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11/23/2011

Colonial's Motley takes national industry post

David Motley, president of Fort Worth-based Colonial Savings, has been elected vice-chairman of the national Mortgage Bankers Association's residential board of governors, the trade group's panel that formulates industry policies on home mortgages. Motley is already on the MBA's board of directors.

Jim DuBose, chairman of Colonial Savings, said that in his new position, Motley "will have an enormous impact on the future of mortgage lending and servicing in this country." Colonial and its mortgage operations --Colonial National Mortgage, CU Members mortgage and Community Bankers Mortgage -- services about $14 billion in home loans, making it one of the larger U.S. mortgage servicers. And apparently they do it right, because mortgage giant Fannie Mae lists Colonial among its servicers on track to show at least acceptable performance helping homeowners avoid foreclosure. (If that doesn't sound like a very high hurdle, know that 38 percent of the 34 big mortgage servicers scored by Fannie Mae didn't clear that threshold.)

 -- Jim Fuquay

 

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omeowners avoid foreclosure. (If that doesn't sound like a very high hurdle, know that 38 percent of the 34 big mortgage servicers scored by Fannie Mae didn't clear that threshold.)


Mortgage refinancing means re-funding the mortgage loan with better terms as well as conditions, most likely from a different lender. It is one way to save money. Search online for "123 Refinance" they found me 3.1% refinance rate and also gave free analysis of my mortgage. You got to learn the secrets.

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