Housing Wire

JANUARY 4, 2023

The lender said that despite not formally renewing the contract, CAVU continued to provide the services as of September 2022. The employees’ PrimeLending contracts had non-solicitation, non-interference and confidentiality clauses, according to the lawsuit. Meanwhile, its rival FCM is ten times smaller, producing $1.15

Loan Officers 448

Loan Officers Contracts Mortgage Legal 448

Housing Wire

SEPTEMBER 15, 2023

Guaranteed Rate Affinity has initiated legal action against former loan originators, accusing them of breaching contracts by failing to pay back advanced signing bonuses and commissions after they left the company. Gifoli served as a loan officer from May 2021 to October 2021. He declined to comment on the lawsuit.

Loan Officers 399

Loan Officers Legal Real Estate Lending 399

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 399

Loan Officers Tools Business Clients 399

Housing Wire

APRIL 1, 2024

In March 2022, reverse mortgage lender and servicer Longbridge Financial announced the launch of its national field sales (NFS) division , appointing reverse mortgage industry veteran Melanie Parks to lead the channel as vice president and national field sales leader. Two years later, the UPB has diminished right.

Loan Officers 380

Loan Officers Training Business Retail 380

Housing Wire

JULY 19, 2022

Even in a downturn, the loan officer recruiting wars remain fierce. Beleaguered nonbank lender loanDepot is suing rival lender CrossCountry for allegedly dozens of poaching high-performing loan officers from its New York branches. Anthony Hsieh, founder and CEO of loandepot. loanDepot reported a net loss of $91.3

Loan Officers 382

Loan Officers Contracts Legal Business 382

Housing Wire

JANUARY 30, 2023

The group also alleges that the company conducted a defamatory campaign against them after their layoffs in July 2022. According to the class-action-seeking lawsuit, filed in California, AmeriSave hired 200 loan officers to focus on the West Coast region in early 2022. The company originated $12 billion in 2022, down 62.2%

Loan Officers 460

Loan Officers Retail Contracts Mortgage 460

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 Atlanta-based mortgage lender is accusing the stock car racing team of breaking the agreement by changing the driver of the car starting in May 2022.

Legal 321

Legal Contracts Lending Loan Officers 321

Housing Wire

JUNE 13, 2023

This has resulted in the company closing branches and laying off loan officers on the retail side. Meanwhile, with competitive pricing, United Wholesale Mortgage (UWM) reached an estimated 54% market share at the end of 2022. billion in 2022, with 50% through wholesale. “Wholesale is growing. in 2014. .

Retail 370

Retail Loan Officers Landlords Lending 370

Housing Wire

MARCH 8, 2023

However, a surge in demand for government loans and adjustable-rate mortgages (ARMs) played a role in last week’s increase. In addition, loan officers said that investors took advantage of a slower market. Rates for jumbo loan balances (greater than $726,200) went from 6.44% to 6.49% in the same period. ”

Mortgage 380

Mortgage Loan Officers Investors Government 380

Housing Wire

APRIL 26, 2023

Borrower demand for home loans increased across the board, despite rates being at their highest level in over a month. Plenty of buyers, but not enough homes for sale,” California-based mortgage loan officer Dan Stone, who works with hundreds of mortgage lenders, told HousingWire. The bottom for 2022 was 240,194.

Mortgage 393

Mortgage Loan Officers New Listings Government 393

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.

Legal 394

Legal Loan Officers Contracts Business 394

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%

Loan Officers 365

Loan Officers Buyers Contracts Mortgage 365

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.

Retail 399

Retail Contracts Legal Business 399

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

Housing Market 409

Housing Market Marketing Contracts Finance 409

Housing Wire

SEPTEMBER 7, 2023

That partnership is everything,” Amy Breach, a Seattle-based Keller Williams agent, told HousingWire in late 2022. Loan officers may increasingly place more importance on reaching consumers directly especially when a buyer takes initiative in the homebuying process rather than relying on agents. “If

Buyers 392

Buyers Agents Loan Officers Real Estate 392

Housing Wire

JANUARY 27, 2022

Vesta has a system of record for loan origination data and documentation; a workflow engine to orchestrate process among borrowers, loan officers, underwriters; and open APIs (application programming interface) for partners to build their own solutions. The company targets the $2.6

Mortgage 377

Mortgage Investors Loan Officers Technology 377

Housing Wire

FEBRUARY 11, 2022

Some mortgage rate indices topped 4% on Thursday, blowing past predictions that rates might reach those levels by the end of 2022. Joel Kan, associate vice president of economic and industry forecasting, at the Mortgage Bankers Association said rates could head even higher in 2022. “If Randy Howell, president of Mortgage Power Inc.

Mortgage 382

Mortgage Contracts Loan Officers Insurance 382

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 407

Mortgage Loan Officers Technology Real Estate 407

Housing Wire

FEBRUARY 7, 2023

The Federal Reserve (Fed) actions that resulted in millions of borrowers receiving mortgage rates below 4% gave way to Fed actions that… triggered mortgage rates to rise above 7% in the fall of 2022. of the balance of a loan being assumed would be fair to both the borrower and the servicer.” Tozer suggested “a fee of 1.3%

Mortgage 381

Mortgage Loan Officers Government Buyers 381

Housing Wire

JUNE 10, 2022

In January, Wyndham had a round of layoffs when pink slips arrived for 35 loan officers across its offices in Dallas, Charlotte, Salt Lake City, Kansas City and Phoenix. As the market contracts, originators Interfirst Mortgage Co. and Better.com are implementing their second and third round of layoffs, respectively.

Mortgage 388

Mortgage Loan Officers Retail Contracts 388

Housing Wire

FEBRUARY 1, 2023

Borrower demand for home loans increased in the first three weeks of 2023, sparking optimism among mortgage industry executives and loan officers. The average contract interest rate for 5/1 ARMs decreased to 5.38% last week, down from 5.44% the previous week. The MBA data shows refinancings were 31.9%

Mortgage 361

Mortgage Marketing Loan Officers Contracts 361

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. mortgage lenders for the first half of 2022.

Loan Officers 381

Loan Officers Mortgage Retail Contracts 381

Housing Wire

NOVEMBER 9, 2022

The decision to exit the forward mortgage business hit Finance of America Companies hard in the third quarter of 2022. Fraud risk continues to rise even as the market contracts . According to a Q2 analysis by FundingShield, there was a 40.69% increase in wire-related issues compared to Q1 2022. Presented by: FundingShield.

Mortgage 380

Mortgage Finance Retail Business 380

Housing Wire

SEPTEMBER 8, 2022

Eliminated positions included loan officers, closers, underwriters and client advocates, according to six former employees. The lender has a contract with Moder , the business outsourcing arm of Archwell Holdings , sources said. HousingWire wasn’t able to confirm if that figure included staff overseas.

Mortgage 498

Mortgage Loan Officers Clients Investing 498

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. billion in mortgages between June 2020 and June 2021 and was actively recruiting new loan officers and support staff.

Mortgage 367

Mortgage Loan Officers Retail Training 367

Housing Wire

OCTOBER 6, 2022

The Mortgage Bankers Association (MBA), however, measured the average contract for conforming at 6.75% this week, compared to 6.52% the previous week. For jumbo loans, it went from 6.01% to 6.14% in the same period. Matt Graham, founder and CEO of MBS Live. Fannie Mae and Freddie Mac don’t have a lot of appetite right now.

Mortgage 369

Mortgage Marketing Loan Officers Retail 369

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 441

Mortgage Buyers Loan Officers Sellers 441

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. through the rest of 2022. Home prices also grew, although at a slower pace.

Housing Market 302

Housing Market Marketing Loan Officers Buyers 302

Housing Wire

JUNE 2, 2023

The Pontiac, Michigan-based United Wholesale Mortgage (UWM) CEO believes that 2022 and 2023 are equally challenging years, but the market will improve in 2024. Mat Ishbia: In the 2022 and 2023 markets, rates went up a lot. I think 2022 and 2023 are equally tough years. million in net income in 2022, including a $284.1

Retail 369

Retail Inventory Mortgage Loan Officers 369

Housing Wire

FEBRUARY 3, 2022

Executives of publicly traded nonbank mortgage lenders will instead have to sooth the fears of their investors in 2022, a consequence of the cyclical inevitability of higher rates , lower refinance volumes, and fiercer-than-ever competition, according to analysts who cover the sector. trillion in 2022, according to the trade group.

Mortgage 381

Mortgage Retail Finance Investors 381

Housing Wire

APRIL 13, 2021

Jay Garrett, a loan officer at Supreme Lending ’s McClellan Branch in Austin, said he is seeing 10 to 40 offers on houses no matter where they are in Austin, and cash offers are winning the day because sellers don’t want to have to worry about the house appraising too low for someone who needs financing.

Housing Market 532

Housing Market Buyers Marketing Real Estate Agent 532

Housing Wire

JUNE 15, 2022

The lender’s loan rates, which range from 8% to 11%, are expected to grow 100 bps by the end of the year, reflecting the Fed’s tightening policy, Nigam said. Lenders expected that 2022 will be one of the most challenging years on record due to higher rates, lower refi volumes and the need to shed capacity. trillion in 2023.

Mortgage 382

Mortgage Investors Clients Marketing 382

Housing Wire

NOVEMBER 1, 2021

If you’re planning on staying in the mortgage business in 2022, you’re probably already shifting your strategy to better enable you to originate purchase money loans next year. The purchase money mortgage transaction begins with the real estate sales contract and that’s not something our industry controls. Don’t be left behind.

Real Estate Agent 408

Real Estate Agent Real Estate Agents Lending 408

Housing Wire

JANUARY 27, 2023

Most retail lenders are desperately seeking high producing loan originators to make up for the losses that occurred in 2022. 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.

Lending 390

Lending Real Estate Agent Loan Officers Retail 390

Eppraisal

APRIL 20, 2021

A full pre-approval is when a mortgage loan officer pulls your credit, verifies your employment and income, has your complete application and has all the required documents from you. Your loan officer may even put your file through an initial underwriting. Home values are expected to continue to rise into 2022.

Sellers 66

Sellers Loan Officers Inventory Home Value 66

Appraisal Today

MAY 10, 2024

The mortgage loan officer handling the loan? There are few bank-owned (REO) sales right now, but when they happen, they’ve been a combination of older loans and some newer ones (but not really people who bought in 2022 at peak prices). from 0.98 (including the origination fee) for 80 percent LTV loans.

Reconsideration of Value 71

Reconsideration of Value Appraisal Real Estate Insurance 71

Housing Wire

DECEMBER 20, 2022

When the refi market dried up in 2022, business took a drastic turn for Thuan Nguyen, CEO of Loan Factory and the top loan originator on the Scotsman Guide for the last two years. I have about five loan officers helping me, and I have more than 30 processors and assistants helping me. I cut [my team] down a lot.

Business 74

Business Retail Realtors Loan Officers 74