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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. 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.

Lending 418
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Fairway, accused of redlining in Alabama, agrees to settle for $1.9M

Housing Wire

Department of Justice (DOJ) over the regulators’ allegations of mortgage lending discrimination in majority-Black neighborhoods of the Birmingham, Alabama , metro area. billion in home loan production. Fairway operates in the Birmingham area under the trade name MortgageBanc , which it acquired in 2009. Garland added.

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What a 15-year market share high means for the broker industry

Housing Wire

in Q4 2023, the highest number we’ve seen since 2009. Second, nearly 20,000 loan officers moved into the wholesale channel in 2023. The broker model is not just surviving but thriving and will continue to gain market share in the lending landscape. The big question is, what caused this increase?

Retail 476
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David Stevens, former FHA Commissioner and MBA President, has died

Housing Wire

Our thoughts and prayers are with Mary, his children, and the rest of his family.” A fierce advocate for the industry, Stevens became a loan officer in 1983 in Colorado, rising through the ranks of World Savings during a 16-year tenure. Stevens oversaw FHA programs for single and multifamily housing for two years.

Finance 493
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Mortgage Educators and Compliance acquired by 360training

Housing Wire

360), an online regulated training provider, acquired Mortgage Educators and Compliance (MEC), a mortgage lending training company, both companies announced this week. Approved by the Nationwide Multistate Licensing System (NMLS) since 2009, MEC specializes in online mortgage and financial services professional development.

Training 448
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Mortgage Coach, Polly team up amid a rapidly shrinking industry

Housing Wire

Mortgage Coach, founded in 2009 and based in California, offers an interactive borrower education platform that lets loan officers guide borrowers through a visual presentation of their loan options. The goal is to help drum up business for lenders during an extremely challenging time in the industry. .

Mortgage 459
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Mortgage lenders American Portfolio and Town Square announce merger deal

Housing Wire

The merger will result in an “increased lending footprint” to better serve clients, Paul Kessel, president of American Portfolio, said in a statement. Lisa Thomas, chief executive officer of Town Square, added that the deal also brings “a portfolio of expanded loan products backed by a lending platform with state-of-the-art technology.”

Mortgage 370