article thumbnail

Wells Fargo conducts another round of layoffs in home lending business

Housing Wire

Wells Fargo , the largest depository mortgage lender in America, issued pink slips to employees in its home lending business on Tuesday following its decision to exit the correspondent channel. “I Wells Fargo’s correspondent lending business was already in a freefall.

Lending 469
article thumbnail

Prosperity strikes deal to acquire JFQ Lending

Housing Wire

Virginia-based mortgage bank Prosperity Home Mortgage, LLC has acquired the assets of Arizona-based JFQ Lending, LLC to explore the direct-to-consumer channel.

Lending 293
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Northpointe Bank to shutter its correspondent lending business

Housing Wire

Northpointe Bank , a regional bank headquartered in Michigan, will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan servicing business.

Lending 303
article thumbnail

CFPB bans RMK Financial Corporation from mortgage lending industry

Housing Wire

RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015.

Lending 335
article thumbnail

Planet Home Lending volunteers fight hunger

Housing Wire

The Howard County Food Bank in Columbia, Maryland, gained valuable volunteers and donations from Planet Home Lending as the organization partnered with Farmlink to deliver farm-fresh produce to the food bank. The post Planet Home Lending volunteers fight hunger appeared first on HousingWire.

Lending 352
article thumbnail

Wells Fargo to shutter correspondent lending?

Housing Wire

In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo , the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business.

Lending 362
article thumbnail

How JVM Lending plans to expand without any loan originators

Housing Wire

California-based retail lender JVM Lending plans to drum up business this year — but by doing the exact opposite. This year, JVM Lending plans on diversifying their business to closing loans for investment properties rather than being heavily dependent on jumbo loans.

Lending 347
article thumbnail

Mountain West Financial steps back from wholesale lending

Housing Wire

The Redlands, California-based company informed its broker network last week that it has “made the difficult decision to take a step back from wholesale lending,” according to a spokesperson. The post Mountain West Financial steps back from wholesale lending appeared first on HousingWire.

Lending 443
article thumbnail

Fannie Mae extends relaxed appraisal, lending standards

Housing Wire

Mortgage giant Fannie Mae extended its relaxed lending and appraisal standards put in place due to COVID-19 into the new year. To that end, the GSEs began accepting alternative forms of employment verification, including a recent paystub, to ensure lending can continue.

Lending 536
article thumbnail

Revolution Mortgage integrates Tavant’s Touchless Lending

Housing Wire

Mortgage lender Revolution Mortgage has partnered with Tavant, an AI-powered digital lending company, to integrate Tavant’s Touchless Lending product suite into Revolution Mortgage’s platform.

Lending 348
article thumbnail

Nations Lending, Carpenter Realtors launch Commitment Mortgage

Housing Wire

Full-service mortgage lender Nations Lending and local Indiana real estate firm Carpenter Realtors launched a joint venture, Commitment Mortgage , in order to offer an end-to-end experience — from finding a home to closing a loan in a cooled-down housing market. “We

Realtors 275
article thumbnail

Democratizing Lending

Appraisal Buzz

asks of its time to “democratize” the lending process. The post Democratizing Lending appeared first on theMReport.com. The post Democratizing Lending appeared first on Appraisal Buzz. Origination fees can present a web of inconsistencies, and Yatin Karnik of Confer Inc.

Lending 195
article thumbnail

Guaranteed Rate to acquire Stearns Lending

Housing Wire

The post Guaranteed Rate to acquire Stearns Lending appeared first on HousingWire. M&A / Funding Mortgage Featured Guaranteed Rate M&A MORTGAGE M&A Stearns Stearns Lending

Lending 537
article thumbnail

FHFA extends relaxed appraisal, lending standards

Housing Wire

The Federal Housing Finance Agency (FHFA) announced on Thursday that it has again extended relaxed lending and appraisal standards for both Fannie Mae and Freddie Mac. The post FHFA extends relaxed appraisal, lending standards appeared first on HousingWire.

Lending 498
article thumbnail

Fifth Third Bank unveils new warehouse lending business

Housing Wire

Martin, Firth Third’s group head of mortgage warehouse finance, along with a team of warehouse lending professionals, will be based in Dallas. “We’re The post Fifth Third Bank unveils new warehouse lending business appeared first on HousingWire.

Lending 364
article thumbnail

Homepoint shrinks its lending capacity

Housing Wire

Over the past year, Homepoint sold off large chunks of its business including selling its delegated correspondent business to Planet Home Lending. The post Homepoint shrinks its lending capacity appeared first on HousingWire. Home Point Financial Corp.

Lending 334
article thumbnail

Ex-Zillow execs promise revolution in lending

Housing Wire

Seventy million dollars in seed funding is a colossal investment for an unproven tech startup, even one that promises to fully disrupt a relatively low-margin, traditional industry like mortgage lending. The post Ex-Zillow execs promise revolution in lending appeared first on HousingWire.

Lending 445
article thumbnail

Banc of California sues Sprout Mortgage, Planet Home Lending 

Housing Wire

A recent lawsuit filed by Banc of California is claiming that mortgage lenders and servicers Sprout Mortgage (now defunct) and Planet Home Lending owe $1.5

Lending 330
article thumbnail

Silvergate ditches mortgage warehouse lending, cuts 20% of workforce

Housing Wire

Silvergate’s provisional fourth quarter earnings report revealed that it exited its mortgage warehouse lending product in the fourth quarter of 2022 due to “the current macro environment, the rising interest rate environment and related reduction in mortgage volumes.”.

Lending 313
article thumbnail

2021 means new challenges for mortgage lending

Housing Wire

As we think about coming out of this first month of the year, we’ve quickly realized this year is going to be anything but planned or what we in the mortgage lending industry are used to. Buckle up lending community — this may be only getting started!

Lending 447
article thumbnail

FOA agrees to sell commercial lending business to Roc Capital

Housing Wire

IPO / M&A Mortgage Agents National Title Insurance Company Boston National Business Credit Suisse Finance of America Finance of America Capital Finance of America Reverse Incenter Lending

Lending 261
article thumbnail

Why mortgage lending standards will ease in 2021

Housing Wire

Economists and housing experts say mortgage lending standards will likely loosen in 2021, despite the increased risk of delinquencies ahead. The post Why mortgage lending standards will ease in 2021 appeared first on HousingWire.

Lending 545
article thumbnail

Wells Fargo exiting correspondent mortgage lending business

Inman

Mortgage Select correspondent lending correspondent mortgage lending Equal Credit Opportunity Act Fair Housing Act fair lending Kleber Santos Kristy Fercho wells fargo

Lending 137
article thumbnail

Stearns Lending to lay off 348 workers

Housing Wire

Stearns Lending will lay off 348 workers following the decision by Guaranteed Rate earlier this month to discontinue operations of its third-party wholesale channel. The post Stearns Lending to lay off 348 workers appeared first on HousingWire.

Lending 325
article thumbnail

FHFA: GSE servicers must keep fair lending data

Housing Wire

In a move the Federal Housing Finance Agency said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data. The post FHFA: GSE servicers must keep fair lending data appeared first on HousingWire.

Lending 322
article thumbnail

Mortgage lending volume in 2020 likely to break records

Housing Wire

Fannie Mae , the world’s largest mortgage financier, said mortgage lending this year probably will reach an all-time high of $3.9 The post Mortgage lending volume in 2020 likely to break records appeared first on HousingWire.

Lending 545
article thumbnail

Newly launched Defy Mortgage targets non-QM lending market

Housing Wire

Nashville, Tennessee-headquartered Defy Mortgage is the latest player to join the non-QM (non-qualified mortgage) lending space, which targets entrepreneurs and gig workers who have various forms of collateral, including cryptocurrency.

Lending 439
article thumbnail

Lone Peak Lending joins Panorama Mortgage Group

Housing Wire

Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Donovan Stamps, a 27-year mortgage veteran with stints at Stearns Lending , SoFi Mortgage , First Guaranty Mortgage Corp.

Lending 381
article thumbnail

Cornerstone Home Lending to acquire Roscoe State Bank

Housing Wire

Houston-based nonbank mortgage lender Cornerstone Home Lending is buying Roscoe State Bank , a traditional depository bank headquartered in Roscoe, Texas. Increasing Lending and Servicing Capacity – Regardless of Rates.

Lending 446
article thumbnail

Suzy Lindblom named COO of Kind Lending

Housing Wire

Wholesale lender Kind Lending has brought on mortgage veteran Suzy Lindblom as its chief operating officer, the company said Tuesday. Lindblom has 40 years of experience in the mortgage space, most recently serving as the COO of Planet Home Lending for three and half years.

Lending 226
article thumbnail

Homepoint exits correspondent following deal with Planet Home Lending

Housing Wire

Connecticut-based mortgage servicer and lender Planet Home Lending has entered into an agreement to acquire assets from Homepoint ‘s delegated correspondent channel for $2.5 The deal will also contribute to Planet Home Lending’s servicing portfolio, now at $54 billion.

Lending 326
article thumbnail

Will mortgage lending get tighter in the next recession?

Housing Wire

As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. One of the biggest reasons home sales crashed from their peak in 2005 was that the credit available to facilitate that boom in lending simply collapsed.

Lending 492
article thumbnail

Pandemic ushers in a new era of digital lending

Housing Wire

That has caused a remarkable shift to a digital lending model that has significantly impacted a lender’s ability to do business during these challenging times. The post Pandemic ushers in a new era of digital lending appeared first on HousingWire. Mortgage digital lending HWplus

Lending 428
article thumbnail

Acra Lending launches new jumbo prime program

Housing Wire

Acra Lending, one of the largest independent non-QM specialty finance lenders, has added to its suite of mortgage loan programs with the launch of its Jumbo Prime mortgage solution. The post Acra Lending launches new jumbo prime program appeared first on HousingWire.

Lending 325
article thumbnail

Cornerstone Home Lending to buy The Roscoe State Bank

Housing Wire

Houston-based nonbank mortgage lender Cornerstone Home Lending announced on Wednesday it has received all regulatory approvals to acquire traditional depository The Roscoe State Bank, a deal that will expand its operations beyond the traditional mortgage business.

Lending 261
article thumbnail

Chase sees huge digital adoption in home lending business

Housing Wire

Another one would be home lending. The post Chase sees huge digital adoption in home lending business appeared first on HousingWire. Fintech Loan Origination Tech Mortgage Chase Home Lending Digital mortgage JPMorgan Chase Rohan Amin

Lending 464
article thumbnail

The Real Brokerage to acquire LemonBrew Lending

Housing Wire

Presented by: Acra Lending. The post The Real Brokerage to acquire LemonBrew Lending appeared first on HousingWire. Publicly traded real estate firm The Real Brokerage has struck an agreement to acquire the mortgage brokerage arm of real estate and mortgage technology company LemonBrew.

Brokerage 322
article thumbnail

Automation is coming to non-QM lending

Housing Wire

Automated underwriting for agency [ Fannie Mae and Freddie Mac ] products is definitely much easier because there’s a defined set of scenarios that you have to meet,” says Keith Lind, executive chairman and president of Acra Lending (a non-QM lender formerly known as Citadel Servicing ).

Lending 293
article thumbnail

FHFA extends relaxed appraisal, lending standards

Housing Wire

The Federal Housing Finance Agency (FHFA) announced on Thursday it has extended relaxed lending and appraisal standards put in place due to COVID-19 another month for both Fannie Mae and Freddie Mac. The post FHFA extends relaxed appraisal, lending standards appeared first on HousingWire.

Lending 535
article thumbnail

Lending standards tighten due to high rates, worsening economic outlook

Housing Wire

Lending standards tightened in October, largely due to higher mortgage rates and the worsening outlook for the economy, the Mortgage Bankers Association (MBA) said.

Lending 407