Housing Wire

JANUARY 2, 2024

“They have let branch managers and loan officers go and say they are transitioning to a broker [shop].” ” A former processor confirmed that “all staff was let go, from operations to loan officers.” The FDIC was the receiver of Washington Mutual Bank after it failed during the 2008 financial crisis.

Loan Officers 459

Loan Officers Lending Mortgage Insurance 459

Housing Wire

OCTOBER 27, 2022

But according to Shant Banosian, Guaranteed Rate’s top-ranked loan officer, now is the time for LOs to show up and work hard. “In Banosian compared today’s opportunity for growth to 2008, saying that those who were “killing it” in and after 2008 are not the same people who were doing well before then. “If

Loan Officers 397

Loan Officers Clients Mortgage Business 397

Housing Wire

AUGUST 2, 2021

Banks moved to ease lending standards for most mortgage loan products during the second quarter, according to a loan officer opinion survey published this week by the Federal Reserve Board.

Mortgage 493

Mortgage Lending Loan Officers Government 493

Housing Wire

JULY 22, 2022

Founded in 2008, Live Oak Bank has a digital, cloud-based bank serving small business owners in all 50 states. Crawford, a former pro football player, founded distributed retail nonbank Movement Mortgage in 2008. Crawford said he joined the board of directors of Live Oak to transform “the way banking is done.”.

Loan Officers 397

Loan Officers Retail Lending Mortgage 397

Housing Wire

JANUARY 17, 2024

Dave Stevens grew up in the mortgage business before serving the industry and its customers both as FHA Commissioner during and immediately after the 2008 financial crisis and then as President & CEO of MBA, where he was instrumental in rebuilding our organization and leading the industry out of the Great Recession.”

Finance 493

Finance Loan Officers Real Estate Development 493

Housing Wire

MARCH 11, 2021

I’ve spent years asking top mortgage lending execs this question: who’s your primary customer, loan officers or consumers? It’s grey for three reasons: First, wholesale players change over full cycles — today’s top 25 wholesalers are way different than pre-2008. You long-gamers know this, but it’s just a friendly reminder.

Loan Officers 497

Loan Officers Clients Lending Mortgage 497

Housing Wire

FEBRUARY 10, 2022

If you’re a mortgage loan officer with a decade of experience in the industry, you have likely spent over 80 hours taking continuing education courses. There are rules in every facet of the mortgage business that loan officers and lenders must follow. LOs often lose focus during CE classes, he told HousingWire. “It

Loan Officers 397

Loan Officers Law Training Lending 397

Housing Wire

MAY 26, 2022

While financial institutions are taking note of the increased attention for ARMs, some loan officers said many consumers think the cost to get ARMs is not worth the risk compared to a 30-year mortgage rate. But when rates began to soar starting in 2005, increased foreclosure rates led to a housing market crash in 2008.

Loan Officers 418

Loan Officers Housing Market Mortgage Buyers 418

Housing Wire

APRIL 19, 2022

The raison d’etre is the same whether you work as a mortgage loan officer at a depository bank or an independent mortgage bank – originate a purchase mortgage or refinancing for a client. Loan officers working for depository banks are not bound by the same requirements. Regulations to oversee them all.

Training 397

Training Loan Officers Lending Mortgage 397

Housing Wire

NOVEMBER 13, 2024

Smith will lead teams across sales, operations, finance, servicing and corporate functions at the South Carolina-based mortgage lender that originated about $16 billion in mortgage loans from January to September, up 2.7% compared to the same period last year, according to Inside Mortgage Finance (IMF). The announcement was made Wednesday.

Mortgage 370

Mortgage Loan Officers Retail Finance 370

Appraisal Buzz

SEPTEMBER 25, 2024

In fact, the last time the FOMC cut rates by half a point was during the 2008 global financial crisis. Traditionally, they would would ramp up hiring – more loan officers, processors, and contract underwriting. BLOG VIEW: The Federal Open Market Committee (FOMC) on Sept. What will lenders do?

Mortgage 393

Mortgage Loan Officers Technology Contracts 393

Housing Wire

APRIL 4, 2022

Founded in 2008, Movement Mortgage focuses on providing loans quickly and easily to homebuyers, with a network of loan officers in more than 775 locations nationwide, and more than 4,500 employees, the company’s website shows. Movement did not respond to multiple requests for comment.

Supply Chain 476

Supply Chain Mortgage Retail Loan Officers 476

Housing Wire

JANUARY 27, 2023

The lender runs its business based on a “no-loan-officer” model in which all of its 45 employees are licensed and delegated to a specific role in closing a loan. Back in the 2007-2009 meltdown, we had loan officers with us at that time.

Lending 418

Lending Real Estate Agent Loan Officers Retail 418

Housing Wire

AUGUST 31, 2021

When Rich Weidel took over his family-owned lender Princeton Mortgage , the company had funded 11 loans in January of 2018, employed about a dozen people and had zero loan officers. ” We looked at from 2008 to 2018, what companies had achieved and grown, and we said, let’s go do it.

Mortgage 397

Mortgage Loan Officers Lending 397

Housing Wire

MAY 25, 2023

Few loan officers make the purchase product a main part of their business. Additionally, because HECM /Reverse for Purchase did not exist until late 2008, many don’t fully understand the value propositions the product poses. “We Real estate agents, loan officers and builders can attract customers they have never captured before.

Loan Officers 418

Loan Officers Real Estate Agent Real Estate Finance 418

Housing Wire

SEPTEMBER 10, 2022

Mike Kortas, the controversial CEO and co-founder who himself is no stranger to starting online scraps, said other community members, including smaller brokers and AIME’s leaders, have attacked him, his company and loan officers on social media. ” (A review of AIME’s website found no mention of an ethics committee.).

Brokerage 435

Brokerage Loan Officers Retail Mortgage 435

Housing Wire

NOVEMBER 10, 2022

“We want to grow,” Casey Crawford , a former pro football player who founded distributed retail nonbank Movement in 2008, said in a statement to HousingWire. Movement says it employs more than 1,500 loan officers nationwide and has over 550 branches.

Retail 370

Retail Mortgage Loan Officers Legal 370

Housing Wire

APRIL 27, 2023

“I’ve always been passionate about helping loan officers grow their business to serve more families in our communities. After launching his career at UBS in New York City, Yeager returned to the Pacific Northwest to open his own brokerage, which merged with Cobalt Mortgage in 2008.

Loan Officers 370

Loan Officers Retail Lending Investing 370

Appraisal Buzz

AUGUST 23, 2024

Before embarking on a career in real estate, Shumaker worked as a Loan Officer, closing residential and commercial mortgages. He managed and sold more than 1,000 REO properties during the 2008 housing crisis.

Realty 393

Realty Loan Officers Real Estate Retail 393

Housing Wire

OCTOBER 13, 2021

Funds managed by Oaktree Capital Management , MFA Financia l, various family offices, and other strategic investors invested through a StoicLane’s special purpose vehicle, StoicLane said. Interfirst was founded in 2001 as a retail originator but expanded to the wholesale channel in 2008 and the correspondent channel in 2011.

Mortgage 428

Mortgage Investors Investing Technology 428

Housing Wire

NOVEMBER 23, 2021

will lay off 77 employees in its Charlotte, North Carolina office come January 2022, a Worker Adjustment and Retraining Notification Act (WARN) notice filed by the company reveals. Among those getting a pink slip are 49 loan officers, 10 national account managers, seven retail sales managers and seven transaction coordinators.

Mortgage 397

Mortgage Loan Officers Retail Technology 397

Housing Wire

NOVEMBER 1, 2023

Educate borrowers early and often Exotic lending products went mainstream in the early 2000s, leading, in part, to the 2008 financial crisis and the subsequent regulatory overhaul. In the run-up to 2008, many lenders emphasized low introductory mortgage rates and weren’t required to disclose the final terms until closing day.

Lending 435

Lending Loan Officers Mortgage Development 435

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. This is a lot different than 2008 where you needed a credit score and a heartbeat to get a mortgage. An additional 21% closed 1.5

Business 459

Business Mortgage Loan Officers Inventory 459

Housing Wire

MARCH 1, 2021

In 2006, loan officers were collecting record paydays by issuing mortgages to anyone with a pulse and a dream, underwriters were in high demand, and an army of processors were hired to help make it all happen. Not that many Americans were looking for mortgages between 2008 and 2009 anyway. Live by the sword, die by the sword.

Mortgage 393

Mortgage Loan Officers Retail Business 393

Housing Wire

AUGUST 7, 2020

Because as loan officers, they believe that there’s nothing better than a broker channel, and to them this is most important for their consumers,” said Kortas. “We Nichols pointed out that after the 2008 financial crisis, wholesale lending began using technology that helped match pace with the processes of retail lenders.

Retail 370

Retail Mortgage Loan Officers Marketing 370

Housing Wire

DECEMBER 15, 2023

Founded in 2008, Movement says it has over 4,500 employees across 775 locations in all 50 states. The company claims Summit, founded in 1995 by Scrima, “had fewer than 200 loan officers until Scrima engaged in a desperate and unlawful scheme to copy Movement’s successful business model.”

Legal 448

Legal Loan Officers Retail Business 448

Housing Wire

MAY 13, 2022

Movement Mortgage was founded in 2008 with a mission to create a “movement of change” in the mortgage industry after one of the hardest financial episodes in American history. We have a goal of increasing our market share within diverse communities along with bringing more diverse loan officers into the industry.

Loan Officers 418

Loan Officers Mortgage Design Lending 418

Housing Wire

JUNE 16, 2022

The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loan officers and housing economists don’t expect mortgage rates to come down until consumer prices fall. There’s still demand for homes, loan officers told HousingWire. “I

Housing Market 448

Housing Market Marketing Loan Officers Mortgage 448

Housing Wire

NOVEMBER 23, 2022

While Interfirst Mortgage has not responded to requests for comment, positions affected by the layoff included a closer, processor, business analyst and loan officers, according to former employees’ LinkedIn posts. “As Since relaunching operations, Interfirst also hired teachers and first responders to be loan officers.

Marketing 397

Marketing Loan Officers Business Mortgage 397

Housing Wire

MARCH 27, 2023

since the 2008 financial crisis. SVB focuses on jumbo loans (greater than $726,200), which have lower rates, for primary and secondary homes. billion in 12 months, through 30 active loan officers and 20 branches, according to mortgage tech platform Modex. The company’s average mortgage loan was about $1.45

Insurance 83

Insurance Loan Officers Mortgage Clients 83

Housing Wire

AUGUST 21, 2024

The levels of business at that time necessitated the Franklins having help, and Heilman assisted with process implementation and the management of loan officers. Of course, not long after his entrance into the business came the 2008 financial crisis.

Mortgage 435

Mortgage Loan Officers Business Clients 435

Housing Wire

FEBRUARY 7, 2024

Hardiman first joined Embrace Home Loans in 2008 as a project manager, the news release stated. “We have an outstanding team at Embrace, and I’m looking forward to contributing to our growth and our community-focused initiatives. It’s a great honor, and I’m eager to lead us into this new chapter.”

Project Management 435

Project Management Retail Lending Loan Officers 435

Housing Wire

JUNE 15, 2022

“Mortgage rates increased for all loan types, with the 30-year fixed rate last week jumping 25 basis points to 5.65% – the highest level since 2008. Multiple loan officers told HousingWire on Monday — after the MBA survey for the week had closed — that mortgage rates moved beyond 6% for even the most credit-worthy of borrowers.

Mortgage 370

Mortgage Loan Officers Brokerage Inventory 370

Housing Wire

DECEMBER 3, 2021

While borrowers can shop online these days and follow an automated experience, it doesn’t equate to working with a seasoned professional loan officer and learning what to expect first-hand. Compared to 2007 and 2008 there’s more due diligence in mortgage qualifying. HousingWire : What keeps you up at night and why?

Inventory 397

Inventory Loan Officers Clients Mortgage 397

Housing Wire

OCTOBER 28, 2022

Wendell Couch joined in 2008 and closed over $1 billion in loan production in 2021. HOMESTAR’s mortgage products include conventional, FHA, USDA, VA, jumbo, reverse, 203K, refinance and its own cash advantage, RefiNow and NATURALiving Home Mortgage loan programs.

Retail 435

Retail Training Lending Mortgage 435

Housing Wire

APRIL 12, 2021

Holmes said the new integration enables commercial and private money loan officers using LendingWise to streamline their processes and obtain a business owner’s credit report from Credit Plus – without leaving the LendingWise platform. Download this case study to find out about the integration process and the results it yielded.

Property Taxes 324

Property Taxes Lending Loan Officers Business 324

Housing Wire

JUNE 1, 2023

Are low-FICO, first-time homebuyers better off with a conventional mortgage and reduced LLPA fees, or an FHA loan with none at all? We spoke to multiple loan officers and Washington, D.C.-based They’re trying to protect their portfolios and make good loans. based think tank Urban Institute to hear their takes.

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Loan Officers Insurance Mortgage Real Estate Agent 370