Guild’s originations unit swung to profitability in the third quarter even as originations declined. Leaders of the nonbank said strong demand from correspondent buyers prompted changes in models used for calculating the value of lock commitments and mortgages held for sale.
Outlook improves for large nonbanks; tech vendors take losses while increasing market share; rate locks decline; new verification offerings from CoreLogic; LOS provider and servicing tech vendor partner; MISMO seeks comments on engineering guidelines.
NMSI lost an appeal of a lawsuit brought by two former employees regarding compensation. The dispute centered on whether email correspondence was sufficient to modify an employment contract.
A provider of directors and officers insurance is on the book for an $18 million payout tied to Guaranteed Rate’s settlement with the DOJ over charges under the False Claims Act.
California is set to become the 45th state to allow remote online notarizations for real estate transactions; LOs available 24/7 at Guaranteed Rate; empathetic lenders slow to cut staff; former Black Knight units rebrand as Dark Matter Technologies; Incenter boosts corporate staff; warehouse lending system moves to the cloud.
As severe weather events batter major housing markets, borrowers are finding it difficult and expensive to obtain homeowners insurance, according to panelists at a Mortgage Bankers Association conference.
It’s not exactly the best time for a mortgage company to go public, especially with conventional rates north of 7%. But Better.com pulled it off. Then again, its share price is a nightmare and institutional investors are leery.
State tax exemptions on municipal bonds encourage banks to load up on the asset. But to offset their exposure to the local real estate market, banks loosen credit to increase their out-of-state mortgage originations.
James Brody, a senior litigation partner at Garris Horn, provided strategies lenders could use to avoid repurchase demands, which included negotiating contract terms, diversifying their investor deck and outsourcing underwriting.
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