Remove 2007 Remove Investors Remove Lending Remove Loan Officers
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Redfin acquires Bay Equity, pink slips 121 staff

Housing Wire

Redfin announced Tuesday layoffs of 121 employees as it shakes up its mortgage department, including purchasing a lending company. The real estate company entered into an agreement to acquire mortgage lender Bay Equity Home Loans for $135 million, two-thirds in cash and one-third in stocks, Redfin said in a press release and public filing.

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How LOs are dealing with a mortgage rate lockdown

Housing Wire

Mortgage rates in the 6% range have frozen the housing market, forcing loan officers to find business outside their wheelhouses. Business is at a “dead stop,” said a retail loan officer in Michigan. That’s going to be a new market for me Lonnie Glessner, loan officer at Draper and Kramer Mortgage Corp.

Mortgage 381
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Non-QM lenders are back. But will brokers pick up the phone?

Housing Wire

His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. Liquidity had dried up and bond investors were running for the hills. At that point, Dodson was actively working on a jumbo loan for friends of his from church. We have the bank statement program, jumbo loans.

Business 424
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How JVM Lending plans to expand without any loan originators

Housing Wire

California-based retail lender JVM Lending plans to drum up business this year — but by doing the exact opposite. The lender runs its business based on a “no-loan-officer” model in which all of its 45 employees are licensed and delegated to a specific role in closing a loan. I thought it was sparse.

Lending 379
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Some mortgage companies expanding despite challenges

Housing Wire

Led by Irma DeLoen, Geneva Financial’s Chicago branch will offer products including conventional and government loans, such as loans from the Federal Housing Administration (FHA), Veterans Affairs and U.S. Geneva Financial, founded in 2007 by Aaron VanTrojen, has more than 130 branch locations in 46 states, according to the firm.

Mortgage 382