From key hires, to big announcements and achievements, get the latest industry buzz in this update.
Fannie Mae recently announced that Sheila C. Bair has been appointed to the Board of Directors. Ms. Bair served as the Chair of the Federal Deposit Insurance Corporation (FDIC), Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, SVP for Government Relations of the New York Stock Exchange (NYSE), and Commissioner of the Commodity Futures Trading Commission (CFTC).
"We are extremely pleased to welcome Sheila to the Fannie Mae Board of Directors," said Jonathan Plutzik, Chair of the Board. "Her vast experience and proven leadership in some of the world’s most prominent financial, regulatory, and private sector organizations will provide unique and valuable insights to Fannie Mae. We are fortunate for the opportunity to work with her."
"Sheila is another tremendous addition to our exceptional Board of Directors," said Hugh R. Frater, CEO. "Throughout her career she has demonstrated strong banking and financial services prowess, a fierce commitment to affordable lending solutions, and deep business strategy, risk management, and regulatory expertise. She will help guide us as we continue to deliver against our strategic priorities, transform the mortgage experience for our customers and partners, and address our country’s pressing housing needs."
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Churchill Mortgage [1], a provider of conventional, FHA, VA and USDA residential mortgages across 46 states, announced record corporate growth and recognition in the first half of 2019.
Since the beginning of the year, Churchill has experienced a 30% increase in mortgage loan origination year-over-year. To keep pace with its growth, the company expanded operations hiring 109 new employees across the country. Additionally, Churchill Mortgage was recently recognized by The Tennessean as a “Top Workplace” for the seventh consecutive time. The company’s values reach beyond supporting its employees to supporting its customers’ path toward debt-free homeownership.
Fueling growth for Churchill and across the entire industry, interest rates are suspected to continue dropping. In fact, in the last quarter of 2018, the Mortgage Bankers Association predicted the average rate for a 30-year home loan of 5.1% during the first quarter of 2019, however, rates have continued to lower. Current forecasts for 2019 put rates around 4%.
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Gateway Mortgage Group, a division of Gateway First Bank was included in the 2019 Inc. 5000 [2].
The annual list, compiled by Inc. Magazine, recognizes America’s 5,000 fastest-growing, privately held companies. This is this seventh consecutive year Gateway has been named to the list and the ninth time in the company’s history. The company received Hall of Fame status in 2018. Companies in the Inc. 5000 are ranked according to percentage revenue growth from 2015 to 2018. Gateway experienced a three-year growth of 112 percent.
“It’s an honor to be named to the Inc. 5000 list for the ninth time,” said Stephen Curry, CEO of Gateway. “Our continued inclusion on this list is a testament to our team members’ persistent focus on hard work and serving our communities. We have built strong momentum, and I look forward to seeing progressive growth in the coming years.”
The Inc. 5000 is a list of the fastest-growing private companies in the nation. Started in 1982, this prestigious list has become the hallmark of entrepreneurial success. The Inc. 5000 Conference & Awards Ceremony is an annual event that celebrates the remarkable achievements of these companies. The event also offers informative workshops, celebrated keynote speakers, and evening functions.