Sal Mirran, a Bank of America real estate executive, has been named senior vice president of single-family business and strategy development at Fannie Mae.The government-sponsored enterprise also announced that Eric Schuppenhauer, a Credit Suisse First Boston executive, has been named Fannie's senior vice president of accounting policy and that Scott Lesmes has been promoted to senior vice president and deputy general counsel. In addition, executive vice president and general counsel Ann Kappler will leave Fannie Mae at the end of the year to join the Collier Shannon Scott law firm. Mr. Mirran, the new SVP for single-family business, was most recently senior vice president and head of capital markets at BoA's Consumer Real Estate Division, Fannie Mae reported. Before that, he was a managing director and head of residential mortgage finance at First Union Securities Inc. Fannie Mae can be found on the Web at http://www.fanniemae.com.
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The enterprises also still plan to add FICO 10T but the release of the historical data stakeholders in their market can use to assess it has taken longer.
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Builder mortgage units saw Q1 profit slides (NVR down 17%) despite an 11% rise in new home loan applications. Overall homebuilder net income dropped, and sales incentives remain high.
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Toll Brothers' purchase of Buffington Homes of Arkansas will extend its national outreach with a strong presence in northwest Arkansas, the company said.
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Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president's 2027 budget, telling the Senate Appropriations Committee that the program had pursued a "partisan wish list."
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The company that the global firm is investing in owns a U.S. mortgage correspondent business and another domestic lender that does business with brokers.
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The Consumer Financial Protection Bureau has finalized changes to Regulation B, which implements the Equal Credit Opportunity Act, to eliminate any liability for indirect discrimination by lenders. The change represents a major shift in how the agency polices lending discrimination.
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