The Psychology Behind the Recovery

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42 | Th e M Rep o RT o r i g i nat i o n s e r v i c i n g a na ly t i c s s e c o n da r y M a r k e t ORIGINATION LocaL Edition valuation vision names vP for Business development, customer relations California Company ramps up their team. california // Calling it a hir- ing kick: Days after announcing the addition of Brandon Goldstein as managing director of capital markets, Valuation Vision (V2) recruited Loretta Zeballos as VP of business development and customer relations. Previously, Zeballos worked in account management at First Valuation, where she led client relations for leading mortgage and capital markets clients. At V2, she will be actively involved with the company's "continuing strategy to redefine the valuation experience," according to a release. "We are excited to have Loretta as part of the Valuation Vision team," said CEO Shane Copeland. "Her strong skill set, extensive valuation experience and professional reputation make her an ideal first addition to our Dallas based operations." things that Make you go Hmm? reCent data shows suspeCt mortgage appliCations are on the rise. colorado // As if recent regulatory changes weren't enough, lenders have another problem to grapple with: According to stats released by Kroll Factual Data, in- cidents of potential mortgage fraud are on the rise. Between the second and third quarters of 2013, the company recorded a 10.4 percent average increase in "possible fraudulent activity" in loan applications submitted for review. The increase was the third straight quarterly uptick, the company says. "Even with indications of the U.S. economy and the housing market gaining strength, we are seeing the threat of misrepresen- tation in mortgage applications rising," said Rod Bazzani, presi- dent of Kroll Factual Data. "The call for increased vigilance and processes for mitigating this risk is at a pitch not to be discounted or ignored." Given the findings, Bazzani said "[i]mplementing the ap- propriate measures to combat potential fraud is of critical importance for lenders." Changes in potentially fraudu- lent activity weren't concentrated in any geographical region. Out of all metropolitan statistical areas (MSAs) that saw at least 1,000 loan applications through- out the quarter, Huntsville, Alabama, posted the largest quarterly increase in potential fraud at 55.4 percent. Following that were Fort Collins-Loveland, Colorado (+51.4 percent); Manchester, New Hampshire (+41 percent); Santa Fe, New Mexico (+37.5 percent); and Boulder-Longmont, Colorado (+32.3 percent). On the other hand, some of the recovery's hottest markets experi- enced decreases in possible fraud. Out of the most active areas, Arizona's Phoenix-Mesa mar- ket reported the largest drop: 30.1 percent. Trailing that were Wichita, Kansas (-26.8 percent); Peoria-Pekin, Illinois (-19.4 percent); Greenville-Spartanburg- Anderson, South Carolina (-18.7 percent); and Bloomington- Normal, Illinois (-9.7 percent). new Branch Manager at carrington ed Ciemny will lead illinois Community branCh. california // Carrington Mortgage Services, LLC, ap- pointed Ed Ciemny to lead its office in Oak Brook, Illinois, the company announced. As branch manager, Ciemny will focus on directing the company's growth in Northwest Illinois as well as providing expanded offerings and faster turn times to meet demand in the Chicagoland area. Before being selected to take over the Oak Brook branch, Ciemny served as Midwest sales manager for Carrington. Past sales positions include sales manager for Security National and senior financial consultant/ sales manager for Primary Residential Mortgage, Inc. "Carrington remains sharply focused on increasing our capacity, expanding our offerings, and wid- ening our reach into new markets— tasks that require strong leadership and commitment at the local level," said Ray Brousseau, EVP of Carrington Mortgage Services' Mortgage Lending Division. "With Ed Ciemny's industry and local market knowledge, and his tenacity to meet the needs of borrowers in today's housing market, he is well positioned to lead our Oak Brook branch in Northwest Illinois toward pro- viding enhanced service to our customers in the Chicagoland area." Mortgage Banking suffers at Wells, JPMorgan despite positive gains at wells, some big banks kiCked off 2014 with a roCky start. new york // This season's bank releases kicked off with dual quarterly earnings reports from JPMorgan Chase and Wells Fargo—and as projected, weakened origination figures took their toll. JPMorgan's fourth-quarter in- come came to nearly $5.3 billion, a recovery from the third quar- ter's losses but a weak showing compared to the prior year's $5.7 billion. Net income for the full year was $17.9 billion compared to $21.3 billion in 2012. The report caps off a tumul- tuous year for the megabank, which spent the last few months working toward settlements on legal actions related to soured Between the second and third quarters of 2013, the company recorded a 10.4 percent average increase in "possible fraudulent activity" in loan applications submitted for review.

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