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MortgageDaily.com - Mortgage News Headlines
Mortgage Industry News for the Mortgage Industry
- AMCs, BPOs and Appraisal Compliance
Coester Appraisal Group reported that its survey of more than 1,500 licensed and certified appraisers found that average turnaround on appraisals was two to three days regardless of whether the appraisal was ordered through a third party or not.
An alternative to broker price opinions was released last month by Valligent.
Global DMS announced its appraisal process management software is up-to-speed with the new Federal Housing Administration appraisal requirements and guidelines.
- Fifth Third Expanding in Tennessee
Fifth Third announced plans to expand in Tennessee.
The company said Geoff Hill was tapped to oversee the expansion as head of a new Tennessee mortgage division.
A spokeswoman told MortgageDaily.com in an interview that the bank entered the market with its 2004 acquisition of another bank.
- Quicken Maintains Healthy Pace of Hirings
Quicken Loans Inc. hopes to fill 75 positions through a job fair in its home town, a spokesman told MortgageDaily.com in a statement.
He noted that the company has been hiring around 70 employees a month during each of the past few months.
As of January, Quicken had 3,000 employees.
- Appraisers Oppose Short-Sale Plan
A coalition of appraisal groups led by the Appraisal Institute announced a letter addressed to U.S. Department of the Treasury Secretary Timothy Geithner.
The groups are concerned about short sales being promoted under the Home Affordable Foreclosure Alternatives.
The appraisers claim that the use of broker price opinions in short sales, as allowed by the Obama administration, "will not adequately protect the public interest" or interests of lenders and servicers.
- No. 1 Reverse Wholesaler Title Changes Again
During January, MetLife Bank closed more reverse mortgages through its wholesale channel than any other reverse wholesale lender, Reverse Market Insight reported.
MetLife seized the title from Bank of America, N.A., which was the biggest reverse wholesaler in December.
MetLife held the title the month before that.
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There are so many decisions to make when shopping for a home mortgage loan.
Should you choose a fixed or adjustable rate? Should you pay interest-only
for a period of time? How much money should you put down? One of the simpler,
but absolutely crucial decisions that will confront you is the choice of term.
How long a mortgage is right for you?
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