N.Y. Lender Planning To Dot-Com Its Name
NEW YORK - American Home Mortgage Holdings Inc. plans to change its name to MortgageSelect.com, a move that would require shareholder approval.The small mortgage originator also would change its ticker symbol to MSDC, from AHMH. In a statement, the company's president, Michael Strauss, said the name change would reflect the company's focus on Internet origination.
Fleet Exec Promoted To Financial Planner
COLUMBIA, S.C. - Fleet Mortgage Group has promoted James W. Hunt to senior vice president and manager of financial planning and analysis.Mr. Hunt reports to William B. Naryka, executive vice president and chief financial officer of the FleetBoston Financial unit.
Mr. Hunt has been with the company since 1987.
Wamu Exec to Oversee Loan Unit's Compliance
IRVINE, Calif. - Washington Mutual has named John G. Lopez first vice president in charge of mortgage banking compliance.His job is to make sure the thrift is compliant with local, state, and federal laws, such as the Home Mortgage Disclosure Act, the Fair Credit Reporting Act, and the Truth in Lending Act.
Most recently he was a vice president and compliance manager for Southern Pacific Bank in Irvine, Calif. He also worked as a compliance officer for Glendale Federal Bank of Glendale, Calif., and as an examiner for the Office of Thrift Supervision.
Va. Lender Offers 103%, No-Money-Down Loan
RICHMOND, Va. - SunTrust Mortgage Inc. has introduced a program that enables a homeowner to borrow up to 103% of a home's value with no down payment.Known as Maximizer, the loan can be for as much as $325,000 and is targeted to creditworthy consumers. The extra 3% is intended to cover closing costs and related expenses, said Susan Huber, a senior vice president at SunTrust Mortgage.
B of A Starts Specialty In Single-Asset Lending
CHARLOTTE, N.C - Banc of America Securities LLC said it has formed a group focusing on single-asset commercial mortgage securitizations.The CMBS Capital Markets Group, headed by Ken Rivkin, a managing director, is part of Bank of America's real estate group. The new group will originate loans of $125 million or more and will repackage the loans into bonds. It will also make bridge loans.
The company said it increased its issuance of securities backed by single large loans to $15 billion last year, from $3 billion in 1998.
"We created this unit to capitalize on a growing market," said Bill Hodges, managing director of the real estate group.
PNC Hires Senior Exec For Lending Operations
VERNON HILLS, Ill. - PNC Mortgage has named Michael J. Kula executive vice president of mortgage operations.Mr. Kula joins the PNC Bank Corp. unit from Mellon Mortgage Co., where he was chief operating officer. Mellon Bank sold its mortgage division to Chase Manhattan's home loan unit last year.
Among the duties Mr. Kula will assume will be those of Peter M. Ross, former executive vice president of loan servicing, who left PNC Mortgage last year.