Reverse Mortgage Wholesalers Outperform Retailers
Monthly reverse mortgage volume from wholesale lenders moved higher as retail production slumped. Business exploded at February's busiest reverse lender.
Non-QM Jumbo Hits Market
A growing wholesale mortgage lender has introduced a new jumbo product that goes outside the Qualified Mortgage box.
Builder's Mortgage Unit Acquires Retail Originator
|2014 Is Year of Mergers for Mortgage Firms
Although the number of mortgage-related casualties has significantly declined this past year, wholesale lenders are disappearing at a brisk pace. Meanwhile, mortgage mergers are on the rise.
Just a month after announcing it would eliminate wholesale lending from its business, Universal American Mortgage Company LLC is acquiring retail mortgage banking assets.
Fmr CFPB Official's Firm to Offer Wholesale Non-QMs
A company founded by a former Consumer Financial Protection Bureau official has agreed to a merger that has it providing non-Qualified Mortgage through the wholesale channel.
Mortgage Executives Promoted, Recruited
Several executives at mortgage banking firms have been promoted, while several more have been recruited from competing companies.
Staff Cuts Have Yet to Match Drop in Originations
Profits deteriorated at independent mortgage shops as production was pared and employee expense increased. Although new business has declined by more than a quarter over the past year, staffing levels have risen by nearly a fifth.
Wholesaler Dumps Conv, Jumbo Programs and Expands Subprime
Carrington Mortgage Services LLC said it will reallocate its resources by eliminating conventional and jumbo products from its wholesale menu and expanding subprime lending.
Mortgage Broker Wins Appeal in Wholesaler's Lawsuit
A mortgage broker that was found liable for a fraudulent power of attorney used in a refinance transaction appealed the decision -- and won.