Tom Palmer, a senior executive in the correspondent lending division of MetLife Home Loans, recently left the company, accepting a position with the privately held Freedom Mortgage Corp., Fishers, Ind., according to industry officials familiar with the matter.
MetLife Home of Irving, Texas, is currently being shopped around by its insurance company parent.
At least two bidders – PNC Bank and American Express – have looked at buying parts of the company.
Among residential lenders MLHL ranks 12th nationwide, according to figures compiled by National Mortgage News and the Quarterly Data Report.
Freedom ranks 56th nationwide among funders but has been quietly expanding the past few years.
Daily Briefing | Monday, December 19, 2011
Senate Bill Calls for Hike in FHA Premiums
The Senate over the weekend added an increase in FHA premiums to the payroll tax bill, passing the measure by an overwhelming margin of 89-10.
While MSRs Fall Overall, Subservicers Thrive
A funny thing happened on the way to the mortgage correction: while residential debt outstanding has been declining steadily for well over a year, subservicing contracts have increased – handsomely.
RE/MAX: Homes Sales Fell in November, But Prices Were Up
Home sales fell 5.7% in November but prices were up month over month, according to new figures released by RE/MAX.
Fannie Economist Airs Double-Dip Fears for 2012
Fannie Mae’s chief economist is warning that the United States has a 40% chance of slipping into a double-dip recession in 2012.
Collateral Damage: Ranking Banks by Foreclosed Assets
The storm surge of foreclosed properties on bank books shows little indication of ebbing, and institutions continue to be drowned by it.
JPM Facing Massive PLS Buyback Claims
JPMorgan Chase Co.’s chief executive, Jamie Dimon, told investors at the beginning of 2011 that potential repurchases of private-label mortgage securities are “not that material” for his bank – an assertion that increasingly appears to be in doubt.
Ginnie Mae Issuance on the Rise
Residential lenders issued $28.4 billion of Government National Mortgage Association-backed MBS in November, a 7% gain from the previous month, according to new figures issued by the agency.
Redwood Expects Robust CMBS Pipeline
Redwood Trust said it is currently seeing a very robust pipeline of potential CMBS transactions.
LPS: Late Payments Rise, but Year-Over-Year Number Improves
Residential delinquencies rose to 8.15% at the end of November, an almost 3% increase from the prior month, according to new figures compiled by Lender Processing Services, Jacksonville, Fla.
CFPB Plans Financial Boot Camp for Military
Despite a concerted effort from the Defense Department to help members of the military achieve greater financial stability, there is still an enormous financial education gap.
REIT Buys Large Stake in NYC Office Property
Commercial REIT Vornado Realty Trust has acquired a 49.5% stake in 666 Fifth Ave., a 39-story office building in Manhattan, from the Kushner Cos.