The news that the privately held Prospect Mortgage of Sherman Oaks, Calif., has hired industry veteran Amy Brandt to head its foray into both servicing and correspondent lending should surprise no one. Brandt is a well respected mortgage manager who knows the business inside and out. Her ascension there is just another signal that nonbanks see a major opportunity in residential finance – despite all the talk of how Basel III (now on hold) and coming Dodd-Frank rules are going to force community banks out of the business. As I’ve asked before: just what are these executives working at the community banks going to do when they sell their firms? Open a McDonald’s franchise?
NOV 12, 2012
A daily video that gives you mortgage news, plus a little attitude.
- Interthinx: Jumbo Loans Present Much Higher Fraud Risk in Recent Quarter
- Rushmore Loan Management Services Announces Approval as a Freddie Mac Seller/Servicer Company Also Receives Positive Rating from S&P
- DocMagic and Veri-Tax Deploy Automated IRS Tax Transcript Retrieval Tool for Lenders
- AmeriSave Mortgage President Retires, New President Announced
- DocMagic Takes eSign to the Streets, Signs 4506-T in Moving Tesla