total amount of HARP refinances to 3,461,096. Of all refinances that quarter, HARP represented 3 percent.

The default rate has been steady and falling as home prices continue to rise in most parts of the country and sales of both new and existing homes increase. The default rate for both first and second mortgages fell in April. Additionally, most cities saw declining default rats, with the exception of New York.

Fannie Mae predicts a steady growth in the economy, driven mainly by consumer spending in Q2. The GSE’s projections for a more robust Q2 are following a familiar path. This year looks to be the fourth one in a row in which Q2 rebounded after a droopy Q1.

A recent survey shows improved performances for mortgage performance for 1-4 family properties. Foreclosures in process fell as well. But new foreclosure starts picked up for the first time since 2014

RedVision is under new leadership. Industry veteran Tim Padgett joins the title and real property research company, overseeing internal operations. Padgett’s experience will bring valuable input to the table.

Recently, Real Matters’ senior management, Real Matters and its guests attended the market’s open ceremony. Directors, key stakeholders and supporters rang the opening bell of the Toronto Stock Exchange. This marked a new level of growth for the 13-year-old company.

Alterra Home Loans, a minority-owned mortgage bank based in Las Vegas and with a presence in 26 states, announced Monday the addition of Tom Middleton as SVP of Business Development and National Expansion.

Albertelli Law (ALAW), a full-service real estate law firm that represents top financial institutions in the mortgage industry, hired Scott Walter to serve as Director of Operations. Walter brings two decades of experience to his new position at ALAW, where he will focus on bankruptcy services.