Eric Spence has been named executive vice president of national production, prime lending, at Countrywide Financial Corp., Calabasas, Calif.Mr. Spence will be responsible for the production and market share growth of the Wholesale Lending Division, the company said. A 19-year veteran of the mortgage industry, Mr. Spence was most recently EVP for the western division of Countrywide's wholesale branch system. He was previously EVP of production at Washington Mutual. Mr. Spence was also senior vice president for WaMu's Wholesale Lending Division, and was SVP of wholesale lending for American Savings Bank before it was acquired by WaMu. "Eric's promotion brings greater collaboration and synchronization across the wholesale lending channel, with the West, Central, and East divisions now operating their sales efforts under the guidance of a single executive," said Brian Robinett, managing director of prime lending for Countrywide wholesale lending. Countrywide can be found online at http://www.countrywide.com.
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New American Funding also promoted Stacy Chevalier Northwest regional vice president, and MISMO added three members to its board of directors.
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GSE loans between 30 and 59 days late on their payments saw a 13 basis point rise in delinquency rates, while most non-agency MBS types saw annual increases.
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A lawsuit claims the bureau regularly assigns higher-responsibility examination work to Black workers without corresponding pay bumps or promotions.
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House Democrats on the Financial Services Committee said the more than 400-page Community Reinvestment Act proposal warrants more time for review, given its sweeping implications for community development and bank lending.
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A judge found United Wholesale Mortgage did not break the law in its handling of the retirement plan, which ex-workers say cost them a collective $1.8 million.
September 25 -
New enhancements in business purpose lending by lenders and vendors could help originators looking for new business as conforming rates keep rising.
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