Nigel Drummond has been named executive vice president for operations of Home Capital Inc., an Atlanta-based mortgage lender.Mr. Drummond was most recently senior vice president of operations with responsibility for building processes and procedures, as well as staffing the processing, underwriting, and closing departments, Home Capital said. He is currently focused on increasing the staff at the company's Atlanta headquarters and its new Phoenix Operations Center. Before joining Home Capital, Mr. Drummond served as vice president of operations at U.S. Bank. In other personnel news, Home Capital announced the hiring of Mike Cozzocrea as senior vice president of secondary marketing. Mr. Cozzocrea was most recently senior vice president of secondary marketing/operations at Homeowners Loan Corp., Atlanta. The company can be found online at http://www.homecapitalinc.com.
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Nonbank mortgage firm Pennymac said having an in-house system gave it a leg up on implementation, while a vendor also reported progress in its systems testing.
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United Bank and Five Points Bank, both ranked among the top-performing banks by Capital Performance Group, said they have stayed in the mortgage business because they see it as a way to build strong relationships in the communities they serve.
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The servicer will pay $4.5 million in remediation to affected homeowners for incorrectly imposing force-placed insurance on thousands of borrowers.
August 12 -
The trade group supports a narrow rewrite of the agency's manufactured home definition but it wants FHA valuation projections before lenders can scale.
August 12 -
Pending home sales, a real-time indicator of homebuying demand, dropped 2.5% to their lowest level since December, according to Redfin's latest report.
August 12 -
Mortgage production declined overall in July from activity earlier this summer amid growing rate volatility, according to two new originations reports.
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