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Ohio -based UHM promoted Brian Smith to chief operating officer of retail lending and hired David Alonzo as its chief technology officer. After branching out into executive coaching and training, he founded UHM’s in-house training program, Partners Coaching Partners.
Because as loanofficers, they believe that there’s nothing better than a broker channel, and to them this is most important for their consumers,” said Kortas. “We Nichols pointed out that after the 2008 financial crisis, wholesale lending began using technology that helped match pace with the processes of retail lenders.
I wanted a way to integrate [students] with these companies to be able to learn about the field and be trained properly to have entry-level jobs, Hoffman said. The announcement also noted that select classes will be led by industry practitioners from MBA member companies, including Success Mortgage Partners , Rocket Mortgage and NFM Lending.
Margin compression, higher mortgage rates, and a purchase-focused market are dictating more sales process control among loanofficers and fewer layers of bureaucracy in retail lenders. And, according to Covey, the changes are necessary in traditional retail lenders to navigate the industry headwinds.
“We’ve right-sized areas of our business impacted the most by this volatile market, such as refinance, operations, training, and recruiting,” Lindsey LeBerth, the company’s director of communications, wrote in an email to HousingWire. “In In August, Lower announced that Honor Home Loans , founded by U.S.
Rapidly expanding Cleveland, Ohio-based CrossCountry Mortgage (CCM) has struck a deal to acquire the smaller retail mortgage lender AmCap Home Loans and bolster its operations in Texas. In December, the National Multistate Licensing System (NMLS) showed that AmCap had more than 400 sponsored loanofficers while CCM had over 4,000.
issued pink slips to over 350 non-commissioned loanofficers, a workforce reduction that former workers claimed to represent more than half of Interfirst’s entire staff. Godin relaunched the business in late 2019 as a lender focused on both wholesale and retail channels. Six months ago Interfirst Mortgage Co.
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’ve been hiring, training and developing our people. We’re overstaffed by design, and we never let sales get ahead of operations.”
NCRC alleged the Fort Mill, South Carolina-based retail lender discriminated against Black and Hispanic people seeking mortgages in the Seattle-Tacoma area. NCRC testers made inquiries about mortgage financing with a loanofficer at Movement Mortgage, Dave Skow, on two occasions, four months apart, during 2021.
Coming off multiple quarters of financial losses , Rocket has accelerated those efforts in 2023, embarking on a remote local loanofficer hiring spree designed to capture purchase market business from real estate agent connections, sources told HousingWire. So this isn’t brand new,” Kidwell noted.
HousingWire recently spoke with Desmond Smith , chief growth officer at United Wholesale Mortgage , about the role that wholesale lending plays in the mortgage ecosystem and common myths and misconceptions about becoming an independent mortgage broker. Desmond Smith: There are two ways to get a mortgage — wholesale or retail.
I don’t do that so much internally right now because we’ve got this separation in retail and wholesale, but my job is to do that for the partners and for the 86,000 loanofficers out there not offering reverse mortgages. If you’re medium-sized, we can help create a referral program for all your loanofficers.”
Most retail lenders are desperately seeking high producing loan originators to make up for the losses that occurred in 2022. California-based retail lender JVM Lending plans to drum up business this year — but by doing the exact opposite. Back in the 2007-2009 meltdown, we had loanofficers with us at that time.
I think loanofficers are getting used to the rate environment as it is now, versus hanging on to the idea that they’re going to get better and things will pick up.” Parks has overseen other changes in the division, including growth of its third-party associate channel that works alongside Longbridge’s loanofficer corps.
will lay off 77 employees in its Charlotte, North Carolina office come January 2022, a Worker Adjustment and Retraining Notification Act (WARN) notice filed by the company reveals. Among those getting a pink slip are 49 loanofficers, 10 national account managers, seven retail sales managers and seven transaction coordinators.
Interfirst Mortgage , the retail mortgage business he founded in 2001, had grown to $14.5 Godin made plans to relaunch the business in late 2019 as a tech-forward lender that originated loans across both wholesale and retail channels. I think 99% of the loans that I was writing there were refinances.
On June 1, Arizona-headquartered retail lender AmeriFirst Financial Inc. AmeriFirst will keep physical branches in 20 states, but under a new corporate model, no branch managers will make an override on the production of the loanofficers they manage. relaunched its forward mortgage originations.
Forward-reverse divide With the addition of more forward mortgage companies to the space recently, a natural question comes up about what kind of professionals to hire — either dedicated reverse mortgage specialists who know how this kind of transaction works, or forward specialists who can be trained in the particulars of reverse.
In Ishbia’s estimation, these two companies, which both have retail operations, are trying to cut the broker out of the mortgage equation. Rocket is training real estate agents to originate loans, and Fairway is trying to poach loanofficers, he claims.
You have a lot of flexibility in pricing, flexibility with other broker products, flexibility with marketing under an compliant umbrella,” Steinway said of Revolution Mortgage, which has a hybrid wholesale and retail lender model. He was the fourth mortgage loan originator to join Guaranteed Rate in 2000. It’s the local relationships.
The layoffs included closing managers, underwriter managers, processors, post closers, funders, and pipeline management positions who were in the retail channel, employees that were notified of their layoffs told HousingWire. “A Pink slips will arrive for affected employees on May 27 and no later than June 1.
Prior to HOMESTAR, he served as the executive vice president of retail production at AmeriSave Mortgage Corporation and area lending manager roles at Citi. Wendell Couch joined in 2008 and closed over $1 billion in loan production in 2021. Bhandal’s professional career spans more than 20 years in financial services.
Chevalier’s former team of 55 employees – including loan originators, LO assistants, branch, sales and marketing managers – originated $1.8 billion in sales volume in 2021, becoming the most profitable team for loanDepot with the most loan closing volume, units and revenue, according to Chevalier. The lender originated $2.04
Within four years, Akinmade and his team have built a robust, automated marketing platform, which is driven by investment in technology, to give retailloanofficers a competitive edge. Paul Akinmade joined CMG Financial in 2016 to lead the expansion of the company’s marketing department ahead of a major staffing initiative.
I have about five loanofficers helping me, and I have more than 30 processors and assistants helping me. CK: Has there been layoffs at Loan Factory as well? Nguyen: I would say more than 100 layoffs at Loan Factory, and many of them also left voluntarily. Most of the signing bonus came from retail lenders.
Best known for its distributed retail footprint and its fair amount of business in correspondent and wholesale channels, NewRez/Caliber had 3.7% Pink slips will arrive for California employees at six offices in Thousand Oaks, Pasadena, Roseville, Westlake Village, Agoura Hills, and Moorpark. ” Redfin mortgage: 121 employees.
Jesse Allen “Rate offers a comprehensive platform — we’re one of the top-ranked retail lenders in the industry,” Allen said of its forward lending side. He recognized that the company is uniquely suited to become a larger player in the reverse mortgage space.
billion in the wholesale channel in 2020 (compared to about $62 billion in retail), lost roughly 5% of its broker clients to UWM, according to company executives. Then you might as well just go work for UWM retail. “My business is not designed to make my competitors like me, especially retail competitors,” he said.
The wholesale channel will continue to grow as more retail originators and borrowers learn the benefits of working with a mortgage broker. At UWM we focus on our client service, operational efficiency and speed to close loans.
Our client development team spends a lot of time at conference forums and in retail branches educating loanofficers. The high interest rate environment has created a situation with more brokers wanting training to become experts in non-QM. Deephaven is the teaching university of lenders!
“And one of our strategic plans for our growth is we’re really bolstering up our retail division in 2022.”. We will be hiring retail guys that carry our flag through the Excelerate branches, but they’re not only in California,” Yoon added. It was kind of a no brainer, just low-hanging fruit.
It affected at least 50% of the staff, positions in operations and loanofficers, according to multiple former employees. The layoffs impacted both the retail and wholesale channel and their positions following a training period of overseas staff, according to multiple sources. billion in the last 12 months.
Mortgage compliance attorneys interviewed by HousingWire said the program, dubbed “Control Your Price,” raises potential areas of concern across three subjects: rules that govern loanofficers’ compensation; fair lending; and unfair, deceptive and abusive acts and practices.
Remember when loanofficers avoided underwriting loans for manufactured housing for fear of low commissions, foreclosure risks, and the added complexities of underwriting those types of “unreliable” homes? Underwriter/risk training – examine whether your staff has sufficient awareness and training on manufactured housing.
Remember when loanofficers avoided underwriting loans for manufactured housing for fear of low commissions, foreclosure risks, and the added complexities of underwriting those types of “unreliable” homes? Underwriter/risk training – examine whether your staff has sufficient awareness and training on manufactured housing.
Receive basic training in contracts and how to price properties using comparative marketing analysis. Meet with/learn from service providers such as loanofficers, title companies, attorneys, home warranty, and insurance companies. Set clear expectations upfront about your availability.
Mortgage lenders are offering discounts on loan pricing to capture borrowers. Mike, a North Carolina-based loanofficer, had two loans closing in mid-January. The contrast between the deals was striking. “I have a loan closing today for first-time homebuyers who didn’t really press me on pricing,” he said.
A new episode of “The LoanOfficer Podcast” aims to teach mortgage originators how to leverage tools and grow their businesses. Lauren Walton: I worked in a retail-type environment. At Chase Bank, I was really able to grasp and become good at guidelines due to the training they would give us.
I remember in 2007 when I told a neighbor I was about to become a loanofficer. I had been working at Washington Mutual for a few months when I was offered the opportunity to go into a mentorship under the two top loanofficers in the county. New loanofficers have very little to no training and very little support.
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