New Century Financial Corp., Irvine, Calif., has announced the promotion of two senior executives in connection with "integration efforts" for company ventures.Daniel P. Sussman was named senior executive vice president of New Century Mortgage Corp., and he will oversee all "strategic implementation" projects, starting with the expected integration of certain business assets being acquired from RBC Mortgage Co., New Century said. Mr. Sussman has over 20 years of experience in the financial services and mortgage banking industries, most recently as executive vice president and chief operating officer of New Century Mortgage. The other promotion went to Robin C. Auerbach, who was named senior vice president and COO of New Century Mortgage and will assume many of Mr. Sussman's previous duties. Ms. Auerbach has 21 years of experience in the mortgage industry, most recently as senior vice president of NC Capital Corp., a subsidiary of New Century Mortgage. New Century can be found online at http://www.ncen.com.
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New American Funding also promoted Stacy Chevalier Northwest regional vice president, and MISMO added three members to its board of directors.
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GSE loans between 30 and 59 days late on their payments saw a 13 basis point rise in delinquency rates, while most non-agency MBS types saw annual increases.
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A lawsuit claims the bureau regularly assigns higher-responsibility examination work to Black workers without corresponding pay bumps or promotions.
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House Democrats on the Financial Services Committee said the more than 400-page Community Reinvestment Act proposal warrants more time for review, given its sweeping implications for community development and bank lending.
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A judge found United Wholesale Mortgage did not break the law in its handling of the retirement plan, which ex-workers say cost them a collective $1.8 million.
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New enhancements in business purpose lending by lenders and vendors could help originators looking for new business as conforming rates keep rising.
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