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Why non-QM lending is not going away

Housing Wire

HousingWire recently spoke with John Jeanmonod, Regional Vice President of Sales at Angel Oak, about non-QM lending and the outlook for the second half of 2022. HousingWire: Given the recent news about a few non-QM lenders shutting down, some loan officers might be hesitant about working with non-QM.

Lending 382
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AmeriFirst Financial gets back into forward mortgage origination

Housing Wire

It ceased that business in December 2022 after rising mortgage rates wreaked havoc on the housing industry. AmeriFirst will keep physical branches in 20 states, but under a new corporate model, no branch managers will make an override on the production of the loan officers they manage. In 2022, AmeriFirst closed $2.5

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Guaranteed Rate’s Larry Steinway makes the jump to Revolution Mortgage

Housing Wire

Steinway is the sole loan officer in his branch and is supported by the rest of his five team members, who primarily focus on marketing its realtor relationships. Closing just shy of $100 million of production in 2022, he’s aiming for a higher loan origination volume in 2023.

Mortgage 370
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Interfirst Mortgage to lay off nearly 50 LOs

Housing Wire

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. Among those getting a pink slip are 49 loan officers, 10 national account managers, seven retail sales managers and seven transaction coordinators.

Mortgage 382
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Rocket goes local: Testing the waters or shifting its strategy? 

Housing Wire

Coming off multiple quarters of financial losses , Rocket has accelerated those efforts in 2023, embarking on a remote local loan officer hiring spree designed to capture purchase market business from real estate agent connections, sources told HousingWire.

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Non-QM lenders hunt for LOs as consumer-direct model falters

Housing Wire

According to Evan Kidwell, chief operating officer at Griffin Funding , a consumer-direct lender that launched non-QM operations in November 2020, the company is willing to hire newbie LOs and processors and give them on-the-job training. “If trillion in 2022. “The area of focus for us right now is hiring LOs,” Lind said.

Lending 403
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Will new products stop the bleeding for mortgage lenders? 

Housing Wire

During the second-quarter earnings season, executives from publicly traded mortgage lenders detailed their forays into jumbo loans, non-qualified mortgages, reverse mortgages, home equity products and even personal loans. According to Black Knight , at the end of the second quarter 2022, the average U.S. and Sprout Mortgage.

Mortgage 393