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The industry fears AI will ultimately replace everyone, from operations to loanofficers. As a loanofficer , I am not losing any sleep, and here is why you should not, either. thought, wow, this will be amazing, and maybe I will implement it in my business to improve customer service. tale as old as time.
What’s the deal with all the discussion across the lending community about the fluctuation of the loanofficer population recently? There have been social media posts and editorials debating the current total number of loanofficers, whether the population has decreased, and if so, by how much.
The move in government refinances was driven by a 75% increase in VA loans, which have been prone to large changes in recent months. On-the-ground observations Loanofficers say they’re seeing an increase in government loan demand. “But you still have a buyer’s market.
Ally Financial announced Wednesday that it would exit the mortgage origination business as part of a broader strategy to pursue higher returns on investments. The company also plans to explore strategic alternatives for its credit card business in the first quarter of 2025. It had no sponsored loanofficers.
Entering the mortgage industry as a loanofficer can be both exciting and overwhelming. Ive spent years in the industry , and as my son prepares to take his NMLS exam, these are the key expectations I will share with him to navigate his first year in the business. Business casual is the bare minimum work attire.
Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loanofficers in North Carolina. After Mike paid his loanofficer assistant, he was clearing just 40 bps. The lower comp rate stung. Still, it was better than nothing.
Polly/ AI: AI-powered copilot for loanofficers Fueled by Polly’s proprietary technology and data, Polly/ AI leverages powerful, state-of-the-art AI/ML and natural language processing (NLP) to transform the way loanofficers conduct business and provide consumers with superior mortgage products and prices.
For example, lenders will have lower origination costs and faster loan decision-making through direct-sourced data, while borrowers will benefit through reduced closing costs. FinLocker also explained that it aims to offer a “competitive edge in a challenging market with a tangible cost” for loanofficers.
From leveraging the latest in artificial intelligence (AI) and digital marketing to mastering financial literacy, mortgage and real estate professionals have come together to provide these skills to loanofficers in a new book titled, “Rethink Everything: You ‘Know’ About Being A Next-Gen LoanOfficer.”
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.
Should the goal of marketing technology be to make it so that a loanofficer never needs to log in? I started in the mortgage industry in 2015, working for large banks that were heavily invested in using technology to simplify the loan process for everyone involved. Empowerment, not detachment, is the path forward.
Throughout his 20-year career he has closed more than 40,000 units and $9 billion in funded loans. In his new role, Banosian said he will be leveraging his success as a top producing loan originator to help other Rate LOs grow their business and take market share. But my biggest focus initially is going to be the loanofficers.
Sean Shallis, a “Recovering Realtor” and top-producing loanofficer , is offering strategies to help realtors break through this stagnation by leveraging micro-market shifts to create urgency and inspire action. Flat lines in business and life are never good,” says Shallis.
And it seeks to expand the number of available loanofficers and strategic development tools to continue building on the momentum that company executive say they’re seeing in the space. How would you say business is going? We’ve just recently added a new strategic business manager to our division.
In a new episode of “The LoanOfficer 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 lending business and how to avoid stagnation as a loan originator. This interview has been edited for length and clarity.
Dallas -based Certainty Home Lending , an affiliate of Guaranteed Rate , named Shadi Kamran as its new national business development executive. The technologically advanced mortgage platform empowers loanofficers to serve both customers and business partners with ease and excellence. “The
The fintech was first licensed to do mortgage business in Connecticut in January 2021 and applied for a renewal in December 2023. The firm offers “smart loans” using artificial intelligence and developed a cloud-based portal, LoanFlow , that aims to give mortgage brokers and loanofficers the ability to originate loans anytime, anywhere.
Meanwhile, Michael Strauss , its only loanofficer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). Strauss’s restriction to do business started Oct. 3, indicating a voluntary surrender. 3, indicating a voluntary surrender.
He discussed this year’s business trends and priorities in a recent interview with HousingWire ’s Reverse Mortgage Daily (RMD). Plack also touches on the company’s use of data science to source business, its use of direct mail and the importance of multiple modalities to support growth. I’m excited about where we’re headed.
Evergreen Home Loans , which is based in Washington state and has a presence in seven Western states, announced a major expansion of its footprint on Friday. The company has also hired John Porath as its new regional manager to oversee business in Florida , Georgia , North Carolina, South Carolina and Tennessee.
Business and customer intelligence But there was also value in the experience for Nelson as a reverse mortgage practitioner, he explained. “As As you develop and build business, especially with financial planners, there are so many strategic ways to use a reverse mortgage that we try to share with our advisers,” Nelson said. “As
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 loanofficer. It was another brutal year, pushing loan originators to work longer hours, close loans faster while diversifying their mortgage product offerings.
Add American Neighborhood Mortgage Acceptance Company LLC , doing business as AnnieMac, to the list of mortgage lenders that have recently suffered a data breach from a cyberattack. billion in mortgage loans in the last 12 months, according to the mortgage tech platform Modex estimates. New Jersey-based AnnieMac originated $2.5
Purchase business was up 25%, refinances soared 611% and home equity products (which include HELOCs and closed-end second-lien loans) saw 416% year-over-year growth. Garg : We were already four times more productive than the industry from our loanofficers. I see us being 40 times more productive for our loanofficers.
US Mortgage recently surpassed 30 years in business. Business alignment Krajewski most recently served as vice president and head of reverse mortgage lending at University Bank , and he joined US Mortgage earlier this month. He said the company attracted him because of its goals to expand more broadly into reverse mortgages.
As you talk to more people across all aspects of our business, from the loanofficers to the consumer to real estate agents, everybody is eagerly excited for what’s coming,” Sheinin said. August is generally a slower time for business in the mortgage industry and this year is no different, LOs told HousingWire.
As reverse mortgage industry professionals continue to look ahead into 2024 after enduring a challenging year for business in 2023, the prevailing attitude is optimistic. To understand how loanDepot’s business has started the year, RMD sat down with Moriello to hear about what she’s seeing and what the company’s loanofficers are telling her.
The stagnant housing market has brokerages across the country on their knees, but The Real Brokerage isnt waiting for market conditions to improve to grow its business. Real credited its technology offerings and business model for the explosive growth in agents. Real also added head count to its nascent mortgage business.
Bell was in tech in the late 1990s, then got into the mortgage business in 2022, doing everything from production to owning a mortgage company. This interview has been edited for length and clarify. Sarah Wheeler: How does being an originator inform how you think about technology?
Despite what seems like welcome news for loan originators, who have suffered through thinning margins for two years, refinance business has yet to go up much , LOs told HousingWire. “I On Friday, the average rate for a 30-year conforming loan was 6.65% at HousingWire ’s Mortgage Rates Center.
For Blue Sage, Aach said that the company’s loanofficer portal will be a key element to help FCM reach its growth goals, since it provides specialized tools for LOs to do their jobs. “In FCM originated $2 billion in home loans last year through its wholesale and retail divisions, the company reported.
Over time, many organizations have accumulated toolsoften to accommodate branch acquisitions or high-performing loanofficers but arent fully utilizing them. Experts at the summit emphasized that the cost to produce a loan remains high, largely due to inefficiencies in manual processes.
Last year was a challenging one for reverse mortgage business activity, and it likely hit no one harder than the industry’s front-line loan originators. The change is a welcome one, since 2023 may have been Cullen’s “poorest year of 19 years in this business,” he explained. “I I will confess that it was a struggle all year long.”
Brian is a tremendous addition to our team, bringing an incredible track record of success building top-performing business lines in the mortgage industry,” Steve Thompson , president and CEO of PrimeLending, said in a statement. It does much of its business in Texas, Arkansas and Louisiana. His new shop originated roughly $5.3
The start to 2024 When asked about how business has progressed in the early days of the year, Robinson said that the company is focused on looking ahead at potential interest rate relief and any changes in Federal Reserve policy that may come. “I Wherever we can make a move, we’re going to.”
Connie Lindsay “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,” Kamien said in a statement. Most recently, Lindsay served as a mortgage loanofficer at U.S.
Introduction As part of our ongoing discussion on the concept of movement in the mortgage industry, it is readily apparent that the failure of mortgage companies to pivot or tweak their business models to satisfy changing market and other conditions has resulted in consolidation based on liquidity, buyback, financial and other concerns.
The acquisition of Houston -based NRL will strengthen UHM’s book of business in Texas and southwest Ohio in particular. It has since been aggressive in recruiting productive loanofficers. Union Home Mortgage (UHM) on Monday announced its acquisition of Nations Reliable Lending , aka NRL Mortgage.
Editor in Chief Sarah Wheeler sat down with Chad Smith, president and COO of Better Mortgage , to talk about leadership, technology, and how they have pivoted their business strategy to meet the needs of this market. Smith joined Better in May 2024 after serving in senior leadership roles at Mission Loans, Caliber Home Loans and loanDepot.
California-based mortgage brokerage Loan Factory was sued by a class of loan originators, who allege that the company used their personal and professional information, without their authorization, on its website in an attempt to drive business. He declined to comment further.
But this isn’t your standard poaching lawsuit: G-Rate alleges that NAF has wooed at least 30 employees since early 2023 via illegal loanofficer compensation practices. The departing employees included a divisional manager, branch and regional managers, and loanofficers.
Equity Prime Mortgage (EPM), which shifted to the TPO business after exiting its retail channel in the fall, has embarked on a new chapter. BLVR – a marketing and promotional campaign launched by EPM on Monday – aims to reach as many retail loanofficers to provide information about the wholesale channel. About 16.8%
Guild is bullish about its H4P prospects, despite the product not having broken through as a meaningful part of HECM business. At these sales rallies, which often gather 100 or more loanofficers in a room, we have the opportunity to sit down together, she said. I think we’ve missed that over the years.
In an environment where 30-year fixed mortgage rates are racing towards 8%, loanofficer pipelines are thinning dramatically. But LOs who cater to first-time homebuyers’ needs – offering FHA loans and down payment assistance loans — are faring better, Michael Ullmann, producing branch leader at Movement Mortgage , explained.
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