David Aach has been named chief operating officer of Palisades Technology Partners, Englewood Cliffs, N.J., a supplier of software and application development services to the mortgage industry.In addition to managing the company's day-to-day operations, Mr. Aach will focus on direct sales and alliance strategies to support the company's continued growth, Palisades said. Mr. Aach has more than 28 years of mortgage technology and sales experience. Before joining Palisades, he served as national sales manager for John Harland Financial Solutions, and strategic account manager for Corillian. Mr. Aach also served as vice president of mortgage systems for Citicorp Mortgage, where he was instrumental in rolling out the first loan origination system to use laser-printed mortgage documents, Palisades said. The company can be found online at http://www.ptpusa.com.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
September 17 -
The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
September 17 -
Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17