Willard B. Soper, a former mortgage industry executive who held top positions with MidCoast Credit Corp., Melville, N.Y., and J.I. Kislak Mortgage, Miami Lakes, Fla., in the mid-1990s, is the new president of Savings Bank of Maine, Gardiner, Maine. Soper is part of an investor group, SBM Financial Inc., that has agreed to recapitalize the thrift; it had been operating under a cease and desist order from the Office of Thrift Supervision because of undercapitalization. The new chairman and chief executive is John W. Everets, the former CEO of GE/HPSC. Among the members of the new board of directors are David J. Ott, former chief banking officer of Banknorth and Richard D. Field, a co-founder of Lending Tree.
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SecurityNational Mortgage Co. alleges that the larger competitor facilitated the mass resignation of its staff from Glendale and Scottsdale offices.
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The bank's marketing, which hid the nature of its solicitations, led some borrowers to apply for cash-out refis that increased monthly payments, the OCC said.
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While last year was the best for origination income since 2022, annual net servicing revenue for mortgage bankers was approximately 70% below 2024's level.
April 16 -
Three-quarters of buyers assume AI has already been embedded in the housing ecosystem, but 55% would prefer to work with a human to secure a mortgage.
April 16 -
Federal Reserve Gov. Stephen Miran Thursday said that the Iran war and tariffs will not have long-term impacts on inflation, but did say he is reconsidering his rate cut outlook for the year.
April 16 -
This week's Freddie Mac mortgage rate survey shows rates at the lowest in four weeks, but homebuyers are giving mixed signals even with improved purchase power.
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