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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. After the 2008 mortgage meltdown, JVM let go of all its loan originators and trained its employees to target the jumbo loan market in the San Francisco Bay area instead.

Lending 418
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Waterstone Mortgage promotes Rico Garcia to VP

Housing Wire

In addition, he will work with other teams to lead cross training and improve communication with both internal and external customers. Garcia’s professional career spans more than two decades in the mortgage lending industry, with more than five years at Waterstone Mortgage.

Mortgage 418
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CFPB issues consent order against Washington Federal for HMDA reporting violations

Housing Wire

The bank will pay a $200,000 fine for reporting inaccurate HMDA data in 2016 and 2017 — with error rates up to 40% in some cases, according to the CFPB. Washington Federal reported HMDA data for over 7,000 mortgage applications in each of 2016 and 2017, many of which contained data error rates reaching nearly 40%.

Training 370
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Anthropomorphism and AI: Dialing back the fear knob

Housing Wire

For instance, we started working with machine learning for automated valuation models back in 2017. Like any powerful tool, it is essential to install proper fundamentals such as training, testing, accountability and continuous improvement before implementing. Then ChatGPT came on the scene. But herein lies that problem.

Training 434
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Interfirst to lay off 140 employees

Housing Wire

Presented by: Acra Lending. The company reduced its origination to $2 billion in 2016 before shutting down altogether in 2017. Interfirst boasted of its ability to train people with no background in mortgage through a rigorous training course.

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People movers: Home Point Financial, Zumper, Total Expert and NAR

Housing Wire

Before he joined Home Point Financial, Hilzendeger was at Wells Fargo for 30 years, most recently with Wells Fargo Home Lending , where he led as head of Retail Operations, head of Servicing Operations, senior vice president of Default Services, and senior vice president of Real Estate Servicing.

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Interfirst Mortgage to lay off nearly 50 LOs

Housing Wire

To run the hub, the company hired Casey Nunn, a former Rocket Mortgage and Homepoint executive, as the vice president of wholesale lending. In 2017, after years of plummeting volumes, the company, led by CEO Dmitry Godin, decided to shutter its business, only to relaunch in 2020. Interfirst, which claimed to have originated $1.65

Mortgage 397