Lending in the High Tech Age

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The Latest se r v ic i ng or ig i nat ion ORIGINATION S e c on da r y M a r k e t a na ly t ic s JPMorgan Chase Names New CIO Dana Deasy has served as CIO for a number of companies, including BP and General Motors. New Home Purchase Applications Slip Again MBA's Builder Applications Survey points to another drop in September. B uilder data tracked by the Mortgage Bankers Association (MBA) indicates mortgage applications for new home purchases decreased from August to September. MBA's monthly Builder Application Survey (BAS), which uses application volume from mortgage subsidiaries of homebuilders, suggests new home purchase application volume declined 1 percent month-overmonth in September. The decline does not include any adjustment for typical seasonal patterns. 34 | The M Report By product type, conventional loans accounted for 68.4 percent of loan applications, up 0.6 percentage points from August, while the share of loans backed by the Federal Housing Administration (FHA) fell the same amount to 16.6 percent. The percentage of loans insured by the Department of Veterans Affairs (VA) was flat at 13.9 percent. Rural governmentbacked loans made up 1.1 percent of volume, up slightly over the prior month. The top three states for new home purchase application volume were Texas, Florida, and California, where volume increased month-over-month by 5.6 percent, 1.6 percent, and 15.5 percent, respectively. Yearover-year, applications for new home purchases increased by 12.4 percent in Texas and 10.7 percent in Florida while falling 5.1 percent in California. Using information from the BAS and assumptions regarding market coverage, MBA estimates sales of new single-family homes ran at a seasonally adjusted annual rate of 459,000 in September; sales were estimated at an unadjusted 36,000 for the month. The average loan size for new homes was up about $5,250, increasing to $289,650. J PMorgan Chase will soon welcome Dana Deasy as its new CIO. He brings more than 27 years' experience to his new role. His most recent position as CIO and group VP at British Petroleum had him oversee the company's global information technology, procurement, and global real estate. Deasy has served as CIO for General Motors North America, Tyco International, and Siemens Corporation Americas. Deasy will replace Mike Ashworth, who served as interim CIO over the past several months. Ashworth will now serve as deputy CIO for the company. "Technology fuels almost every aspect of our company and is core to the value proposition we offer our customers, clients, and communities," said Paul Compton, chief administrative officer for JPMorgan Chase. "Dana Deasy is an extraordinarily talented executive with outstanding experience, and we are pleased he'll be leading this critically important role for our company."

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