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

Housing Wire

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. After Mike paid his loan officer assistant, he was clearing just 40 bps. The lower comp rate stung. Still, it was better than nothing.

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Motto sues UMortgage for ‘tortious interference’ in franchise contract

Housing Wire

Denver-based brokerage franchise Motto Mortgage , owned by RE/MAX , has accused broker shop UMortgage of “tortious interference” in its contract with a former franchisee called TRB Solutions, whose controlling member was Breon Price, the top-producing loan officer. According to a lawsuit filed in March in a U.S

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What are the building blocks of digital lending?

Housing Wire

HousingWire recently sat down with Steve Meirink, executive vice president and general manager, Compliance Solutions, Wolters Kluwer’s Governance, Risk and Compliance Division, to discuss the impact of digital technology on mortgage and the future of digital lending in an era of accelerated innovation and digital transformation.

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Opinion: Is the lending market overcorrecting toward tech? Maybe

Housing Wire

Inventory is contracting. Worsening market conditions are only going to accelerate an already hyper-competitive mortgage lending industry that is still learning to adapt to post-pandemic homebuying behaviors. Yes, a customer should be able to upload documents to a portal or receive a digital approval letter. Rates are rising.

Lending 359
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Home equity products light up a dark housing market

Housing Wire

As the housing market suffers through a drought of home sales and related mortgage originations in the current high-rate environment, home prices and home equity continue to climb, helping to spark a revival of another sector — home equity lending and investment. billion, according to offering documents. billion. .”

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How LOs are dealing with an explosion of activity in NYC’s suburbs

Housing Wire

Documents need to be collected, credit scores need to be checked, appraisers need to be arranged. Sales and contracts aren’t yet back up to normal levels, but the return of families – often for school – has meant more deals are being discussed, he said. The banks need bodies. There’s a lot of mortgages to be processed.

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Borrowers want consistency through the lending process – Here’s how to give them that

Housing Wire

Essentially, Bharadwaj said, intelligent automation is “extracting the data sitting inside of documents and direct-sourced data to apply those against rules to automate straight-through processing.”. We’ve industrialized the process and turned it into more like hiring robots like contract workers,” Bharadwaj said.

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