PennyMac Financial Services is set to launch broker-direct originations, complementing its correspondent production and retail originations. Officials note that in-house technology development plays a major role in the nonbank’s efforts to increase originations and servicing.
Capital One this week announced that it’s throwing in the towel on mortgage finance, laying off staff and shuttering offices in an attempt to improve profits. And now comes the big question: will other banks follow in its wake?
A few mortgage lenders are offering a purchase-loan option that provides protection to borrowers who make a downpayment on their house and later have to sell at a loss due to a decline in value.
Two of the nation’s largest reverse mortgage lending platforms are on the auction block with a third contemplating an exit via a servicing sale. Coupled with higher upfront premiums on the product, all is not well with the sector.
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