Nearly 600 Mortgage Jobs Cut by Wells Fargo
|Mortgage Business Jumps to 9-Month High, Refis Soar
New mortgage activity leapt to the highest level in nine months as interest rates continued to improve. The impressive gain was fueled by a surge in refinance transactions, though jumbo activity also helped.
Improving loan performance and weak demand for new home loans has Wells Fargo & Co. laying off nearly 600 mortgage employees.
PennyMac Enters Wholesale As Home Lending Slumps
After three consecutive quarters of originations gains, PennyMac Financial Services Inc. ended its streak. But a move into wholesale lending could help upcoming production.
2015 HomeStreet Mortgage Lending Leaps, 2016 Higher
Annual home lending activity at HomeStreet Inc. soared 64 percent, and the projection for this year's mortgage production is for a further increase.
Purchases Drag Down Weekly Mortgage Applications
Mortgage originators generated fewer new residential loan applications last week than in the prior week, and purchase financing led the decline.
Big Banks Suffer Bigger Decline in Mortgage Demand
A survey of banks found that demand for jumbo mortgages has recently retreated, while demand was up for credit lines secured by residential properties. By size, larger banks have seen a bigger drop in overall demand than their smaller counterparts.
Fairway Independent Mortgage Originations Double
Last year's new home lending at Fairway Independent Mortgage Corp. was nearly double the level of lending in 2014. Staffing and servicing also grew.
Reverse Mortgage Lending Tumbles to 16-Month Low
Federally insured reverse mortgage originations moved lower last month, with volume sinking to the lowest level in 16 months.
Stonegate Reduces Headcount as Originations Sink
Quarterly residential lending activity turned sharply lower at Stonegate Mortgage Corp., as did the size of the mortgage banker's staff.