Long-running tension between mortgage brokers and retail lenders with wholesale operations ratcheted up recently as a new group urged brokers to stop working with “whole-tail” lenders. Brokers Rallying Against Whole-tail Lending said it coined the term “whole-tail” lender as “a swipe at lenders that offer both wholesale and retail services on paper, when in reality, their primary business objective is to feed stolen prospect information directly to their affiliate companies.” “It is important that ...
Ocwen Financial, which continues to work through an array of regulatory settlements, is shuttering its wholesale-broker division, a move that’s sparking speculation about its future as an originator. The strategy shift is curious on several fronts: the disclosure was buried at the bottom of a recent regulatory filing on state settlements; broker-wholesale production accounts for roughly half of the company’s originations; and management not too long ago expressed a desire to ...
The mortgage interest deduction, or MID, used to rank with apple pie and motherhood for real estate agents, mortgage lenders and homebuilders. But against the backdrop of an intense effort by Republicans to overhaul the tax code, some groups are showing more flexibility on the issue. Complicating matters is that neither the Trump administration nor key players on Capitol Hill have been explicit or consistent in what they want. The Mortgage Bankers Association wrote to the ...
Formed in 2014, LH originated $598 million in 2016, ranking 442nd overall, according to Home Mortgage Disclosure Act figures compiled by Inside Mortgage Finance.
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