President Barack Obama has nominated the county executive of King County, Wash., Ron Sims, to be the deputy secretary and second in command at the Department of Housing and Urban Development. If approved by the U.S. Senate, Mr. Sims will be in charge of the department's day-to-day operations. Mr. Sims has a "track record as an innovative leader," said HUD secretary Shaun Donovan. "His experience at the helm of a large urban government provides critical perspectives and his collaborative approach to problem solving has prepared him to effectively lead HUD's operations as the agency charts a new aggressive course," Mr. Donovan said. In his own statement on accepting the nomination, Mr. Sims referred to an op-ed piece he wrote for the Seattle Times last year. "I lamented that decades of misguided policies at the federal, state and local level have contributed to the problem; policies that have isolated the poorest urban neighborhoods from economic opportunities, and disenfranchised communities trying to do better. I said then, and I believe now that 'we all need to own the reality of inequity' and we need empowered community voices to partner with government in shaping decisions to attack inequities at their sources and solve them," he said.
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New York Life's investment arm is buying a majority stake in Verus' parent, as higher rates draw insurers to non-QM. Lenders should expect deeper-pocketed buyers and competition.
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The agreement expands the top-5 bank servicer's relationship with the technology company, claiming it brings its full portfolio to the MSP platform.
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The typical mortgage company is well behind the average fintech, insurance company and bank in terms of AI development and maturity, according to a new survey.
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Federal Reserve Gov. Michael Barr said artificial intelligence has not yet had a material impact on the labor market, but governments and businesses should be prepared nonetheless.
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DRB Group is partnering with Acrisure Mortgage and Alta Home Lending to start two mortgage joint ventures set to open in January 2027, the company announced.
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Servicers may need to use some of their less common risk management tactics rather than solely relying on borrowers holding significant equity, Andy Walden said.
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