Industry veteran Arthur D. Ringwald has been named president of loan production at Metrocities Mortgage LLC, Sherman Oaks, Calif.Mr. Ringwald, who praised Metrocities' "proven purchase-loan, Realtor-centric strategy," was most recently president and chief executive officer of Ocwen Technology Xchange Inc. from April 2001 to January 2003, Metrocities said. He previously held positions as president and CEO of Ellie Mae, and from 1993 until its acquisition by NationsBank, he served as Bank of America's group executive vice president, overseeing all residential, second-lien, and home equity mortgage financing. Following NationsBank's acquisition of BoA in 1998 until early 2000, he served as executive vice president of retail mortgage lending, according to Metrocities. Earlier in his career, Mr. Ringwald was executive vice president and national production executive at Sears Mortgage Corp.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27