Housing Wire

FEBRUARY 5, 2024

Seely joined Guild in 2021 when the California-based lender paid $196.7 RMS had 70 offices in 14 states, 850 employees, and 250 loan officers. billion in mortgage loans. Following the M&A transaction , Seely signed a five-year employment agreement with Guild in May 2021. In 2020, it originated $8.5

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Retail Contracts Loan Officers Mortgage 361

Housing Wire

JANUARY 27, 2023

The majority of lenders easily lost half of the volume last year that they originated in 2021, and LOs who have their own databases to tap into are highly sought after. 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.

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Lending Real Estate Agent Loan Officers Retail 361

Housing Wire

NOVEMBER 5, 2021

Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets. Single-family homebuyers who entered contract, meanwhile, slalomed to 12 total in July compared to 46 a year earlier, per the report. Aspen, Colorado.

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Housing Market Marketing Real Estate Agent Contracts 401

Housing Wire

JULY 27, 2022

a subsidiary of Warren Buffet’s Berkshire Hathaway , discriminated in its marketing outreach, failed to hire minority loan officers, avoided making loans or locating offices in minority areas and sent racist internal emails. It must also contract with a lender to administer $18.4

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Loan Officers Mortgage Law Contracts 392

Housing Wire

NOVEMBER 1, 2023

Jeff Walton, CEO and co-founder of mortgage data analytics company InGenius, which provides loan-officer data to IMBs for recruiting purposes, said it’s going to be a “tough time through winter.” Mortgage-origination volume between 2021 and yearend 2023, however, is projected to drop 63% — from $4.44 trillion to $1.64

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Mortgage Loan Officers Finance Buyers 431

Housing Wire

FEBRUARY 13, 2023

Equity Prime Mortgage (EPM) filed a counterclaim against Jesse Iwuji Motorsports (JIM) last week for allegedly breaching a sponsorship contract. The stock car team is also accusing EPM of breaching the contract by failing to make more than $4 million in sponsorship payments following a “margin call” from its investors.

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Legal Contracts Lending Loan Officers 270

Housing Wire

AUGUST 22, 2022

As millions of homeowners did during the pandemic, Connolly and Mott applied to refinance their existing mortgage debt in mid-2021 at loanDepot to take advantage of the historic low interest rates. loanDepot contracted 20/20 Valuations and after the appraisal, the lender said it would not extend the loan.

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Appraisal Loan Officers Valuation Finance 366

Housing Wire

AUGUST 1, 2022

The lawsuit, filed Wednesday in the United States District Court, District of Nevada, includes two counts: breach of contract and breach of fiduciary duty/duty of loyalty. billion in total loan volume in 2021, an increase from $13.4 billion in loans in 2020. The company said it funded more than $15.9 billion in business.

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Loan Officers Mortgage Retail Contracts 365

Housing Wire

JUNE 10, 2022

Last year, taking advantage of lower mortgage rates and a refi boom, Wyndham actively expanded, opening two hubs in Dallas and Phoenix, which pushed its office count to five. The company also launched a retail division in July 2021 and hired former Citi executive Karen Mayfield in August to lead the national effort.

Mortgage 354

Mortgage Loan Officers Retail Contracts 354

Housing Wire

OCTOBER 5, 2023

The home equity products involved include home equity lines of credit (HELOCs), closed-end second mortgages (CESs) and shared-equity contracts. The recent Saluda Grade-sponsored rated offering represents the sixth securitization deal since 2021 backed fully by shared-equity contracts — valued in total at some $1.3

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Housing Market Marketing Contracts Finance 375

Housing Wire

DECEMBER 21, 2022

“Finally, CrossCountry is likely to be found liable for aiding and abetting the Individual Defendants’ contractual and fiduciary violations, as well as being responsible for tortious interference with contract.”. In July 2022, loanDepot sued the rival again for allegedly poaching high-performing loan officers from its New York branches.

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Legal Loan Officers Contracts Business 352

Housing Wire

NOVEMBER 1, 2022

24, the Dallas-based lender filed a lawsuit against Union Home Mortgage and Kevin Cario, a former regional manager, for allegedly raiding 51 employees that produced $400 million in mortgages in 2021, which generated a $1.4 Union originated roughly $13 billion in residential mortgages in 2021. million profit for Caliber.

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Retail Mortgage Contracts Loan Officers 260

Housing Wire

DECEMBER 1, 2021

Company sources told HousingWire that refi-focused, salaried loan officers made up the majority of the hundreds of employees who received pink slips. Better’s loan officers do not receive commissions. Of the 77 employees that will be laid off, 49 of them are loan officers.

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Loan Officers Finance Business Mortgage 384

Housing Wire

OCTOBER 22, 2020

It’s worth looking inside the numbers though as we head toward year-end and think about 2021 strategies. 2021 is expected to show refinance volume being cut nearly in half by just over $800bb, almost 50% of 2020. Despite this contraction, 2021 is forecasted to be a larger overall year than 2019 by approximately $195bb.

Mortgage 376

Mortgage Training Contracts Loan Officers 376

Housing Wire

OCTOBER 12, 2023

Within mortgage companies, even those that have huge scale versus small scale, they’re offering really the same borrower experience and the same loan officer experience. Obviously, they’ve got some different systems to handle hundreds of loans a month versus thousands or tens of thousands. Now it’s all rates.

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Mortgage Technology Contracts Realtors 396

Housing Wire

FEBRUARY 3, 2023

The Lock ‘n’ Roll program is eligible for conventional and government fixed-rate loans, with the lock period being a minimum of 60 days, according to its website. With 466 branches across the country, the lender has more than 1,910 active loan officers, according to mortgage data platform Modex. About 71.2%

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Loan Officers Buyers Contracts Mortgage 329

Housing Wire

JUNE 29, 2023

The poaching lawsuit, filed on June 22 at a federal district court in Delaware, states that South Carolina-based Movement recruited and hired its employees in late 2021 and early 2022 to take trade secrets and confidential information. A Movement representative did not return a request for comments.

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Retail Contracts Legal Business 352

Housing Wire

JULY 19, 2022

However, the lenders and loan officers who will be most successful in the second half of 2022 will be those who pivot quickly, understanding both the nuances of the market and the best strategies to help solve problems for today’s homeowners, homebuyers, homesellers, Realtors and financial advisors. Their research shows the U.S.

Mortgage 368

Mortgage Loan Officers Technology Real Estate 368

Housing Wire

DECEMBER 16, 2021

In November, Interfirst issued pink slips to hundreds of non-commissioned loan officers at its call centers in Charlotte, North Carolina and Rosemont, Illinois, according to WARN notices in both states. Clients upload all documents into their loan origination system directly to reduce/eliminate operational staff.

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Mortgage Loan Officers Retail Training 339

Housing Wire

APRIL 21, 2022

Homebuyers may feel the pinch of the higher payment based on the higher rate, but they may also be more successful at getting a home under contract and closed.”. Gusmus was selected as a 2021 Women of Influence , which recognizes the outstanding efforts of women in the industry who are driving the housing economy forward.

Mortgage 366

Mortgage Contracts Technology Lending 366

Housing Wire

JULY 28, 2022

As the Federal Reserve announced yet another 75 basis point interest rate hike Wednesday, loan officers and lending executives — already well aware of the news — were looking ahead, questioning whether mortgage rates will spike or dip in the aftermath. Signed contracts to purchase existing homes declined a wider-than-expected 8.6%

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Housing Market Marketing Loan Officers Buyers 300

Housing Wire

JULY 25, 2023

Loan officers — myself included — need to strengthen their mindset. It is very simple to say that 2020 or 2021 were such great years, those were the good old times. When you look at a sales contract that is obtaining mortgage financing, 70% of the components of that offer are mortgage-related.

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Real Estate Agent Mortgage Real Estate Training 249

Housing Wire

NOVEMBER 29, 2021

In 2021, however, it has come roaring back, representing 3.53% of all securitizations over the first eight months of the year, according to a report by the Urban Institute ’s Housing Policy Institute. Non-agency securitization has been rampant in the first eight months of 2021 [and continuing], totaling $89.79 billion, compared to $49.69

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Loan Officers Supply Chain Mortgage Marketing 409

Housing Wire

FEBRUARY 15, 2024

Benefits of owning and building equity Of the various DPA options available — including government-sponsored DPA programs, nonprofit-driven programs and employer-assisted programs — Federal Housing Administration (FHA) loans layered with a DPA benefit have grown in popularity.

Mortgage 438

Mortgage Buyers Loan Officers Sellers 438

Housing Wire

APRIL 13, 2021

A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020 through February 2021. And they sell faster, too. Real estate agents and LOs: the great collaboration.

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Sellers Buyers Real Estate Agent Real Estate 404

Housing Wire

FEBRUARY 4, 2022

” In March 2021, UWM CEO Mat Ishbia announced on Facebook Live that mortgage brokers who did business with Rocket Mortgage or Fairway Independent Mortgage could not also send loans to UWM as of March 15. . “What we found was a couple had like two loans or four loans,” he said.

Legal 370

Legal Contracts Business Mortgage 370

Housing Wire

DECEMBER 27, 2022

The number of home listings dried up , contracts were canceled , the few buyers still out there demanded concessions , mortgage rates spiked to 7% and homebuilder sentiment hit rock bottom. trillion in 2022 from 2021 meant mortgage lenders have had to cut costs – primarily through layoffs. Layoffs, LOs leaving the industry for good.

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Housing Market Marketing Real Estate Agent Real Estate 491

Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. There is just not much out there to buy.

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Housing Market Marketing Reconsideration of Value Contracts 367

Housing Wire

MAY 12, 2022

Inventory is contracting. According to the 2021 J.D. Primary Mortgage Origination Satisfaction Study , only 3% of homebuyers relied exclusively on digital services to get a loan. Scale for scalability’s sake doesn’t mean anything if a company has to contract at the first sign of market stress. Rates are rising.

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Lending Marketing Technology Contracts 294

Housing Wire

DECEMBER 31, 2021

Refinancing’s represented nearly two-thirds of mortgage loan originations in the first three quarters of 2021, and total refi volume for the year was projected to reach north of $2.2 One of the ways that lenders “manage expenses” has historically been by laying off processors and loan officers.

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Marketing Law Government Mortgage 415

Housing Wire

FEBRUARY 3, 2022

Analysts at Cider Knoll Holdings , an equity research firm specializing in nonbank mortgage originators, project earnings per share for 10 nonbank mortgage companies to contract 30% in the fourth quarter, compared to the previous quarter. The pessimism about nonbank mortgage lenders reflects market conditions. million to $694.1

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Mortgage Retail Finance Investors 362

Housing Wire

MARCH 5, 2021

Rocket goes to real estate agents directly and helps them to get licensed to be a loan officer and says ‘we’ll pay you a fee if you don’t send to brokers’… that’s not good for brokers. “UWM is closing loans in 16-17 days…In a purchase market you can’t miss the contract date. I don’t like that.

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Investors Real Estate Agent Loan Officers Technology 374

Housing Wire

JULY 19, 2023

The pace of M&A deals in the IMB market in 2022 and projected for 2023 combined is expected to be more than double the mark set during the unicorn lending years of 2020 and 2021, according to one recent industry analysis. Normally you’re trying to keep it out [of the public eye],” he explained. “It

Mortgage 366

Mortgage Marketing Buyers Lending 366

Cleveland Appraisal Blog

OCTOBER 14, 2021

On many of my appraisals at that time, my opinion of value would not support the contract price. Don’t drink the Kool-Aid that any contract price is reflective of market value. I remember loan officers telling me that I needed to be “creative” with my appraisals. I kid you not! And the saga continues.

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Inventory Market Value Appraisal Contracts 243

Housing Wire

AUGUST 31, 2022

After two record-setting years of mortgage origination volume, the mortgage industry is contracting, sharply. Based on our read of 2021 Home Mortgage Disclosure Act (HMDA) data, we estimate that total originations volume last year was $4.4 By comparison, we are forecasting total volume of about $2.3

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Lending Mortgage Real Estate Loan Officers 382

Housing Wire

JUNE 2, 2023

Ishbia: Game On, as I talked about before, was an investment in the broker community to help more loan officers join the broker community and it helped the brokers who needed more loans in the toughest time in the market, which was the fourth quarter. What is your pricing strategy looking ahead? That will show success.

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Retail Inventory Mortgage Loan Officers 347

Housing Wire

JUNE 15, 2022

Nationwide expects to originate around $2 billion this year, mainly purchase and conventional loans, down from around $3 billion in 2021. “We have still seen the purchase loans stay strong. That’s been playing out over the last few months due to massive rate increases. More layoffs to come.

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Mortgage Investors Clients Marketing 378