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Rithm Capital restructures CEO’s pay into incentive-friendly deal

Housing Wire

Nierenberg joined the company in 2013 and has recently repositioned it from a real estate investment trust (REIT) into a leading global asset manager. It also included reduced compensation for loan officers, sources told HousingWire in February.

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Floify’s new platform aims to provide flexible pricing for mortgage lenders

Housing Wire

Solutions within Floify Lender Edition allow lenders to improve recruitment and retention of top-producing loan officers and to navigate regulatory landscapes, according to the company’s website. Founded in 2013, Floify — a subsidiary of Porch Group Inc. —

Mortgage 448
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Shant Banosian becomes Guaranteed Rate’s first LO to originate $1 billion

Housing Wire

1 loan originator, has become Guaranteed Rate ’s first loan officer to fund $1 billion in loan volume in one year. Over the course of his decade-long career, Banosian has generated more than $4 billion in funded loans. 1 loan officer nationwide, as well as the top producer in Massachusetts since 2013.

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Guaranteed Rate closes Stearns wholesale channel

Housing Wire

Guaranteed Rate will continue to thrive and win market share by having a laser focus on leveraging our industry-leading purchase platform augmented by the best loan officers in the business,” Guaranteed Rate CEO Victor Ciardelli wrote in an email to brokers that HousingWire reviewed.

Retail 397
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NEXA Mortgage sued over broker’s alleged data theft

Housing Wire

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. 2013 and February 2019. At the end of 2018, the brokerage had 42 loan officers.

Mortgage 418
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Wells Fargo pays $96M to settle LO comp lawsuit

Housing Wire

The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loan officers and other mortgage staffers employed by the bank in California from 2013 and 2019. The deal will provide $62.8 million to the class members, with the remainder going to plaintiffs attorneys.

Legal 488
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Floify rolls out income/employment verification technology

Housing Wire

As these waterfall technologies can be run within the Floify platform, clients may bypass loan origination system add-on fees that often come with enabling new features, Rossato noted. Founded in 2013, Floify — a subsidiary of Porch Group Inc. — in an $87 million deal in 2021.