Flexible nonbanks weathering the storm; layoffs continue at mortgage companies; tepid demand for mortgages on new homes; best execution analysis; Rocket preps AI offering; Equifax boosts mortgage-related revenue.
Two large nonbank retail lenders took losses in the fourth quarter, with officials stressing that better days are ahead. Guild is growing through M&A while loanDepot is reducing its staffing.
Executives at Kind Lending and Paramount Residential Mortgage Group said lenders need to boost staffing levels to be prepared for increased originations this year.
Lenders cut more staff; rate locks up 14% in January; borrowers have plenty of equity; bill to limit trigger leads in House; LoanCare revamps servicing website; Staircase launches ChatMTG.
While originations are expected to increase this year, margins might not improve much; First American back online following cyberattack; MSR demand expected to remain strong; held-to-maturity accounting lives on; new digital servicing platform; new buydown program.
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.
Maintaining internal policies and documenting employees’ work practices are vital to effectively managing the return-to-office transition, according to industry participants.
Better went from more than 10,000 employees in 2021 to fewer than 900 as of Sept. 1; lenders start early on 2024 loan limits; mortgage lock-in easing; MISMO initiatives; tool to check for appraisal bias; automated title reviews; insurance platform raises funds.
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.