Peter Norden, CEO of Homebridge Financial, is transforming his once top-40-ranked GSE lender into a HELOC originator and securitizer. Margins in conventional lending, he said, are non-existent.
Ares will contribute 90% of the joint venture capital while AmWest will provide the remainder. AmWest will also the provide the non-QM loans for securitization.
San Diego-based Ascent and Washington, DC-based MPOWER separately began marketing their first student loan ABS in recent weeks. The firms operate online platforms and partner with banks on originations.
Even though the mortgage market continued to struggle, Fannie Mae and Freddie Mac generated healthy profits in the first quarter of 2023 thanks to their business models.
What’s a mortgage CEO worth in a dicey origination market? According to an early read of proxy filings, some chief executives received nice pay packages last year, while others saw reductions.