Housing Research Group Hires a Director
WASHINGTON - The Research Institute for Housing America has named Anthony Pennington-Cross research director.Mr. Pennington-Cross, 33, who most recently was a post-doctoral fellow at the Zell & Lurie Real Estate Center in the University of Pennsylvania's Wharton School of Business, is to manage the institute's sponsored research program as well as its publications and annual Conference on Housing Opportunity.
Mr. Pennington-Cross' previous work included a stint as a senior associate at Standard & Poor's/DRI Consulting Group.
Centex Hires Correspondent Lending Exec
DALLAS - Centex Home Equity Corp. has announced the hiring of Charles O. Moore to be senior vice president of correspondent lending, a newly created post.Mr. Moore's responsibilities are to include establishing a division and overseeing all secondary marketing, insurance, and training operations. Mr. Moore, 37, was previously a senior vice president at Associates Home Equity Services and has been an executive at Bank One Financial Services and Chemical Mortgage Bank.
Centex Home Equity is a member of Centex Financial Services Group, a subsidiary of Dallas-based Centex Corp.
N.Y. Police Group Picks Official Web Lender
NEW YORK - AppOnline.com Inc. has agreed with the Fraternal Order of Police to be the latter's exclusive, on-line residential mortgage lender.AppOnline.com is to provide the police group with a customized lending program and a modified AppOnline.com Web site specifically for its members. "Under this agreement our membership can secure a mortgage any time of day or night over the Internet," said Derrick Piercy, the group's chairman. "The financial and service benefits to our members are excellent."
All-in-One Loan Offered to Home Builders
DALLAS - Fannie Mae said it has made its construction-to-permanent loan product available nationwide.The product lets a borrower finance both the construction and permanent phases of a new home in one transaction. Lenders, Fannie said, can offset some of the risks associated with home construction loans by locking in one interest rate for both phases and selling the mortgage to Fannie as soon as it closes.
Borrowers save time and money because they only need one approval and must pay just one set of closing costs. They can use the product to borrow up to 95% of their new homes' value, including the cost of land.