L. Stephen Smith, president and chief executive officer of PMI Mortgage Insurance Co., Walnut Creek, Calif., has been elected president of the Mortgage Insurance Companies of America.Mr. Smith succeeds William V. Nutt Jr., president and chief executive officer of AIG United Guaranty, who continues to serve as a member of the association's executive committee. MICA said Mr. Smith's career in housing finance spans 34 years. He joined PMI in 1979. Serving as MICA vice president and secretary/treasurer will be William A. Simpson, chairman of Republic Mortgage Insurance Co. and a past president of MICA. The organization can be found online at http://www.micanews.com.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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