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With 20% market share, independent mortgage brokers are competing directly with retail lenders

Housing Wire

The brokers were in agreement that recruiting talent and maintaining strong partnerships will be key to not only brand development, but a lasting foundation that will continue post-pandemic. “So We’re not out building a retail person’s name. I mean we’re talking up to 30 years,” Nichols said.

Retail 370
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What mortgage lenders need to know about wholesale

Housing Wire

Desmond Smith: There are two ways to get a mortgage — wholesale or retail. Retail lending is when you walk into a bank branch or go to an online lender, and they help you get a mortgage. Consumers who use a mortgage broker instead of a retail lender save $9,400 over the life of the loan and that increases to $10,400 for minorities.

Mortgage 370
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loanDepot VP Brian Covey moves to Revolution

Housing Wire

Brian Covey, a high-profile vice president at loanDepot, is leaving the company after five years to join Revolution Mortgage , another direct-to-consumer retail mortgage lender which was founded in 2018. He also provided training to loan originators. Before his mortgage career, Covey competed with the U.S.

Training 397
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Longbridge Financial marks two years of national field sales

Housing Wire

With that, I feel like we have a much higher focus on what it is we’re going after, which lane we’re focusing on, and then the training, experience and knowledge around those specific channels.” Parks sees this kind of development as a key differentiating factor for the Longbridge NFS division when compared to competitors. “A

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Interfirst to lay off 140 employees

Housing Wire

Godin relaunched the business in late 2019 as a lender focused on both wholesale and retail channels. Interfirst boasted of its ability to train people with no background in mortgage through a rigorous training course. StoicLane and the executives did not respond to a request for comment about the additional layoffs.

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HUD dings Movement Mortgage for alleged fair housing violations

Housing Wire

The agreement resolves a complaint the NCRC filed in October 2021 with the Department of Housing and Urban Development. NCRC alleged the Fort Mill, South Carolina-based retail lender discriminated against Black and Hispanic people seeking mortgages in the Seattle-Tacoma area.

Mortgage 397
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Lower debuts white label mortgage platform

Housing Wire

Wagner will be responsible for helping Lower’s partners develop their business strategy in the home lending space, Synder said. The Ohio lender also slashed 6% of its workforce in October leaving about 1,200 employees across its business including retail, wholesale and its direct-to-consumer arm Lower.com. Lower originated $4.19

Mortgage 384