heard on the street According to Russell Rothstein, managing director of American Home Bank Reverse, the name change reflects American Home Bank’s increasing prominence, and commitment to reverse mortgage lending. “Changing our name to reflect our affiliation is a logical move, and emphasizes our community bank orientation,” commented Rothstein. James Deitch, American Home Bank’s CEO, said the division’s focus on supporting community banks, credit unions and non-profit lenders places them at the forefront of what is an emerging trend in reverse mortgage lending. For more information, visit www.ahbreverse.com.
Mortgage Professionals to Watch I Gregory Lutin has been named executive vice president and national sales manager for Flagstar Bank.
Gregory Lutin
I David Oshan has been named chief financial officer of Ameritrust.
Al Tappe
I Lance Drummond has been named executive vice president of Fiserv Inc. I The Federal Deposit Insurance Corporation (FDIC) has announced the appointment of Paul M. Nash as deputy to the chairman of external affairs, a new senior position with the FDIC. I American Realty Capital has announced the appointment of Steve Rokoszewski as vice president, national sales desk for Realty Capital Securities LLC, the broker/dealer affiliate of American Realty Capital Trust. I Chad Coluccio has joined Mission Capital Advisors LLC as managing director in the firm’s New York office. I Mortgage Spirit has named Keith Kemph vice president of sales and marketing, and has also announced the appointment of Michael Byrd as vice president of information technology. I Dallas-based Mortgage Search & Acquisition has named Chris Meyer managing director of the company’s new Phoenix office. I Keith Kitterman has joined NexBank as director of the company’s new wholesale lending division, overseeing the division’s lending operations in the north Texas area.
Your turn National Mortgage Professional Magazine invites you to submit any information promoting new “niche” loan programs, new products or any other announcement related to the introduction of a new program, to the attention of:
Heard on the Street/Mortgage Professionals to Watch column
I Ron Litt and Linda Litt have joined the corporate staff of Southwest Funding LP. I Encomia has added Al Tappe to
Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.
Further, he stated, “The potential of e-mortgages has yet to be realized except as a technical curiosity. Now, it holds the promise that it might be the thing that can rescue our industry.” I certainly hope he is right. According to Smith, e-mortgages are not paper, they are simply organized collections of data. So when one item is changed, that change is instantly reflected in all associated documents in the collection. This structure can make compliance simpler and thirdparty fraud, hopefully, immune to human tampering. Borrowers and investors alike can “see” the loan throughout the process as it progresses and into a secure electronic vault. Closings are inherently more transparent and secure. It is this inherent assurance to stakeholders that may bring securities investors back to the fold, resulting in liquidity throughout the industry once more. It has been almost nine years since the first e-mortgage closed. In 1961, without the aid of cell phones, personal computers and the Internet, we started the space program and landed a man on the moon. That took less than eight years. I’m still waiting for the e-mortgage to show up. I hope I don’t miss the e-mail! Ron Litt is operations director at Dallasbased mortgage banker, Southwest Funding LP. He may be reached by phone at (214) 221-5215, ext. 168 or e-mail rlitt@southwestfunding.com.
O MAY 2009
Joe Camerieri
Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com
transmission of documents with consumer information. The ubiquitous fax machine, a technology that was invented in 1843, is still an essential element of the mortgage process, cranking out thousands of reams of paper as it moves information around the country. Last year, the Property Records Industry Association (PRIA) and MISMO (Mortgage Industry Standards Maintenance Organization) announced the first draft erecording document standards; a draft, mind you. In the joint press release which appeared in the May 2008 issue of Mortgage Banking Magazine it stated, “This is the first joint publication of the two organizations since forming an alliance in November 2005,” according to Harry Gardner, then MBA’s vice president of industry technology and head of MISMO. One wonders what they were doing for the last three years. Recently, Mr. Gardner moved on to other pursuits and the Mortgage Bankers Association announced that MERS (the Mortgage Electronic Registration Systems), the highly successful electronic registry service will take over MISMO. Some, including Kevin Smith, president and CEO of Mortgage Builder Software, view this development with optimism. In his February 12 “Industry Outlook” column on Mortgage Technology, he said, “Hopefully, having MISMO be part of MERS will hasten the process of adoption for e-mortgages.”
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NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
I Lender Live Network Inc. has hired Joe Camerieri as vice president of sales.
lead the company’s banking industry business development division.
good-enough technology
www.NationalMortgageProfessional.com O
David Oshan
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