American Financial Realty Trust, Jenkintown, Pa., has reported that its president and chief executive officer, Harold "Hal" W. Pote, died suddenly and unexpectedly while vacationing with his wife this week in Turkey.Mr. Pote, 60, had served as president and CEO of the real estate investment trust since August 2006. The company's board of trustees announced the formation of an interim office of the president, consisting of Glenn Blumenthal, chief operating officer; Edward Matey Jr., general counsel; and David Nettina, chief financial officer. They will report to the board and to mortgage industry veteran Lewis S. Ranieri, the board chairman. The company can be found online at http://www.afrt.com.
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The servicer will pay $4.5 million in remediation to affected homeowners for incorrectly imposing force-placed insurance on thousands of borrowers.
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The trade group supports a narrow rewrite of the agency's manufactured home definition but it wants FHA valuation projections before lenders can scale.
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Pending home sales, a real-time indicator of homebuying demand, dropped 2.5% to their lowest level since December, according to Redfin's latest report.
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Mortgage production declined overall in July from activity earlier this summer amid growing rate volatility, according to two new originations reports.
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Long Island-based Dime Commercial Bancshares, which continues to transform itself from a thrift into a commercial bank, is eyeing additional expansion in the Garden State.
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In the latest round of posturing between the one-time merger partners, Two Harbors said the filing was part of a "familiar refrain" by UWM to blame others.
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