Residential Capital Corp. chief executive Bruce Paradis will retire on June 1 and be replaced by Jim Jones, who currently serves as the firm's chief operating officer and president.ResCap is the parent company of mortgage giant GMAC Residential. Mr. Paradis, 58, helped create the holding company a few years ago. He has worked for GMAC and its affiliates for 24 years. Late last year, hedge fund Cerberus Capital bought 51% of GMAC.
The servicer will pay $4.5 million in remediation to affected homeowners for incorrectly imposing force-placed insurance on thousands of borrowers.
The trade group supports a narrow rewrite of the agency's manufactured home definition but it wants FHA valuation projections before lenders can scale.
Pending home sales, a real-time indicator of homebuying demand, dropped 2.5% to their lowest level since December, according to Redfin's latest report.
Mortgage production declined overall in July from activity earlier this summer amid growing rate volatility, according to two new originations reports.
Long Island-based Dime Commercial Bancshares, which continues to transform itself from a thrift into a commercial bank, is eyeing additional expansion in the Garden State.
In the latest round of posturing between the one-time merger partners, Two Harbors said the filing was part of a "familiar refrain" by UWM to blame others.
