Lenderinspection.com, a Scottsdale, Ariz.-based provider of construction-inspection services for mortgage lenders, has announced that its upper management has completed a buyout of the company.The terms of the deal were not disclosed. Donald Giebelhausen, the new owner, has taken over from Joseph Adams and Philip Mikal, who started the business three years ago, the company reported. Mr. Giebelhausen, who has been involved in the construction industry since 1984, joined Lenderinspection.com in 2002 as director of inspection services and managed the day-to-day operations and administration of inspection personnel.
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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.
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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