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 378

Loan Officers Legal Real Estate Lending 378

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 361

Loan Officers Tools Business Clients 361

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 380

Loan Officers Contracts Legal Business 380

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 388

Housing Market Marketing Contracts Finance 388

Housing Wire

DECEMBER 21, 2021

If you take the temperature of how loan officers are feeling ahead of the holiday season, the scale would likely read “uneasy.” According to Fahad Janvekar, a loan officer at Fairway Independent Mortgage , “there is definitely some concern” about layoffs in the industry.

Loan Officers 433

Loan Officers Retail Business Mortgage 433

Housing Wire

SEPTEMBER 7, 2023

If the traditional practice of sellers paying for both sides of the agents ends, housing agencies will have to weigh in to determine ways for buyers to finance their agents’ comp, LOs noted. One of the top loan officers in the nation has set up webinars that he does four times a week and he is building up his own pipeline.”

Buyers 382

Buyers Agents Loan Officers Real Estate 382

Housing Wire

MARCH 1, 2023

“Having the most up-to-date market information at your fingertips is crucial for lenders to effectively communicate and engage with consumers to help educate them on financing options available when purchasing a home,” said Josh Lehr , senior director of partnerships and industry technology at Total Expert.

Real Estate Agent 308

Real Estate Agent Technology Open Houses Loan Officers 308

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.” ” He added that the hope is we see some improvement in the spring or summer, “but it’s anyone’s guess.”

Mortgage 432

Mortgage Loan Officers Finance Buyers 432

Housing Wire

JANUARY 30, 2023

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. year over year, according to Inside Mortgage Finance estimates. It was part of the Atlanta-based mortgage lender’s strategy for developing a retail mortgage sales division.

Loan Officers 440

Loan Officers Retail Contracts Mortgage 440

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. But its members noticed “many real estate agents are already writing sales contracts that require the buyer to pay the buyer’s real estate commission.”

Buyers 498

Buyers Agents Mortgage Real Estate Agent 498

Housing Wire

AUGUST 22, 2022

With average home sale prices in Baltimore having increased by about 25% since then, a loan officer at loanDepot told the couple that “we should be good” because the estimated value was “pretty conservative.”. loanDepot contracted 20/20 Valuations and after the appraisal, the lender said it would not extend the loan.

Appraisal 369

Appraisal Loan Officers Valuation Finance 369

Housing Wire

FEBRUARY 5, 2024

RMS had 70 offices in 14 states, 850 employees, and 250 loan officers. billion in mortgage loans. However, if the contract was terminated with cause – which includes cases of fraud or breach of fiduciary duty, among others – he would not receive the severance compensation. In 2020, it originated $8.5

Retail 375

Retail Contracts Loan Officers Mortgage 375

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.

Loan Officers 389

Loan Officers Finance Business Mortgage 389

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. FoA announced the shutdown of Finance of America Mortgage , its forward mortgage business, in late October, becoming the largest originator to do so this cycle. .” Finance of America shares traded at $1.46

Mortgage 348

Mortgage Finance Retail Business 348

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. billion in 2020 – Engler told MPA Mag he expected his team to close $2.9

Loan Officers 372

Loan Officers Mortgage Retail Contracts 372

Housing Wire

JUNE 13, 2023

This has resulted in the company closing branches and laying off loan officers on the retail side. ” Inside Mortgage Finance (IMF) shows the wholesale channel was responsible for 15% of the first-lien mortgage originations in 2022, compared to the lowest level of 9.8% “Wholesale is growing.

Retail 367

Retail Loan Officers Landlords Lending 367

Housing Wire

NOVEMBER 1, 2021

The purchase money mortgage transaction begins with the real estate sales contract and that’s not something our industry controls. They control this business and they have a lot to say about where the buyer goes for financing. Smart loan originators are building relationships with these critical business referral partners now.

Real Estate Agent 385

Real Estate Agent Real Estate Agents Lending 385

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. Loan origination volume dropped 74% in the second quarter compared to the same period last year.

Mortgage 498

Mortgage Loan Officers Clients Investing 498

Housing Wire

FEBRUARY 15, 2024

They’re using a DPA program through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). They made good money, but with student loans and car payments, they didn’t have the money for the down payment and closing costs,” Saller said. The DPA share in FHA’s total book of business, including refinances, was 27% as of October 2023.

Mortgage 440

Mortgage Buyers Loan Officers Sellers 440

Housing Wire

JULY 25, 2023

Loan officers — myself included — need to strengthen their mindset. When you look at a sales contract that is obtaining mortgage financing, 70% of the components of that offer are mortgage-related. HW: What are the common misconceptions surrounding growth in this market? MW: I think the misconception is self-inflicted.

Real Estate Agent 260

Real Estate Agent Mortgage Real Estate Training 260

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. But the housing market in the second half of 2022? The Big Chill” or “Frozen,” says Green, principal at real estate law firm Polunsky Beitel Green.

Housing Market 503

Housing Market Marketing Real Estate Agent Real Estate 503

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 350

Mortgage Loan Officers Retail Training 350

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. “If

Housing Market 532

Housing Market Buyers Marketing Real Estate Agent 532

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%

Housing Market 301

Housing Market Marketing Loan Officers Buyers 301

Housing Wire

FEBRUARY 3, 2022

loanDepot , Guild Holdings Company , Home Point Capital (parent of wholesaler Homepoint), and Finance of America Companies – debuted on the stock market with a combined market capitalization of $69 billion, according to HousingWire estimates based on Yahoo! Finance data. But no one is popping the champagne these days.

Mortgage 370

Mortgage Retail Finance Investors 370

Housing Wire

DECEMBER 31, 2021

But the boost in purchase business likely won’t be enough to prevent operational contraction: As margins shrink, lenders will likely have to lay off staff and renegotiate compensation. One of the ways that lenders “manage expenses” has historically been by laying off processors and loan officers.

Marketing 420

Marketing Law Government Mortgage 420

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.

Housing Market 367

Housing Market Marketing Reconsideration of Value Contracts 367

Housing Wire

MARCH 22, 2021

This month, United Wholesale Mortgage took the industry by surprise when it made a statement that it would block mortgage brokers from doing business with the company if they did business with either Quicken Loans or Fairway Mortgage. I was astonished, frankly. My reaction stems today from a position of relative neutrality.

Business 538

Business Retail Mortgage Lending 538

PennyMac

MARCH 4, 2024

Purchasing a home is a big step, and you want a knowledgeable lending partner by your side as you weigh your financing options and navigate the paperwork involved. When you work with a lender that provides this, you’re doing much of the legwork involved in obtaining a mortgage contract without actually finalizing it.

Loan Officers 65

Loan Officers Insurance Mortgage Sellers 65

Housing Wire

AUGUST 16, 2023

The speed of the rate hikes has shrunk gain-on-sale margins because mortgage companies haven’t contracted quickly enough to offset falling demand. Meanwhile, executives at UWM’s biggest rival, Rocket Mortgage, told analysts that its local loan officer recruiting initiative doesn’t represent a mortgage strategy change.

Retail 338

Retail Real Estate Agent Business Mortgage 338

Realtor

OCTOBER 16, 2023

Thinking pre-qualification means you’re approved for the loan While getting pre-qualified for a loan is a good first step, it does not mean you’re guaranteed the money. Pre-approval is better because it means lenders have reviewed your finances. In the past, pre-approval was typically enough to pass muster.

Mortgage 190

Mortgage Real Estate Agent Real Estate Buyers 190

Appraisal Today

SEPTEMBER 15, 2023

May a representative of the lender provide an appraisal management company a list or a panel of appraisers to use for loans involving a specified mortgage broker, real estate agent, or loan officer? This typically happens when an appraiser turns in an appraisal with an appraised value opinion lower than the sale contract price.

Appraisal 82

Appraisal Real Estate Agent Contracts Real Estate 82

Housing Wire

JUNE 2, 2023

We actually originate every loan; we don’t acquire MSRs. We close loans; we do originate ourselves here at UWM. Nunes: According to the Inside Mortgage Finance ranking , Pennymac is the top U.S. Ishbia: Pennymac doesn’t originate loans. They buy loans. So that’s not our business. mortgage lender.

Retail 356

Retail Inventory Mortgage Loan Officers 356

Housing Wire

JUNE 15, 2022

The lender expects to turn a profit this year by reducing costs upwards of 30% through a renegotiation of worker contracts, but not through layoffs. Instead of getting maximum financing (between 75%-80% loan to value), they are now putting much more down (between 35-50%),” he said. More layoffs to come.

Mortgage 380

Mortgage Investors Clients Marketing 380

Cornerstone

OCTOBER 26, 2021

In the past few months, it’s become commonplace for an appraisal to come back under a home’s contract price. In our current market, if an appraisal comes back below contract price: It’s common for a seller to request that a buyer pay the price difference. Lean on your loan officer for guidance.

Sellers 57

Sellers Buyers Appraisal Loan Officers 57

Annarbor Appraisal

SEPTEMBER 6, 2020

Challenging the results of the appraisal for mortgage financing. The lender obtains the appraisal to ensure that the collateral is adequate for the loan (remember the three C’s of credit, capacity, and collateral). When a sale is involved, the valuation may be lower than contracted price. Do not be confrontational.

Mortgage Appraisal 78

Mortgage Appraisal Appraisal Mortgage Reconsideration of Value 78

Eppraisal

APRIL 20, 2021

Have Your Financing in Order If you're in the market to buy a home in the near future, the most important item on your agenda is to have proof that you have enough cash for the purchase or are pre-approved for a mortgage. Your loan officer may even put your file through an initial underwriting.

Sellers 66

Sellers Loan Officers Inventory Home Value 66