Former NFL Quarterback Joins CA Mortgage Firm
A big mortgage servicing executive was named at Bank of America Corp.'s mortgage unit, while President Barack Obama disclosed his nomination for the chairman of the Federal Agricultural Mortgage Corp. and a mortgage trade group added a new executive. But the most timely appointment -- given Sunday's championship game between the New Orleans Saints and the Indianapolis Colts -- was that of a former professional football player to a California mortgage firm.

Bank of America Home Loans named Matt Vernon short-sale and real-estate-owned executive, a news release yesterday said. Vernon, who has spent 15 years with BoA, noted that "processes and efficiencies" need to be improved with sales and post-foreclosure REO activities.

He is moving to the servicing side from his role overseeing mortgage cross-selling activities at BoA's more than 6,000 banking centers. Before that, he managed BoA's retail mortgage channel, including 150 offices and more than 2,000 mortgage loan officers.
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Complying With FHA Appraisal Requirements
A recent event about new appraisal requirements at the Federal Housing Administration covered several issues including the meaning of reasonable and customary fees. The event's panelists included an appraiser for the U.S. Department of Housing and Urban Development and representatives from two appraisal trade groups.

AMCs Versus In-House
An appraiser for the U.S. Department of Housing and Urban Development, a trade group representing appraisers and another trade group representing appraisal management companies recently weighed in about the merits of using AMCs, appraisal management technology and in-house appraisal management.

Reverse Requirements Revised
Proposed reverse mortgage requirements at financial institutions wouldn't apply to proprietary products. Reverse program updates were announced for Federal Housing Administration loans and for servicers of Federal National Mortgage Association loans, while a trade group hosted an online event about reverse mortgage advertising.

Former Fannie Execs Find New Firms The prominent trade group representing U.S. mortgage brokers announced the resignation of a top officer, and new executives were named at three mortgage banking firms. Three former executives at the Federal National Mortgage Association have found senior executive positions at other firms.

Over 40 Conferences in Q1
More than 40 mortgage-related conferences are scheduled during the first quarter.

Trade Group Warns About Implementing New Booklets
A mortgage trade group is warning the U.S. Department of Housing and Urban Development that two weeks are not enough time to implement a new booklet required under the new Real Estate Settlement Procedures Act rule.

Bill Threatens Mortgage Firms
Mortgage bankers are warning legislators that skin-in-the-game requirements included in pending federal legislation will put some mortgage firms out of business.

Execs Appointed at Associations, Orgs and Regulators
A regulator, an association and other organizations recently announced changes among their executive and boardroom ranks.

Survey Suggests AMC Appraiser Drive Distances Low
The implementation of the Home Valuation Code of Conduct has led to accusations that appraisers are doing work in markets they are not familiar with. But a new survey by an appraisal trade group refutes such statements.