David Drow has been named to head a new-home purchase financing initiative planned by E-Loan, an online consumer-direct lender based in Pleasanton, Calif.Before joining E-Loan, Mr. Drow spent seven years with GMAC Mortgage, where he was responsible for expanding their new-home purchase builder mortgage business, E-Loan said. He was previously production manager for North American Mortgage Co. E-Loan can be found on the Web at http://www.eloan.com.
For the first time in six weeks, the 30-year fixed rate mortgage dropped, with observers expecting a steady but challenging housing market for the rest of 2026.
The fintech posted its strongest quarter since going public last year and reported major consumer loan marketplace volume approaching $4.3 billion.
Nonbank mortgage firm Pennymac said having an in-house system gave it a leg up on implementation, while a vendor also reported progress in its systems testing.
United Bank and Five Points Bank, both ranked among the top-performing banks by Capital Performance Group, said they have stayed in the mortgage business because they see it as a way to build strong relationships in the communities they serve.
The servicer will pay $4.5 million in remediation to affected homeowners for incorrectly imposing force-placed insurance on thousands of borrowers.
The trade group supports a narrow rewrite of the agency's manufactured home definition but it wants FHA valuation projections before lenders can scale.
