Lending in the High Tech Age

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Local Edition or ig i nat ion ORIGINATION New CFO, Corporate Secretary Named at Entitle Direct Group S e c on da r y M a r k e t a na ly t ic s se r v ic i ng John Sheffield has more than two decades' experience from all over the financial services industry. PENNSYLVANIA // Entitle Direct Group, Inc. (EDG), the parent company of EnTitle Insurance Company, announced the appointment of John Sheffield as its new CFO and corporate secretary. Sheffield brings to his post more than 20 years' financial, strategic, and corporate expertise developed from companies across several industries. He held senior positions with Bank of America Merrill Lynch and the Bank Street Group. He started his career as an auditor with a predecessor to PricewaterhouseCoopers and was a CPA in Texas. "Our early success with Entitle Direct has disrupted the outdated tradition of the 130-year-old title insurance," said Timothy Dwyer, founder and CEO of EDG. "As we look to take Entitle Direct to the next level, I am thrilled to have John join the company to help lead our transformation into an even more successful company with his focus on creating actionable strategic plans, establishing accountability, and instituting best practices." Top-Ranked Originator Joins V.I.P. Mortgage Scott Miksta is ranked among the top 1 percent of originators. arizona // V.I.P. Mortgage, Inc., has added top-ranking originator Scott Miksta to its team in Arizona, the company announced. Originally hailing from Chicago, Miksta is licensed in Arizona, California, Colorado, and Illinois. He is ranked among the top 1 percent of originators by Scotsman Guide. 38 | The M Report When not working, he is involved in the Phoenix 20/30 Club, a philanthropic group focused on raising money for underprivileged children in Arizona. "Steve is a process thinker, innovative to the business, and brings unparalleled experience to our team," said V.I.P. founder and efficiently," said Keith Teegardin, VP and sales manager at V.I.P. "His proven software implementation, commonly used with Fortune 500 companies, will be integrated into V.I.P.'s current efficient methodology, and I am excited to work with this sharpminded businessman." A study from Zillow finds three out of 10 Americans are still unable to get in on today's improving market as mortgage availability remains tight. president Jay Barbour. "Customers and Realtors working with Steve value the control that's created during each transaction, as well as the exceptional knowledge he and his team offer when presenting the different financial options that work best for each individual client." Joining Miksta are Jason Randolph and Dina Haselip, who have worked on and contributed to the success of the Miksta Team the past several years. "Steve has built a one-of-a-kind system incorporating accountability, follow-up, and checklists, which enables his team to run One-Third of Americans Unlikely to Qualify for a Mortgage Credit standards are still too tight for a large portion of consumers, Zillow finds. WASHINGTON // A study from Zillow finds three out of 10 Americans are still unable to get in on today's improving market as mortgage availability remains tight. For its analysis, Zillow analyzed 13 million loan quotes and more than 225,000 purchase loan requests on its Mortgage Marketplace in the first half of September. Results were compared to a similar study conducted in September 2010. The findings show that borrowers with credit scores under 620—about 28.4 percent of Americans today, according to data from—were unlikely to receive even one quote for a 30-year fixed-rate loan, even if they offered a higher down payment of 15 to 25 percent. "Despite all-time high levels of affordability in the housing market, tightened lending standards mean that nearly one-third of Americans are unlikely to be able to achieve the American Dream of homeownership because they can't qualify for a mortgage due to a low credit score," said Erin Lantz, director of mortgages at Zillow. Meanwhile, those who are able to secure a loan are having more trouble getting the best mortgage rates. According to Zillow's analysis, the lowest rates are currently reserved for those with credit scores of 740 or higher— compared to 720 in 2010. Records from myFICO show 40.3 percent of Americans fit that criteria, while 47 percent qualified for the relaxed standard three years ago (borrowers with scores higher than 740 in 2010 "did not receive significantly better mortgage rates," Zillow said). In the 2013 study, Zillow found borrowers with credit scores of 740 or above received an average low annual percentage rate (APR) of 4.42 percent for conventional 30-year fixed mortgages. Borrowers with mid-range credit (between 620 and 739) received APRs between 4.47 percent and 5.09 percent, and those with scores below 620 received too few quotes to even calculate the average low APR. To avoid surprises, Lantz recommended borrowers check their credit score and report at least six months before they intend to purchase "to see if there are any costly inaccuracies, pay down high-balance lines of credit, and make sure your bills are always paid on time."

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