This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. Charting the loanofficer exit.
Banks reported having tightened lending standards across almost all categories of residential real estate loans over the fourth quarter of 2023 amid an elevated interest rate environment. banks said they saw weaker demand for all types of residential real estate loans except for government (46.2%) and subprime mortgage loans (41.6%).
Houston-based nonbank mortgage lender Cornerstone Home Lending is buying Roscoe State Bank , a traditional depository bank headquartered in Roscoe, Texas. The merged organization is to be known as Cornerstone Capital Bank, and the mortgage division will continue to be known as Cornerstone Home Lending. It funded $4.2
Virginia-based community bank Trustar Bank sold its mortgage subsidiary to Archer Mortgage Holding Company, the companies announced on Thursday. According to its website, Trustar Bank offers 7/1 and 10/1 adjustable rate mortgages ( ARMs ), consumer construction loans and home equity line of credits.
OceanFirst Bank N.A. is acquiring Garden State Home Loans Inc. which will become a new division for the regional depositary bank, HousingWire has learned. Garden State’s website and social media page reflect the status of a “division of OceanFirst Bank N.A.” billion in 19,000 loans since its foundation.
The combination of an economic uncertainty, high mortgage rates and persisting affordability challenges will further reduce purchase demand, which keeps Monson and thousands of loanofficers up at night. I see a lot more low credit scores, funky income, foreign nationals or bank statement loans,” he said.
Florida-based First Federal Bank announced on Thursday that it struck a deal to acquire Watson Mortgage Corp., First Federal Bank has 25 branches in the Southeast and operations in the Midwest, including mortgage centers in Jacksonville, Florida ; Alpharetta, Georgia; Madison, Wisconsin; and Overland Park , Kansas.
Banks have tightened lending standards for most categories of residential real estate (RRE) loans and home equity lines of credit (HELOC) over the third quarter of 2023. of banks reported to have tightened standards on government residential mortgages, the report showed. Responses were received from 62 domestic banks and 19 U.S.
First Citizens Bank & Trust Company will acquire failed Silicon Valley Bank (SVB), which unexpectedly failed earlier this month and sent shock waves across the financial sector. The abrupt closure of SVB, after a run on deposits had left it insolvent , marked the largest bank failure in the U.S.
University Bank ’s reverse mortgage division has added four key hires across different disciplines as it prepares to grow further in the reverse mortgage space. Jake Droge joins the company as a loanofficer, while Carol Olmos has joined the company as an account executive. That’s encouraging to know.
Tennessee-based community bank Patriot Bank agreed to pay $1.9 The DOJ alleged that from 2015 through at least 2020, Patriot avoided providing mortgage services to majority- Black and Hispanic neighborhoods in Memphis, Tennessee and discouraged people seeking credit in those communities from obtaining home loans.
Bank appointed John Hummel to lead its East market for retail home lending. Bank, will now oversee a team of 750 sales managers and mortgage loanofficers responsible for generating $7 billion in originations, according to a news release. Bank is a consumer and business banking company owned by US Bancorp.
Indiana-based First Savings Bank plans to lay off over 100 mortgage employees in the coming months, according to documents filed with authorities in multiple states. Executives at First Savings Bank did not immediately respond to HousingWire’s requests for comments. The bank reported a net income of $2.3
Pennsylvania-based Fulton Bank, National Association of Lancaster, has agreed to assume most of the deposits and assets of Republic First Bank , which state regulators seized on Friday to “protect depositors.” billion in 2023, with most of it being conventional (74%) and purchase (65%) loans. billion.
Brady Torgerson, former president of First Security Bank-West , was sentenced to two years in prison for two counts of bank fraud he conducted between 2019 and 2021 when working for the North Dakota-based bank and Union Bank as a loanofficer. Three others were also sentenced in connection to the fraud.
Accused of redlining by regulators, First National Bank of Pennsylvania (FNB) has agreed to settle the case for $13.5 FNB was involved in the case as a successor in interest of Yadkin Bank , which it acquired in 2017. In addition, the bank discouraged these customers from obtaining home loans, according to the complaint.
The FHA’s announcement in early September to waive a requirement that FHA-approved lenders flag rejected loans in the FHA Connection system is a step in the right direction since declined borrowers don’t have to overcome a stigma, loanofficers said. The FHA/VA share in Q2 2023 stood at 22.9%
Should the goal of marketing technology be to make it so that a loanofficer never needs to log in? I started in the mortgage industry in 2015, working for large banks that were heavily invested in using technology to simplify the loan process for everyone involved. Empowerment, not detachment, is the path forward.
And, in the mortgage industry, AI will play an instrumental role in helping loanofficers to be more efficient, according to Nima Ghamsari , Blend ‘s co-founder and CEO. Blend’s mortgage banking software processed 23.2% Imagine you’re a lender or an LO or a bank who is trying to serve the mass market.
Register now for AMPCON and be part of the conversation that’s shaping the future of mortgage banking. Don’t miss this opportunity to transform your narrative and drive your organization to new heights. Click Here Rene Rodriguez is a best-selling author, keynote speaker, and the CEO of Volentum.
FDIC) this month announced a settlement with Arkansas-based Bank of England over alleged violations of the Federal Trade Commission Act, the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA) and the Home Mortgage Disclosure Act (HMDA). The bank has been issued an order to pay a civil penalty of $1.5
Cincinnati-based First Financial Bank has agreed to direct $2.4 Another $700 million is expected to be invested in mortgage lending, with a focus on rural areas, the development of community mortgage loanofficers, small-dollar mortgages and home improvement loans, among other products for LMI borrowers.
First Federal Bank will acquire the mortgage division of BNC National Bank , which will give the Florida-headquartered community-based bank a nationwide consumer direct mortgage platform. As with the entire mortgage industry, BNC National Bank was heavily impacted by rising interest rates last year.
trillion in loans, about half of 2021’s $4.4 But Brian Hale, who is assisting several buyers in their hunt for independent mortgage bank acquisition targets, sees an even more brutal landscape ahead. Still, consolidation is clearly underway in the mortgage banking industry already. loanofficers] in pods.’”.
Department of Justice (DOJ) announced this week that they have secured a $15 million conciliation agreement with New Jersey-based OceanFirst Bank to settle allegations of discriminatory redlining in certain neighborhoods with majority Black, Hispanic and Asian populations. which will become a new division for the regional depository bank.
Cornerstone Servicing , a division of recently formed Cornerstone Capital Bank , has launched a subservicing business, the company announced Monday. Cornerstone Servicing ’s client portal provides complete, real-time portfolio analytics and loan-level data to enable smart portfolio management. billion in assets.
banks have tightened their lending standards for residential real estate (REE) loans and home equity lines of credit (HELOC) in the second quarter amid the collapse of regional banks and a cascade of interest rate hikes by the Federal Reserve to tame inflation. of banks reported weaker demand for HELOCs.
United Bank will consolidate its mortgage subsidiaries into one unified mortgage business amid the housing industry struggles with elevated interest rates. United Bank has been delivering mortgage services through three channels, including two mortgage subsidiaries — Crescent Mortgage Co. million in third-quarter 2023, up from $6.4
The layoffs at USAA Federal Savings Bank represent about 1.6% of the total bank workforce, Bradley Russell, USAA’s corporate spokesperson, confirmed. “In Origination volume for USAA Federal Savings Bank dropped 39% in 2022, declining to $5.17 The bank has 197 active loanofficers and 12 branches across the country.
I have a refinance client in California and they own a geodesic dome home,” said Glessner, a senior loanofficer at Draper & Kramer Mortgage in Englewood, Colorado. But with origination volume expected to exceed $3.4 “They are nearly impossible to finance, thus not worth my team’s time currently.
Los Angeles-headquartered City National Bank agreed to pay $31 million in relief to impacted individuals and communities to settle a redlining case with the U.S. Consequently, other banks received more than six times as many applications in these neighborhoods in Los Angeles County than City National each year.
Silicon Valley Bank resumed mortgage originations on Tuesday via its newly established “bridge bank” — just four days after California state regulators took possession of the financial institution and appointed the Federal Deposit Insurance Company (FDIC) as receivers. The company’s average mortgage loan was about $1.45
United Wholesale Mortgage (UWM) announced this week that it has added four bank statement loan offerings for self-employed borrowers. To qualify for loans of up to $3 million with up to 90% loan-to-value (LTV), self-employed borrowers can now provide bank statements to verify income rather than tax returns, W2s or pay stubs.
Patton Gade, the top producing loanofficer for VA home loans in the U.S. Military Academy at West Point, will continue to originate loans and hold the national director of military lending position at UMortgage. He’ll join forces with fellow veteran loan originator Jay Bunte in the brokerage firm.
In an environment where 30-year fixed mortgage rates are racing towards 8%, loanofficer pipelines are thinning dramatically. But LOs who cater to first-time homebuyers’ needs – offering FHA loans and down payment assistance loans — are faring better, Michael Ullmann, producing branch leader at Movement Mortgage , explained.
It’s no secret credit scores can hinder a potential borrower’s ability to qualify for the best loan program, which can ultimately lead to poor borrower satisfaction. Some borrowers may qualify for a loan, but due to poor credit, the loan won’t come with the best terms. Or, give up looking altogether.
But this isn’t your standard poaching lawsuit: G-Rate alleges that NAF has wooed at least 30 employees since early 2023 via illegal loanofficer compensation practices. The departing employees included a divisional manager, branch and regional managers, and loanofficers.
Bank of America recently reported that their digital mortgage transactions have nearly doubled over the past year, citing 68% of all consumer mortgage sales were made digitally in 2020, compared with just 36% in 2019. . 3 Self-driving banks. Technology startups are making banking more accessible. 4 Don’t show me the money.
Banks moved to ease lending standards for most mortgage loan products during the second quarter, according to a loanofficer opinion survey published this week by the Federal Reserve Board. Overall, feedback from participants – 75 domestic banks and 22 U.S.
The Department of Justice and the Consumer Financial Protection Bureau are taking the fight to non-bank mortgage lenders for redlining. It’s the DOJ’s second- largest mortgage redlining settlement ever, and its first against a non-bank mortgage lender. The complaint alleged Trident Mortgage Co. ,
A Florida-based loanofficer faces more than 30 years in federal prison if convicted on charges alleging she falsified divorce papers and child support payment information to help unqualified borrowers secure a loan, according to a Department of Justice indictment. She could also be ordered to pay $130,000 in restitution.
“They have let branch managers and loanofficers go and say they are transitioning to a broker [shop].” ” A former processor confirmed that “all staff was let go, from operations to loanofficers.” Purchases comprised about 66%, conventional loans were 45% and 95% were bankedloans.
The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loanofficers and other mortgage staffers employed by the bank in California from 2013 and 2019. James Kang, the lead plaintiff, said Wells Fargo illegally clawed back compensation.
California-headquartered LoanSnap was hit with a temporary order to cease and desist from Connecticut’s Department of Banking for “systemic” unlicensed mortgage loan origination activity. LoanSnap requested a hearing, according to Connecticut’s Department of Banking.
We organize all of the trending information in your field so you don't have to. Join 144,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content