Personnel

Browse articles from IMFnews related to Personnel.

September 21, 2018 - IMFnews

Wells Fargo Announces Job Cuts. The Mortgage Damage Could Total 3,097 Positions

The megabank is not commenting on how the cuts might affect specific business units...


September 20, 2018 - IMFnews

Short Takes: Connecticut Mortgage Regs Reach a ‘Breaking Point’? / A Revenue Grab? / One Subservicer That Benefits From Too Much State Regulation / Ditech, a Very Thinly Traded Mortgage Stock / PenFed Hires JPM Executive

First Alliance issued a statement calling the license idea a “desperate revenue grabbing” practice.


September 20, 2018 - IMFnews

Incenter Halts ‘Active Market Making’ of TBA Securities

Incenter is a “portfolio” company of The Blackstone Group, which has several mortgage-related investments including…


September 20, 2018 - IMFnews

Brian Brooks, a Possible Successor to Fannie CEO Mayopoulos, Departs

Brooks was vice chairman of OneWest Bank, a depository once owned by current Treasury Secretary Steven Mnuchin.


September 19, 2018 - IMFnews

Short Takes: Freddie Talking to Potential MSR Borrowers / Fannie’s New HLTV Refi Option / Plenty of GSE-Eligible Loans in New JPM MBS / LendingTree’s $10k Prize / A New Director at Fannie Mae

On Nov. 1, Fannie Mae will begin accepting applications for its new high loan-to-value ratio refinance product.


September 18, 2018 - IMFnews

Watt Accuser at the FHFA Seeks Senate Hearing on Sexual Harassment Allegations

In late July, Director Watt issued a statement saying he had not “done anything contrary to law.”


September 18, 2018 - IMFnews

They’re Back: CFPB Advisory Boards (But with Fewer Members)

Two new members of the consumer panel come from the fintech world: Sameh Elamawy, CEO of Scratch, and Manning Field, CEO of Acorns.


September 17, 2018 - IMFnews

Short Takes: MBA’s Stevens Looks Back at the GSEs (Pre-Crisis) / A No-Bid Because of FM Watch Ties / What’s FM Watch? / Sharp Elbows? / TMS Buys Two MSR Packages, Is Hungry for More / PenFed Hires USAA Exec to Run Mortgages

It may be hard to fathom, but Fannie and Freddie once played with very sharp elbows…


September 14, 2018 - IMFnews

What We’re Hearing: Freddie Charter Creep? No, Just a Supplemental Service / Caliber Thinking About Going Public? / The Role Das Played in First Data’s Successful IPO / Dimon v. Trump – Bring it On! / Dimon, a Nervous Mess? / New Penn Rolls Out Piggyback HELOC

JPMorgan is the parent company of the nation’s second largest residential lender, Chase. Trump last decade started a small mortgage brokerage operation in Long Island and then killed it...


September 13, 2018 - IMFnews

Short Takes: Late for an Anniversary / GSE Reform: A Solution Searching for a Problem / ClearEdge Lending Ramps Up / Warehousing the Non-QM Market / LendingTree Shareholders Not Smiling Right Now

Silvergate Bank is actively providing warehouse lines of credit to non-QM lenders and we understand that Comerica is now sticking its toe in the water…


September 13, 2018 - IMFnews

Growing Quickly, Tech Vendor Blend Names Former Treasury Secretary Jacob Lew to Advisory Board

The number of mortgage lenders using technology from Blend has quadrupled in the past year…


September 12, 2018 - IMFnews

Short Takes: Wells Fargo’s (Mortgage) Job Cuts / Annaly Poised to Buy More MSRs? / FHFA Seeks Comment / Eight Consecutive Quarters of Feeling Bad About Profit Margins / PenFed Hires a TV Journalist

Annaly may use the proceeds to fund additional acquisitions of mortgage servicing rights…


September 11, 2018 - IMFnews

Short Takes: What Will Become of the GSEs’ CSP? / How Much Is it Worth? / Capital One Warehouse Joins MBA / Two Utah Nonbanks Celebrate Anniversaries / PRMI Hires Former Wells Fargo LO

The nonprofit exchange must pay for any “property” associated with CSS…


September 11, 2018 - IMFnews

Blackstone Takes a Hard Look at Some of Incenter’s Mortgage-Related Operations

As one source put it: “Blackstone wants you to make it big or you’re gone.”


September 10, 2018 - IMFnews

Short Takes: Time for Executives to Consider Their Options? / Tight Profit Margins Can Lead to ‘Internal Strife’ / AO Seeks Account Executives / Analyzing the Prospects for Filling the Fannie CEO Job / Milken Institute Hires SEC Commissioner

"As a result, at this time I’m receiving a larger volume of calls from execs seeking to explore outside opportunities.” - Rick Glass


September 10, 2018 - IMFnews

Mortgage Bankers Add Jobs, Brokers Trim Slightly

Jerry Selitto, president of Better Mortgage: “We continue to hire and we just opened our second California office in Irvine…”


September 7, 2018 - IMFnews

What We’re Hearing: Ex-Goldman Partners See Gold in the Subprime Hills / Under the Radar / Strong Non-QM Volumes from Angel Oak and Citadel / The Conventional Loan of the Future: Five Percent Down at Least / DeMarco Weighs In / Signs of Overheating: Home Flipping

Former Federal Housing Finance Agency Acting Director Ed DeMarco told us the bill is a good starting point and includes language that both Democrats and Republicans can agree on...


September 6, 2018 - IMFnews

Short Takes: Jeb, Tell Us What You Really Think About Fannie and Freddie / AIG’s New Jumbo MBS / Judge Kavanaugh and the CFPB / Elusive Indeed / A Promotion at Freddie

Never one to mask his complete disdain for Fannie Mae and Freddie Mac, Rep. Jeb Hensarling let it rip...


September 6, 2018 - IMFnews

Freddie CEO Don Layton Announces His Retirement. (Good Luck Finding a Successor)

Finding a suitable candidate could prove difficult because of a $600,000 salary cap placed on the position by Congress back in 2015.


September 6, 2018 - IMFnews

Fannie Mae Hires Ex-FGMC CEO Andy Peters as ‘Strategy Advisor’

Peters departed First Guaranty Mortgage Corp. earlier this year...


September 5, 2018 - IMFnews

Freddie CEO Don Layton Announces His Retirement

For its internal candidate, Freddie has identified David Brickman to succeed Layton.


September 5, 2018 - IMFnews

Short Takes: That Was Then, This is Now (Fannie/Freddie) / Not Much Traction / Invitation Homes’ SFR Portfolio: 80,000 Rentals / Former FHFA Chief Nominated by Trump / A New Hire for Pavaso

Since 2012, Fannie and Freddie have been minting money...


September 5, 2018 - IMFnews

Blackstone Hires Former Clayton Chief to Head TORO Unit

Blackstone TORO likes to buy non-QM products...


September 4, 2018 - IMFnews

Short Takes: Quicken’s Message to Loan Brokers / A Big Gain in Quicken’s Broker Market Share? / Lennar Picks New CEO for its Mortgage Sub / Fintechs Should be in CFPB’s Complaint Database

The marketing message from Quicken goes on to say: “Brokers are taking notice as we’ve doubled our market share over the last year..."


August 30, 2018 - IMFnews

Short Takes: Federal Help for the Gig-Worker Mortgage Market? / New SBC Programs from Silver Hill / Consultant Roque: LO Pay Isn’t Being Cut Quickly Enough / Fairholme: Fannie and Freddie are So Undervalued / A New Customer Service VP for RoundPoint

According to industry consultant Rick Roque, residential originators are not lowering loan officer compensation quickly enough...


August 29, 2018 - IMFnews

Short Takes: A ‘Significantly’ Less Liquid Secondary Mortgage Market? / In Five Years the GSE Loan Limit Would be Zero (for Example) / Origination Capacity Remains Elevated / Fannie Exec Joins RoundPoint

Origination capacity in the mortgage industry remains “elevated,” according to a new report from PiperJaffray.


August 29, 2018 - IMFnews

Gateway Mortgage Founder, a Trump Supporter, Wins GOP Primary in Oklahoma

The Gateway Mortgage founder won the Republican primary with 54.6 percent of the vote.


August 29, 2018 - IMFnews

MBA’s ‘Profit’ Took a Hit in FY 2017, but Assets Increased by Almost 10 Percent

MBA listed compensation for “current officers, directors, trustees and key employees” at $6.0 million for fiscal year 2017. It was $7.1 million the year prior…


August 28, 2018 - IMFnews

Short Takes: A New Origination Forecast from Freddie / Market Share Leaders in Retail and Correspondent / FHFA Seeks Comment on ‘Golden Parachutes’ / Arch’s Reinsurance Deal / Better Mortgage Hires Fed Economist

But Wells Fargo dominated in the correspondent channel with a 20.9 percent market share...


August 28, 2018 - IMFnews

Driven by Lower Expenses in 2Q, Nonbanks Stage a Turnaround in Origination Profits

Personnel expenses averaged $5,195 per loan in the second quarter, down $704 from 1Q18…


August 27, 2018 - IMFnews

Short Takes: Don’t Worry About the Government / Don and Maxine, Fireworks Ahead? / Steve’s Choice / Invitation Homes CEO Takes A Leave of Absence / Customers You Never Need to Call (A Good Thing)

Cowen believes Rep. Maxine Waters will use the post to go after President Trump and his White House team...


August 22, 2018 - IMFnews

Short Takes: Celebrity in the Hunt / Ocwen Gets the ‘All Clear’ Signal from Ginnie / Oh Carol / The National Servicing Settlement – It’s a Wrap / Two Joes In Charge at Waterstone

Celebrity Financial has several M&A irons in the fire...


August 22, 2018 - IMFnews

California Remains a Rich Market for Loan Officers

Overall, California has 99,781 licensed and registered mortgage LOs, far more than any other state…


August 22, 2018 - IMFnews

Watt’s Accuser Sues FHFA, Wants $1 Million in Damages for Pay Discrimination

Grimes, in her complaint, is asking for a permanent injunction enjoining the FHFA from “paying female employees lower compensation than their male” counterparts for performing equal work…


August 21, 2018 - IMFnews

Watt’s Accuser Sues FHFA, Alleges Pay Discrimination, Wants $1 Million in Damages

When bonuses and benefits are factored in, Grimes says the pay disparity totals $100,000 per year...


August 21, 2018 - IMFnews

Short Takes: Broeksmit Takes Over as MBA Chief / His Resume / Cowen: Bright, a Plus for Housing / A Possible Successor to Watt at the FHFA? / Churchill Mortgage Executive Named to CMLA’s Board

Bright has been mentioned in housing and mortgage circles as a possible successor to FHFA Director Mel Watt.


August 20, 2018 - IMFnews

Short Takes: More Mortgage M&A / Check Those WARN Act Notices / Accuser Blasts FHFA Sexual Harassment Probe / No Comment from the FHFA

Grimes' resume also includes stints at Grant Thornton and Price Waterhouse Coopers...


August 20, 2018 - IMFnews

When the Going Gets Tough in the Mortgage Industry, the Tough Start Eliminating the 401(k) Match

Tough times? Might be time to eliminate the 401(k) match…


August 17, 2018 - IMFnews

What We’re Hearing: Two Giants May Change Hands (Or Maybe Not) / Job Cuts at Ditech / Can HL Sell Ditech Fast Enough? / Tom Marano’s Experience with Troubled Shops / CALCAP Bullish on Fix-and-Flip / A Confidential GSE File On…

It might be in Ditech’s best interest if Houlihan Lokey finds a buyer now while MSR values are still peaking…


August 16, 2018 - IMFnews

Short Takes: The BRAWL Continues / Don’t Worry About the Broker / An Old Complaint / Broker Market Share / Who Caused the Mortgage Crisis? / Brian Brooks, a Candidate for the Fannie CEO Job? (Probably Not)

But we will remind readers that wholesalers refinancing clients (via a retail arm) originally brought to them by a broker is a decades-old complaint…


August 15, 2018 - IMFnews

Short Takes: Who Needs the GSEs? / JPM’s Strategy / Subservicers on the Auction Block? / New Diligence Advisors Gets the Seal of Approval from KBRA / Atlantic Bay Mortgage Won’t be Buying VA Bank After All

We know of one large subservicer that’s for sale (Ditech Financial), but a second processor may also be considering offers.


August 15, 2018 - IMFnews

The Fannie Mae Mystery Executive in the Heavily Redacted FHFA IG Report: CEO Timothy Mayopoulos

On July 23rd, Fannie announced Mayopoulos would depart as CEO before yearend. The heavily redacted FHFA IG report is dated July 26.


August 14, 2018 - IMFnews

In a Tough Lending Market, Geneva is Attracting LOs – by Offering Comp of 250 BPs

Geneva CEO Aaron VanTrojen: “I think I have a target on my back.”


August 13, 2018 - IMFnews

Movement Mortgage Hires Top Recruiter from Academy Mortgage

Green will help Movement Mortgage recruit new loan officers…


August 13, 2018 - IMFnews

Why Mayopoulos’ Senior Lieutenants Will Turn Down the Fannie Mae CEO Job

Mayopoulos didn’t even earn a performance bonus in 2017, despite a companywide pre-tax profit of $18.4 billion.


Poll

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.

vote to see results