Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries.
Freddie Mac has announced an expansion of its Agency Credit Insurance Structure (ACIS) program with ACIS Forward Risk Mitigation (AFRM), a front-end credit risk transfer offering. This latest credit risk transfer (CRT) offering allows Freddie Mac to transfer mortgage credit risk simultaneously with the acquisition of loans by securing committed private capital and providing stable pricing over a two-year horizon through the end of 2019.
AFRM shifts a portion of the mortgage credit risk on pools of single-family loans with a combined unpaid principal balance of approximately $21 billion to a diverse panel of reinsurers, providing insurance coverage with a maximum limit of approximately $650 million. This covered pool will consist of 30-year fixed-rate loans with loan to value ratios between 60 and 97 percent, with a similar structure as our core ACIS offering. Freddie Mac will continue to offer core ACIS insurance policies on a programmatic basis.
Global DMS, a provider of cloud-based valuation management software has announced that it has integrated with Black Knight’s LoanSphere Exchange platform, an online, collaborative technology that connects more than 25,000 mortgage industry service and solution providers. This integration provides a gateway to support easy, secure lender access to Global DMS’ eTrac valuation management platform from their loan origination system (LOS).
“With Exchange, lenders now have plug-and-play LOS integration to eTrac, which completely supports an in-house appraisal panel model, automates the entire valuation management process, and requires little-to-no IT resources to maintain,” said Vladimir Bien-Aime, President and CEO at Global DMS.
Black Knight’s Exchange technology provides integration, data management, decisioning support, and workflow management through a single, secure online platform.
“We are pleased to welcome Global DMS as one of Black Knight’s Exchange integration partners in support of our commitment to reduce the time, cost, and complexity to originate loans,” said Tom Peterson, President, Lending Solutions division at Black Knight.
Black Knight, Inc. announced that Chip McAvoy, VP and real estate market leader for Black Knight’s Data & Analytics division, has been elected to the Real Estate Standards Organization’s (RESO) board of directors for 2018. McAvoy was elected to fill the board position representing technology companies with annual revenue greater than $25 million. He will serve a two-year term, which began on January 1, 2018.
With 18 years of industry experience, McAvoy brings a strong background to the RESO board. “Chip’s deep industry experience, innovative thinking, and strong leadership will be a valuable addition to our organization,” said Jeremy Crawford, CEO of RESO.
“We are very pleased that Chip has the honor and privilege to serve on the board of RESO,” said Kevin Coop, group executive and President of the Black Knight Data & Analytics division.
James L. Murrett, of Hamburg, New York, began his one-year term as president of the Appraisal Institute on January 1, 2018. The Appraisal Institute is the country’s largest professional association of real estate appraisers with nearly 19,000 professionals in almost 60 countries.
The Appraisal Institute’s other elected officers for 2018 include: President-Elect Stephen S. Wagner, of West Lafayette, Indiana; Vice President Jefferson L. Sherman, of Highland Heights, Ohio; and Immediate Past President and Acting CEO Jim Amorin, of Austin, Texas.
In 2018, the institute’s officers and Board of Directors will focus on seeking to modernize the appraisal regulatory structure, working to halt appraisal waivers, attracting new appraisers to the profession, and focusing on the needs of residential appraisers.
Scott McGregor has been appointed as the Managing Director of American Title, a subsidiary of risk management solution provider Assurant. McGregor, who has around 20 years of industry experience in mortgage lending and servicing, will oversee the product lines and lead strategy and innovation while strengthening American Title’s presence in key markets.
“Scott has a proven track record of leading teams to operational excellence while maintaining a strong client-centric approach,” said Dan Hoppes, SVP of Mortgage Solutions, Assurant.
“I look forward to working closely with Assurant’s Mortgage Solutions leadership to provide our clients with innovative products and an exceptional customer experience,” said McGregor.
Global property information, analytics, and data-enabled solutions provider CoreLogic has appointed Arnold A. Pinkston as chief legal officer and corporate secretary. Mr. Pinkston will serve on the company’s Executive Leadership Committee and report directly to Frank Martell, President and CEO of CoreLogic.
“Arnie’s track record of accomplishments building and leading large teams in complex data-driven industries and rapidly evolving environments makes Arnie a great add to CoreLogic’s already outstanding leadership team," said Martell.
Pinkston has served as the general counsel at Allergan, Inc.; the general counsel at Beckman Coulter, Inc.; and deputy general counsel at Eli Lilly and Company.