Joseph Stanganelli has been named national broker sales executive for the recently established broker origination channel of Thornburg Mortgage Inc., Santa Fe, N.M.The company said Mr. Stanganelli's primary responsibility will be the development of the broker sales channel. Mr. Stanganelli comes to Thornburg from Bank of America, where he held senior vice president positions in BoA's National Wholesale Affinity Group and its Northeast and Eastern wholesale divisions. Among his previous employers in his 24 years in the mortgage industry were Fleet Mortgage and Plaza Home Mortgage, Thornburg said.
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The Consumer Financial Protection Bureau has finalized changes to Regulation B, which implements the Equal Credit Opportunity Act, to eliminate any liability for indirect discrimination by lenders. The change represents a major shift in how the agency polices lending discrimination.
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The company will be using a simplified name and a new logo it says shows its unified business model, but its longstanding tagline will stay in place.
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The investment property owner says she was stonewalled and humiliated by BofA's loan officers, and that an error-riddled appraisal was short by over $70,000.
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An independent auditor raised "substantial doubt" about the company's viability as it may not be able to extend forbearance deadlines on massive debts.
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The new law adds rules, including counseling requirements, which would put severe constraints on originations of HEIs, an industry representative said.
April 21 -
Federal Reserve Gov. Christopher Waller said certain corporate functions at the 12 regional banks, including information technology and human resources, could be consolidated under one structure to increase standardization and reduce costs.
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