A reason to go digital? According to one study, the mortgage market consumes almost 2.2 billion sheets of paper annually, which is equivalent to more than 260,000 trees...
But there was some good news: BofA reported $4.05 billion of second lien production in the first quarter, a 13.7 percent improvement from the prior period.
According to President Jerry Selitto, the company used traditional LOs when it launched in 2016, but then switched gears “after we realized that’s not the model we wanted.”
For Wells, the bigger question might be: did its “account fabrication” scandal of 2016 (which is still reverberating at the company) affect its mortgage business?