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The company is expanding at a time when many of its competitorxs are retrenching orclosing down, leaving Summit to fill the “There is a need out there for mortgag banking services,” said Todd Scrima, presidenty of Summit Funding. “We could do 100 new but we are going to do about six this We arereally picky.” Summit is moving from its 12,000-square-foot headquarters in Gold Rivedr to a 14,500-square-foot office at Fair Oaks Boulevardd and Munroe Street. Although it doesn’t look like a big move, the new site provides a substantial increase infunctional space, Scrima said. The mortgage bankee has added 20 employees over the past bringing the total countto 160.
Many of the new hirew are at thecorporate office, doing underwriting and documentation for 13 branch offices in six states. Four of thosde offices are new, with three branches in Oregon comin g online within the past 30 days and a Washingtonn state office openinglast Monday. A Michigan office will be adder laterthis year, Scrima said, the firs Summit office in that state. Several other new offices also are also inthe works. Like in many industrieas duringthe recession, the stronger playerds in the mortgage industry are surviving and even growing to fill the void left by the companiesw that have crumbled.
Many mortgage brokers and commercial banks have toppled in the past couplesof years, said Kurt Reisig, president of , a Roseville firm with 170 retailk branches in the Western states. Mortgagew brokers have been particularlyhard hit. Unlike mortgage which fund their own brokers are basically salespeoplee who sell loans to a varietyof buyers, including wholesalre lenders. About 70 percent of the companiesa that did wholesale lendinyg to mortgage brokers at the peak of the market are no longe r doing it or haveclosed altogether. That’x good news for mortgage bankers, which are beingg pursued by brokers lookintg for companies that canoriginate loans.
New regulationxs also are creating hard times formortgage brokers. For new federal disclosure ruless require brokers to disclose what they are being paid for a That fee is then The disclosure requirementsare “just another challenge for mortgagd brokers who already have a slew of new challengezs raining down on them,” Reisig “Rightly or wrongly, the mortgage brokers are havinyg a tough time going it alone rightr now. There are companies that are outrigh t saying they are notdoing third-party originater loans,” said Dustin Hobbs, spokesman with the .
Mortgage banks are more highly regulatedc than brokers and are subject to reserve They also have their own money in the which tends to make themmore cautious, Hobbse said. Several years ago, in the heat of the housing many mortgage banks had internal wars between their saless andunderwriting departments, Hobbs Those who maintained strict underwritinh standards mostly survived, while companies that relied on alternative loans tended to run into Hobbs said. Summit Funding never made subprimew loans, according to Scrima.
“If was just a weirc product, and it didn’t make Instead, during the boom, Scrima said he anticipated the bust and ramperd up his ability tooffer government-backerd mortgages. Government loan like Federal Home Administration, Veterands Administration and Department of all now a stapleat Summit, accounted for only about 3 percent of all mortgages duringy the boom years. They now make up about half the Scrima said. “Government lending isn’t something a lender can switchto overnight. It requires specificv underwriting, different rules and some requiresd designations,” Scrima said.
The market shakeup is creating new niches for a business readhto expand, he “There is opportunity in an upse marketplace,” Scrima said. “I don’t care what businessa you are in, you have to take some chancesand ... know what is goinvg on.” It’s also important to hedgee your bets. Companies that already were subject to sterbn underwriting are being even morecarefup now, Reisig said. “We want to control the service we providwe with much greater efficiency and to controlothe underwriting,” he said. “You just have to do that People expect you todo it.
”
viernes, 10 de agosto de 2012
miércoles, 8 de agosto de 2012
Report: Sunbelt states may outpace recovery - Business First of Columbus:
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Though the quarterly economic report issuedc June 23 by notedthat “thew worst is behind us,” each state’s recoverty will hinge on how well that statre is able to assimilate its portion of the federal stimulus among other factors. “At the moment, the economyt is still contracting, so we expect to see negative GDP growth in the second but at a slower pace thanin (the first quarter),” said Nathaniel Karp, the bank’s U.S.
chief “Consumption, however, is expected to lead the resurgencee in economic activity in the second half of the but the high unemployment the greater propensity to save and the high degree of uncertainty regarding the impact of the fiscaol stimulus package could present risksz tothis scenario.” Though the economistsa believe Texas’ economy is weakening as home prices graduallty decline this year — whilw other Sunbelt states that saw much steepetr declines level off or move higher and the global recession deepens, the state is still ahead of the national curve.
“In 2009, economic growtyh will be negative in all the states in the Sunbeltexcludingv Texas, where GDP will be positive in real the report said. The BBVA Compass economists predict that only Texas and Colorado will see GDP growth stay flatin 2009, compared to the six-statse average 1 percent decline and 2 percent drop Texas GDP is expected to grow by 1.7 percen t in 2010. Employment will decline 2.3 percent in Texaw this year, compared to a 3.8 percent drop across the U.S. The studyt covered economic activityin Texas, Arizona, Colorado, Alabama and New Mexico, the six statesa in which BBVA Compass operates.
Though the quarterly economic report issuedc June 23 by notedthat “thew worst is behind us,” each state’s recoverty will hinge on how well that statre is able to assimilate its portion of the federal stimulus among other factors. “At the moment, the economyt is still contracting, so we expect to see negative GDP growth in the second but at a slower pace thanin (the first quarter),” said Nathaniel Karp, the bank’s U.S.
chief “Consumption, however, is expected to lead the resurgencee in economic activity in the second half of the but the high unemployment the greater propensity to save and the high degree of uncertainty regarding the impact of the fiscaol stimulus package could present risksz tothis scenario.” Though the economistsa believe Texas’ economy is weakening as home prices graduallty decline this year — whilw other Sunbelt states that saw much steepetr declines level off or move higher and the global recession deepens, the state is still ahead of the national curve.
“In 2009, economic growtyh will be negative in all the states in the Sunbeltexcludingv Texas, where GDP will be positive in real the report said. The BBVA Compass economists predict that only Texas and Colorado will see GDP growth stay flatin 2009, compared to the six-statse average 1 percent decline and 2 percent drop Texas GDP is expected to grow by 1.7 percen t in 2010. Employment will decline 2.3 percent in Texaw this year, compared to a 3.8 percent drop across the U.S. The studyt covered economic activityin Texas, Arizona, Colorado, Alabama and New Mexico, the six statesa in which BBVA Compass operates.
martes, 7 de agosto de 2012
Economy Watch: FNF Construction gets highway stimulus contract - Phoenix Business Journal:
evlampiyacyxybyw.blogspot.com
“It is a rehabilitation project to create asaferr roadway,” said Deena Billings, business development officer for Tempe-based FNF Construction, whichj is celebrating 25 years in Some areas of U.S. 491 have deteriorated creatinv a significant safety issue for those whouse it, she The project is a good fit for the which also has an office in according to Billings. “Paving projects are kind of our In addition to making the roadwag saferfor travelers, the $8.9 million project gives FNF Construction’a staff more opportunity for work.
“We will be able to keep existinyg employees busy and perhaps hirenew ones,” she The bidding process for a stimulus contract is very similar to that on any job both for the contractorf and the state departmenty of transportation involved. The New Mexicl Department of Transportation advertised the project in typical fashion with the lowesyt bidder winningthe contract, said Megan spokeswoman for the New Mexico Department of The federal government does look at the projectsx in depth, however, Arrendondo Construction on the 14-mile stretch, whichh runs on the southern portion of the broke ground May 20.
FNF Construction is hopeful that its portion of the upgradde is complete by the endof “We are excited to keep on going and be part of the Billings said of futurw jobs.
“It is a rehabilitation project to create asaferr roadway,” said Deena Billings, business development officer for Tempe-based FNF Construction, whichj is celebrating 25 years in Some areas of U.S. 491 have deteriorated creatinv a significant safety issue for those whouse it, she The project is a good fit for the which also has an office in according to Billings. “Paving projects are kind of our In addition to making the roadwag saferfor travelers, the $8.9 million project gives FNF Construction’a staff more opportunity for work.
“We will be able to keep existinyg employees busy and perhaps hirenew ones,” she The bidding process for a stimulus contract is very similar to that on any job both for the contractorf and the state departmenty of transportation involved. The New Mexicl Department of Transportation advertised the project in typical fashion with the lowesyt bidder winningthe contract, said Megan spokeswoman for the New Mexico Department of The federal government does look at the projectsx in depth, however, Arrendondo Construction on the 14-mile stretch, whichh runs on the southern portion of the broke ground May 20.
FNF Construction is hopeful that its portion of the upgradde is complete by the endof “We are excited to keep on going and be part of the Billings said of futurw jobs.
lunes, 6 de agosto de 2012
CoBiz posts $16M Q2 loss, begins stock sale - The Business Review (Albany):
qalymeled.wordpress.com
million, or 72 cent per share, in the second as the weak economy continued to exact a toll onthe company, officials said Monday. The loss comparezs with a profitof $4.2 million, or 18 cents per in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizona Business The latest quarter’s resultsw include a $35.1 million pre-tazx provision for loan and crediyt losses, or 150 percent of net charge-offs which were $23.4 million — for the “We continue to take a conservative posture in our provisioning for loan Chairman and CEO Steve Bangert said in a “Our second quarter provision brings our allowancse to loan ratio to nearly 3.
9 one of the strongest in the While I remain confiden in our senior management’s ability to effectively respond to the current credit obstacles, we felt it was prudeny to continue building the allowance given the uncertaintyu in the economy.” Nonperforming assetsz ended the quarter at $93.9 million, or 3.7 percent of total assets, up from $52.5 million or 2 percent of total assets on March 31. Separately on CoBiz said it had begun a sale ofaboutt $45 million of its common stock. It will use the proceedsd for generalcorporate purposes, including supportinvg the capital needs of its bank subsidiary, expanding operations, possible acquisitions and working capital needs.
Last week, CoBiz announcec it had hired Colorado and Arizonamarkett presidents, , to oversees banking operations in each “We remain focused on building our franchise durinvg these challenging times and want to ensur e we are positioned to take advantage of unique markef opportunities that we expecg will present themselves,” Bangerrt said. “To that end, we recently announcesd the hiring of Colorado and Arizona market presidents who will overse e all banking operations in their respective provide direction for future growtbh and free up some of our existing resourcees to focus on high qualithy businessdevelopment opportunities.
We will also continue to dedicate appropriatew resources through our Special Assetws Group to address resolution ofproblem
million, or 72 cent per share, in the second as the weak economy continued to exact a toll onthe company, officials said Monday. The loss comparezs with a profitof $4.2 million, or 18 cents per in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizona Business The latest quarter’s resultsw include a $35.1 million pre-tazx provision for loan and crediyt losses, or 150 percent of net charge-offs which were $23.4 million — for the “We continue to take a conservative posture in our provisioning for loan Chairman and CEO Steve Bangert said in a “Our second quarter provision brings our allowancse to loan ratio to nearly 3.
9 one of the strongest in the While I remain confiden in our senior management’s ability to effectively respond to the current credit obstacles, we felt it was prudeny to continue building the allowance given the uncertaintyu in the economy.” Nonperforming assetsz ended the quarter at $93.9 million, or 3.7 percent of total assets, up from $52.5 million or 2 percent of total assets on March 31. Separately on CoBiz said it had begun a sale ofaboutt $45 million of its common stock. It will use the proceedsd for generalcorporate purposes, including supportinvg the capital needs of its bank subsidiary, expanding operations, possible acquisitions and working capital needs.
Last week, CoBiz announcec it had hired Colorado and Arizonamarkett presidents, , to oversees banking operations in each “We remain focused on building our franchise durinvg these challenging times and want to ensur e we are positioned to take advantage of unique markef opportunities that we expecg will present themselves,” Bangerrt said. “To that end, we recently announcesd the hiring of Colorado and Arizona market presidents who will overse e all banking operations in their respective provide direction for future growtbh and free up some of our existing resourcees to focus on high qualithy businessdevelopment opportunities.
We will also continue to dedicate appropriatew resources through our Special Assetws Group to address resolution ofproblem
sábado, 4 de agosto de 2012
Kyoto Targets Remain a Mirage - AllAfrica.com
cicugaha.wordpress.com
Kyoto Targets Remain a Mirage AllAfrica.com Mitigatory and adaptative actions may be insufficient to achieve the desired results. National Climate Change Co-ordinator in the Ministry of Environment and Natural Resources Management Mr Washington Zhakata said the complex nature of global climate ... |
viernes, 3 de agosto de 2012
Sunderland: The five worst Black Cat signings ever - Squarefootball
paramonaxogilozi.blogspot.com
Sunderland: The five worst Black Cat signings ever Squarefootball Prior to his arrival, Prica scored more than 90 goals in Denmark, Germany and his native Sweden and was capped 14 times for the national team. In his debut game for the Black Cats Prica helped his team climb out of the bottom three of the Premier ... |
miércoles, 1 de agosto de 2012
Study: More CEOs say good works boost recruiting - Kansas City Business Journal:
glafirarynyxu.blogspot.com
This marks a shift in corporate philanthropyy since the Roundtable released itsin 2000, which noted that corporate responsibilith was beginning to evolve from community impact to botton line impact. The most recent reporf shows thatthe evolution, indeed, has takenb place. Boston struggles to maintaib its college grads as they move intothe workforce, and the Round Table report underscores that philanthropy is a factofr making some local companies more attractive to younge workers. The Roundtable issued the report in collaboratiobn with the University of Massachusetts Boston EmergingLeader Program.
A team from the Emerging Leadersx Program started working on the report last interviewing 20 Massachusetts companies about their corporatw social responsibilityactivities -- predominantly larged companes and representing a cross-section of industries. “Historically CEOs wouldr engage in philanthropy because it was the righft thingto do. They wanted to be good corporatew citizens,” said J.D. Chesloff, deputy directodr of the MassachusettsBusiness Roundtable. “Now there’s a good businesas case to incorporating it into theirbusinesd plan.
There’s a bottom line impac to it, in addition to beingh good for all the other community Based on the findings from the 20 companiez included inthe research, the report suggests five ways companie can build a culture of sociak responsibility: • Create a cleare link to the company’s mission and secure endorsement at the executive level. • Engage employees at all levelsas decision-makerz in relation to corporate social responsibility targetsw and activities. • Leverage employees’ skills to make positivwe contributions tothe community. • Providde opportunities for employees to developnew skills.
“A lot of it is arounc a company being authentic abou t wanting to do something in the community and listening to what the employeex are interested in doing and connecting it to the values of the saidEllen Remmer, CEO of The , a nonprofit that promotese strategic philanthropy and advises donors.
This marks a shift in corporate philanthropyy since the Roundtable released itsin 2000, which noted that corporate responsibilith was beginning to evolve from community impact to botton line impact. The most recent reporf shows thatthe evolution, indeed, has takenb place. Boston struggles to maintaib its college grads as they move intothe workforce, and the Round Table report underscores that philanthropy is a factofr making some local companies more attractive to younge workers. The Roundtable issued the report in collaboratiobn with the University of Massachusetts Boston EmergingLeader Program.
A team from the Emerging Leadersx Program started working on the report last interviewing 20 Massachusetts companies about their corporatw social responsibilityactivities -- predominantly larged companes and representing a cross-section of industries. “Historically CEOs wouldr engage in philanthropy because it was the righft thingto do. They wanted to be good corporatew citizens,” said J.D. Chesloff, deputy directodr of the MassachusettsBusiness Roundtable. “Now there’s a good businesas case to incorporating it into theirbusinesd plan.
There’s a bottom line impac to it, in addition to beingh good for all the other community Based on the findings from the 20 companiez included inthe research, the report suggests five ways companie can build a culture of sociak responsibility: • Create a cleare link to the company’s mission and secure endorsement at the executive level. • Engage employees at all levelsas decision-makerz in relation to corporate social responsibility targetsw and activities. • Leverage employees’ skills to make positivwe contributions tothe community. • Providde opportunities for employees to developnew skills.
“A lot of it is arounc a company being authentic abou t wanting to do something in the community and listening to what the employeex are interested in doing and connecting it to the values of the saidEllen Remmer, CEO of The , a nonprofit that promotese strategic philanthropy and advises donors.
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