Jerry Schiano, president and chief executive officer of Wilmington Finance, Plymouth Meeting, Pa., has left the company, industry sources have confirmed to MortgageWire.Neither Mr. Schiano nor Wilmington Finance could be reached for comment by deadline time. A subprime lender, Wilmington Finance is a subsidiary of insurance giant American International Group. A receptionist at Wilmington Finance had no information on Mr. Schiano, but said the new CEO is George Roach.
Nonbank mortgage firm Pennymac said having an in-house system gave it a leg up on implementation, while a vendor also reported progress in its systems testing.
United Bank and Five Points Bank, both ranked among the top-performing banks by Capital Performance Group, said they have stayed in the mortgage business because they see it as a way to build strong relationships in the communities they serve.
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.
