Robert N. Pruett has been named executive vice president and outsourcing relationship manager at EMC Mortgage Corp., Irving, Texas.Mr. Pruett was most recently vice president of international initiatives, business process outsourcing, and global mortgage origination services at Ocwen Financial Corp. Before that, he was managing director at RP Consulting in Scottsdale, Ariz., executive vice president and chief operating officer of Commac Inc. in Phoenix, and president/chief executive officer/chief financial officer of Matrix Financial Services in Phoenix. In related news, EMC also announced the appointment of Charles E. "Rick" Russell as senior vice president and chief litigation counsel. Mr. Russell was formerly deputy general counsel for regulatory and compliance matters for American General Finance Inc. and senior vice president in charge of litigation for Associates Financial Services Co.
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Freedom alleged the executive, who was at the company for nine months, used proprietary data to build his own product he expected to net more than $1 million.
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Despite high rates and the "locked-in" effect, many Gen Z and millennial homeowners want to bring down their monthly mortgage payments
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The Senate passed a bipartisan housing package, which includes certain community bank provisions, in an 85-5 vote. The House is set to vote on the package Wednesday.
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Ralo uses artificial intelligence to automate the entire process, saving consumers money by cutting out commissioned loan officers, processors and underwriters.
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Part of the proposal affects the risk weighting for certain "investment properties and other cashflow-dependent" mortgages, according to a new Pennymac report.
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William Isaac led the Federal Deposit Insurance Corp. through the banking and thrift crises of the 1980s and was a frequent commentator on bank regulation after his time in public service.
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