AllRegs, an Eagan, Minn.-based online publisher of mortgage reference information, has begun the search for a new president/chief operating officer as a result of a consolidation of ownership by co-founder Glenn Ford."We're looking for a seasoned professional to take over the operational responsibilities of what is already a very successful company," said Mr. Ford, who was recently named chairman and chief executive officer. The company also announced the promotion of Douglas Smalley to vice president and chief technology officer and the reorganization of its advisory board. The following members have been added to the advisory board: David Matthews, former president of RBC Mortgage; Scott Cooley, founder of Contour Software; Joseph Doyle, president of TCF Mortgage; and Terry Schopfer, president of TenA Cos. AllRegs can be found online at http://www.allregs.com.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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