Mobility Market Intelligence named Ron Ross as its new chief financial officer.
Ross brings decades of c-suite experience in the tech world to the position, having previously held leadership roles at Teem Technologies, Ecoscraps, and SkullCandy.
Before joining MMI, he served as president and COO of Everee Inc., a payroll company that he founded. There, he led teams in a variety of departments while also overseeing product, engineering, finance, and accounting.
“Ron was our first choice when thinking about who would be the best fit as CFO. With MMI’s rapid growth comes a specific set of challenges that Ron’s unique experience and natural strategic ability can help us solve,” said MMI Founder and CEO Ben Teerlink.
Ross holds a Master…
Fannie Mae’s Q1 earnings fell short of expectations, but the GSE turned a profit last quarter.
The mortgage giant reported $4.3 billion in net income for Q1 2024, up from $3.9 billion in Q4 2023 but lower than analysts expected.
Its overall revenue was $7.1 billion, a sturdy sum but lower than expectations of $7.68 billion.
Leaders at the GSE focused on the fact that Fannie Mae has turned a profit for 25 consecutive quarters.
“The strength of the U.S. economy, higher single-family home prices, and the credit quality of our book of business continue to be important factors affecting our performance. This quarter, we provided $72 billion in liquidity to the U.S. housing market. This helped 280,000 households buy,…
loanDepot introduced a new training resource for loan officers interested in expanding their knowledge of VA loans.
The “VA Loan Officers Master Class” was designed to help LOs navigate the important and specialized world of veterans’ loans. VA loans offer huge benefits for America’s armed forces but can be difficult to close.
Lenders working with veterans need a deep knowledge of the requirements for these loans, which differ from conventional loans in everything from documentation to the appraisal process.
Lack of understanding creates unnecessary roadblocks for veterans in the housing market, according to Jenny Wemert of Wemert Group Realty.
“There’s too many stigmas attached to a VA mortgage that aren’t really realistic,” she told Spectrum News.
The VA Loan Officers…
ICE rolled out a new interface for its mortgage loan servicing system with “conversational” capacities.
The MSP Digital Experience (MSP DX) streamlines workflows and increases efficiency for servicing pros by providing “a more intuitive, dynamic and conversational” way to interact with the system.
Users can ask the system for what they need using everyday language, saving time and energy otherwise spent sorting through pages of information.
“Mortgage escrow is inherently complex, and the technology lift to handle the many moving parts is significant,” said Tim Bowler, President of ICE Mortgage Technology. “But with the introduction of MSP DX we are helping servicers manage the escrow process more efficiently. This will enhance workflow management for servicers and improve the household experience.”…
Jeff Wilkish has been named Regional VP for New England at loanDepot, the lender announced in a press release.
In his new role, Wilkish will oversee growth and performance at branches throughout New Hampshire, Rhode Island, Massachusetts, Maine, and Vermont.
“As we considered how to fill this critical leadership position, we looked for someone who is both an exceptional developer of originator talent, and also part of the fabric of New England. A native New Englander, Jeff fits the bill all around,” said loanDepot Executive Vice President John Bianchi.
“I couldn’t be more excited about marrying Jeff’s particular strengths with those of our amazing team.”
Wilkish comes to loanDepot from Movement Mortgage, where he spent seven years as a sales…
By KIMBERLEY HAAS
The co-founder of a company that provides technology-enabled mortgage services and fintech innovation for the financial industry says artificial intelligence will be an essential tool moving forward.
Souren Sarkar, who is the president at Nexval Group in Miami, started his career in the technology space at Bayview Financial in 1996. After rising through the ranks to become the company’s chief technology officer, he pivoted and started companies that focused on mortgage outsourcing with technology, as well as labor outsourcing to India, where he was born.
Today, Nexval has several large operations in India and Sarkar says people who work in middle management there all have over 15 years of experience in U.S. mortgage banking.
Sarkar said the…
Rocket Mortgage launched a new AI-driven technology for analyzing calls.
Rocket Logic – Synopsis can listen to, transcribe, and search client calls, then analyze the sentiment, recording the patterns and preferences of the caller, according to a press release.
This innovation allows Rocket to create “bespoke experiences” for both current and potential borrowers.
“Rocket Logic unlocked the transformative power of AI to begin streamlining and modernizing the homebuying process. Now, with Rocket Logic – Synopsis, we have harnessed generative AI to create a tool that both anticipates and solves clients’ needs, effectively changing the future of homeownership,” said Varun Krishna, CEO of Rocket Companies and Rocket Mortgage.
The tool is active for calls to Rocket’s client experience teams, including loans…
Guaranteed Rate has bolstered its local and national leadership with two big changes.
The company promoted CJ Rose to EVP of Growth and Acquisitions. His new position involves recruiting talent for Guaranteed Rate around the country and managing acquisitions.
Rose has been with G-Rate since 2005, when he joined as a Senior Director of Strategic Growth and Acquisitions. In 2021, he became involved with OriginPoint, a collaboration between the company and real estate brokerage Compass.
“It is great to be part of the best leadership team in our industry,” Rose said. “With our proven track record, a fast-paced and dynamic company culture, and the most innovative mortgage products in the industry, the advantages of joining Guaranteed Rate are hard to…
Ginnie Mae’s Alanna McCargo is leaving the company and returning to private life, the Department of Housing and Urban Development announced.
McCargo, who has served a president of the Government National Mortgage Association (Ginnie Mae) since January 2022, called the move a “deeply personal decision.”
“The past 3.5 years in public service with the Biden-Harris Administration has been the most important and fulfilling work of my 25-year career in housing finance and I am deeply grateful for the opportunity to serve my country and advance a bold housing agenda across the globe as President of Ginnie Mae,” she said in a statement.
Her resignation will go into effect on May 1.
Principal Executive Vice President Sam Valverde will serve as…
By KIMBERLEY HAAS
Technology is helping servicers with programs that provide systematic and automated approaches to loan due diligence, leading to partnerships that will enhance market compliance.
Third-party subservicer Cornerstone Servicing, headquartered in Englewood, Colorado, announced last month that they are using compliance technology from Bizzy Labs to perform daily exception processing on servicing portfolios. The goal is to reduce errors, provide business risk transparency, and reduce per loan servicing costs.
Bizzy Labs is an affiliate of BSI Financial Services in Irving, Texas, and their compliance technology, Libretto, uses a comprehensive library of over 1,000 business rules to identify servicing deadlines and data quality anomalies that could lead to red flags.
Toby Wells, the president of Cornerstone Servicing, and Gagan…
