HUD to Insure Reverse Mortgages Originated in the Lone Star State
WASHINGTON - The Department of Housing and Urban Development's FHA program will begin insuring reverse mortgages originated in Texas, said William C. Apgar, federal housing commissioner.A reverse mortgage is a type of home equity loan geared to the elderly. It enables homeowners to convert their equity into cash. Repayment is generally due when the borrower dies or moves out of the home.
In November, Texas voters approved a referendum that clarified rules for reverse lending in the state. HUD's blessing clears one of the last hurdles for the Texas market, which has an estimated potential size of $12.5 billion.
Columbia Housing, a PNC Unit, Hires Originations Vice President
PORTLAND, Ore. - Columbia Housing, a unit of PNC Bank Corp., named Gayle Manganello vice president of originations.Ms. Manganello will work in Boston and be responsible for finding, evaluating, and buying low-income housing properties with tax credits in the Northeast. She joins Columbia from Boston-based First Partners Inc., where she had similar duties.
KeyCorp's Champion Mortgage Names Executive to Lead Servicing
PARSIPPANY, N.J. - Champion Mortgage, a unit of KeyCorp, named Daniel Caffrey vice president of servicing and post operations.Mr. Caffrey will oversee all functions after a loan has been funded, including warehousing, secondary marketing, servicing, and collections. He has been with Champion since 1986, most recently as vice president of emerging markets.
Synovus' On-Line Service Selects Mortgagebot.com for Support
MILWAUKEE - Mortgagebot.com Monday said that Synovus Financial Corp. of Columbus, Ga., has selected it to provide back-end technology for Synovus' privately branded on-line mortgage service, pointpathbank.com.Mortgagebot.com will provide mortgage origination, fulfillment, and service capabilities to pointpath and Synovus Mortgage Corp., the mortgage lending arm of Synovus Financial.
