This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
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. Call centers pay their loanofficer vastly lower amounts than a broker or retail lender makes. tale as old as time.
will pay its loanofficers 100% of the commission splits “without any per-file fees or other hidden fees,” according to co-founder and CEO Mike Kortas. NEXA usually pays loanofficers 220 basis points (bps) out of 275 bps on most loans. NEXA Mortgage , the largest mortgage brokerage firm in the U.S.,
New American Funding (NAF) has snagged top Chicago loanofficer Larry Steinway as it looks to grow its presence in the Chicagoland area. billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area.
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.
Many investors had expected the Fed to cut benchmark rates as early as March, and loanofficers had hoped to see a decline in mortgage rates that tend to move in tandem with long-term yields. What I tell all loanofficers, no matter who I talk to, is that there’s no foreclosure crisis coming on the horizon,” Saghafi said.
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.
At their best, LoanOfficers (LOs) should act as financial guides to their customers, helping them see and help surface opportunities that they did not know existed. The post Driving Growth: Leveraging Home Equity to Expand LoanOfficer Opportunities first appeared on The MortgagePoint.
Loan originators in today’s mortgage market have weathered significant challenges. They’ve endured a major drop in volume, a rapid rise in rates, and uncertainty surrounding realtor commission settlements and their impact on referral partners. If you are still in the game, you’re already demonstrating resilience and adaptability.
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. Today, “CRM” encompasses far more than just contact management.
Editor in Chief Sarah Wheeler sat down with Jeff Bell, president of both UpWell Mortgage and software company Uplist , to talk about how he thinks about technology, and the good news that the industry is turning a corner after two rough years.
Entering the mortgage industry as a loanofficer can be both exciting and overwhelming. For my son and every new loanofficer stepping into the industry: follow this playbook, and youll set yourself up for a career, not just a job. With a 100% commission-based structure, success isnt guaranteed its earned.
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.
John Abraham, former top-producing mortgage loanofficer at Caliber Home Loans /NewRez , has joined The Money Store. The Money Store boasts a nimble lending platform, transparent loan process and highly competitive rates. Data shows that the lender has 28 branches and 100 active loanofficers.
Today’s unique market requires flexibility and a pricing engine that empowers lenders and their loanofficers to put the right loan products in front of borrowers. HousingWire spoke with Parvesh Sahi, chief revenue officer of Polly , about the importance of having the right PPE and strategic pillars that facilitate LO success.
It may be counterintuitive, but loanofficer Scott Betley, a 32-year-old TikTok sensation , says he isn’t worried about a potential U.S. Betley, who has more than a decade of experience helping first-time and move-up buyers, joined NFM Lending as a loanofficer in 2021. ban of the short-form video app.
loanofficer Timothy Potempa has departed Dallas-based multichannel lender OneTrust Home Loans to join E Mortgage Capital , bringing his team of about 40 people and more than $300 million in annual production to the company headquartered in California. ” According to Scotsman Guide , Potempa was the No. million. .
one of the latest M&A transactions amid a challenging landscape for home loan originators. “We We did transfer our branches and loanofficers to ML Mortgage. Department of Agriculture (USDA) loans, as well as down payment assistance programs. But it continued to serve retail clients throughout the western U.S.
Mortgage technology company Uplist has launched what it says is a killer new tool that will help loanofficers automatically generate refinance options for their clients. Loanofficers can also put in lender-offered concessions that will change the pricing. ” You’re like, ‘What are you doing?'”
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. ” Clow: How does your team approach bringing these traditional loanofficers up to speed with reverse?
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.
Ryan Ogata “When I think about the reverse opportunity, I’m considering it in the context of the forward loanofficer,” Ogata said. “If I think the less loanofficers start to think of it as this other division, this other group, and more as just another product option […], the better,” Pohlmann said. “It’s
The company recently launched a mortgage brokerage firm that offers a plug-and-play program for real estate agents to become mortgage loanofficers, a practice called dual licensing. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%. For example, Realfinity pays LOs 1.4%
AI Acceptance Despite consumer support of automated technology in the mortgage process, respondents expressed reluctance when asked specifically about AI, with 60% of respondents saying the use of AI in the loan process would cause them to select another lender.
In its third-quarter earnings report, Zillow Home Loans revealed an impressive data point: mortgage revenue increased 63% year over year in the third quarter to $39 million, which is primarily due to an 80% year-over-year increase in purchase loan origination volume to $812 million. That’s an annualized $3.2
They also discuss fintech developments for loanofficers, recruitment and even the CPO’s favorite hamburger. Before a discussion point on loanofficers, Gillespie circles back and revisits Lower’s mission to guide consumers through homeownership. Gillespie joined Lower last year after the acquisition of Thrive Mortgage.
Garden State had 34 sponsored loanofficers and two active branches—in Medford (New Jersey) and Maitland (Florida)—as of Friday, per the Nationwide Multistate Licensing System (NMLS). billion in 19,000 loans since its foundation. The company, founded in 2011 as a mortgage broker, transitioned to a mortgage lender in 2017.
The operating model change involved Better pivoting to hiring experienced loanofficers on commission-based compensation plans. Previously, the lender had higher fixed-cost components and no commissions for its loanofficers.
They want the ease and efficiency of automated platforms and a borrower-friendly user interface, but they are still relying on loanofficer involvement,“ Moskver said in a statement. About 58% of respondents still relied on loanofficers to guide them through the process.
Since many of the existing homeowners who purchased or refinanced during the pandemic boom are not giving up their low rates to make moves, most of the individual buyers in the market right now are first-time homebuyers who are facing a massive affordability shock, Donella Strickland, a loanofficer at CMG Home Loans , told HousingWire.
loanDepot’s focus is on the sales side, attracting experienced loanofficers (LOs) and people who want to join the industry via its accelerated career in effective sales (ACES) program. We need more recruiters here to help fill all these openings we have,” Erica Danna, vice president of talent management at loanDepot , said.
We started off with a handful of loanofficers looking at it, and now we have 900 strong in our sales force who have completed our certification process and are actively out selling the product,” he said. For some forward loanofficers, this is a brand-new opportunity,” Pohlmann said.
In a recent episode of “The LoanOfficer Podcast,“ hosts Dustin Owen and John Coleman sit down to expose common mortgage industry myths that can impact everyone from the media to recruiters and branch managers. Owen mentions recruiters who bash other lenders in an effort to sway loanofficers into choosing them for employment.
“With the increasing demand for our product suite amongst loanofficers and lenders alike, we needed an experienced sales professional to help us manage our growth opportunities in the current market,” LenderLogix co-founder and CEO Patrick O’Brien said in a statement.
Clients of FinLocker include loanofficers, mortgage lenders, servicers, banks and credit unions. In a tough market of lack of inventory , high interest rates and elevated housing prices , it has become increasingly important that a loanofficer is able to get up the funnel earlier in a consumers’ journey towards homeownership. “A
Solutions within Floify Lender Edition allow lenders to improve recruitment and retention of top-producing loanofficers and to navigate regulatory landscapes, according to the company’s website. Floify Lender Edition is a counterpart to Broker Edition , which was rolled out in December.
A former loanofficer at Guaranteed Rate (G-Rate) has sued the lender and two managers for allegedly discriminating against her on the basis of gender, failing to compensate her equally to male coworkers with similar performance and subjecting her to sexual harassment.
Second, nearly 20,000 loanofficers moved into the wholesale channel in 2023. This coupled with the eye-opening reality that the technology , efficiency and service available with wholesale lenders is superior to what many have access to in retail has made the broker model more attractive to both new and seasoned loanofficers.
Additionally, he will provide management and mentorship to other loanofficers at Guaranteed Rate. Guaranteed Rate loanofficers have the pricing, tech, and tools to truly deliver results in North Carolina’s fast-paced and competitive real estate market.”
The layoffs include mortgage professionals such as processors, underwriters and loanofficers. HousingWire reported in February that the lender and servicer restructured its distributed retail mortgage business, resulting in cuts to regional and divisional managers while reducing compensation for loanofficers.
You can do thousands of loan reviews every month, and a full analysis determines if there’s an opportunity to refinance. If it’s there, it builds the presentation and sends it to me as the loanofficer. You would upload, we give you a CSV template, and you can upload 50,000 loans to us. There’s no integration.
“From loanofficers to secondary marketing teams and investors, we empower mortgage professionals with tools designed to maximize their profitability on every loan transaction.” ” The announcements were made at MBA Annual in Denver.
AIVA Assist Processing Providing loanofficers, processors and underwriters with a better way to calculate income, review assets and look for discrepancies when borrowers provide documents for verification. At Dark Matter Technologies, we’re leading the tech-driven revolution in loan origination.
Over the years, Ive observed a glaring issue that stifles the growth and success of many mortgagecompanies: promoting top-producing loanofficers into management roles without equipping them with the tools, training, or even determining whether they want to be leaders. In my mind, success in sales equated to success in leadership.
We organize all of the trending information in your field so you don't have to. Join 9,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content