The Department of Housing and Urban Development this week announced the appointment of industry executive Adolfo Marzol as senior advisor to HUD Secretary Ben Carson. Prior to his appointment, Marzol was a member of the board of directors of Essent Group, a private mortgage insurance company based in Radnor, PA. He resigned from the board on May 6, 2017. Marzol retired as executive vice president of Essent in 2015. During his long career, he held senior posts at Fannie Mae, including executive vice president and chief credit officer. He left the government-sponsored enterprise in 2004. Prior to his stint with Fannie, Marzol worked at Chase Manhattan Mortgage, which is now a part of JPMorgan Chase. HUD noted that Marzol will advise Carson “on matters related to mortgage finance.” An experienced professional, his expertise lies in housing finance reform. “His knowledge of ...
New USDA Chief. Former Georgia Governor Sonny Perdue was sworn in as Secretary of Agriculture on April 25, shortly after the Senate confirmed him. At the same time, President Trump signed an executive order creating a task force on growing housing, among other things, as an economic driver in rural communities. Improved Lender Search List Launched. The FHA last week announced an improved lender list-search capability to help the public search for FHA-approved single-family and multifamily lenders. The search engine allows search on a variety of criteria, including lender name, city, state, servicer-originator type, and recent Home Equity Conversion Mortgage or 203(k) rehabilitation mortgage experience. The Department of Housing and Urban Development’s new Lender List Search web page replaces the previous Lender List lookup page on HUD.gov. While search criteria have not ...
The primary mortgage-insurance market held up a little better than overall first-lien originations during the first quarter of 2017, and the FHA program appeared to gain ground, according to a new Inside Mortgage Finance ranking and analysis. A total of $165.84 billion of first-lien mortgages produced during the first quarter of this year carried some form of primary MI coverage. That was down 20.6 percent from the fourth quarter, but overall first-lien originations fell by 33.6 percent during that period. The share of new production with MI coverage jumped to 43.1 percent, the highest it’s been since the end of 2008. The key factor for the greater MI penetration was...[Includes three data tables]
PHH Mortgage, Walter Investment Management Corp. and Ocwen Financial these days are all working from the same survival playbook: sell their most valuable asset – mortgage servicing rights – and remain as the subservicer of record. The idea is simple. All three hope to raise cash by selling MSR assets, eliminate the need to hold large sums for servicing advances and – importantly – buy some time. There’s...
RSS