Proprietary Reverse Mortgage Origination Sinking
Originators of proprietary reverse mortgages have seen business worsen for three months in a row. On the government-insured side, wholesale reverse lenders have experienced a bigger drop over the past year than retail lenders.
Lenders Load Up on Production Executives
Among several recent executive appointments at home lenders are senior positions in loan production -- including wholesale and correspondent lending. A small servicer named a leader for its new real-estate-owned division.
Wholesale HECM and Proprietary Reverse Biz Sink
Among originators of proprietary reverse mortgages, month-over-month volume tumbled by more than a quarter. On the government side of the business, wholesale production was down nearly a fifth.
BNY Opening Third Party HECM Business
BNY Mellon is getting into the government-insured reverse mortgage business. Loans will be originated through third parties.
Lenders' Staffs Rise Despite Plunging Originations
Even though quarterly originations at independent lenders have fallen by nearly a third over the past year, staffing has increased -- driving loan production income into the red.
New Wholesale Mortgage Lender Launches
The nation's mortgage brokers, who have seen their options for wholesale lenders continue to erode, are being courted by a new wholesaler.
Retail and Wholesale HECM Volume Declines
Deterioration in government-insured reverse mortgage production hit both the retail and wholesale channels. In the non-government sector, Ocwen Financial Corp.'s subsidiary was the leader.
New Business Off at Provident Funding
Provident Funding Associates LP's mortgage lending moved lower -- in line with the industry as a whole. There was little change in the servicing portfolio and staff size.
Wholesale AE Coached Brokers in Mortgage Fraud
A former account executive at a subprime wholesale lender has been sentenced for her role in a mortgage fraud scheme.
New Wholesale Lender Launches
A company that projects it will originate nearly 40 percent more this year than last year is looking to mortgage brokers to help it achieve its goal.