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February 20, 2018

Movement Mortgage Cuts 75 Jobs Due to ‘Operations Improvement’

By Paul Muolo

Movement locked rates on $1.1 billion of mortgages in January, an 11 percent increase from the same month a year ago. It called the improvement an "indicator of future growth in February and March.”

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Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.
The wholesale/table funder. They’re taking the financial risk.
The broker, but only for the first year. After that, the borrower is fair game.
Hard to answer. It’s a complicated issue.

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