Denise Miller Named VP, Controller At Monroe Community Credit Union

Denise Miller has been promoted to Vice President, Controller, at Monroe Community Credit Union. The company announced in a press release that Miller will oversee the financial and regulatory functions of the credit union while managing the accounting, payment strategies, and payment solutions departments. Her experience includes more than two decades in the financial institution industry, including as an auditor. She has a Bachelor of Science in Business Administration with a double major in Accounting and Finance from Central Michigan University, and her MBA from Walsh College. “Since joining the credit union in April of 2020, Denise’s responsibilities have steadily increased in the financial operations of the credit union,” said Kristine Brenner, President/CEO of MCCU.  “As a former auditor, her…

Mike Maguire Named Truist CFO

Truist Financial has named Mike Maguire its new chief financial officer starting September 15, the company announced in a press release. “Our teammates, clients, investors, and communities are excited by Truist’s purpose and potential, and I look forward to serving them as CFO,” Maguire said in a statement. In his new position, Maguire will oversee accounting, tax, treasury, financial planning and analysis, as well as investor relations, among other responsibilities.  Maguire takes the position over following the service of Daryl Bible, who is retiring. Maguire is moving up from his previous position of chief consumer finance and payments officer, and will continue to report to Chairman and CEO Bill Rogers. “Mike is a strategic and purpose-driven leader with an exceptional…

MBA’s Broeksmit Warns: ‘Aggressive’ Regulation Is Back

In a speech to the Mortgage Bankers Association’s annual convention on Monday, President and CEO Bob Broeksmit told members that, to paraphrase former President Bill Clinton, the era of big, regulatory government is back. Broeksmit’s remarks addressed a range of issues, from the impact on the industry of the COVID-19 pandemic to minority homeownership. But his central theme for the industry is the political changes made in Washington, D.C. in 2020 are going to have an impact in 2021 — and beyond. Broeksmit said he spoke to Fed Chairman Jerome Powell and four of the other Governors of the Federal Reserve. “I always make the same points, too. The MBA supports regulation and legislation that is clear, easy to implement, and helpful…

IMB Profits Grew 300% In 2019

By Jim Perskie The lending business was significantly more profitable for independent mortgage banks (IMBs) in 2019. IMBs and mortgage subsidiaries of chartered banks made an average profit of $1,470 on each loan they originated last year – up from $367 in 2018, according to a report released Friday by Mortgage Bankers Association. The report also found: Average production volume was $2.7 billion (10,411 loans) per company in 2019, up from $2 billion (8,171 loans) per company in 2018.On a repeater company basis, average production volume was $2.94 billion (11,227 loans) in 2019, up from $2.14 billion (8,805 loans) in 2018. For the mortgage industry as whole, MBA estimates production volume at $2.17 trillion in 2019, up from $1.68 trillion in 2018.The…