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October 19, 2017

Stearns Reorganizes a Bit, Cuts 159 Jobs in California, but Plans to Rehire in Texas; Seeks LOs

By Paul Muolo

“We continue to be bullish on the business,” said Stearns CEO David Schneider.

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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