Patrick Barnard

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Foreclosure Starts Continued to Fall During First Half

Foreclosure starts continued to decrease nationwide during the first half – but, as is to be expected, certain markets saw “flare-ups” in their annual foreclosure rates. A total of 177,015 U.S. properties started the foreclosure process in the first six months of 2019, down 8% compared with the first half of 2018 and down 84% from the peak of foreclosure …

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MISMO Taps Jonathan Kearns as VP of Technology

Jonathan Kearns has joined MISMO, the mortgage industry’s standards organization, as vice president of technology. Under MISMO’s management by the Mortgage Bankers Association (MBA), Kearns will also serve as associate vice president, product development, for the MBA. Kearns previously served on MISMO’s residential standards governance committee. He comes to the organization most recently from DocMagic Inc., which acquired eSignSystems, where …

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David Applegate Stepping Down as CEO of CSS

Following the successful implementation of a uniform mortgage backed security for government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, David Applegate will step down as CEO of Common Securitization Solutions, the joint venture launched by the companies in 2013 to develop the technology infrastructure to support the new common security. Applegate will stay on board to help ensure a smooth …

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WFG National Title Insurance Hires Gregg Christensen as Senior Business Development Officer

Gregg Christensen recently joined WFG National Title Insurance Co. as senior business development officer for the company’s New York City-based national commercial services division.  Christensen has more than 25 years of commercial real estate and title insurance expertise. Prior to joining WFG, he worked with the national commercial services team of another large national title insurer. Before that, he served …

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GSEs Postpone Mandatory Use of New URLA Form

Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac have postponed the deadline for mandatory use of the redesigned Uniform Residential Loan Application – the standard form used to apply for a mortgage – from Feb. 1, 2020 to an unspecified date so that additional changes can be made. The GSEs announced nearly three years ago that they were developing a …

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Cloudvirga Promotes Daniel Sogorka to CEO

Daniel Sogorka is the new CEO of Cloudvirga, a provider of mortgage point-of-sale (POS) solutions. Sogorka, who joined Cloudvirga as chief revenue officer in January this year, has more than 20 years of experience removing inefficiency and costs from the mortgage industry. Mark Attaway, co-founder of the firm, says in a short period of time, Sogorka “has had a profound …

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Mortgage Credit Tightened Slightly in July

Mortgage credit availability decreased in July compared with June, falling 0.4% to a score of 189.0 on the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI). Credit for conventional loans increased 0.1% while credit for government loans fell by 1.0%. Of the component indices of the conventional index, credit for jumbo loans increased by 0.7% and credit for conforming …

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Mortgage Rates Take a Steep Dive

Mortgage rates decreased significantly this week, with the average rate for a 30-year fixed rate mortgage falling to 3.60%, down from 3.75% the previous week and down from 4.59% a year earlier, according to Freddie Mac’s Primary Mortgage Market Survey. That’s the lowest average rate for the 30-year since November 2016. The decrease is primarily attributable to the recent trade …

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