Fifth Third Bancorp welcomes a new executive to lead it mortgage department. This is the same lender that announced a new zero down payment mortgage program earlier this month. Edward Robinson comes to the position prepared, bringing a solid track record of success in a variety of challenges and roles.
Fifth Third Bancorp will pay $85 million as a part of settlement with the federal government over allegations that the bank failed to self-report mortgages it knew to be defective, causing millions of dollars in losses to the Department of Housing and Urban Development.
Meet Kevin Taylor. In 2013, he left his position running mortgage-backed securities trading desk at Fifth Third Bank to start Mariemont Capital. And according to a report from the Cincinnati Business Courier, Taylor is finding success investing in residential mortgage bonds and delivering big returns for his investors.
"While this was an extremely difficult decision to make, we intend to build on our leadership position in the correspondent market and remain committed to purchasing loans from smaller financial institutions and independent mortgage companies," mortgage head says in letter.
These risks are real. For example, even if interest rates were to fall, mortgage originations may also fall. Any increase in mortgage originations may not be enough to offset the decrease in the MSRs value caused by the lower rates, the bank states.
The Federal Deposit Insurance Corp. continued its recent "freaky Friday" streak last week, stepping in at Bradenton, Fla-based Freedom Bank, after the Commissioner of the Florida Office of Financial Regulation closed the bank on Friday after market close. All deposits of the failed bank will head over to Grand Rapids, Mich.-based Fifth Third Bank, the FDIC said.
Some of our 2016 award winners have worked their way up in traditional mortgage companies, while others started their own businesses. They have made their mark in marketing, technology, economics, compliance, asset management, operations and business development.
According to Harvard University’s Joint Center for Housing Studies, the supply gap in 2015 was 400,000 units. Of course, that leads to price inflation on rental rates for existing units as well as driving developers to build. But today’s construction isn’t necessarily providing for all of tomorrow’s renters.
The solutions that offer so much promise also open up the possibility of 24/7 availability. The mission of many in our industry is satisfying consumer demand, and understandably so. But we should be careful. Sometimes consumers are ridiculous and unreasonable. Sometimes meeting their demands comes at too high a price.