PennyMac is leaping into the wholesale-broker channel with its new Power platform as it eyes increased purchase-money and jumbo mortgage originations. The company’s enhanced production platform will provide mortgage brokers broad access to data, allowing them to proactively manage their pipelines, according to executives at the California-based firm. “Power is a proven, best-in-class platform,” said Kimberly Nichols, managing director of PennyMac’s ...

A data breach involving United Shore Financial Services and Xerox has prompted a class-action lawsuit from borrowers and a legal battle between the lender and the loan document software vendor. United Shore is the parent company of United Wholesale Mortgage, a major player in the wholesale channel. In 2011, United Shore was using BlitzDocs to process and store loan documents. At the time, the software program was operated by Xerox Mortgage Services. Al Leibovic, a borrower, filed ...

Fannie Mae and Freddie Mac saw a 27.2 percent surge in refinance business during the fourth quarter that helped offset an 8.3 percent drop in purchase-mortgage acquisitions, according to an Inside Mortgage Trends analysis of mortgage-backed securities data. The wholesale-broker channel recorded a 7.4 percent increase in production during the fourth quarter, compared to smaller increases in retail (2.6 percent) and correspondent (6.0 percent) ... [Includes one data chart]

The nonbank share of agency servicing grew by 4.7 percentage points during 2017.

According to figures compiled by Inside Mortgage Finance, BofA ranked sixth among first lien lenders in the third quarter, but U.S. Bank isn’t too far behind in the number seven spot.

Expanded-credit MBS – which include loans with alternative documentation, non-qualified mortgages and nonprime loans – hit $4.08 billion in 2017…

Banks and nonbanks alike are in a rush to build digital lending platforms that are consumer friendly and result in cost savings...

Chase continues to grow the volume of residential whole loans kept on its balance sheet: $197.3 billion at yearend compared to $181.2 billion at the end of 2016.

Thanks to the new bill signed by President Trump, Wells enjoyed a $3.35 billion after tax benefit. However, the company also recorded a $3.25 billion pre-tax expense tied to “litigation accruals for a variety of matters, including mortgage-related regulatory investigations..."

After some delays, PennyMac Financial Services launched its broker channel operations this week.