Peter Muriungi has been named senior vice president at EMC Mortgage, Lewisville, Texas, and he will head the company's Financial Analytics and Structured Transactions (F.A.S.T.) and business information teams.Since joining EMC in 1999, Mr. Muriungi has been involved with the development and deployment of default risk models, deal performance analytics, and other valuation models as part of the F.A.S.T. and business information groups. EMC, a subsidiary of Bear Stearns, developed the F.A.S.T. system.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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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.
April 24