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But theres one thing that politicians and business leaders of all stripes and shapes can agree upon community lenders are the backbone of our nations economy. A key element for addressing these issues is greater access to credit for consumers and businesses, which is dependent on access to inexpensive liquidity for financial institutions.
Last week, business-purpose residential mortgage lender Dunmor announced that it received a minority equity investment from Newfi Lending , a nonagency mortgage lender owned by funds managed by Apollo Global Management. Apollo has 16 lending platforms in the U.S. The last two years had a negative impact on our business as well.
loanDepot has signed a new joint venture agreement with Smith Douglas Homes , a top-50 homebuilder with a solid book of business in the Southern states. Smith Douglas Homes sold 2,297 homes in 2023. loanDepot has a variety of partnerships with homebuilders across the country.
The company named veteran mortgage professional Connie Lindsay as its senior vice president of mortgage lending in Washington state. The company has displayed a trend of tapping mortgage industry veterans to lead and innovate key business verticals. The lender has 850-plus branches across all 50 states and the District of Columbia.
While that is an indicator that have made some healthy inroads into the business, those roles are traditionally lower paying than the more lucrative loan officer and executive roles and are usually the first to experience a layoff when business contracts. Women are proving key to helping the industry reimagine its future.
Small-balance commercial lender Stronghill Capital shut down its nascent consumer and correspondent lendingbusinesses late last week. He cited a difficult market and elevated rates as reasons for shutting down correspondent and consumer lendingbusinesses , which were added in 2022.
Digital homeownership company Better.com on Thursday announced a record 400% growth in its home equity line of credit ( HELOC ) and home equity loan businesses. In a press release, the company announced that its HELOC business channel increased its revenue from $15 million per month in January 2024 to $60 million per month by October 2024.
Growth in 2025 will come from additional optimization of business channels, she explained, and a focus on areas with significant upside opportunities. FOA’s second-lien product accounted for only one tenth of 1% of total second-lien lending to the senior demographic.
Chase Home Lending recently announced a limited-time, nationwide interest rate discount that is designed to help homeowners save on their monthly mortgage payments.The offer is in effect through March 7. Gidwaney confirmed that customers dont need to have previously done business with Chase to take advantage of the discounted rate.
This week on Power House , Diego Sanchez chats with Jay Plum, EVP of Consumer Lending at Fifth Third Bank. During the conversation, Plum explores Basel III’s impact on warehouse lending, the importance of affordability programs, and how Fifth Third plans to grow market share with mortgage servicing portfolios (MSRs).
Michael Saleh, a former senior vice president of Rocket Mortgage who spent about two decades at the company, has transitioned from the retail lending channel to wholesale by launching independent brokerage firm Zoom Home Lending. “Rocket went public and the times have changed. Saleh said he left Rocket in “amicable fashion.”
Patrice Ficklin, who has served at the Consumer Financial Protection Bureau (CFPB) since the agency’s founding in 2011, will depart for Fannie Mae to serve as the government-sponsored enterprise’s fair lending officer. CFPB Director Rohit Chopra praised Ficklin’s fair lending work in a statement published by American Banker.
This is a very problematic piece of legislation as it relates to proprietary product lending, Irwin told RMD. What we have suggested is not unlike the state of Washington allow for the continued encumbrance of 100% of the property, even if you’re lending against a portion of that property, Irwin said of the associations comments.
HighTechLending , a California -based top-10 reverse mortgage lender, announced on Friday that it is rebranding its wholesale lending division to American Senior Lending Wholesale Division in an effort to better align its identity with key business lines designed to serve older borrowers.
A California regulator has revoked the residential mortgage lending license of LoanSnap , the latest in a series of difficulties for the fintech lender. The fintech was first licensed to do mortgage business in Connecticut in January 2021 and applied for a renewal in December 2023.
Connie Lindsay has been appointed Senior VP of Mortgage Lending for the Washington area by Rate. Having cultivated a deep understanding of the mortgage industry over her years in the business, Connie brings a wealth of expertise and a proven track record of success,said Rich Kamien, Rate Executive. To read the full release, click here.
The rise of private lending Private lenders disrupted the monopoly of traditional banks and the private lending market has since seen a remarkable rise, reaching $1.5 With the rise of private lending comes an increase in competition, from new and traditional lenders.
California-based Provident Funding Associates LLC is getting out of the Florida condo lendingbusiness , it told broker partners on Friday. Condos in Florida have to be next level,” said one retail lending executive. Provident told broker partners that all loans in the pipeline must be locked by 11:59 p.m. Condos are hard.
Today, A&D Mortgage announced the official closing of its acquisition of the wholesale and non-delegated correspondent mortgage business from Mr. Cooper Group. Mr. Cooper previously acquired the wholesale and nondelegated mortgage business assets as part of its Flagstar Bank transaction in November 2024.
If we learned anything from HousingWire’s recent AI Summit , artificial intelligence (AI) is rapidly reshaping lending by streamlining processes, reducing costs, and enhancing the overall borrower experience. In addition, the regulatory environment is ever-changing and with it comes increased burdens on the lending industry.
Pete Stebbins, 90, initially joined Fairway in 2012 and currently works as director of business development in the companys Madison, Wisconsin, office. Josh Kilty (left), senior vice president of reverse lending at Fairway, presents a lifetime achievement award to Pistol Pete Stebbins.
Called Ask Obi, the new AI assistant is designed to provide mortgage lending executives with instant, actionable insights from their Optimal Blue products and data. Through the power of generative AI, users can have an interactive conversation to better understand the data that drives their business.
This predatory business practice has no place in Ohio. ” Over the past three years, according to legal filing, UWM has issued nearly $605 million in mortgages in Ohio through brokers who refer 99% of their business to UWM. A spokesperson for UWM did not immediately reply to HousingWire ‘s request for comment.
The complexities of Non-QM lending demand a strategic approach that combines innovation, efficiency, and resilience. Acra Lending has positioned itself at the forefront of this sector by investing in its workforce, optimizing processes, leveraging cutting-edge technology, and building a robust infrastructure. Craig Timmins.:
Allen has joined national mortgage lender Rate as president of its reverse mortgage division while Greg Pahel has joined the lender as executive vice president consumer direct reverse lending. Pahel has more than a decade of experience in reverse lending. Allen and Greg Pahel to Head Reverse Lending appeared first on Appraisal Buzz.
In a new episode of “The Loan Officer Podcast,” host Dustin Owen chats with John Cornish of Iowa-based Key Mortgage Group about his path into the industry, tips for scaling a mortgage lendingbusiness and how to avoid stagnation as a loan originator. This interview has been edited for length and clarity. It was over 100 units.
Mr. Cooper has opportunistically acquired business to grow its servicing portfolio, which reached $1.206 trillion in the second quarter of 2024, according to Securities and Exchange Commission (SEC) filings. Flagstar’s TPO business is largely correspondent, though it does also work with mortgage brokers.
Reverse mortgage business and mortgage business generally is not where people want it to be. Peter Sciandra, who serves as EVP of reverse lending secondary marketing at Fairway Independent Mortgage Corp. noted: High inflation and high interest rates unfortunately kept a lot of borrowers on the sidelines.
A&D Mortgage has completed its acquisition of the wholesale and non-delegated correspondent mortgage business from Mr. Cooper Group Inc. Mr. Cooper previously acquired the wholesale and non-delegated mortgage business as part of a separate transaction in November 2024. Cooper announced on March 31.
Feldman & Feldman began working with clients throughout Texas to file lawsuits under the truth in lending act against EasyKnock in 2021. According to Feldman & Feldman, EasyKnocks defamation suit forced the law firm to withdraw from the truth in lending suits it was involved in. Originally filed by EasyKnock in Nov.
New changes from the Federal Housing Administration (FHA) and Ginnie Mae , which insure and guarantee loans, could help open an untapped market for lenders looking to expand their businesses and improve access to credit for buyers of manufactured homes. The home-only lending market presents several major opportunities.
Evans will help manage retail business in states like Alabama , Arkansas and Tennessee. “Individuals and families in these markets deserve proper community-focused lending, and Evans leadership is well-suited to deliver the localized support they need. Top 20 U.S.
Nearly 2,000 homes, businesses and other structures have been destroyed, with many displaced residents scouting for rental properties and temporary shelter. And it’s at least 50% of the homes and businesses have been decimated,” Marguleas said. “And it could even be higher.
Kiavis expansion into these 13 additional markets provides an immediate opportunity to equip more real estate investors with the fast, reliable, and transparent capital they need to create move-in ready housing while scaling their businesses, Arvind Mohan , CEO of Kiavi , said in a statement.
The lending executive’s reviews on Zillow reflect stellar performance in North Carolina. “They certainly EARNED my business and I wouldn’t consider working with anyone else in the future,” one reviewer wrote. “McCoy and his team didn’t hold back when expressing their excitement over the partnership.”
With their commitment, we will also be exploring new ways to make sure top agents and franchisees who drive the growth of our business are able to share in its future success. The monetary terms of the deal were not disclosed.
Guild is bullish about its H4P prospects, despite the product not having broken through as a meaningful part of HECM business. Changing the conversation An improvement in this dynamic was also noted by Peter Sciandra , executive vice president of reverse lending secondary marketing at Fairway Independent Mortgage Corp.
Finance of America (FOA), the leading reverse mortgage lender, presented a robust outlook last week in its third-quarter 2024 earnings and is aiming to hit the ground running with business in 2025. The potential for building on HomeSafe Second’s numbers also comes from broader trends in the home equity lending space, she said.
announced this week the appointment of Gabe Bodner to the head of its 55-plus lending division which includes its reverse mortgage business. I’ve always used education at the forefront for building and growing my personal book of business, Bodner said. and Cherry Creek Mortgage prior to its acquisition by Guild Mortgage.
Recognizing this, savvy lenders have been making efforts to both simultaneously build their pipeline with new business and nurture their existing book of business. Bottom line: As homeowners look to save on their mortgages, competition will be fierce to keep that business.
Under each key heading, the checklist goes into great detail to uncover potential issues that could devalue the business, expose a buyer to liability, or even jeopardize the transaction. Verify the business owns the domain name. Patent & Trademark Office. The same is true of domain names. Remer is a shareholder at Maddin Hauser.
However, for many lenders and title agents, the path to compliance can be a bit too much to handle while running a business and dodging compliance risks. GridBase is a proven leader in title and lending technology, offering a seamless, coding-free solution that simplifies migration while enhancing operational workflows.
Guild’s current reverse lending division, built off its 2023 acquisition of Cherry Creek Mortgage , has expanded its reverse mortgage activities this year. When asked during the earnings call about what the company sees in the home equity lending space, Schmidt said that the opportunities in reverse stand out. “We
Rocket’s press release stated that Redfin CEO Glenn Kelman will continue to lead the Redfin business, reporting to Rocket Companies CEO Varun Krishna. The deal, which has been approved by the boards of directors of both Rocket Companies and Redfin, is expected to close in the second or third quarter of 2025.
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