Risky Business

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 79 of 83

local edition Or ig i nat ion SECONDARY MARKET se r v ic i ng With refinances making up the majority of originations lately, "many lenders have become less accustomed to the time-sensitive nature of home purchase loans," Jacobs said. The new working group is proof of Residential Finance's focus on the purchase market, he notes. Danny Kettle, owner of Help-USell Legacy in Layton, Utah, said Residential Finance is his "go-to lending resource" for clients who don't already have a lender, asserting, "their turn-time is great." Freddie Mac Welcomes New EVP s e c on da r y m a r k e t a na ly t ic s David B. Lowman will parlay his experience in the private sector to enhance the GSE's single-family business operations. Arizona Sees First FDIC-Insured Bank Failure in Years Bank is the first FDIC-insured institution to collapse in Arizona since December 2011. The bank was closed by the insurer and assets were assumed by First Scottsdale Bank. Residential Finance Works on Increasing Timely Closings ARIZONA // Arizona's Gold Canyon Bank became the fifth FDIC-insured bank to fail in 2013, the agency announced. The Arizona Department of Financial Institutions closed the bank, appointing FDIC as receiver. To protect depositors, Gold Canyon Bank's estimated $44.2 million in deposits has been assumed by First Scottsdale Bank, N.A., which has also agreed to purchase essentially all of the failed bank's $45.2 million in total assets. FDIC estimates the cost to its Deposit Insurance Fund will be about $11.2 million. Gold Canyon Companies realize that helping consumers meet critical deadlines is crucial in preserving a strong line of business. 78 | The M Report OHIO // Residential Finance Corporation, based in Columbus, Ohio, recently announced the launch of its new Purchase Loan Quick Reaction Force, a team dedicated to ensuring mortgage loans close on time. Daniel Jacobs, managing director of the company's retail branch division, points out meeting the transaction deadline is important for all participants in the home purchase process, as it has the potential to make or break a sale. "There's more competition for homes and there may be multiple offers," Jacobs said. "Missing a contingency deadline and delaying the closing can mean the buyer will lose out on getting the house they want." Not only will this serve as a disappointment to a hopeful homeowner, but also, meeting or missing a deadline "can make the difference between keeping referral sources and losing them to a competitor," Jacobs said. Residential Finance Corporation's Purchase Loan Quick Reaction Force works to anticipate potential problems or delays and address them early in the purchase process. "By establishing our Quick Reaction Force, we are taking a proactive approach to make certain we provide an outstanding customer experience for borrowers, loan originators, and real estate professionals," Jacobs said. Washington, D.C. // David B. Lowman, a long-time senior leader in the mortgage finance industry, is joining Freddie Mac as EVP of the Single-Family Business effective May 20, the company announced. Lowman served as CEO of Chase Home Lending from 2006–2011, overseeing $150 billion in annual production and a $1.2 trillion servicing portfolio at what was then the country's third largest mortgage originator and servicer. Before that, he spent a decade in senior leadership roles in various lending businesses of Citigroup, including head of CitiMortgage and Citicorp Trust Bank, FSB. He started his career in the Washington, D.C., office of KPMG, where his clients included banks, thrifts, and mortgage bankers. At Freddie Mac, Lowman will have broad responsibility for the single-family line of business, including managing relationships with the company's seller/ servicers, the performance of Freddie Mac's guarantee book of business, and all sourcing, servicing, and business operations. "We are extremely pleased that Dave will be joining us. He has

Articles in this issue

Archives of this issue

view archives of TheMReport - Risky Business