Housing Wire

FEBRUARY 15, 2024

United Wholesale Mortgage (UWM) has accused California-based brokerage and correspondent lender Mortgage Solutions FCS, dba Client Direct Mortgage, of breaching its early payoff (EPO) provision and its owner, Ramon Walker, of trademark infringement. These mortgages allegedly represent a balance of $124,011.37 28, 2023.

Mortgage 372

Mortgage Legal Advertising Loan Officers 372

Housing Wire

JANUARY 11, 2023

Loan officers saw an increase in mortgage demand during the first week of 2023 as mortgage rates ticked down. According to the Mortgage Bankers Association (MBA), mortgage applications rose 1.2% Concessions, mortgage rate buydowns save deals. According to a new Redfin report, a record 41.9%

Sellers 527

Sellers Mortgage Loan Officers Buyers 527

Housing Wire

NOVEMBER 1, 2023

The coming winter is expected to be an existential test of survival for many independent mortgage banks (IMBs), according to leaders of several mortgage advisory firms. “We’re really at the darkest part of the market this winter,” Brian Hale, CEO and founder of consultancy Mortgage Advisory Partners , said. .

Mortgage 441

Mortgage Loan Officers Finance Buyers 441

Housing Wire

MAY 1, 2024

Longtime reverse mortgage industry professional, advocate and leader Scott Norman has been appointed as the new CEO of the Texas Mortgage Bankers Association (TMBA). Norman is currently serving his fifth consecutive term as co-chair of the National Reverse Mortgage Lenders Association (NRMLA).

Mortgage 346

Mortgage Finance Loan Officers Retail 346

Housing Wire

DECEMBER 9, 2020

trillion this year, stretching the capacity limits of lenders and everyone else in the housing ecosystem, some mortgage applicants simply haven’t been worth his while. “I I have a refinance client in California and they own a geodesic dome home,” said Glessner, a senior loan officer at Draper & Kramer Mortgage in Englewood, Colorado.

Loan Officers 508

Loan Officers Mortgage Finance Business 508

Housing Wire

MARCH 31, 2022

Mortgage rates keep climbing amid rising inflation , war in Ukraine, and disruptions to the supply chain, and there’s no sign that they’ll fall anytime soon. The latest weekly Freddie Mac PMMS mortgage survey, released Thursday, showed that the average purchase mortgage rate touched 4.67%, up 25 basis points from the week prior.

Supply Chain 512

Supply Chain Mortgage Inventory Loan Officers 512

Housing Wire

APRIL 16, 2024

Reverse mortgage volume dropped in February compared to the month prior, and new data compiled by Reverse Market Insight (RMI) shows that the primary culprit for the month was retail reverse mortgage originations. The reverse mortgage industry, he added, is adding its own brand of perseverance to the table.

Retail 404

Retail Mortgage Business Loan Officers 404

Housing Wire

MAY 25, 2022

Keller Mortgage , part of the kwx holding company, laid off operations positions in a conference call on Monday May 23, according to more than a dozen employees. Each pod has about 15 employees consisting of loan officers, processors, closers, underwriters, supervisors, and funders, according to multiple employees. .

Mortgage 397

Mortgage Loan Officers Retail Training 397

Housing Wire

MARCH 25, 2024

It may be counterintuitive, but loan officer Scott Betley, a 32-year-old TikTok sensation , says he isn’t worried about a potential U.S. Betley, who has more than a decade of experience helping first-time and move-up buyers, joined NFM Lending as a loan officer in 2021. ban of the short-form video app.

Loan Officers 428

Loan Officers Tools Business Clients 428

Housing Wire

JANUARY 9, 2023

With a challenging year ahead, the professional services company affiliated with Rocket Mortgage has decided to restructure the marketing team in the first week of 2023, resulting in about 20 jobs cut, according to former employees. . Rocket Mortgage, like all mortgage lenders , was hurt by surging mortgage rates in 2022.

Mortgage 479

Mortgage Marketing Loan Officers Business 479

Housing Wire

DECEMBER 11, 2023

Wells Fargo , once the largest mortgage lender in America, was accused of discrimination through the common industry practice of offering mortgage loan discounts to select borrowers, CNBC reported. CFPB’s probe into mortgage lenders The CFPB’s probe into mortgage lenders was shared back in Fall 2021.

Mortgage 441

Mortgage Lending Law Loan Officers 441

Housing Wire

JULY 27, 2022

The Department of Justice and the Consumer Financial Protection Bureau are taking the fight to non-bank mortgage lenders for redlining. The two agencies revealed their new strategy to rein in mortgage discrimination on Wednesday, with a $24.4 million consent order, stemming from a referral the CFPB made in November 2020.

Loan Officers 397

Loan Officers Mortgage Law Contracts 397

Housing Wire

OCTOBER 13, 2023

Two top-20 mortgage lenders in the United States may combine forces amid the most challenging market in decades. CrossCountry Mortgage is in talks to acquire Fairway Independent Mortgage Corp. The company — like virtually all large mortgage lenders — has laid off thousands of employees and imposed pay cuts to its workforce.

Loan Officers 473

Loan Officers Mortgage Finance Business 473

Housing Wire

JANUARY 6, 2021

For many middle-aged and older homeowners with several years of equity on their homes, 2021 could be a prime time to refinance from a 30-year fixed-rate mortgage into a 15-year mortgage. The three primary reasons homeowners refinance to shorter-term loans are to save money on interest, to pay off the loan faster, and to build equity.

Mortgage 525

Mortgage Loan Officers Real Estate Agent Realty 525

Housing Wire

AUGUST 2, 2021

Banks moved to ease lending standards for most mortgage loan products during the second quarter, according to a loan officer opinion survey published this week by the Federal Reserve Board. The post Mortgage lenders are loosening standards on jumbos appeared first on HousingWire.

Mortgage 473

Mortgage Lending Government Loan Officers 473

Housing Wire

MAY 26, 2021

The average time to close on a mortgage has decreased for a fourth consecutive month to 51 days, according to a new study from ICE Mortgage Technology. The percentage of purchase mortgages increased to 43% of total closed loans. The percentage of purchase mortgages increased to 43% of total closed loans.

Mortgage 450

Mortgage Technology Loan Officers Tools 450

Housing Wire

NOVEMBER 3, 2021

For the first time since the beginning of the pandemic, purchase mortgages outpaced refinancings in the third quarter of 2021, according to the latest TransUnion report published on Wednesday. The total mortgage balances grew 8% year-over-year to $10.5 million in the same period of 2020 and 3.5 trillion in the third quarter.

Mortgage 397

Mortgage Loan Officers Inventory Housing Market 397

Housing Wire

OCTOBER 4, 2022

The shift from a refinance boom to a purchase market will leave some mortgage lenders and loan officers with only two options: “Consolidate or exit the business,” according to ​​Mary Ann McGarry, Guild Mortgage’s chief executive officer. “Think of 2020 and 2021.

Mortgage 410

Mortgage Retail Loan Officers Business 410

Housing Wire

JUNE 5, 2023

HousingWire recently spoke with Desmond Smith , chief growth officer at United Wholesale Mortgage , about the role that wholesale lending plays in the mortgage ecosystem and common myths and misconceptions about becoming an independent mortgage broker. HW: How has wholesale changed over the past 2–3 years?

Mortgage 370

Mortgage Retail Lending Loan Officers 370

Housing Wire

APRIL 4, 2022

South Carolina-based Movement Mortgage laid off around 170 employees in March, another case of a top-25 mortgage lender paring back its workforce due to a more challenging origination landscape. . compared to the previous year, according to Inside Mortgage Finance. The higher-rate landscape is affecting all mortgage companies.

Mortgage 450

Mortgage Supply Chain Retail Loan Officers 450

Housing Wire

FEBRUARY 20, 2024

Several historic events over the past few years have brought seismic changes to the way the mortgage lending industry operates. Today, as we face what appears to be the beginning of a modest recovery in the marketplace, we can see the effect of those events in the way mortgage lending has changed forever.

Loan Officers 409

Loan Officers Technology Lending Tools 409

Housing Wire

OCTOBER 6, 2023

Mortgage lenders are betting on down-payment assistance programs, buy-down options and renovation products to provide brokers opportunities to win in a market with mortgage rates nearing 8%, a lack of inventory and high home prices. range, which is a normal mortgage market.” 4-7, in Las Vegas.

Mortgage 473

Mortgage Real Estate Agent Renovations Finance 473

Housing Wire

DECEMBER 16, 2021

Interfirst Mortgage , the retail mortgage business he founded in 2001, had grown to $14.5 The lender originated $10 billion in mortgages in 2013, $5 billion in 2014, $3 billion in 2015 and just $2 billion in 2016 before shutting down altogether in 2017. In 2012, Dmitry Godin was seemingly on top of the world.

Mortgage 370

Mortgage Loan Officers Retail Training 370

Housing Wire

FEBRUARY 24, 2021

Consumers today expect access to instant information and don’t want to spend lots of time making calls to coordinate showings or filling out paperwork to get a mortgage. Our focus at Propertybase is to make collaboration between consumers, agents and loan officers as easy as shopping from third-party sellers on Amazon.

Real Estate Agent 360

Real Estate Agent Real Estate Agents Loan Officers 360

Housing Wire

APRIL 14, 2022

Consolidation in the mortgage industry is likely in 2022, analysts and lending executives said. Justin Woodward has experienced the best and the worst of the mortgage industry in only 18 months. “I had not done first mortgage lending before, but I was familiar with the basics of real estate lending.

Mortgage 522

Mortgage Marketing Retail Lending 522

Housing Wire

JANUARY 19, 2024

The DOJ alleged that from 2015 through at least 2020, Patriot avoided providing mortgage services to majority- Black and Hispanic neighborhoods in Memphis, Tennessee and discouraged people seeking credit in those communities from obtaining home loans. Tennessee-based community bank Patriot Bank agreed to pay $1.9

Loan Officers 452

Loan Officers Lending Advertising Home Improvement 452

Housing Wire

AUGUST 1, 2023

When the Federal Reserve slashed interest rates to zero on March 15, 2020 and set off an extraordinary real estate boom, Rocket Mortgage was ready. billion in profit in 2020 and $6.1 billion in profit in 2020 and $6.1 Its parent Rocket Companies rode the wave to a stunning $9.4 billion in 2021. billion in 2021.

Loan Officers 370

Loan Officers Retail Real Estate Agent Real Estate 370

Housing Wire

NOVEMBER 23, 2021

Chicago-based Interfirst Mortgage Co. will lay off 77 employees in its Charlotte, North Carolina office come January 2022, a Worker Adjustment and Retraining Notification Act (WARN) notice filed by the company reveals. In returning from its three-year hiatus, Interfirst said it had reinvented itself as a tech-forward mortgage lender.

Mortgage 384

Mortgage Loan Officers Retail Technology 384

Housing Wire

DECEMBER 16, 2020

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. Comparing Q2 vs Q3 2020, FundingShield found a 30% increase in fraud/risk exposure in CPL errors and issues.

Mortgage 397

Mortgage Loan Officers Brokerage Clients 397

Housing Wire

NOVEMBER 2, 2023

Intercontinental Exchange (ICE) Mortgage Technology reported an adjusted operating income of $131 million in the third quarter of 2023, up from Q3 2022’s $126 million — despite the headwinds the mortgage industry is facing. Looking ahead to Q4 2023, ICE expects near-term cyclical headwinds in the mortgage industry to persist.

Business 311

Business Mortgage Technology Real Estate Agent 311

Housing Wire

SEPTEMBER 8, 2022

Top 10 lender and servicer Freedom Mortgage has trimmed its workforce across multiple rounds of layoffs this year and continues to “offshore” some jobs, former employees tell HousingWire. Eliminated positions included loan officers, closers, underwriters and client advocates, according to six former employees.

Mortgage 504

Mortgage Loan Officers Clients Investing 504

Housing Wire

APRIL 3, 2024

mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The lawsuit follows Monday’s report from Hunterbrook Media indicating that UWM pressures brokers to send loans its way.

Loan Officers 458

Loan Officers Mortgage Business Retail 458

Housing Wire

APRIL 28, 2022

Ohio-based Union Home Mortgage is the latest in a string of lenders this week to institute workforce reductions. The multichannel lender, which originated roughly $13 billion in residential mortgage last year, declined to provide any details about the layoffs. from 2020 to 2021, to $13 billion. billion, up 65.5%

Mortgage 368

Mortgage Loan Officers Retail Construction 368

Housing Wire

JUNE 6, 2022

It’s a tough time for mortgage lenders. A rapid rise in mortgage rates and a big drop in origination volume has led to thousands of industry job losses over the last six months. By some estimates, origination volume will fall in 2022 to about $2 trillion, about half the volume from the record-breaking years of 2021 and 2020.

Mortgage 421

Mortgage Loan Officers Lending Human Resources 421

Housing Wire

JANUARY 27, 2022

San Francisco-based startup Vesta, which provides a software-as-a-service platform for mortgage loan originators, announced on Thursday that it raised $30 million through a Series A funding round. trillion mortgage loan origination market, according to the Mortgage Bankers Association (MBA) forecast for 2022.

Mortgage 384

Mortgage Investors Loan Officers Technology 384

Housing Wire

SEPTEMBER 15, 2023

The company originates and markets its mortgage lending services to Anywhere’s real estate brokerage and relocation subsidiaries. In addition, the company has requested the return of commissions paid for loans that were originated but subsequently recaptured. Gifoli served as a loan officer from May 2021 to October 2021.

Loan Officers 410

Loan Officers Legal Real Estate Lending 410

Housing Wire

DECEMBER 21, 2021

If you take the temperature of how loan officers are feeling ahead of the holiday season, the scale would likely read “uneasy.” Numerous shops, including Better.com , Interfirst Mortgage , and Freedom Mortgage have announced layoffs in the past few weeks, and some LOs worry their jobs may also be on the chopping block.

Loan Officers 441

Loan Officers Retail Business Mortgage 441