GMAC Mortgage, Horsham, Pa., has announced the recent appointment of two chief operating officers and a chief financial officer.Ralph Hall has been named chief operating officer for business operations, and will oversee GMAC Bank, business lending, capital markets, and information technology, the company said. Jim Hillman has been named COO for consumer operations, overseeing consumer lending, national loan administration, and servicing assets. The new CFO is Dave Bricker. GMAC Mortgage also announced the appointment of Jim Whitlinger as senior vice president and chief accounting officer, and Scott Griffith as vice president and managing director of servicing valuation and analytics. The company can be found online at http://www.gmacmortgage.com.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17