Rocket names fintech executive Varun Krishna CEO
National Mortgage News
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Rocket Cos. announced a major leadership transition on Monday with the appointment of Varun Krishna as CEO, while longtime executive Bob Walters plans to retire. Krishna takes over the helm of Detroit-based Rocket from interim CEO Bill Emerson who had held the role since June. With the appointment, Emerson, also a member of the company's board of directors, will become president and chief operating officer of the company, taking over from Walters. A veteran of the company since 1997, Walters announced his plans to retire, effective Sept 5.
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Paige Bowman was initially reluctant to join Threads. The Houston-based mortgage professional counts over 10,000 followers on her polished Instagram account and posts short-form video content daily. Like many originators, she wasn't active on Twitter. But after watching the rapid growth of the Twitter look-alike, and considering its easy sign-up, Bowman created an account. "When you integrate platforms with one another, i.e. when Facebook integrated with Instagram and now Instagram integrated with Threads, it really makes things easier for the user," said Bowman. "I think that's why that platform will continue to grow."?
An Orange County, California, correspondent lender pleaded guilty to fraud this week after bilking an investor of $5.3 million with promises his company was headed for an initial public offering. Jacques Poujade, owner and chief financial officer of Tri-Emerald Financial Group pleaded guilty on July 24 to one count of securities fraud in California Central District Court. In a five-year span from 2015 to 2020, Poujade sold securities to his victim for $10 a share, claiming Tri-Emerald was on course for a listing on the Nasdaq stock exchange. He also said equity value would likely be more than 10 times higher by the time of its IPO.
A divisive capital proposal released Thursday could lead banks with $100 billion or more in assets to further distance themselves from the housing finance business. The proposal specifically adds higher risk weightings for portfolio products with elevated loan-to-value ratios. It also more generally raises capital requirements in a manner expected to deter investment in mortgage servicing rights, which have had a high risk weighting. "This is a disincentive for banks to make higher LTV loans," said Pete Mills, senior vice president of policy and member engagement at the Mortgage Bankers Association, of the new proposal.?
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The proposed bank capital rule changes could create further opportunity for Redwood Trust when it comes to non-agency mortgages, company management said on its second quarter earnings call. The real estate investment trust is seeing more interest from bank executives that "like us, see where the proverbial puck is headed after watching portfolio mortgages play a central role in the demise of Silicon Valley Bank and First Republic Bank earlier this year," said CEO Christopher Abate on the earnings call, who also updated investors on related developments he had discussed in Redwood Trust's first quarter earnings call.
VantageScore, a credit measure provider that Fannie Mae and Freddie Mac lenders will be working with in conjunction with future loan submissions to the government-sponsored enterprises, reported a spike in 30 to 59-day past due loans for mortgages during June. The delinquency rate in this category jumped to 0.78% from 0.66% the previous month but remained well below the pre-pandemic level of 1.22% seen just prior to the pandemic in January 2020, according to the company's Credit Gauge report.
The Federal Housing Administration has released a long awaited proposal that would change borrower contact requirements for mortgage companies. Under the new proposal, which is aimed at updating the Department of Housing and Urban Development's "face-to-face" requirements, mortgage servicers would be able to use online and remote communications, as they did during the pandemic, to fulfill outreach mandates. The mortgage industry has been watching for the proposal since FHA commissioner Julia Gordon announced earlier this year that the agency was planning to update the requirements.
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Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1 年Thanks for the updates on, The NMN.