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Sprout Mortgage taps Wells Fargo veteran to lead retail

Housing Wire

Non-QM lender Sprout Mortgage is setting up a distributed retail operation, and it’s picked a veteran of Wells Fargo to lead the new division. Sprout hired former Wells Fargo executive Michael Johnson to expand Sprout’s consumer and retail sales channel, the company said Tuesday.

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WFG acquires West Coast retail title operations from Doma

Housing Wire

announced on Tuesday the completion of an agreement for WFG to acquire certain branches of Doma’s West Coast local retail title operations. The deal includes multiple retail title locations and operations centers in the Northern and Central California regions. Williston Financial Group (WFG) and Doma Holdings, Inc.

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Loan officers are dramatically cutting their pay to win clients. It’s often illegal. 

Housing Wire

So he did what a lot of retail loan officers in the industry were doing — Mike would reclassify a self-generated lead as a corporate-generated lead, thus slashing his compensation from 125 basis points down to as low as 50 bps, giving him a low enough rate to win the client and eventually close the deal. Because it’s not true.”

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A shift in strategy? Rocket Mortgage looks to hire local LOs 

Housing Wire

“You can lend where you live and continue to build relationships with clients and real estate agents in your community. We have Rocket retail, and we compete,” Fawaz said. The company is looking for someone who has a “proven track record generating organic referrals” that result in closings.

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loanDepot sues Movement for poaching LOs

Housing Wire

and Delaware employees also transitioned to the retail competitor. That’s not the Orange County, California-based lender’s only poaching legal battle. Additional Maryland, Washington, D.C., In some cases, Movement offered a $125,000 signing bonus to loanDepot loan originators to come to the company, the lawsuit claims.

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Mortgage lenders American Portfolio and Town Square announce merger deal

Housing Wire

The lenders, both privately held, will retain their names and brands after the transaction, but APMC will be the new legal entity as the companies come together. The merger will result in an “increased lending footprint” to better serve clients, Paul Kessel, president of American Portfolio, said in a statement.

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Former executive sues Guild over $750,000 in unpaid compensation

Housing Wire

“While we do not comment on pending litigation, Guild’s long-standing reputation for doing what’s right is built from our core values of integrity and respect, and we are committed to those values with every employee, client, and partner,” Guild said in a statement. Seely’s attorneys did not immediately respond to requests for comments.

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