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California-based multichannel mortgage lender CMG Financial announced on Thursday that it acquired Norcom Mortgage ’ s retail assets, expanding its operations in the Northeast with the addition of 25 branches from Maryland to Maine. The acquirer works in the retail, wholesale and correspondent channels.
The New York-based digital homeownership platform saw its revenue take a dip as it continues to invest in artificial intelligence (AI) and build out its retail channel. The goal is to combine Better’s AI technology with NEO’s local loan expertise to increase market reach, especially in the purchase mortgage segment.
Open Mortgage on Friday shut down its distributed retail channel and laid off more than two dozen employees. Those of you who have worked with us over the years have seen us operate in a profitable manner, and we will continue to do so with an increased focus on our TPO channel in advance of redeploying retail in the future,” he added.
Top 10 mortgage lender and servicer NewRez is restructuring its distributed retail mortgage business, which has resulted in cuts to regional and divisional managers. NewRez declined to comment on recent M&A rumors , but an executive said its retail platform is not for sale. That’s not an accurate statement.”
struck a deal to acquire the retail division of Homebridge Financial Services , the companies announced on Monday. CMG Mortgage, which claims it originated more than $19 billion in 2022, said the M&A deal seeks to increase its footprint on the retail lending business. California-based CMG Mortgage, Inc.
San Diego-based Smartfi Home Loans , which primarily is active as a wholesale lender in the reverse mortgage space, will launch a retail division that offers reverse mortgage products and has hired industry veteran Paul Fiore as its president of retail sales. “I
The average cost for a retail mortgage lender to originate a loan reached $11,600 in the third quarter of 2023, up 35% — or nearly $3,000 per loan — when compared to fourth-quarter 2020, a period of low interest rates and high sales volume, according to a study published Tuesday by Freddie Mac. That’s 2.4
Industries like retail, banking, transportation and food service have undergone massive digital transformation in recent years by leveraging new technologies to enhance consumer experience. In fact, a recent report found that renters who are satisfied with technology are 17% less likely to plan a move.
Tech-fueled retail mortgage lender InstaMortgage has merged with mortgage broker shop All Cal Financial , a rare example of a top-performing brokerage switching channels. Part of the appeal for Santa Ana-based All Cal was working with an entrepreneurial lender that controls its own technology and is deeply customer focused.
Guaranty Home Mortgage Corporation (GHMC) on Monday announced its expansion with three new licensed retail branches in Tennessee. In January, GHMC hired Andy Voyles as its executive vice president and director of retail lending. The new branches are located in Brentwood, Lebanon and Chattanooga.
The lender originated approximately $309 million in mortgages in 2022, according to data from mortgage technology platform Modex. The company has 39 active loan officers across its retail branches, according to Modex data. The distributed retailer’s volume slipped to $2.7 Terms of that deal were also not disclosed.
Mortgage tech firm Blend has launched a lower-cost version of its mortgage suite for retail independent mortgage banks, the company announced this week. Retail IMBs have helped build Blend into what it is today and we stand by the industry during this time.
Cloudvirga reports that it has completed an enhanced integration for its Horizon Retail POS product and Encompass Partner Connect , the latest API framework for mortgage technology from Intercontinental Exchange (ICE).
RoundPoint Mortgage has added three new senior executives to its management team, as it prepares to ramp up its retail operations. RoundPoint also hired a veteran of the retail mortgage sector, Scott Bristol, who previously oversaw national mortgage production at Flagstar Bank. Freedom is one of the country’s biggest lenders.
Figure Technology Solutions (FTS), the parent company of Figure Lending LLC , took another step this week to become a public company, just one week after announcing a reorganization of its enterprise structure. The following year, CMG acquired Homebridge’s retail assets. It’s not the first time the company has planned to go public.
Top-25 retail lender Movement Mortgage struck a deal to acquire Massachusetts-based retail firm Mortgage Network , multiple sources told HousingWire. . We want to grow,” Casey Crawford , a former pro football player who founded distributed retail nonbank Movement in 2008, said in a statement to HousingWire.
announced on Tuesday the completion of an agreement for WFG to acquire certain branches of Doma’s West Coast local retail title operations. The deal includes multiple retail title locations and operations centers in the Northern and Central California regions. Williston Financial Group (WFG) and Doma Holdings, Inc.
The Atlanta-based lender has fully exited the retail channel, a change in strategy the company has been preparing for over the past few months. EPM’s CEO Eddy Perez had previously shared plans with HousingWire to double down on wholesale while scaling down its retail footprint. It’s all about the consumer. EPM originated $1.05
A week after announcing a pivot in its business strategy , publicly traded title insurance firm Doma announced the sale of its retail operations in Florida on Tuesday. Doma’s Florida operation was purchased by Near North Title Group for an undisclosed sum. Near North Title Group purchased Doma’s Midwest locations in July.
The NFT is property agnostic, backed by real dollars and guaranteed by Sun West , which is one of the largest nonbank mortgage companies in the country, licensed in 48 states with a network of some 80 retail branches. ” The post Sun West unveils NFT loan powered by AI technology appeared first on HousingWire.
Milestone, the largest brokerage in Massachusetts over the past three years, said the companies will be able to combine Willow’s top-drawer proprietary technology platform with Milestone’s federal registration and state licensing footprint. “With this technology , we’re going to be able to flip the script.
Dark Matter Technologies , formerly Black Knight Origination Technologies, is focused on mainly two things: the smooth transition to new owners, and lowering the cost to originate loans for lenders. Read on to learn more about Dark Matter Technologies’ plan for mortgage. Gagliano : We believe strongly in technology.
California-based nonbank lender Carrington Mortgage Services has invested in boosting the growth of its wholesale channel, with the latest announcements including a new loan processing technology and plans to increase the sales team. The technology is available only for full-doc government and non-QM loans.
Lender adoption of technology to facilitate a “contactless” mortgage process has rapidly accelerated due to the pandemic. The post Josh Lehr: Retail Lending vs. Direct: Leveraging Multiple Channels to Create Customers for Life appeared first on Appraisal Buzz.
The Home Depot Foundation — the philanthropic arm of the home improvement retail conglomerate — announced that it is investing $10 million for the purpose of enabling older military veterans to age in place in their homes. Smart-home technology is becoming an increasingly important component of aging in place.
In addition, we expect to evaluate opportunities relating to digital infrastructure, including opportunities at the convergence of infrastructure and technology. We intend to target companies in the financial services and real estate sectors where our management has extensive investment and operational experience, the SEC filing reads.
Dark Matter Technologies , formerly Black Knight Origination Technologies, is gearing up to bring more lenders on to use its Empower loan origination system in 2024. Read on to learn more about how Dark Matter Technologies’ plans increase market share and utilize AI in its LOS.
Encompass by ICE Mortgage Technology is designed to enable users to manage their entire lending workflow in one place, from the customer’s initial point of thought through investor delivery. The LOS should serve as the central hub of the tech stack, allowing lenders to orchestrate their entire business from a single system of record.
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. SW: Talking about technology, you guys made some big moves in 2024 with TinMan Marketplace and Betsy.
Part of the strategy, she said, is to remain focused predominantly on the retail side of the business. “We We decided going forward that we’re going to focus 100% on retail ,” she said. “We Schmidt also talked about the need to invest in the company’s technology platform to better enable its people.
Now, in the retail channel , what we’re doing is creating AI avatars for every retail LO, which will answer calls while they’re sleeping and be able to help customers. Wolak : Can you share anything more about the underwriting technology? So in theory, the LO will never, ever miss a customer interaction.
New Jersey-based Homebridge Financial Services will lay off 139 employees in June, three months after the acquisition of its retail division by CMG Mortgage, Inc. In addition, the company’s CEO, Peter Norden, will act as executive advisor to CMG’s retail division to ensure a successful transition. mortgage lender by volume last year.
Lenders One Cooperative announced on Monday that it has struck a deal to lease retail space in Walmart stores to sell mortgage products and services. ” Walmart isn’t the first warehouse-style retailer to offer mortgage products on location. Members can order and receive cooperative solutions without human intervention. .
Candor Technology CTO Eric Rawlings Candor Technology , a platform that uses artificial intelligence (AI) technology to automate loan underwriting and quality control (QC) for mortgage lenders, has appointed Eric Rawlings as its new CTO. The post Candor Technology Names New CTO first appeared on The MortgagePoint.
. “I was delighted when they reached out as I’ve had my eye on this group for years … they have it all: Techcentric, innovative, cost-effective, amazing culture, truly transparent pricing, engaged leadership and outstanding retail model. I’m excited to be a part of a leadership group that I can be really proud of!”
Now, remember that this is a top coach, and he is using this technology across his platforms to increase conversions. and no, I did not mean point of sale) Anyone who uses this technology in the mortgage space I can take business from instantly. Recently, I was online researching a very prominent real estate coach.He Absolutely not.I
Roque will lead NFM’s retail growth strategy as corporate vice president of retail, NFM’s Managing Director Greg Sher announced on LinkedIn on Friday. ” Roque’s arrival at NFM comes just a few months after he joined Sierra Pacific Mortgage as executive vice president of retail. .”
Ohio -based UHM promoted Brian Smith to chief operating officer of retail lending and hired David Alonzo as its chief technology officer. He’ll be tasked with utilizing technology to scale the company while helping borrowers and employees. ” On Monday, UHM announced its acquisition of Houston -based NRL Mortgage.
SoFi Technologies announced Monday that it had acquired fellow digital lender Wyndham Capital Mortgage in an all-cash transaction. There were several rounds of layoffs last year at the Charlotte, North Carolina-based retail lender, which has a direct-to-consumer model as well as nine retail branches.
The increased awareness around these benefits have positioned brokers to be the obvious choice when it comes to consumer mortgage needs, keeping them competitive with large banks and retail lenders. Similar to consumer awareness, retail LO’s are learning the benefits of being independent.
In this week’s episode of the PowerHouse podcast , HousingWire President Diego Sanchez chats with Jason Bressler, chief technology officer at United Wholesale Mortgage (UWM). Sanchez: You have a big technology team at UWM. Sanchez: You frequently post on LinkedIn about this amazing technology team that you’ve built at UWM.
Per a rep from Citi, the platform is a way for them to “[carve] a space for ourselves through the content and professional advice available on mortgage.com, an area in which Citi has decades of experience through direct-to-consumer and retail branch sales.”
“As the market stabilizes, I look forward to helping clients achieve their home financing goals with the support of Rate’s unparalleled technology and commitment to low rates.” Rate is the second-largest retail mortgage lender in the U.S.
So, we saw this opportunity, and the migration of a lot of retail originators choosing to be more entrepreneurial and get into the broker channel. We’re battling some incredible companies, and these guys are amazing, including their technology stacks. Pieklo: We have to fight tooth and nail for every single loan.
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