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Horacio Mendez is the president and chief executive officer of the Chicago-based Woodstock Institute, a 52-year-old research and policy institute focused on economic security and financial systems evolution for low- and moderate-income individuals and communities.

Amid scuttlebutt, the Atlanta company is mum on buyer, which is rumored to be CrossCountry Mortgage.

Although mortgage lending has been under pressure due to rising rates, executives said they've seen "consistent demand or even increasing demand from a depository perspective."

But costs are still elevated annually in double-digit ranges for 46% of markets, according to the National Association of Realtors.

The Federal Housing Finance Agency is reducing the amount lenders can sell to a government-sponsored enterprise by $3 billion next year.

Karun is a seasoned technology-focused professional with global IT industry experience in the insurance, pensions, and investment management sector. He has extensive experience in managing customer relationships, large-scale technology projects, platform selection & implementations and consulting engagements, and building and leading top-performing teams servicing users globally.
His research focuses on insurance technology trends and solutions for the EMEA region across P&C and L&H lines of business, as well as covering the London market.

Before joining Celent, Karun had spent 22 years with Tata Consultancy Services (TCS), where he contributed to expanding its insurance portfolio in Europe. Karun has a significant track record in winning, retaining & executing large multi-million global IT contracts for TCS, complete solution & cost ownership, and advising customers on their strategic initiatives. He brings a deep understanding of insurance technologies. Early in his career, Karun worked in the manufacturing and supply chain management domain and led consulting assignments on IT strategy and Enterprise Architecture.

Karun keeps track of changing technologies and business models in the financial service industry and regularly attends seminars and conferences. Karun has also published articles on emerging technologies such as quantum computing and crypto/blockchain. He has a bachelor's degree in Electronics and Communication Engineering from Calicut University and Certification in Fintech from Said Business school at Oxford University.

Karun lives in Cambridge, the United Kingdom, with his wife, daughter, and son.

The company experienced further declines in production volume but reported an intra-quarter improvement in its gain on the sale of loans.

But the likelihood of a recession and higher unemployment should drive the rate higher in the future, the Mortgage Bankers Association said.

Other firms disclosing cuts in Worker Adjustment and Retraining Notifications include American Advisors Group and Pennymac.

The Federal Reserve appeared closer to moderating aggressive interest rate increases after welcome news on inflation, with three officials backing a downshift even as they stressed that policy needs to stay tight.