Frederic R. "Rick" McGill has been named president of Downey Financial Corp., Newport Beach, Calif., and its wholly owned thrift subsidiary, Downey Savings and Loan Association FA, effective Oct. 29.Mr. McGill will replace Daniel D. Rosenthal as president of the two entities, but Mr. Rosenthal will continue as chief executive officer of Downey and the thrift, Downey said. Mr. McGill has over 30 years of experience in the finance industry, most recently as a consultant to Banco Popular North America. He was previously president and chief executive officer of Quaker City Bancorp and Quaker City Bank until the holding company's sale to Banco Popular. Downey can be found on the Web at http://www.downeysavings.com.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24