article thumbnail

Flagstar Bank lays off 700, with 1,200 more to depart after asset sale to Mr. Cooper

Housing Wire

New York Community Bancorp (NYCB) this week announced that it rebranded to Flagstar Bank , laid off 700 employees and anticipated the transition of another 1,200 to Mr. Cooper Group as part of the sale of its third-party origination (TPO) business and mortgage servicing rights (MSRs). In many cases, roles were similar or duplicative.

Banks 446
article thumbnail

John Cornish explains scaling beyond $40 million in mortgage sales volume

Housing Wire

Cornish started his career in mortgage banking at Wells Fargo in Iowa in 2003. Cornish also dives into his experience at a local Iowa bank after leaving Wells Fargo following the post- housing crisis industry changes in 2008. When I sold competitive products, the sales portion of it felt really easy. It was over 100 units.

Mortgages 370
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

U.S. Bank appoints new retail lending leader

Housing Wire

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 loan officers responsible for generating $7 billion in originations, according to a news release. Bank is a consumer and business banking company owned by US Bancorp.

Banks 450
article thumbnail

OceanFirst Bank to acquire Garden State Home Loans

Housing Wire

OceanFirst Bank N.A. 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.” Meanwhile, OceanFirst Bank , founded in 1902, had about 200 loan officers as of Friday, the NMLS data shows.

Banks 465
article thumbnail

Opinion: Bank capital requirements would put squeeze on mortgage market

Housing Wire

In September, the nation’s banking regulators released a proposal to increase the capital required of banks with more than $100 billion in assets. The effort was intended to decrease systemic risk, but by focusing narrowly on the risk posed by banks, it would likely increase risk in the mortgage market.

Banks 476
article thumbnail

2025 could be the last year of inventory shortage

Housing Wire

If there are too few homes for sale, they dont have to be affordable to everyone, they only have to be affordable to a few people. At that time in the fourth quarter, home sales picked up and home prices did too. If we spend any amount of the year at or near 6%, I expect that the inventory, sales and price trends will reverse.

Sales 488
article thumbnail

Citizens Bank to exit the wholesale channel

Housing Wire

Providence, Rhode Island-based Citizens Bank , the 28th largest U.S. Citizens was among the few large depository banks operating in retail, wholesale and correspondent in the mortgage space. However, shrinking mortgage volume caused by high mortgage rates and fiercer competition have challenged the bank’s strategy.

Banks 468