Browse articles from IMFnews related to Personnel.

November 15, 2018 - IMFnews

After Cutting 400 Mortgage Workers in June, Wells Fargo Plans to Cut 900 More

The megabank currently employs 27,000 mortgage-related workers or what it calls “team members.”

November 15, 2018 - IMFnews

Short Takes: Who is Andrew Olmem and Why Does He Matter? (GSE Reform) / A Production Gain for Ditech / Citywide Home Loans Signs Partnership Deal with Stearns / Caliber Readies Nonprime MBS

If you haven’t heard of Andrew Olmem before, it’s because he tends to keep a low profile.

November 14, 2018 - IMFnews

Short Takes: MMIF Audit Due Thursday / Good News Expected but no FHA Premium Cut / Trades Voice Support for Kraninger at the CFPB / A Promotion at Stewart Title

The groups expressed their view that Kraninger has the ability to lead and manage the CFPB and protect the financial interest of consumers.

November 13, 2018 - IMFnews

Short Takes: Assessing the Value of GSE Common / The Prior Decade and GSE Share Prices / Worrying About Home Values in California / Another MBS Settlement for Wells Fargo / Vendor Hires Fannie Mae Official

Early last decade, Fannie common once traded as high as $85.03, Freddie $68.20.

November 13, 2018 - IMFnews

PrimeLending Recruits LOs, Cuts Poor Performers

As of early November, PrimeLending had 1,336 LOs registered on the Nationwide Multistate Licensing System.

November 12, 2018 - IMFnews

Short Takes: Still Hiring, UWM / Strong Growth for the Nation’s Largest Wholesaler / The Moelis GSE Plan: the Good and the Bad / Promotions at Nations Lending

United Wholesale Mortgage continues to hire...

November 12, 2018 - IMFnews

September Proves to be a Turning Point for Mortgage Employment, and Not in a Good Way

One loan broker said business has been so slow that it’s like, “going into a hockey rink overnight: Dead quiet.”

November 9, 2018 - IMFnews

What We’re Hearing: The ‘Hensarling Effect’ / Team Trump, Not Congress, Will Reshape the Fannie and Freddie / Timing? / Selling Servicing Rights to Unleash Revenue / Ocwen’s Head Count

The first move expected is a possible lowering of GSE loan limits...

November 8, 2018 - IMFnews

Short Takes: A Sale Agreement but What’s the Price, Mr. Cooper? / A Material Event? / UBS Expects DOJ Action / Ellington’s New Non-QM MBS / A New Hire for Home Point

UBS said the Department of Justice intends to file a civil complaint against the company relating to pre-crisis MBS issuance...

November 7, 2018 - IMFnews

Short Takes: GSE Oversight Hearing Delayed Yet Again / Coming in 2019? / Maxine Water’s GSE Reform Bill? / Bermuda Insurer Partners with Radian / Ocwen’s New Name? Maybe Newco? / PrimeLending’s New Hire

Will Rep. Maxine Waters tackle GSE reform?

November 7, 2018 - IMFnews

Ocwen’s New CEO Talks About Severance Payments, but Growth Too

Ocwen CEO Glen Messina: "Having completed the merger, we now have unrestricted access to PHH employees..."

November 6, 2018 - IMFnews

Short Takes: Calabria for the FHFA Job? / Egenhoefer’s New Gig? / Ocwen’s Share Price Gets Clocked / WAMCO Prepares EC MBS / Invitation Homes’ SFR Inventory / Fast-Growing Servicers

Among the nation’s top 20 servicers at Sept. 30, Freedom Mortgage had the largest increase its MSR balances...

November 5, 2018 - IMFnews

Short Takes: The Election Day Crystal Ball and the GSEs / One More Try at a GSE Bill? / Hensarling Wants to Bury the GSE Model / John Britti’s Extra Pay / A New Texas Branch for Waterstone

On Friday, long-time GSE critic Rep. Jeb Hensarling, R-TX, took one more rock to Fannie and Freddie...

November 2, 2018 - IMFnews

What We’re Hearing: The Strange Case of Fannie Mae and Freddie Mac / Pro-Pilot Programs / Warren Buffett and the GSEs / Mortgage Recruiter by Day, Opera Singer by Night / Lima One Makes its Move / Magnetar?

A huge non-QM expansion for Athas Capital?

November 2, 2018 - IMFnews

MBA Urges CFPB to Relax, Clarify LO Comp Rule to Spur Lender Competition

MBA sent the CFPB a letter signed by 250 member firms…

October 31, 2018 - IMFnews

Short Takes: Judging Risks and Rewards at Freddie / The Gift that Keeps on Giving: The Trump Tax Cut / Despite Some Losses, Mortgage Bankers Remain Liquid / An Earnings Decline at Radian / Leaving Wells Fargo for a Nonbank

Freddie Mac benefited to the tune of $200 million (pre-tax) by reducing the write-down on its net deferred tax asset...

October 29, 2018 - IMFnews

Short Takes: Bill Dallas Speaks / FoA’s New Reverse Product / A Blow-Out Earnings Number from Freddie? / Fannie? / No Permanent President for Ginnie, Still / Former FHLB Chicago Exec Named President of CU Mortgage Firm

On Wednesday, Freddie Mac will release third-quarter results...

October 26, 2018 - IMFnews

What We’re Hearing: Cut in Half, Ellie Mae’s Share Price / 1H 2019: A Challenge / Walking the Floor of the MBA Show / A Bullish Outlook for Servicing, Non-QM Lending / If Stocks Tank Further, Good Things Might Happen / High on Chris George’s ‘To Do’ List: GSE Reform

But putting the negativity aside for a minute, there are a couple of bright spots in the industry: Servicing valuations and non-QM lending...

October 25, 2018 - IMFnews

Short Takes: HUD Chief on GSE Reform / Carson’s Sober Take on Interest Rates / New Rez’s MSR Bet Paying Off? / In Love with a 4 Percent Mortgage / Incenter Executive Leaves for Blue Water

HUD Secretary Ben Carson had some sobering thoughts about low interest rates...

October 22, 2018 - IMFnews

Short Takes: HUD Shows its Enforcement Stripes / Otting, the Next (Interim) FHFA Director? / Sprout Mortgage Feeds Verus Nonagency MBS / Mayer Brown Hires CMG Attorney

Otting is Comptroller of the Currency. The speculation is that he will pull a Mick Mulvaney and wear two hats for a while…

October 19, 2018 - IMFnews

What We’re Hearing: One Last Criticism from Jeb Hensarling Regarding the FHFA / In Agreement on 80 Percent / Departing Fannie, Freddie Directors May Pose a Challenge / Two Major Concerns: Originations and Profit Margins / Plaza Home Wants AEs / Bill Ashmore’s New Job?

The FHFA IG says "a number" of director positions at Fannie and Freddie are set to expire: "Changes in leadership can lead to a lack of attention to internal controls..."

October 18, 2018 - IMFnews

Short Takes: BCFP, Not CFPB / At MBA, Standing Room Only for Mick Mulvaney / Annaly Readies Non-QM MBS / A Warehouse Securitization Deal for loanDepot / Cash is King

An affiliate of Annaly Capital Management is preparing to issue a $384 million mortgage-backed security stocked with non-qualified mortgages and loans for investment properties…

October 18, 2018 - IMFnews

Megabanks Optimistic About Digital Mortgage Applications. The Role of the LO Will Change

Bank of America expects 50 percent of its mortgage clients to go the digital route next year…

October 16, 2018 - IMFnews

Short Takes: Trump’s Point Man on GSE Reform: Yank Fannie and Freddie’s Charters / New 52-Week Lows / Ginnie Issuer Gets its Ticket Pulled / Uncle Sam is Spending Too Much Money (Again) / A Name Change for Ocwen?

Meanwhile, there was chatter at the MBA convention that Ginnie Mae had just yanked the ticket of one of its MBS issuers.

October 15, 2018 - IMFnews

Short Takes: GSE Pilot Hearing Postponed / An Opportunity to Gather Intelligence? / Freddie's Qualification Tool for Self-Employed Borrowers / GSE Duty-to-Serve Updates / New Hires for ComplianceEase, Element Funding

The Senate Banking Committee's review of GSE pilot programs will have to wait...

October 15, 2018 - IMFnews

Mortgage-Hungry Insurance Conglomerate Hits the Pause Button on M&A as Grand Jury Convenes

Eli Global’s mini-mortgage empire includes lender/servicer Castle & Cooke, wholesaler Western Bancorp, Prime Mortgage and a warehouse lending division called CapLoc…

October 12, 2018 - IMFnews

What We’re Hearing: A Cyclical Business / What Will Treasury’s Craig Phillips Say about the GSEs? / Advice From loanDepot’s Anthony Hsieh / Unsolicited Resumes from Production Employees / Jim Malloy Departs Impac Mortgage After 15 Years / PennyMac’s First CRT Deal / A New Hire at Home Point

Anthony Hsieh's advice for the mortgage industry: Start selling...

October 11, 2018 - IMFnews

Short Takes: Why Stocks Need to Come Down / Unwinding the Massive Tax Cuts / President Hickenlooper? / Capital Alpha Weighs In / Behind the Scenes at Wells Fargo / New Hires for DIMONT

The massive tax cuts the president and GOP bestowed on the nation late last year have spurred economic progress. It’s hard to argue with that, but...

October 10, 2018 - IMFnews

Short Takes: Michael Bright, the Next FHFA Director? / Waiting on Senate Confirmation (Still) / A Former GSE Exec and The Play Set Scandal / Sears and Fairholme / HSBC Settles with DOJ / A New Hire at CMG Financial

HSBC will pay $765 million to settle charges brought by the Department of Justice...

October 10, 2018 - IMFnews

Flagstar Hires New American Exec as its National Production Manager

The SVP/national production manager slot is a new position at Flagstar…

October 9, 2018 - IMFnews

Short Takes: Castle & Cooke? / The Fannie Mae Connection / Frater, a Good Choice to Head Fannie / LendingHome Surpasses the $3B Mark in FnF Production / NDA Hires Clayton Executive

Fix-and-flip lender LendingHome, San Francisco, has surpassed the $3 billion market in originations...

October 9, 2018 - IMFnews

Fannie Names Former Berkshire Hathaway Executive Hugh Frater Interim CEO

The new interim CEO was an EVP at PNC Financial where he led the real estate division and was a founding partner and managing director of BlackRock...

October 8, 2018 - IMFnews

Fannie Names Former Berkshire Hathaway Executive Hugh Frater Interim CEO

Frater was also executive vice president at PNC Financial Services...

October 8, 2018 - IMFnews

Short Takes: Waiting on a Client / Layoffs at Eli Global? / Bonuses: Based on Volume or Profits? / New Penn Rolls Out New Non-QM Loan / NewDay Hires a Former Governor

One source familiar with Eli Global’s mortgage operations said layoffs have occurred at the company’s mortgage unit...

October 8, 2018 - IMFnews

Mortgage Brokerage Firms Slash Jobs. More Carnage to Come?

With originations expected to fall, lenders of all different stripes are carefully examining their staffing needs…

October 4, 2018 - IMFnews

Short Takes: Freddie the Final Takeout on SFR Deal / Helping Reven / Gateway Mortgage Recruiting / Sen. Warren Questions Mulvaney’s Role in Fundraiser / A Promotion at Fannie Mae

Gateway Mortgage of Oklahoma is in a hiring mode these days...

October 4, 2018 - IMFnews

Eli Global Founder the Subject of Federal Subpoenas. A Mortgage M&A Deal was in Progress

As press time, Lindberg’s spokesman, Chuck Norman of S&A Communications, had not returned several emails and telephone calls regarding the subpoenas.

October 4, 2018 - IMFnews

Former Redwood CIO Joins Shared-Appreciation Firm, Will Develop Securitization Outlet

EquiFi plans to license its shared equity product to other originators…


With loan volumes declining, does your shop have plans to enter the non-QM lending market in 2019?

Yes, definitely. A solid move forward.
Yes, but only incrementally.
We’re pondering a move into non-QM, but haven’t made up our mind.
No, definitely not. We view it has too risky.

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