Mortgage News - Veteran Affairs

Bank Executives Trade Employers

Sterling Savings Bank named David DePillo as its new chief credit officer,the parent company announced.

Heartland Financial USA Inc. announced Brian Fox as executive vice president of operations.

Fidelity Bank announced John Merrill as its president, chief financial designer and chief lending officer.

Originations, Headcount Up at MetLife

MetLife Bank, N.A., saw residential originations increase 9 percent from the second quarter.

The company also managed a gain in the number of reverse mortgages closed.

Meanwhile, headcount rose by 224 in MetLife's mortgage operations.

Citi Top HAMP Producer in September

Since the Home Affordable Modification Program was initiated,CitiMortgage Inc. has completed 49,538 permanent modifications.

During just September, CitiMortgage's active permanent HAMP modifications were 2,302 higher.

It was the biggest increase of any HAMP servicer.

No Shortage of Secondary Investors

Colony Capital Acquisitions LLC recently led the acquisition of $1.9 billion in assets from the Federal Deposit Insurance Corp.

In another FDIC sale, a variety of investors paid par for the senior certificates that were part of a securitization backed by approximately $471 million of performing single-family mortgages from 16 failed banks.

Walter Investment Management Corp. purchased two pools of residential first lien mortgage loans utilizing some $20 million of proceeds from an equity offering.

More Lenders Lose FHA Approval

The Federal Housing Administration reported that branches of 10 mortgagees had their FHA origination agreements terminated in August and September.

HUD determined that the mortgagees had a default and claim rate that was 200 percent worse than the HUD field office's rate as of March 31.

In addition, another nine mortgagees had the direct endorsement approval authority terminated.