Industry Digest

INDUSTRY DIGEST

Industry Notes

July 24, 2005

Ryland Group names John Meade as head of Baltimore division

The Ryland Group Inc. has named John Meade president of its Baltimore division.

Meade, a 23-year Ryland veteran, most recently was vice president of finance in the Baltimore division, where he oversaw all financial activities and land acquisition analysis, and played a lead role in the division's strategic and day-to-day operations.

Meade began his career in 1981 as a staff auditor at Price Waterhouse in Baltimore. After joining Ryland as a senior internal auditor in 1982, he held various positions, including division and region controller.

Ryland, one of the nation's largest homebuilders, operates in 27 markets and has built more than 240,000 homes and financed more than 205,000 mortgages since its founding in 1967.

VMT software program to aid mortgage bankers

Vision Multimedia Technologies, a Towson-based software and consulting firm known also as VMT, has unveiled a software program it says will help mortgage brokers and lenders better manage marketing efforts.

The software package, which it calls "3xms," was developed over 2 1/2 years using input from mortgage-industry participants. It can be used to track referral sources, manage a company's loan officers and track customers' progress through the mortgage process, VMT says.

The firm marketed and tested the software package in a limited way in this area and will push for regional, and perhaps national, distribution, said President Brian M. Razzaque.

Fannie Mae appoints three to executive positions

Fannie Mae named three executives as its new chief executive continues the shakeup at the mortgage giant.

Thomas Lund was appointed executive vice president of the company's single-family mortgage business, Kenneth Bacon as executive vice president of housing and community development and Richard Lawch as senior vice president of multifamily mortgage business. All had served in the roles on an interim basis since late 2004.

"Tom, Ken, and Richard will lead the task of integrating our mission and business into one efficient force for affordable housing, one that meets our lender customers' needs and the families they serve," said President and Chief Executive Officer Daniel H. Mudd. "As I indicated in June, my first immediate `to-do' as CEO was to get our senior management team in place."

Mudd was named interim CEO in December after Franklin D. Raines and the top financial officer were ousted over revelations of serious financial reporting problems. He was named permanently to the top job in June.

European Commission looking at mortgage laws

The European Commission is considering new mortgage laws to standardize some consumer protections and collateral rules as it seeks to encourage cross-border lending.

The commission, the initiator of European Union legislation, outlined measures under consideration in a 26-page paper last week. The Brussels, Belgium-based agency is seeking public comment and plans a hearing on mortgage rules as a first step toward integrating retail financial services in the 25-nation bloc.

Europeans had 4.7 trillion euros ($5.6 trillion) of mortgages outstanding at the end of 2004, equivalent to more than 40 percent of the EU's gross domestic product. The commission said there's room for more international competition as less than 1 percent of borrowers got a mortgage from foreign lenders.

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